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REGISTERED NUMBER: 03371580 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Curtins Group Limited

Curtins Group Limited (Registered number: 03371580)

Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


Curtins Group Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: N Parkinson
P Bruford


REGISTERED OFFICE: 51-55 Tithebarn Street
Liverpool
L2 2SB


REGISTERED NUMBER: 03371580 (England and Wales)


SENIOR STATUTORY AUDITOR: Suzanne Draper FCCA ACA


AUDITORS: SB&P
Chartered Accountants & Statutory Auditors
Oriel House
2/8 Oriel Road
Bootle
Merseyside
L20 7EP


BANKERS: Handelsbanken
Exchange Station
Tithebarn Street
Liverpool
Merseyside
L2 2QP

Curtins Group Limited (Registered number: 03371580)

Group Strategic Report
for the Year Ended 31 December 2024


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

This strategic review contains a review of the group in relation to the financial performance of the group during the financial year and the position of the group at the end of the year. It also includes the Directors view of the principal risks and uncertainties facing the group.

REVIEW OF BUSINESS
The results for the year and the financial position of the group are as shown in the annexed financial statements.

The UK construction sector experienced a downturn in 2024, driven by multiple economic uncertainties, including the general election, a change of government, and wider global economic and political events. Notably, the number of UK companies facing critical financial distress surged by 50% in the last quarter of 2024, with the construction sector seeing a 58% increase in such cases.

Despite these challenges, we demonstrated resilience. Certain regions and disciplines achieved continued growth, and the business as a whole maintained a strong order book while implementing adaptive strategies to navigate market fluctuations. As highlighted in our previous annual report, cost control remained a priority in 2024, which was critical in delivering modest profitability, even despite the significant downturn in revenue and the costs associated with the ISG administration.

PRINCIPAL RISKS AND UNCERTAINTIES
There continues to be economic uncertainty in the UK compounded by geopolitical events beyond the UK and overseas.

Our industry is in volatile times with rising materials and production costs and supply chain pressures affecting procurement processes leading to delays in commissioning projects only to be followed by the imposition of unrealistic time frames on design teams as the project promoters attempt to regain lost ground and deal with inflation. This provides us with challenges as we try to forecast and manage our workload and staffing levels to meet our contractual commitments whilst controlling our own costs.

Nevertheless, we have a robust, and resilient business and the board is focussed on implementing measures to maintain our resilience and deal with the issues described above and converting challenges to opportunities for us.

FINANCIAL PERFORMANCE
Our Business Plan showed that 2024 would be a challenging year, with no growth in revenue forecasted. Our business plan had projected revenue of £36.7m and a pre-tax profit of £1.0m (3% net profit). However, significant industry-wide pressures, most notably the high-profile collapse of ISG-the UK's sixth-largest construction firm at the time of its administration and one of our biggest clients-led to actual performance falling short of expectations. We delivered revenue of £35.6m and a pre-tax profit of £0.7m (2% net profit).

Turnover decreased by 3% (2023: increased 7%), gross profit margin reduced from 22% to 20%, and net profit margin before tax reduced to 2% (2023: 5%). Our ability to maintain our gross profitability is attributed to a combination of efficient and effective project delivery and cost control. The reduction in our net profit margin was largely as a result of the costs associated with the bad debts relating to the administration of ISG Construction recognised in the year.

In terms of post-tax profits, the Boards aim of maintaining a strong balance sheet was achieved with shareholders' funds increasing by 5% (2023: 13%).

FUTURE DEVELOPMENTS
To achieve our business plan and position ourselves for long-term success, we will focus on leveraging and strengthening the exceptional capabilities already within our business. While our financial targets for 2025 are conservative, they are both realistic and reflective of the broader economic uncertainties beyond Curtins' control.

Our resilience has always been a cornerstone of our success, and in 2025, we will concentrate on two strategic priorities that will provide a strong foundation for future growth: Client Focus & Curtins' Culture.

These two focus areas have been carefully chosen as they represent the greatest opportunities to enhance our performance, align our teams, and continue building on our reputation as a leading consultancy.


Curtins Group Limited (Registered number: 03371580)

Group Strategic Report
for the Year Ended 31 December 2024

OUR PEOPLE
Curtins is an Employee- Owned Trust, with Curtins Group Ltd being owned by Curtins Trustees Ltd (The Trust) , that exists solely for the benefit of all employees with the aim of maintaining the strong bond between the business and its staff, allowing all staff to share in financial success of the Group and ensuring all staff have a say in the future of the business.

GENDER PAY GAP
The gender pay gap at Curtins has reduced further with a mean of 21.9%, down from 23.8% the previous year. This is welcome evidence that the work we continue to undertake to address imbalance is having the intended impact. Our ambition has always been to achieve incremental improvements year on year in a sustainable manner. We remain clear in our objective: to be driven by a combined focus on short-, medium- and long-term efforts that will ensure a maintainable change. We do this as part of our broader EDI commitment for the benefit of everyone, including both current and future employees, as well as the wider communities we serve.

Our holistic approach to equity at Curtins is far-reaching; from dedicated support for women in our business to a broader approach aligning with STEM initiatives in schools across the UK and Ireland. The work we have undertaken in the period since we published our 2023/24 Gender Pay Gap figures and the plans in place for 2025, is making sure we continue the momentum of positive change.

ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE
ESG has always been central to Curtins' business. Our reputation, and the trust of those we work with, depends on maintaining high ethical standards and integrity in all we do.

We have long-standing policies covering governance, including Health and Safety, Environmental Sustainability, Carbon Reduction, Equal Opportunities, Diversity and Inclusion, Dignity at Work, and Anti-Bribery and Corruption.

In 2024, we took major steps to deepen sustainability knowledge and tackle the carbon emergency-both operationally and through sustainable design. Key achievements include:
- Doubling our carbon database by regularly uploading project data
- Reviewing and reducing our operational carbon footprint
- Enhancing our carbon tools and sustainable design guidance
A standout initiative was our first Impact Week, promoting carbon awareness and action across the business.

Our partnership with a sustainability advisor led to a 25% cut in operational emissions since our 2022 baseline. We're now exploring further strategies for 2025 to progress toward Net Zero.

Looking ahead, we'll focus on:
- Delivering our ESOS Action Plan, with a focus on office energy use and green travel
- Finalising our Carbon Reduction Plan
- Continuing to expand our carbon data collection
- Sharing low-carbon best practices to support client sustainability goals
By sustaining this momentum, we'll continue to embed sustainability at Curtins and help lead industry progress.

ON BEHALF OF THE BOARD:





N Parkinson - Director


23 May 2025

Curtins Group Limited (Registered number: 03371580)

Report of the Directors
for the Year Ended 31 December 2024


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

DIVIDENDS
The directors decided no interim or final dividends would be declared for the year ended 31 December 2024.

DIRECTORS
The directors during the year under review were:
R J Melling - resigned 31.12.24
D R Evans - resigned 29.11.24
N Parkinson
J R Moister - resigned 29.11.24
P Menzies - resigned 29.11.24
P Bruford - appointed 29.11.24

EMPLOYEES
The group will avoid unlawful discrimination in all aspects of employment including recruitment, promotion, opportunities for training, pay and benefits, discipline and selection for redundancy.

Person and job specifications will be limited to those requirements that are necessary for the effective performance of the job. Candidates for employment or promotion will be assessed objectively against the requirements for the job, taking account of any reasonable adjustments that may be required for candidates with a disability. Disability and personal or home commitments will not form the basis of employment decisions except where necessary.

The group considers that disabled employees should have equal opportunities with other employees for training, promotion and career development in order to use their capabilities to the full; and wherever possible, the group will pay particular attention to job requirements in order to facilitate the opportunities for the career advancement of its employees.

The group recognises that retaining existing staff is key to our culture and ethos and as such is keen to retain employees who become disabled during the course of their employment. We will take all reasonable steps to ensure that a member of staff who become disabled or whose disability increased during the course of their employment are, where reasonably practicable, given every opportunity to remain in their existing job. As outlined above the group will make reasonable adjustments to help overcome the practical effects of the disability in accordance with legislative requirements.

The group will consider any possible indirectly discriminatory effect of its standard working practices, including the number of hours to be worked, the times at which these are to be worked and the place at which work is to be done, when considering requests for variations to these standard working practices and will refuse such requests only if the group considers it has good reasons, unrelated to any protected characteristic, for doing so. The group will comply with its obligations in relation to statutory requests for contract variations. The group will also make reasonable adjustments to its standard working practices to overcome barriers caused by disability.

The group will monitor the ethnic, gender and age composition of the existing workforce and of applicants for jobs (including promotion), and the number of people with disabilities within these groups, and will consider and take any appropriate action to address any problems that may be identified as a result of the monitoring process.

The group ensures that employees are involved in matters of concern to them and are provided with relevant information regarding significant issues, through an annual report which is circularised to all staff every year.

STREAMLINED ENERGY AND CARBON REPORTING
This document presents the GHG Emissions Inventory for Curtins Scope 1 and Scope 2 emissions between 01/01/2024 to 31/12/2024, however Scope 3 emissions for this time period including that of GHG Protocol Value Chain Standard have not been included in this report.

We have followed the 2024 UK Government environmental reporting guidance for Scope 1 & 2 emissions, using the financial control approach and 2024 UK Governments Conversion Factors for Company Reporting and XYZ Emission Factor Database 2024 version. The GWPs used within that were consistent with those used in the 2013 Government Conversion Factors.

Scope

Curtins Group Limited (Registered number: 03371580)

Report of the Directors
for the Year Ended 31 December 2024

Scope 1: Direct GHG Emissions. These are emissions issued from
sources directly controlled by Curtins, such as fixed combustion
requirements for building heating.


74,000 kwh17 tCO2e
Scope 2: Energy Indirect Emissions. These are emissions from
electricity production, or from the imported heat or vapor consumed in
the buildings and equipment operation, provided by an external entity.


63 tCO2e

Intensity Ratio
1.25 tCO2e/m20.21
tCO2e/per employee

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





N Parkinson - Director


23 May 2025

Report of the Independent Auditors to the Members of
Curtins Group Limited


Opinion
We have audited the financial statements of Curtins Group 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 Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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 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 group's and of the parent company 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; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Curtins Group Limited


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 Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 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 Statement of Directors' Responsibilities set out on page five, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

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

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate tax laws, UK employment laws and UK health and safety regulations.
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing the board meeting minutes, reviewing the Company's accident book, reviewing the schedule of ongoing and potential claims against the Company including those notified to their insurers, and reviewing the legal costs incurred in the year and enquiring with management to the circumstances around these legal costs.
- We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:
- identifying the controls that management has in place to prevent and detect fraud;
- challenging assumptions and judgements made by management in its significant accounting estimates;
- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- assessing the extent of compliance with the relevant laws and regulations.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Curtins Group Limited


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 a Report of the Auditors 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.




Suzanne Draper FCCA ACA (Senior Statutory Auditor)
for and on behalf of SB&P
Chartered Accountants & Statutory Auditors
Oriel House
2/8 Oriel Road
Bootle
Merseyside
L20 7EP

6 June 2025

Curtins Group Limited (Registered number: 03371580)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 35,598,859 36,737,919

Cost of sales 28,627,877 28,728,750
GROSS PROFIT 6,970,982 8,009,169

Administrative expenses 6,466,556 6,320,453
504,426 1,688,716

Other operating income 143,903 91,141
OPERATING PROFIT 5 648,329 1,779,857

Interest receivable and similar income 134,042 75,958
782,371 1,855,815

Interest payable and similar expenses 7 101,792 98,687
PROFIT BEFORE TAXATION 680,579 1,757,128

Tax on profit 8 (535,176 ) (232,411 )
PROFIT FOR THE FINANCIAL YEAR 1,215,755 1,989,539

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,215,755

1,989,539

Profit attributable to:
Owners of the parent 1,215,755 1,989,539

Total comprehensive income attributable to:
Owners of the parent 1,215,755 1,989,539

Curtins Group Limited (Registered number: 03371580)

Consolidated Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 3,063,674 3,245,608
Investments 12 - -
Investment property 13 1,200,000 1,200,000
4,263,674 4,445,608

CURRENT ASSETS
Debtors 14 10,561,213 11,106,007
Cash at bank and in hand 4,975,137 5,332,856
15,536,350 16,438,863
CREDITORS
Amounts falling due within one year 15 6,400,201 7,613,114
NET CURRENT ASSETS 9,136,149 8,825,749
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,399,823

13,271,357

CREDITORS
Amounts falling due after more than one
year

16

(1,066,699

)

(1,251,577

)

PROVISIONS FOR LIABILITIES 20 (750,000 ) (939,735 )
NET ASSETS 11,583,124 11,080,045

CAPITAL AND RESERVES
Called up share capital 21 64,090 64,090
Retained earnings 22 11,519,034 11,015,955
SHAREHOLDERS' FUNDS 11,583,124 11,080,045

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





N Parkinson - Director


Curtins Group Limited (Registered number: 03371580)

Company Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 1,675,001 1,675,001
Investments 12 115,002 115,002
Investment property 13 - -
1,790,003 1,790,003

CURRENT ASSETS
Debtors 14 696,208 777,458
Cash at bank 32,387 25,385
728,595 802,843
CREDITORS
Amounts falling due within one year 15 415,902 422,306
NET CURRENT ASSETS 312,693 380,537
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,102,696

2,170,540

CREDITORS
Amounts falling due after more than one
year

16

1,015,501

1,150,900
NET ASSETS 1,087,195 1,019,640

CAPITAL AND RESERVES
Called up share capital 21 64,090 64,090
Retained earnings 22 1,023,105 955,550
SHAREHOLDERS' FUNDS 1,087,195 1,019,640

Company's profit for the financial year 780,231 739,426

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





N Parkinson - Director


Curtins Group Limited (Registered number: 03371580)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 64,090 9,708,807 9,772,897

Changes in equity
Gift to Trust - (682,391 ) (682,391 )
Total comprehensive income - 1,989,539 1,989,539
Balance at 31 December 2023 64,090 11,015,955 11,080,045

Changes in equity
Gift to Trust - (712,676 ) (712,676 )
Total comprehensive income - 1,215,755 1,215,755
Balance at 31 December 2024 64,090 11,519,034 11,583,124

Curtins Group Limited (Registered number: 03371580)

Company Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 64,090 898,515 962,605

Changes in equity
Gift to Trust - (682,391 ) (682,391 )
Total comprehensive income - 739,426 739,426
Balance at 31 December 2023 64,090 955,550 1,019,640

Changes in equity
Gift to Trust - (712,676 ) (712,676 )
Total comprehensive income - 780,231 780,231
Balance at 31 December 2024 64,090 1,023,105 1,087,195

Curtins Group Limited (Registered number: 03371580)

Consolidated Statement of Cash Flows
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 640,261 1,693,960
Interest paid (95,749 ) (92,644 )
Interest element of hire purchase payments
paid

(6,043

)

(6,043

)
Tax paid 4,188 53,578
Net cash from operating activities 542,657 1,648,851

Cash flows from investing activities
Purchase of tangible fixed assets (148,583 ) (566,175 )
Sale of tangible fixed assets 10,912 10,123
Interest received 134,042 75,958
Net cash from investing activities (3,629 ) (480,094 )

Cash flows from financing activities
Loan repayments in year (135,399 ) (95,090 )
New HP in year - 327,387
Capital repayments in year (48,672 ) (190,783 )
Gift to Trust paid (712,676 ) (682,391 )
Net cash from financing activities (896,747 ) (640,877 )

(Decrease)/increase in cash and cash equivalents (357,719 ) 527,880
Cash and cash equivalents at beginning
of year

2

5,332,856

4,804,976

Cash and cash equivalents at end of year 2 4,975,137 5,332,856

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 December 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 680,579 1,757,128
Depreciation charges 327,904 259,723
Profit on disposal of fixed assets (8,298 ) (6,168 )
Decrease/(Increase) recoverable contract 745,175 434,557
(Decrease)/Increase payments on account (862,711 ) 460,011
Increase/(Decrease) in provisions (150,000 ) 12,500
Finance costs 101,792 98,687
Finance income (134,042 ) (75,958 )
700,399 2,940,480
Increase in trade and other debtors (7,170 ) (146,654 )
Decrease in trade and other creditors (52,968 ) (1,099,866 )
Cash generated from operations 640,261 1,693,960

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 4,975,137 5,332,856
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 5,332,856 4,804,976


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 5,332,856 (357,719 ) 4,975,137
5,332,856 (357,719 ) 4,975,137
Debt
Finance leases (136,604 ) 48,672 (87,932 )
Debts falling due within 1 year (135,400 ) - (135,400 )
Debts falling due after 1 year (1,150,900 ) 135,399 (1,015,501 )
(1,422,904 ) 184,071 (1,238,833 )
Total 3,909,952 (173,648 ) 3,736,304

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

Curtins Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The results for the wholly owned subsidiaries Curtins Consulting Limited, Hadwens Apartments Limited, and Curtins Limited are included within the consolidated financial statements.

Significant judgements and estimates
Estimates and judgements are based on obligations at the balance sheet date as a result of a past event, including expectations of future events that are believed to be reasonable under the circumstances.

The following accounting estimates have been made;

Amounts recoverable on contracts - an estimation of the stage of completion of the contract is made at each and income recognised in relation to this stage of completion.

Professional indemnity insurance provision - a provision is recognised where it is probable that there will be an outflow to settle a notified claim.

Dilapidation provision - a provision is recognised where it is considered that the company will incur costs in relation to remedial work on vacated properties. This is based on the directors' best estimate, or where a formal claim has been received on actual obligations.

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

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

Turnover
Turnover represents net invoiced sales of services in the year, excluding value added tax, including the movement on long term contracts in progress. Turnover on contracts is recognised according to the stage reached in the contract by reference to the value of the work done. Where the turnover on a contract so calculated exceeds the amount invoiced, the difference is included in debtors under the heading amounts recoverable on contracts. Where the amount invoiced exceeds work completed to date, the difference is included in creditors as payments on account.

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - 4% on cost
Improvements to property - 25% on cost
Plant and equipment - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost and 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended .

The Freehold property has a residual value which is estimated to be equal to the cost value, and therefore depreciation is not charged.

Depreciation on Short leasehold assets has been calculated based on each asset having a residual value equal to 20% of cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial instruments include trade debtors and trade creditors. Those that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Operating lease rentals are recognised on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits
The group operates a money purchase scheme for the benefit of its employees. The contributions are charged in the profit and loss account as they accrue.

The group also operates a money purchase pension scheme for directors.

The assets of the schemes are held separately from those of the group in independently administered funds.

Hire purchases and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Holiday pay
Holiday pay is accrued where employees are entitled to carry forward holiday at the year end. This is measured as the salary cost payable for the period of absence owing.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 35,012,056 36,088,250
Europe 586,803 649,669
35,598,859 36,737,919

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 18,564,861 18,809,782
Social security costs 1,968,643 1,940,590
Other pension costs 2,243,228 2,063,485
22,776,732 22,813,857

The average number of employees during the year was as follows:
31.12.24 31.12.23

Directors 14 14
Employees 376 382
390 396

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


4. EMPLOYEES AND DIRECTORS - continued

31.12.24 31.12.23
£    £   
Directors' remuneration 922,666 1,007,838
Directors' pension contributions to money purchase schemes 86,670 39,996

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 14 13

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 205,348 247,204
Pension contributions to money purchase schemes 52,000 -

Included in directors' emoluments is the remuneration in respect of all persons who held office within the group of companies.

Key management are considered to be the directors, therefore no further disclosure has been included in respect of key management personnel compensation.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Other operating leases 1,156,278 1,261,848
Depreciation - owned assets 262,426 194,245
Depreciation - assets on hire purchase contracts 65,477 65,477
Profit on disposal of fixed assets (8,298 ) (6,168 )
Foreign exchange differences (1,346 ) 15,858

6. AUDITORS' REMUNERATION
31.12.24 31.12.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

28,960

27,440
Taxation compliance services 1,950 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank loan interest 95,749 92,644
Hire purchase 6,043 6,043
101,792 98,687

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 35,560 204,818
CT interest (121 ) -
Under/(over) provision (196,458 ) (475,584 )
Total current tax (161,019 ) (270,766 )

Deferred tax:
Deferred tax 232,465 284,054
Under/(over) provision (606,622 ) (245,699 )
Total deferred tax (374,157 ) 38,355

Tax on profit (535,176 ) (232,411 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 680,579 1,757,128
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

170,145

439,282

Effects of:
Expenses not deductible for tax purposes 47,578 39,154
Income not taxable for tax purposes (11,901 ) -
Depreciation in excess of capital allowances 6,725 18,268
Adjustments to tax charge in respect of previous periods (803,080 ) (721,284 )
Remeasurement of tax for changes in tax rates - (12,926 )
Foreign PE exemption 55,712 5,765
Marginal relief (234 ) (670 )
CT Interest (121 ) -
Total tax credit (535,176 ) (232,411 )

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. GIFT TO TRUST
31.12.24 31.12.23
£    £   
Ordinary B shares of £0.25 each
Final 712,676 682,391

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short to Plant and
property leasehold property equipment
£    £    £    £   
COST
At 1 January 2024 1,675,001 809,295 447,834 72,120
Additions - - - 18,490
Disposals - - - (10,163 )
At 31 December 2024 1,675,001 809,295 447,834 80,447
DEPRECIATION
At 1 January 2024 - 139,788 240,950 60,169
Charge for year - 25,898 62,809 3,262
Eliminated on disposal - - - (10,163 )
At 31 December 2024 - 165,686 303,759 53,268
NET BOOK VALUE
At 31 December 2024 1,675,001 643,609 144,075 27,179
At 31 December 2023 1,675,001 669,507 206,884 11,951

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 390,722 77,474 680,370 4,152,816
Additions 29,684 41,503 58,906 148,583
Disposals (16,539 ) (13,998 ) 210 (40,490 )
At 31 December 2024 403,867 104,979 739,486 4,260,909
DEPRECIATION
At 1 January 2024 235,242 31,333 199,726 907,208
Charge for year 45,186 19,138 171,610 327,903
Eliminated on disposal (13,910 ) (13,998 ) 195 (37,876 )
At 31 December 2024 266,518 36,473 371,531 1,197,235
NET BOOK VALUE
At 31 December 2024 137,349 68,506 367,955 3,063,674
At 31 December 2023 155,480 46,141 480,644 3,245,608

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Computer
equipment
£   
COST
At 1 January 2024
and 31 December 2024 327,387
DEPRECIATION
At 1 January 2024 65,477
Charge for year 65,477
At 31 December 2024 130,954
NET BOOK VALUE
At 31 December 2024 196,433
At 31 December 2023 261,910

Company
Freehold
property
£   
COST
At 1 January 2024
and 31 December 2024 1,675,001
NET BOOK VALUE
At 31 December 2024 1,675,001
At 31 December 2023 1,675,001

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2024
and 31 December 2024 115,002
NET BOOK VALUE
At 31 December 2024 115,002
At 31 December 2023 115,002

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Hadwens Apartments Limited
Registered office: 51-55 Tithebarn Street, Liverpool, L2 2SB
Nature of business: Property Rental
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 401,521 336,872
Profit for the year 64,649 55,225

Curtins Consulting Ltd
Registered office: 51-55 Tithebarn Street, Liverpool, L2 2SB
Nature of business: Consulting Engineers
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 10,209,408 9,838,533
Profit for the year 1,083,551 1,877,276

Curtins Limited
Registered office: 51-55 Tithebarn Street, Liverpool, L2 2SB
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 1 1


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,200,000
NET BOOK VALUE
At 31 December 2024 1,200,000
At 31 December 2023 1,200,000

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


13. INVESTMENT PROPERTY - continued

Group

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2022 100,001
Cost 1,099,999
1,200,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 1,099,999 1,099,999

Investment property was valued on an open market basis on 27 February 2023 by MO Valuations Limited .

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade debtors 7,270,534 7,412,431 - -
Amounts owed by group undertakings - - 695,200 776,450
Amounts recoverable on contract 1,218,162 2,104,548 - -
Other debtors 80,335 78,157 1,008 1,008
Deferred tax asset 334,422 - - -
Prepayments and accrued income 1,657,760 1,510,871 - -
10,561,213 11,106,007 696,208 777,458

Deferred tax asset
Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Deferred tax 334,422 - - -

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 135,400 135,400 135,400 135,400
Hire purchase contracts (see note 18) 36,734 35,927 - -
Payments on account 1,265,522 2,269,443 - -
Trade creditors 1,400,492 1,129,286 - -
Amounts owed to group undertakings - - 251,010 266,411
Tax 51,351 208,182 18,952 10,995
Social security and other taxes 513,940 621,592 - -
Pension creditor 181,137 182,792 - -
VAT 821,947 807,318 8,590 7,500
Other creditors 1,953 2,000 1,950 2,000
Deferred income - 950 - -
Accruals and other creditors 1,991,725 2,220,224 - -
6,400,201 7,613,114 415,902 422,306

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans (see note 17) 1,015,501 1,150,900 1,015,501 1,150,900
Hire purchase contracts (see note 18) 51,198 100,677 - -
1,066,699 1,251,577 1,015,501 1,150,900

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 135,400 135,400 135,400 135,400
Amounts falling due between one and two years:
Bank loans - 1-2 years 135,400 135,400 135,400 135,400
Amounts falling due between two and five years:
Bank loans - 2-5 years 880,101 1,015,500 880,101 1,015,500

The bank loan of £1,286,300 is due for repayment over the following terms; 50% via quarterly instalments over a 5 year period, with the remaining balance due as a lump sum on maturity, in May 2028. Interest is being charged at a rate of 2.5% over LIBOR.

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.24 31.12.23
£    £   
Gross obligations repayable:
Within one year 41,600 41,600
Between one and five years 70,085 124,800
111,685 166,400

Finance charges repayable:
Within one year 4,866 5,673
Between one and five years 18,887 24,123
23,753 29,796

Net obligations repayable:
Within one year 36,734 35,927
Between one and five years 51,198 100,677
87,932 136,604

Group
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 1,140,933 1,076,433
Between one and five years 3,154,205 3,002,263
In more than five years 2,471,813 2,954,694
6,766,951 7,033,390

Included within the above amounts is £6,279,884 (2023: £6,410,831) relating to commitments under operating leases for Land & Buildings.

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.24 31.12.23
£    £   
Bank loans 1,150,901 1,286,300
Hire purchase contracts 87,932 136,604
1,238,833 1,422,904

Bank facilities are secured by a debenture dated 8 December 2015, which includes a fixed and floating charge over the assets of the company.

The bank loan is secured by a fixed charge and negative pledge over Beetham House, Tithebarn Street.

HP liabilities are secured against the assets they relate to.

20. PROVISIONS FOR LIABILITIES

Group
31.12.24 31.12.23
£    £   
Deferred tax - 39,735

Other provisions 750,000 900,000

Aggregate amounts 750,000 939,735

Group
Deferred Claims
tax provision
£    £   
Balance at 1 January 2024 39,735 900,000
Credit to Statement of Comprehensive Income during year (374,157 ) (150,000 )
Balance at 31 December 2024 (334,422 ) 750,000

Provision is made for claims under contracts notified at the year end and where negotiations for settlement are ongoing. Claims are generally settled within 12 months.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
256,361 Ordinary B £0.25 64,090 64,090

Curtins Group Limited (Registered number: 03371580)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


22. RESERVES

Group
Retained
earnings
£   

At 1 January 2024 11,015,955
Profit for the year 1,215,755
Gift to Trust (712,676 )
At 31 December 2024 11,519,034

Company
Retained
earnings
£   

At 1 January 2024 955,550
Profit for the year 780,231
Gift to Trust (712,676 )
At 31 December 2024 1,023,105


23. PENSION COMMITMENTS

The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £2,191,075 (2023 - £1,967,074).

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Related LLP's & Pension schemes

Partnerships which include close family members of some directors.

During the year, the company paid rents of £37,500 (2023: £31,945) to the partnerships.

The pension schemes include employees and directors as members.

During the year the company paid rents of £nil (2023: £nil) to the above for properties owned by the schemes.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Trustees of the Curtins Employee Ownership Trust (EOT).

26. SHARE REORGANISATION

On 14th July 2021 the shareholders of Curtins Group Limited disposed of their 204,579 shareholdings to The Trustees of the Curtins Employee Ownership Trust (EOT) for a total consideration of £6,728,603. Shareholders have received £2,978,458 with the balance of £3,750,145 being paid by way of deferred consideration.