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Company Registration No. 03152137 (England and Wales)







ROCHFORD CONSTRUCTION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025




































Riordan O'Sullivan & Co
Chartered Certified Accountants
40 Chamberlayne Road
London
NW10 3JE

 
ROCHFORD CONSTRUCTION LIMITED
 
 
COMPANY INFORMATION


Directors
John Gerard Rochford 
Denise Rochford 
Gerard Rochford 




Company secretary
Margaret Rochford



Registered number
03152137



Registered office
Kerry House
Fourth Way

Wembley

Middlesex

HA9 0LH




Auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




Bankers
Handelsbanken
Unit 1, 48 The Mall

Ealing

London

W5 3TJ





 
ROCHFORD CONSTRUCTION LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 5
Directors' Report
 
 
6 - 7
Independent Auditors' Report
 
 
8 - 11
Statement of Income and Retained Earnings
 
 
12
Balance Sheet
 
 
13
Statement of Cash Flows
 
 
14
Analysis of Net Debt
 
 
15
Notes to the Financial Statements
 
 
16 - 24


 
ROCHFORD CONSTRUCTION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present the strategic report for the year ended 31 March 2025.

Principal activities

The principal activity of the company is that of building and civil engineering contractors including groundworks, enabling works, hard and soft landscaping, substructures and superstructures.

Key performance indicators and headline financials

Our number one indicator remains the health and safety of our workers. Then comes our team and the delivery of a quality and timely service.
Our key financial targets remain profit and balance sheet growth.
The key financial highlights of the company for the last four years are as follows:
ole491b.png
Review of the year to March 2025
 
The directors are pleased to report a better year with profit up to £752,000 from £278,000 the year before despite the competitive low margin environment in which we operate and despite continuing challenging economic conditions and global turbulence.
Our key performance indicators above continue to show consistent profitability and balance sheet growth.
We continued our significant investment in our people, in health and safety, training, technology and innovation.
We completed and handed over contracts to programme and we thank our clients for the opportunity to work for them.
We commend the skills and experienced of our management team and highly motivated workforce that gave us another successful year. Our thanks also goes to the strong relationships we maintain with our supply chain who continue to give us a good service in recognition of decades of fair and prompt payment terms.

Page 1

 
ROCHFORD CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Future prospects

Our current contracts are progressing satisfactorily and our sound finances enable us to continue to invest in our people and resources.
We live in uncertain times where profit margins remain competitive and we still have the added challenges of the geo political climate, continuing higher interest rates and slowdown in the UK economy all combining to keep investment confidence low so caution remains the order of the day.
Our turnover will be up this year, with well-established customers and we have a significant pipeline of good potential opportunities. Looking further ahead, we also see more opportunities when the Building Safety Act regulations get sorted.
So as we enter our 30th year in business we are confident that our sound finances, our dedicated and experienced team and our reputation in our sector will continue the delivery of a consistent, timely and quality service to our valued customers and will generate profit and positive cashflow going forward.
The board remain committed to manage the business to remain efficient, profitable and competitive so as to match the market it operates in. And to deliver a quality service and to be a key strategic partner of its customers, suppliers and stakeholders.

History and family values

We have traded successfully for the past 29 years. We strive to retain the family culture with all our directors actively involved with our employees, clients and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest engineering standards and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise and reliability and to be the contractor of choice. We strive to continue the long term relationships with our customer base by focusing on our core activities, our long-standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers.

Page 2

 
ROCHFORD CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties
 
Construction is a high risk, low margin sector and there are a number of uncertainties which could have an impact on the company’s performance and could cause results to differ substantially from historical profits and current projections. However, we have a strong balance sheet, an experienced team and well-established systems and procedures in place to help avoid or minimise risks to the company. 
The principal risks for our company include the following:
Pricing and delivery of large and complex construction contracts 
The pricing and delivery of construction contracts presents many challenges, principal amongst them being availability of materials and tradespeople, meeting tight deadlines, site conditions and cost overruns. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in-depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win.
Credit risk
The company’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long-standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtors book on a day to day basis. In particular our long-standing monthly Cost Value Reporting system and review meetings cover the operational, commercial and financial performance of every project and act as an advance warning of any variances. 
Liquidity risk
The company finances its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. Cashflow forecasts are constantly monitored and updated. The company does not have any complex financial instruments or hedging products. Therefore the directors are confident that they can meet their obligations as they fall due.
Health and safety risk
Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out in our health and safety note below.
Our in-house team
The success of the company is dependent on retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.

Going concern

The Board of Directors is required to consider the company's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have a satisfactory order book from well-established customers and we have a £2.2 million balance sheet and consistent profits. Thus we continue to adopt the going concern basis in preparing the financial statements.

Corporate social responsibility

The directors believe that the long term interests of the company, its employees and its customers are best served by acting in a corporate social manner. Therefore, the company ensures that high standards are maintained. Throughout the year the company and its employees have supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation.

Page 3

 
ROCHFORD CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Our people, training and employee involvement

The company's continued success is attributable to the vast experience of our team of highly skilled, dedicated and competent company directors, ably supported by a well developed organisational structure including contract managers, project/site managers, site supervisors/foremen and trades operatives and underpinned by a strong and commercial team and head office support staff.
Our hands-on approach and short chain of command keeps our directors and managers in constant dialogue with our employees, keeping them abreast of the company's activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain committed to equality and equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination and modern slavery. We have company policies to support these undertakings.

Health and safety at work

The directors and senior managers, assisted by our health and safety team, continue to target ‘zero’ accidents by striving to embed best health and safety policies, practices and awareness throughout our operations.
The company’s overriding principal is that all our workers work in a safe and accident free working environment and that they go home safely at the end of every working day. The investment in health and safety training to maintain, monitor and enhance our Health & Safety performance remains at the top of our core values.
Our health and safety training programmes are a constant and our workforce are also encouraged to look for and suggest ways to further enhance our best practice Health & Safety policies.
Our Building Mental Health Charter provides awareness and understanding of the importance of good mental health to our workforce through workshops, training and signpost to support.
We operate within and hold full accreditation to ISO 45001:2018 Occupational Health and Safety Management Systems (OHSMS), CHAS, Exor, Yellow Jacket, CHSG, SMAS and the British Safety Council.

Environment and quality management

We have built our business based on doing quality work and winning repeat business from our customers. The success of the business relies on maintaining and improving our environmental and quality management  standards. Quality management is central to our day to day operations and helps us deliver value and meet our customers' requirements. To achieve our quality management goals we are committed to maintaining a management system which satisfies the requirements of ISO 9001:2015 accreditation.
We recognise the significant impact the construction industry has on the environment. Our team continually promote sustainable resourcing of materials, reducing emissions and the efficient use of energy. We continue to minimise site waste and re-use it wherever possible. We work closely with modern waste management recycling companies. We constantly upgrade our plant and transport to achieve the lowest emissions possible.
We operate within and hold full accreditation to ISO 14001:2015 Environmental standard, FORS Silver, Achilles, Construction Line, Builder's Profile and the Environment Agency. 

Our supply chain

We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful business. Our policy remains to pay our suppliers at the end of each month following the month of delivery, as we have done for the past 29 years and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we are committed to adhering to our side of such agreements.

Page 4

 
ROCHFORD CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

The future

The Board looks forward with confidence to continue the success of the company into the future.


This report was approved by the board on 27 June 2025 and signed on its behalf.



___________________________
John Gerard Rochford
Director

Page 5

 
ROCHFORD CONSTRUCTION LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

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

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

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in the Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £652,182 (2024 - £298,718).

Ordinary dividends were paid amounting to £320,235. The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

John Gerard Rochford 
Denise Rochford 
Gerard Rochford 

Page 6

 
ROCHFORD CONSTRUCTION LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Strategic report

The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, financial instruments and future prospects.

Disclosure of information to auditors

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

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

Auditors

Under section 487(2) of the Companies Act 2006, Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors are deemed to be reappointed as auditors.

This report was approved by the board on 27 June 2025 and signed on its behalf.
 





___________________________
John Gerard Rochford
Director

Page 7

 
ROCHFORD CONSTRUCTION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCHFORD CONSTRUCTION LIMITED
 

Opinion


We have audited the financial statements of Rochford Construction Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


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


We have nothing to report in this regard.


Page 8

 
ROCHFORD CONSTRUCTION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCHFORD CONSTRUCTION LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

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


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


Page 9

 
ROCHFORD CONSTRUCTION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCHFORD CONSTRUCTION LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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


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

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 10

 
ROCHFORD CONSTRUCTION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCHFORD CONSTRUCTION LIMITED (CONTINUED)




______________________________________
Patrick McNamara (Senior Statutory Auditor)
for and on behalf of Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

27 June 2025
Page 11

 
ROCHFORD CONSTRUCTION LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
22,213,408
29,457,750

Cost of sales
  
(20,411,528)
(28,031,018)

Gross profit
  
1,801,880
1,426,732

Administrative expenses
  
(1,169,709)
(1,297,782)

Other operating income
 5 
120,000
150,000

Operating profit
 6 
752,171
278,950

Interest payable
 10 
(11)
(829)

Profit before tax
  
752,160
278,121

Taxation
 11 
(99,978)
20,597

Profit after tax
  
652,182
298,718

  

  

Retained earnings at the beginning of the year
  
1,965,936
1,963,969

  
1,965,936
1,963,969

Profit for the year
  
652,182
298,718

Dividends declared and paid to equity shareholders
  
(320,235)
(296,751)

Retained earnings at the end of the year
  
2,297,883
1,965,936
The notes on pages 16 to 24 form part of these financial statements.

Page 12

 
ROCHFORD CONSTRUCTION LIMITED
REGISTERED NUMBER:03152137

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,834
890

  
3,834
890

Current assets
  

Debtors
 14 
6,112,185
7,226,079

Cash at bank and in hand
  
1,018,148
376,867

  
7,130,333
7,602,946

Creditors: amounts falling due within one year
 15 
(4,836,184)
(5,637,800)

Net current assets
  
 
 
2,294,149
 
 
1,965,146

Total assets less current liabilities
  
2,297,983
1,966,036

  

Net assets
  
2,297,983
1,966,036


Capital and reserves
  

Called up share capital 
 17 
100
100

Retained earnings
  
2,297,883
1,965,936

  
2,297,983
1,966,036


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.




___________________________
John Gerard Rochford
Director

The notes on pages 16 to 24 form part of these financial statements.

Page 13

 
ROCHFORD CONSTRUCTION LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
652,182
298,718

Adjustments for:

Depreciation of tangible assets
1,849
890

Interest paid
11
829

Taxation charge
99,978
(20,597)

Decrease in debtors
1,026,479
1,413,993

Decrease in amounts owed by associates
87,415
300,000

(Decrease) in creditors
(525,825)
(1,681,420)

(Decrease)/increase in amounts owed to associates
(387,712)
83,855

Corporation tax received/(paid)
11,943
(7,573)

Net cash generated from operating activities

966,320
388,695


Cash flows from investing activities

Purchase of tangible fixed assets
(4,793)
-

Net cash from investing activities

(4,793)
-

Cash flows from financing activities

Dividends paid
(320,235)
(296,751)

Interest paid
(11)
(829)

Net cash used in financing activities
(320,246)
(297,580)

Net increase in cash and cash equivalents
641,281
91,115

Cash and cash equivalents at beginning of year
376,867
285,752

Cash and cash equivalents at the end of year
1,018,148
376,867


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,018,148
376,867

1,018,148
376,867


The notes on pages 16 to 24 form part of these financial statements.

Page 14

 
ROCHFORD CONSTRUCTION LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025




At 1 April 2024
Cash flows
At 31 March 2025
£

£

£

Cash at bank and in hand

376,867

641,281

1,018,148

Debt due within 1 year

(6,407)

6,399

(8)


370,460
647,680
1,018,140

The notes on pages 16 to 24 form part of these financial statements.

Page 15

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Rochford Construction Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is Kerry House, Fourth Way, Wembley, Middlesex, HA9 0LH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied:

 
2.2

Going concern

The strategic report provides information in relation to the company's financial and liquidity position as well as details of its financial instruments and exposure to credit and liquidity risk.
The company has a healthy order book from long standing customers for the twelve months from the date of approval of the financial statements.
The company's forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
Therefore, the directors believe that the company is well placed to manage its business risks successfully. Thus they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Turnover

Turnover from contracting activities is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT. The fair value of  consideration  takes  into  account trade discounts, settlement discounts and volume rebates.

  
2.4

Interest income

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

  
2.5

Finance costs

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

Page 16

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Tangible fixed assets

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

Page 17

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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

Plant and machinery
-
20%
straight line
Fixtures and fittings
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.9

Construction contracts

Amounts recoverable on contracts, including work-in-progress, are shown within debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account. 

  
2.10

Impairment of fixed assets

A review of 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 adjustments are also reviewed for possible reversal at each reporting date.

 
2.11

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

  
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. 
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 18

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

  
2.13

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial asets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the year. Actual outcome may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the company within the next financial year are detailed as follows:
Construction contracts
Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Building and civil engineering contracts
22,213,408
29,457,750



5.


Other operating income

2025
2024
£
£

Fees receivable
120,000
150,000


Page 19

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Operating profit

The operating profit for the year is stated after charging:

2025
2024
£
£

Depreciation of tangible fixed assets
1,849
890


7.


Auditors' remuneration

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


2025
2024
£
£

Fees payable for audit services
20,000
20,000

Fees payable for accountancy services
12,000
12,000

8.


Employees

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


2025
2024
£
£

Wages and salaries
1,102,393
1,274,263

Social security costs
122,623
144,190

Cost of defined contribution scheme
24,088
28,247

1,249,104
1,446,700


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


        2025
        2024
            No.
            No.







Directors
3
3



Administration
21
26

24
29


9.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
134,717
136,687


Page 20

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

10.


Interest payable and similar expenses

2025
2024
£
£


Bank interest payable
11
829


11.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
211,419
99,498

Adjustments in respect of previous periods
(111,441)
(120,095)



Taxation
99,978
(20,597)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
752,160
278,121


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
188,040
69,530

Effects of:


Expenses not deductible for tax purposes
24,207
29,858

Capital allowances for year in excess of depreciation
(828)
110

Research and development tax credit
(111,441)
(120,095)

Total tax charge for the year
99,978
(20,597)


12.


Dividends

2025
2024
£
£


Dividends paid on equity shares
320,235
296,751

Page 21

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2024
257,955
17,630
275,585


Additions
-
4,793
4,793



At 31 March 2025

257,955
22,423
280,378



Depreciation


At 1 April 2024
257,065
17,630
274,695


Charge for the year on owned assets
890
959
1,849



At 31 March 2025

257,955
18,589
276,544



Net book value



At 31 March 2025
-
3,834
3,834



At 31 March 2024
890
-
890

Page 22

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

14.


Debtors

2025
2024
£
£


Amounts recoverable on contracts
4,489,070
5,513,603

Amounts owed by associates
1,109,601
1,197,016

Prepayments and accrued income
139,431
139,063

Other debtors
374,083
376,397

6,112,185
7,226,079


Other debtors represents VAT recoverable amounting to £330,583 (2024: £376,397).
Included in amounts recoverable on long term contracts is a balance of £332,630 (2024: £671,554) which is due after more than one year in respect of retentions receivable.


15.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
1,675,948
2,741,958

Amounts due to associates
1,579,854
1,967,566

Accruals and deferred income
1,336,859
582,556

Other taxation and social security
32,096
239,815

Corporation tax
211,419
99,498

Other creditors
8
6,407

4,836,184
5,637,800


The amounts owed to associates are interest-free, unsecured and repayable on demand.


16.


Financial instruments

2025
2024
£
£

Financial assets


Financial assets
1,018,148
376,867

Financial assets that are debt instruments measured at amortised cost
5,598,671
6,710,619

6,616,819
7,087,486


Financial liabilities


Financial liabilities at measured at amortised cost
(4,592,661)
(5,298,487)

Page 23

 
ROCHFORD CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

17.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



100 (2024 - 100) Ordinary shares of £1 each
100
100



18.


Related party transactions

During the year the company transacted business, at normal commercial rates, with Rochford Plant Limited and Rochford Properties Limited both of whom are related companies. At the balance sheet date £1,579,854 (2024: £1,967,566) was due to Rochford Plant Limited and £1,109,601 was owed by Rochford Properties Limited (2024: £1,197,016).
The company leases its yard from the director, Mr. J G Rochford. The rent paid during the year was £130,000 (2024 : £96,000) and at the balance sheet date no amount was outstanding (2023 : £Nil).


19.


Directors' transactions

During the year a dividend of £320,235 (2024 - £296,751) was paid in respect of shares held by the company's directors.


20.


Pension commitments

The company operates a defined pension contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £24,088 (2024 : £28,247). Contributions totalling £Nil (2023 - £6,407) was payable to the fund at the balance sheet date and included in creditors.


21.


Post balance sheet events

There were no events since the year end which materially affected the company.

 
Page 24