REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Curtins Consulting Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Curtins Consulting Limited |
Curtins Consulting Limited (Registered number: 02054159) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 7 |
Statement of Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 15 |
Curtins Consulting Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Oriel House |
2/8 Oriel Road |
Bootle |
Merseyside |
L20 7EP |
BANKERS: |
Exchange Station |
Tithebarn Street |
Liverpool |
Merseyside |
L2 2QP |
Curtins Consulting Limited (Registered number: 02054159) |
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 company in relation to the financial performance of the company during the financial year and the position of the company at the end of the year. It also includes the Directors view of the principal risks and uncertainties facing the company. |
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 £0.5m (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: 4%). 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 4% (2023: 14%). |
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 Consulting Limited (Registered number: 02054159) |
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 Company 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: |
Curtins Consulting Limited (Registered number: 02054159) |
Report of the Directors |
for the Year Ended 31 December 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of consulting engineers for civil, structural, environmental and infrastructure engineering projects and transport planning consultancy services. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
Other changes in directors holding office are as follows: |
PARENT COMPANY |
The company is a wholly owned subsidiary of Curtins Group Limited. |
EMPLOYMENT |
The Company 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 company 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 Company will pay particular attention to job requirements in order to facilitate the opportunities for the career advancement of its employees. |
The company 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 becomes 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 company will make reasonable adjustments to help overcome the practical effects of the disability in accordance with legislative requirements. |
The Company 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 Company considers it has good reasons, unrelated to any protected characteristic, for doing so. The Company will comply with its obligations in relation to statutory requests for contract variations. The Company will also make reasonable adjustments to its standard working practices to overcome barriers caused by disability. |
Curtins Consulting Limited (Registered number: 02054159) |
Report of the Directors |
for the Year Ended 31 December 2024 |
The Company 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 company 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 |
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 kwh17tCO2e |
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 |
DISCLOSURE IN THE STRATEGIC REPORT |
Items required under Schedule 7 to be disclosed in the directors' report can be found in the Strategic Report in accordance with Section 414C(11) of the Companies Act 2006. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Curtins Consulting Limited (Registered number: 02054159) |
Report of the Directors |
for the Year Ended 31 December 2024 |
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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Curtins Consulting Limited |
Opinion |
We have audited the financial statements of Curtins Consulting Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31 December 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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 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 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 Consulting Limited |
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 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, 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 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 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. |
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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
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 Consulting 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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Oriel House |
2/8 Oriel Road |
Bootle |
Merseyside |
L20 7EP |
Curtins Consulting Limited (Registered number: 02054159) |
Statement of Comprehensive Income |
for the Year Ended 31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
361,976 | 1,572,517 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
543,448 | 1,656,285 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Curtins Consulting Limited (Registered number: 02054159) |
Statement of Financial Position |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Curtins Consulting Limited (Registered number: 02054159) |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2024 |
Curtins Consulting Limited (Registered number: 02054159) |
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 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New HP in year | - | 327,387 |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,800,309 |
Cash and cash equivalents at end of year | 2 | 4,941,522 | 5,296,856 |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 December 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
31.12.24 | 31.12.23 |
£ | £ |
Profit for the financial year |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Decrease/(Increase) recoverable contract | 886,386 | 434,557 |
(Decrease)/Increase payments on account | (1,003,921 | ) | 460,011 |
Increase/(Decrease) in provisions | (150,000 | ) | 12,500 |
Finance costs | 6,043 | 6,043 |
Finance income | (133,869 | ) | (75,595 | ) |
Taxation | ( |
) | ( |
) |
461,649 | 2,741,313 |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
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 | 4,941,522 | 5,296,856 |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 5,296,856 | 4,800,309 |
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 | 5,296,856 | (355,334 | ) | 4,941,522 |
5,296,856 | ( |
) | 4,941,522 |
Debt |
Finance leases | (136,604 | ) | 48,672 | (87,932 | ) |
(136,604 | ) | 48,672 | (87,932 | ) |
Total | 5,160,252 | (306,662 | ) | 4,853,590 |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Curtins Consulting Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 33.7. |
Significant accounting 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 Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Leasehold Improvements | - |
Plant & equipment | - |
Furniture | - |
Motor vehicles | - |
Computer equipment | - |
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. |
Depreciation on Short leasehold assets has been calculated based on each asset having a residual value equal to 20% of cost. |
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 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. |
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. |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company 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 company also operates a money purchase scheme for directors. |
The assets of the schemes are held separately from those of the company in independently administered funds. |
Hire purchase 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 company. |
An analysis of turnover by geographical market is given below: |
31.12.24 | 31.12.23 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
31.12.24 | 31.12.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.24 | 31.12.23 |
Directors | 14 | 14 |
Employees | 376 | 382 |
31.12.24 | 31.12.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
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 |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Foreign exchange differences | ( |
) |
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 |
27,000 |
26,000 |
Taxation compliance services |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.24 | 31.12.23 |
£ | £ |
Hire purchase |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the 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 |
Under/(over) provision | (171,989 | ) | (445,738 | ) |
Total current tax | ( |
) | ( |
) |
Deferred tax: |
Deferred tax |
Under/(over) provision | (606,622 | ) | (245,699 | ) |
Total deferred tax | ( |
) |
Tax on profit | ( |
) | ( |
) |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Remeasurement of tax for changes in tax rates | - | (11,344 | ) |
Foreign PE exemption | 55,712 | 5,765 |
Total tax credit | (546,146 | ) | (227,034 | ) |
9. | DIVIDENDS |
31.12.24 | 31.12.23 |
£ | £ |
Interim |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
10. | TANGIBLE FIXED ASSETS |
Short | Leasehold | Plant & |
leasehold | Improvements | equipment |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Motor | Computer |
Furniture | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
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 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Deferred tax asset |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Hire purchase contracts (see note 14) |
Payments on account |
Trade creditors |
Tax |
Social security and other taxes |
Pension creditor | 181,137 | 182,792 |
VAT | 813,357 | 799,818 |
Accruals and other creditors |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Hire purchase contracts (see note 14) |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.24 | 31.12.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.12.24 | 31.12.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Included within the above amounts is £6,279,884 (2023: £6,410,831) relating to commitments under operating leases for Land & Buildings. |
15. | SECURED DEBTS |
Bank facilities are secured by a debenture dated 8 December 2015, which includes a fixed and floating charge over the assets of the company and an unlimited multilateral guarantee from associated companies. |
16. | PROVISIONS FOR LIABILITIES |
31.12.24 | 31.12.23 |
£ | £ |
Deferred tax | - | 14,735 |
Other provisions | 750,000 | 900,000 |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
16. | PROVISIONS FOR LIABILITIES - continued |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2024 |
Credit to Statement of Comprehensive Income during year | ( |
) | ( |
) |
Balance at 31 December 2024 | ( |
) |
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. |
17. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | £1 | 115,000 | 115,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2024 |
19. | 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). |
20. | ULTIMATE PARENT COMPANY |
The Ultimate Controlling Party is The Trustees of the Curtins Employee Ownership Trust (EOT). |
21. | 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. |
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. |
Curtins Consulting Limited (Registered number: 02054159) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
22. | PARENT CONSOLIDATION |
The company is included within the consolidated financial statements of Curtins Group Limited which are included in the public register and are available on request from the registered office 51-55 Tithebarn Street, Liverpool, Merseyside, L2 2SB. |