Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truetruetruetrue2024-01-01falseNo description of principal activity3435truefalsefalse 02656187 2024-01-01 2024-12-31 02656187 2023-01-01 2023-12-31 02656187 2024-12-31 02656187 2023-12-31 02656187 c:CompanySecretary1 2024-01-01 2024-12-31 02656187 c:Director2 2024-01-01 2024-12-31 02656187 c:Director4 2024-01-01 2024-12-31 02656187 c:RegisteredOffice 2024-01-01 2024-12-31 02656187 c:Agent1 2024-01-01 2024-12-31 02656187 d:MotorVehicles 2024-01-01 2024-12-31 02656187 d:MotorVehicles 2024-12-31 02656187 d:MotorVehicles 2023-12-31 02656187 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02656187 d:OfficeEquipment 2024-01-01 2024-12-31 02656187 d:OfficeEquipment 2024-12-31 02656187 d:OfficeEquipment 2023-12-31 02656187 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02656187 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02656187 d:CurrentFinancialInstruments 2024-12-31 02656187 d:CurrentFinancialInstruments 2023-12-31 02656187 d:Non-currentFinancialInstruments 2024-12-31 02656187 d:Non-currentFinancialInstruments 2023-12-31 02656187 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02656187 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02656187 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 02656187 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02656187 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 02656187 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02656187 d:UKTax 2024-01-01 2024-12-31 02656187 d:UKTax 2023-01-01 2023-12-31 02656187 d:ShareCapital 2024-12-31 02656187 d:ShareCapital 2023-12-31 02656187 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02656187 d:RetainedEarningsAccumulatedLosses 2024-12-31 02656187 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02656187 d:RetainedEarningsAccumulatedLosses 2023-12-31 02656187 d:RetainedEarningsAccumulatedLosses 2023-01-01 02656187 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02656187 c:OrdinaryShareClass1 2024-12-31 02656187 c:OrdinaryShareClass1 2023-12-31 02656187 c:FRS102 2024-01-01 2024-12-31 02656187 c:Audited 2024-01-01 2024-12-31 02656187 c:FullAccounts 2024-01-01 2024-12-31 02656187 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02656187 d:WithinOneYear 2024-12-31 02656187 d:WithinOneYear 2023-12-31 02656187 d:BetweenOneFiveYears 2024-12-31 02656187 d:BetweenOneFiveYears 2023-12-31 02656187 2 2024-01-01 2024-12-31 02656187 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 02656187







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


CUFFE PLC






































img2536.png                        

 


CUFFE PLC
 


 
COMPANY INFORMATION


Directors
S Cook 
I Darrah 




Company secretary
I Darrah



Registered number
02656187



Registered office
131-133 Red Lion Road

Surbiton

Surrey

KT6 7RQ




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP




Bankers
National Westminster Bank plc
City Link House

3rd Floor

4 Addiscombe Road

Croydon

CR0 5TT




Solicitors
W H Matthews & Co
19 Penrhyn Road

Kingston upon Thames

Surrey

KT1 2BZ





 


CUFFE PLC
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 - 20


 


CUFFE PLC
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
The principal activity of the company was that of contractors to the building industry. The directors are satisfied with the results for the year and the company's financial position at the year end and are confident about the company's long term prospects. Turnover increased slightly during the year to £30.4m from £28.8m in 2023. The main reason for this increase in turnover was increased work in the pipeline at the start of the financial year which was performed in the first half of the year. 
Cash reserves remain good at the year with costs being carefully managed. The company's GP margin decreased from 15.9% in 2023 to 14.3% in 2024 due to inflationary pressures during the year. The company's focus as always is maintaining good client relationships securing significant repeat business.
There has been significant pressure on fixed price contracts since 2022 with unprecedented price increases in many raw building materials and labour, which combined with non-availability of goods has been challenging. We have adapted our approach to new tenders and opportunities, and updated procurement strategies to ensure risk is mitigated.

Principal risks and uncertainties
 
The company's financial risk management objectives and policies primarily relate to cash flow risk and credit risk.                                             
a) Cash flow risk: the directors monitor the cash levels of the company to ensure that there are always cash funds available to meet the day to day working capital requirements of the projects undertaken by the company. 
b) Credit risk: the company routinely carries out credit checks on new customers, suppliers and subcontractors. The company did not experience any significant bad debts during the year. 
The company continues to focus on and secure work within its areas of expertise and desired project value profile.

Future developments
 
The directors are pleased to report a strong order book and are predicting a profitable year ahead. We envisage no major changes to the business.
The company is engaged fully in long term projects to achieve positive impacts with both Social Value and Net Zero Carbon.
Building Safety Act
The company has taken steps to ensure that it is well placed to deal with the requirements of the Building Safety Act. This has been undertaken through training programmes to ensure full awareness of procedures, and through improved delivery process particularly in relation to competency, compliance and provision of the required evidence. At present there is a backlog in regulator approvals and project commencements are being delayed. This situation is being constantly monitored and we remain agile to deal with approvals as they come through.

Key performance indicators

2024
2023
Gross Profit Margin

14.31%

15.90%
 
Operating Margin

5.15%

7.31%
 
Current Ratio

2.15

1.71
 

Going concern basis

The company has significant cash reserves of £6m (2023: £5.5m). The company generates consistent cash inflows from operations and has liabilities that are known and can be discharged without recourse to external funding. Consequently, there are no foreseeable reasons why the company should not prepare the 2024 financial statements on a going concern basis.

Page 1

 


CUFFE PLC
 



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



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


S Cook
Director

Date: 27 June 2025

Page 2

 


CUFFE PLC
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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.

Directors

The directors who served during the year were:

S Cook 
I Darrah 

Results & Dividends

Profit for the year, after taxation, amounted to £1,280,684 (2023: £1,686,062). The directors have recommended and approved the payment of £Nil of dividends throughout the year (2023: £800,000).

Matters covered in the Strategic Report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Large and medium sized companies and Groups Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Disclosure of information to auditor

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

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

Page 3

 


CUFFE PLC
 


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

Auditor

Under section 489 of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor by ordinary resolution.

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





S Cook
Director

Date: 27 June 2025

Page 4

 


CUFFE PLC
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CUFFE PLC

Opinion


We have audited the financial statements of Cuffe Plc (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Other information


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


We have nothing to report in this regard.


Page 5

 


CUFFE PLC


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CUFFE PLC (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 3, 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 6

 


CUFFE PLC


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CUFFE PLC (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

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


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

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, CITB levy compliance, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management and those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;

°Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process; and

°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions; and

°Estimates used in calculating amounts recoverable on long term contracts and final margins.

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


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


Page 7

 


CUFFE PLC


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CUFFE PLC (CONTINUED)

Use of our report
 

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





Sophie Said, FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Magna House
18-32 London Road
Staines-Upon-Thames
Surrey
TW18 4BP

27 June 2025
Page 8

 


CUFFE PLC
 


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

2024
2023
Note
£
£

  

Turnover
 4 
30,440,162
28,789,906

Cost of sales
  
(26,083,854)
(24,220,769)

Gross profit
  
4,356,308
4,569,137

Administrative expenses
  
(2,789,364)
(2,463,403)

Operating profit
 5 
1,566,944
2,105,734

Interest receivable and similar income
 9 
158,807
108,085

Interest payable and similar expenses
 10 
(8,877)
-

Profit before tax
  
1,716,874
2,213,819

Tax on profit
 11 
(436,190)
(527,757)

Profit after tax
  
1,280,684
1,686,062

  

  

Retained earnings at the beginning of the year
  
4,075,999
3,189,937

  
4,075,999
3,189,937

Profit for the year
  
1,280,684
1,686,062

Dividends declared and paid
  
-
(800,000)

Retained earnings at the end of the year
  
5,356,683
4,075,999
The notes on pages 11 to 20 form part of these financial statements.
Page 9

 


CUFFE PLC
REGISTERED NUMBER:02656187



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
109,755
99,258

  
109,755
99,258

Current assets
  

Debtors
 13 
4,925,399
4,748,696

Cash at bank and in hand
  
6,042,914
5,539,174

  
10,968,313
10,287,870

Creditors: amounts falling due within one year
 14 
(5,092,997)
(6,032,340)

Net current assets
  
 
 
5,875,316
 
 
4,255,530

Total assets less current liabilities
  
5,985,071
4,354,788

Creditors: amounts falling due after more than one year
 15 
(578,388)
(228,789)

  

Net assets
  
5,406,683
4,125,999


Capital and reserves
  

Called up share capital 
 17 
50,000
50,000

Profit and loss account
 18 
5,356,683
4,075,999

  
5,406,683
4,125,999


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



S Cook
Director

Date: 27 June 2025

The notes on pages 11 to 20 form part of these financial statements.
Page 10

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Cuffe PLC is a public limited company, limited by shares, incorporated and domiciled in England and Wales. Details of the company's registered office can be found on the company information page.
The principal activity of the company in the year can be found on page 1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Cuffe Holdings No 2 Limited as at 31 December 2024 and these financial statements may be obtained from 131-133 Red Lion Road, Surbiton, Surrey, KT6 7RQ.

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Long-term contracts are assessed on a contract-by-contract basis and are reflected in the profit and loss account by recording turnover and related costs as the contract activity progresses. Revenue is ascertained in a manner appropriate to the stage of completion of the contract. This is certified by appropriate professionals experienced in recognition and measurement of such work carried out.
 
Page 11

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.3
Revenue recognition (continued)

The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
 
2.4

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Motor vehicles
-
25% straight line
Office equipment
-
25% 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.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


 
2.6

Dividends

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

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 12

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Interest income

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

 
2.10

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.

 
2.11

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 reporting date in the countries where the Company operates and generates income.


Page 13

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Stage of completion of the construction contracts - Valuation of the projects are estimated by professional surveyors throughout the length of the contract. The work carried out between the latest valuation and the year end is estimated by management and included within debtors carries a risk of material misstatement. The company applies the straight-line method to recognise accrued income between valuations before and after the year-end, as this is considered to reliably reflect the stage of completion and delivery of services under ongoing contracts. At the year end the accrued income balance totalled £1,277,037  (2023: £1,613,277).
 
Estimates of the final profit margins on the construction contracts - The final profit margin of all contracts, estimated by management, is based on the predicted total revenue and total costs of each job and influences the accrued costs within the work in progress. As such, this carries a risk of material misstatement and the accrued cost balance included within creditors at year end totalled £3,486,572 (2023: £3,423,374).
 

4.


Turnover

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


2024
2023
£
£

Building contracts
30,440,162
28,789,906

30,440,162
28,789,906


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
34,741
27,905

Operating lease rentals
80,000
71,667

Page 14

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
39,500
36,150

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


2024
2023
£
£

Wages and salaries
2,497,988
2,416,104

Social security costs
285,818
280,522

Cost of defined contribution scheme
94,565
91,036

2,878,371
2,787,662


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


        2024
        2023
            No.
            No.







Administrative Staff
22
23



Site staff
12
12

34
35


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
266,623
258,824

Company contributions to defined contribution pension schemes
12,423
12,000

279,046
270,824


During the year retirement benefits were accruing to 2 directors (2023 -2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £176,695 (2023 -£176,382).

Page 15

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
158,807
108,085

158,807
108,085


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
8,877
-

8,877
-


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
440,414
527,757

Adjustments in respect of previous periods
(4,224)
-



436,190
527,757
Page 16

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,716,874
2,213,819


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.52%)
431,438
523,515

Effects of:


Expenses not deductible for tax purposes
5,972
6,093

Adjustments to tax charge in respect of prior periods
(4,224)
-

Remeasurement of deferred tax for changes
in tax rates
-
117

Movement in deferred tax not recognised
3,004
(1,968)

Total tax charge for the year
436,190
527,757

Page 17

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
163,555
47,713
211,268


Additions
82,594
-
82,594


Disposals
(66,411)
-
(66,411)



At 31 December 2024

179,738
47,713
227,451



Depreciation


At 1 January 2024
75,305
36,705
112,010


Charge for the year on owned assets
30,652
4,089
34,741


Disposals
(29,055)
-
(29,055)



At 31 December 2024

76,902
40,794
117,696



Net book value



At 31 December 2024
102,836
6,919
109,755



At 31 December 2023
88,250
11,008
99,258


13.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
903,308
531,097

903,308
531,097

Due within one year

Trade debtors
1,510,275
852,308

Other debtors
1,174,570
1,699,835

Prepayments and accrued income
1,337,246
1,665,456

4,925,399
4,748,696


Page 18

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
147,190
42,362

Amounts owed to group undertakings
-
800,000

Corporation tax
300,414
410,257

Other taxation and social security
355,028
183,831

Other creditors
707,648
1,065,874

Accruals and deferred income
3,582,717
3,530,016

5,092,997
6,032,340



15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
578,388
228,789

578,388
228,789



16.


Pension commitments

Pension commitments outstanding at 31 December 2024 was £Nil (2023: £17,212).

17.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



50,000 (2023 -50,000) Ordinary Shares shares of £1.00 each
50,000
50,000



18.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 19

 


CUFFE PLC
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
80,000
80,000

Later than 1 year and not later than 5 years
118,667
200,000

198,667
280,000


20.


Related party transactions and director advances

The company was invoiced a total of £80,000 by Cuffe Holdings Limited (under common control), relating to rental charges for the year ended 31 December 2024 (2023: £71,667). 
At the year-end, there was a balance of £200,000 (2023: £300,000) payable by a director which was advanced in the previous year. The loan does not attract interest and has no fixed repayment terms.  
During the year, the company declared dividends of £Nil (2023: £800,000) to its shareholders which had not been paid at the year-end resulting in balances payable to Cuffe Holdings No 2 Limited of £Nil. The balance payable to the shareholders as at the year ended 31 December 2023 was £800,000.


21.


Controlling party

The immediate controlling party isCuffe Holdings No 2 Limited. Copies of their accounts can be obtained from their registered office at 131-133 Red Lion Road, Surbiton, Surrey, KT6 7RQ or from Companies House. 
The ultimate controlling party is A C Cowdery.
 
Page 20