Company Registration No.
FOR THE YEAR ENDED 31 MARCH 2025
Riordan O'Sullivan & Co
Chartered Certified Accountants
40 Chamberlayne Road
London
NW10 3JE
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present the strategic report for the year ended 31 March 2025.
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.
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:
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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.
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.
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.
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCHFORD CONSTRUCTION LIMITED
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 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).
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.
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.
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 Report. 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. 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCHFORD CONSTRUCTION LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCHFORD CONSTRUCTION LIMITED (CONTINUED)
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCHFORD CONSTRUCTION LIMITED (CONTINUED)
Patrick McNamara (Senior Statutory Auditor)
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
NW10 3JE
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
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BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 24 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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
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:
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (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:
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.
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.
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
During the year a dividend of £320,235 (2024 - £296,751) was paid in respect of shares held by the company's directors.
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.
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