| REGISTERED NUMBER: 11421766 (England and Wales) |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| REGISTERED NUMBER: 11421766 (England and Wales) |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| Group Strategic Report | 1 |
| Report of the Directors | 8 |
| Report of the Independent Auditors | 10 |
| Consolidated Income Statement | 14 |
| Consolidated Balance Sheet | 15 |
| Company Balance Sheet | 16 |
| Consolidated Statement of Changes in Equity | 17 |
| Company Statement of Changes in Equity | 18 |
| Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Cash Flow Statement | 20 |
| Notes to the Consolidated Financial Statements | 21 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| The directors present their strategic report of the company and the group for the year ended 31 March 2025. |
| REVIEW OF BUSINESS |
| Kori Construction (Holdings) Limited (the Group) is an award-winning main contractor specialising in later living, multi room and life sciences developments throughout the UK. Our core proposition remains the delivery of design and build projects valued £10 million- £30million, underpinned by deep sector expertise, collaborative working and a determination to deliver the exceptional. The directors' strategy continues to focus on disciplined growth in sectors where our technical knowledge, supply chain relationships and customer service set us apart. |
| Activity & Market Position |
| During the year we consolidated our position as the contractor of choice for purpose built care and retirement living schemes. Demand was supported by an ageing population and an industry wide shortage of high quality beds. In the year the company safely delivered 529 beds bringing our total completed beds to over 1500. With a further 12 projects under construction (totalling 785 beds) we continue to experience strong demand in the sector. |
| Alongside our projects in the later living sector the company has secured it's second project in the life sciences sector, an area of future focus for the company. |
| Industry Awards and Recognition |
| The Group was proud to receive several accolades during the financial year that highlight our growth, exceptional culture and outstanding performance in the UK main contracting market: |
| -The Sunday Times Hundred 2025 - Celebrating Britain's fastest-growing companies with annual revenues under £250 million. |
| -FT1000: Europe's Fastest-Growing Companies 2025 - Showcasing exceptional growth stories from businesses across Europe. |
| -Construction News Awards 2024: Highly Commended - Contractor of the Year (Turnover under £500m) - Recognised for outstanding performance in the sector. |
| -Construction News Best Places to Work 2024 - Honouring organisations committed to creating exceptional workplace environments. |
| -The Sunday Times Best Places to Work 2025 - Proud to be featured for a second consecutive year. |
| -Building Good Employer Guide 2024 - Recognised for leadership in flexible working, diversity, sustainability, and employee wellbeing. |
| -RoSPA Gold Award - Awarded for excellence in workplace safety, marking our second consecutive year of achievement. |
| These awards not only celebrate the dedication of our teams but also strengthen our reputation among clients, partners and future employees. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors regularly assess the principal risks facing the business and ensure appropriate mitigation strategies are in place. While the construction sector presents a range of external and operational challenges, the group maintains a proactive and disciplined approach to risk management. The key areas of focus during the year were: |
| -Fixed-price contract exposure |
| Rigorous pre-contract due diligence and monthly board-level reviews help manage cost risk; we continue to focus on sectors where we have strong delivery expertise. |
| -Supply-chain & subcontractor failure |
| Robust vetting, early engagement, and our digital platforms (PayApps & ProcorePro) support a stable, transparent, and compliant supply-chain environment. |
| -Inflation & materials availability |
| Forward procurement of critical materials, framework pricing agreements, and design optimisation reduce exposure to cost volatility and lead-time issues. |
| -Regulatory and Build Compliance |
| Health, Safety and Build compliance is critical in the modern construction market. The company have invested in software systems (Inndex and Procore), which provide real-time site data, automated audit trails, and structured documentation to support adherence to health, safety, and construction standards. |
| -Cyber-security |
| We maintained "Cyber Essentials Plus" accreditation, with quarterly penetration testing and staff training to protect business continuity and client data. |
| -Bonding & working-capital requirements |
| Strong cash reserves and continued balance sheet growth ensure access to performance bonds and result in no requirements for external borrowing. |
| In summary, the group is comfortable that the principle risks of the business are managed effectively. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| SECTION 172(1) STATEMENT |
| Section 172 of the Companies Act 2006 requires a director of a company to act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, the directors must have regard (among other matters) to: |
| - The likely consequences of any decision in the long term; |
| - The interests of the company's employees; |
| - The need to foster the company's business relationships with suppliers, customers, and others; |
| - The impact of the company's operations on the community and the environment; |
| - The desirability of maintaining a reputation for high standards of business conduct; and |
| - The need to act fairly as between members of the company. |
| In discharging their duties under Section 172, the directors of the company consider the interests of stakeholders and the wider implications of their decisions to ensure they promote the long-term success of the business. |
| The company is committed to responsible and sustainable business practices. The board takes into account the Company's purpose, values, and strategic priorities in all key decision-making processes. Stakeholder engagement is embedded in our operations through regular dialogue, feedback mechanisms, and reporting structures. |
| The board delegates authority for day-to-day management to the executive leadership team and retains oversight through regular meetings, reports, and updates. We review financial and non-financial performance, operational KPIs, risk, compliance, governance, ESG (Environmental, Social and Governance), and other stakeholder matters on a regular basis. |
| We actively promote a culture of transparency and accountability across all levels of the organisation. Employee input is encouraged through annual engagement surveys and internal forums, while customer and supplier feedback is collected via annual satisfaction surveys. |
| This approach enables us to maintain high standards of conduct, enhance stakeholder trust, and ensure that our decisions align with the principles of Section 172. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| A summary of the Group's financial performance is highlighted below. |
| Measure | 2025 | 2024 | Variance |
| Revenue | £69.90m | £54.09m | 29% |
| Profit before tax | £5.01m | £4.02m | 25% |
| Cash at bank | £18.51m | £13.31m | 39% |
| Net assets | £7.45m | £4.22m | 77% |
| The Board is delighted to report another year of robust financial performance in a market that continues to experience contractor failures and supply chain volatility.Our disciplined approach to project selection, tight cost control and specialist sector focus have again translated into healthy, sustainable growth. |
| - Turnover rose by 29% to £69.90million (2024: £54.09million), reflecting a combination of larger average contract values and repeat business with our core later living and multi room clients. |
| - Profit before tax increased by 25% to £5.01million (2024:£4.02million). Gross margin was maintained despite lingering cost inflation, supported by early procurement gains and rigorous commercial governance. |
| - Cash at bank closed at £18.51million, up 39% year on year (2024:£13.31million), driven by strong operating cash conversion and careful working capital management. The Group continues to trade with zero external borrowing, preserving flexibility and bonding capacity. |
| - Net assets advanced to £7.45million, an uplift of 77% (2024:£4.22million), further reinforcing the balance sheet and providing a solid foundation for future growth. |
| The group's dividend policy remains unchanged, prioritising the retention of earnings to fund investment in people, technology and sustainable expansion while continuing to reward shareholders appropriately. |
| In summary, the Board is very satisfied with these results, which once again outperform the main contracting market and underline the resilience of the company's business model in a challenging sector. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| SUSTAINABILITY |
| Guided by the three pillars of sustainability, the group strives to create a better future by integrating sustainability practices into every aspect of our operations, and is committed to delivering the following objectives: |
| People: providing exceptional employee, customer and stakeholder experiences. |
| Places: providing long-term societal, ethical and economic benefits to society. |
| Planet: protecting the natural environment, de-carbonising and safeguarding our world. |
| Performance highlights against these objectives during the 2024/25 financial year, include: |
| People |
| - Achieving an Employee Net promoter Score of 87 'Excellent'. |
| - Investing in the wellbeing of our people by providing a digital 'smart health' service, private medical insurance, tailored mental health support and health checks. |
| - Delivering both Mental Health Awareness and Diversity & Inclusion Training across 100% of our projects. |
| - Focused on attracting the next generation of construction professionals by delivering 287 hours of employability support to schools and colleges and engaging with 10,274 students. |
| - Fundraising £19,420 for charity partner of the year British Heart Foundation. |
| Places |
| - Measuring the social and local economic value derived on every project, generating £13.7m social and local economic value. |
| - Supporting local economies, with £16m spent with local suppliers, £12m with local SMEs and £0.52m spent with social enterprises. |
| - Launching the 'Kori Community Fund' to provide financial support to local community projects and good causes, distributing £26,202 worth of grants to local communities. |
| - Achieving three Considerate Constructors Scheme National Bronze Awards and one Considerate Constructors Scheme National Silver Award. |
| Planet |
| - Measured the operational carbon footprint of each project and the business as a whole. |
| - Saved 1,924,972 car miles as a result of our Agile Working Policy and project-specific Green travel Plans. |
| - Diverted 98.65% of waste from landfill. |
| - Published our fourth formal Carbon Reduction Plan, in line with the reporting requirements set out in PPN 06/21, setting out our commitments to achieve Carbon Neutrality by 2030 and Net Zero by 2050. |
| The group has voluntarily reported Streamlined Energy and Carbon Reporting in excess of the legal requirements on a range of environmental matters, through the use of key performance indicators: |
| Total energy consumption used to calculation emissions (kWh) |
| Scope | Source | 2024/25 |
| 1 | Natural Gas | 5,599.00 |
| 1 | Site Fuel | 32,165.58 |
| 1 | Company Owned Vehicles | 38.43 |
| 1 | Total scope 1 energy consumption: | 37,803.01 |
| 2 | Electricity - Location Based | 543,089.02 |
| 2 | Electricity for Company Owned Electric Vehicles | 7.28 |
| 2 | Total scope 2 energy consumption: | 543,096.30 |
| 1&2 | Total scope 1 & 2 energy consumption: | 580,899.31 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Emissions from activities (tCO2e) |
| Scope | Source | 2024/25 |
1 |
Emissions from activities for which Kori own or control, including combustion of fuel and operation of facilities |
325.93 |
2 |
Emissions from the purchase of electricity heat, steam and cooling purchased for own use (location-based) |
112.56 |
| 1&2 | Total gross scope 1 and scope 2 emissions | 438.48 |
| 1&2 | Total gross emissions tCO2e/£m turnover | 6.18 |
| 1&2 | Total gross emissions tCO2e/employee | 8.60 |
| Emissions from other activities (tCO2e) |
| Scope | Source | 2024/25 |
| 3 | Transmission and distribution losses from electricity purchased | 9.84 |
| 3 | Transmission and distribution losses from electricity for company-owned EVs | 0.14 |
| 3 | Business travel - employee-owned vehicles | 132.97 |
| 3 | Business travel - rail | 1.43 |
| 3 | Business travel - hotel stays | 8.60 |
| 3 | Employee commuting | 25.70 |
| 3 | Upstream transportation and distribution of products purchased | 31.50 |
| 3 | Procurement of paper | 2.32 |
| 3 | Waste to landfill | 14.99 |
| 3 | Waste diverted from landfill | 4.72 |
| 3 | Water supply | 0.81 |
| 3 | Water treatment | 0.99 |
| 3 | Home working (office equipment and heating) | 2.51 |
| 3 | Total scope 3 emissions: | 236.52 |
| Total emissions (tCO2e) |
| Scope | Source | 2024/25 |
| 1 | Total scope 1 emissions | 325.93 |
| 2 | Total scope 2 emissions | 112.56 |
| 3 | Total scope 3 emissions | 236.52 |
| 1,2&3 | Total gross scope 1, scope 2 and scope 3 emissions | 675.01 |
| Methodology |
| Meter readings, supplier invoices, InnDex App data, mileage records and employee expenses have been used to ensure accurate and representative data. UK Government GHG Conversion Factors for Company Reporting 2024, Version 1.0 have been used to calculate carbon emissions. For company-owned vehicles, electric vehicles and business travel (employee-owned vehicles) conversion factors for each individual car (by market segment and fuel type) have been used. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| RELATIONSHIPS WITH SUPPLIERS, CUSTOMERS AND OTHER STAKEHOLDERS |
| The directors of the group recognise the vital role that strong, collaborative relationships with suppliers, customers, and other key stakeholders play in the long-term success and sustainability of the company - this principle has been at the heart of our success to date. In line with their duties under Section 172 of the Companies Act 2006, the board has had due regard to these relationships in all material decisions made during the financial year. |
| Customers |
| Our clients are at the heart of everything we do. The directors have prioritised understanding client needs, ensuring high levels of service quality, transparency, and responsiveness. During the year, this has involved regular engagement through project reviews, annual satisfaction surveys, and direct feedback loops. These efforts have informed the development of several key operational improvements, including investments in project management technology, new recruits and staff training to enhance operational delivery. |
| Suppliers and Subcontractors |
| The group values its supply chain as an extension of its operational capability. The directors have maintained open and collaborative relationships with suppliers, recognising that mutual trust and stability are essential for project success. Key actions included early engagement in project planning phases, improved payment practices, and offering longer-term framework agreements to critical partners. These steps have supported more resilient supply chains and enhanced project delivery performance. |
| Wider Stakeholders |
| The group continues to engage with local communities (noted in Section 4 of this report), industry bodies, and other external stakeholders. For example, during the year the directors approved charitable initiatives aimed at strengthening local communities and promoting sustainable business practices. These efforts not only reinforce our reputation but also align with our strategic goals around social value and environmental responsibility. |
| Impact on Principal Decisions |
| Stakeholder considerations played a central role in several key decisions this year, including: |
| - The selection of major subcontractors for high-profile projects, where alignment with the companies values and standards was a key criterion. |
| - The implementation of new digital systems aimed at improving transparency and collaboration with clients and suppliers. |
| - Strategic investment in training and development programmes, designed in consultation with partners to address shared workforce challenges. |
| By nurturing these core relationships, the board has helped position the group for continued, responsible growth, while also reinforcing its commitment to ethical business practices and long-term value creation. |
| ON BEHALF OF THE BOARD: |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of construction services. |
| DIVIDENDS |
| During the year the following interim dividends were paid: £234,000 on Ordinary A share, £60,520 on Ordinary B share, £194,000 on Ordinary C share, £130,000 on Ordinary D share, £125,833 on Ordinary E shares, £78,800 on Ordinary F shares and £78,800 on Ordinary G shares. |
| The directors recommend no final dividends. |
| FUTURE DEVELOPMENTS |
| The company enters the 2025/26 financial year with confidence and clarity of purpose. Turnover is expected to remain stable at approximately £70million, underpinned by a robust and high-quality forward order book of £125million, providing strong revenue visibility well into FY2026/27. |
| Looking ahead, the company will continue to deliver on its digital and data strategy as a key enabler of performance, transparency and growth. Central to this is the development of an integrated technology stack and a secure, scalable data lakehouse, designed to act as a single source of truth across commercial, operational, safety and financial metrics. This platform is being developed in-house by our dedicated data architect and will enhance real-time reporting, forecasting accuracy and strategic decision-making. |
| Strategically, the company remains focused on retaining its position as the contractor of choice within the later living sector, where our experience, stakeholder understanding and delivery consistency provide clear differentiation. In parallel, we continue to explore selective opportunities in the multi-room and life sciences sectors, leveraging our main contracting expertise and collaborative approach to expand into adjacent markets that align with our values and capabilities. |
| The Board remains confident in the company's ability to deliver sustainable growth while maintaining financial resilience, operational excellence and a positive culture that drives long-term value for all stakeholders. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information. |
| AUDITORS |
| The auditors, CFW Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED |
| Opinion |
| We have audited the financial statements of Kori Construction (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page nine, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED |
| 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. |
| We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| Identifying and assessing potential risks related to irregularities |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following: |
| - the nature of the industry and sector, control environment and business performance; |
| - results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities; |
| - any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: |
| - identifying, evaluating and complying with laws and regulations and whether they were aware of any |
| instances of non-compliance; |
| - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected |
| or alleged fraud; |
| - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| - the matters discussed among the audit engagement team and involving other members of staff requiring consultation regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
| We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (UK GAAP), pensions legislation and tax legislation. |
| In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. |
| Audit response to risks identified |
| As a result of performing the above, our procedures to respond to risks identified included the following: |
| - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| - enquiring of management and those charged with governance concerning actual and potential litigation and claims; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED |
| - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| We also communicate relevant identified laws and regulations and potential fraud risks to all engagement team members, including other members of staff consulted, and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| 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. |
| 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 |
| 3 Weekley Wood Close |
| Kettering |
| Northamptonshire |
| NN14 1UQ |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER | 3 | 69,898,785 | 54,094,867 |
| Cost of sales | (63,100,056 | ) | (48,419,988 | ) |
| GROSS PROFIT | 6,798,729 | 5,674,879 |
| Administrative expenses | (2,489,019 | ) | (1,769,330 | ) |
| 4,309,710 | 3,905,549 |
| Other operating income | 36,078 | 17,260 |
| OPERATING PROFIT | 5 | 4,345,788 | 3,922,809 |
| Interest receivable and similar income | 6 | 664,335 | 98,348 |
| 5,010,123 | 4,021,157 |
| Interest payable and similar expenses | 7 | - | (1,323 | ) |
| PROFIT BEFORE TAXATION | 5,010,123 | 4,019,834 |
| Tax on profit | 8 | (1,264,148 | ) | (1,032,363 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| CONSOLIDATED BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 | 205,847 | 137,222 |
| Investments | 12 | - | - |
| Investment property | 13 | 250,000 | 250,000 |
| 455,847 | 387,222 |
| CURRENT ASSETS |
| Stocks | 14 | 237,193 | 54,237 |
| Debtors: amounts falling due within one year | 15 | 9,478,717 | 8,447,486 |
| Debtors: amounts falling due after more than one year |
15 |
1,632,182 |
1,079,219 |
| Cash at bank and in hand | 18,509,856 | 13,311,672 |
| 29,857,948 | 22,892,614 |
| CREDITORS |
| Amounts falling due within one year | 16 | 22,845,396 | 19,027,013 |
| NET CURRENT ASSETS | 7,012,552 | 3,865,601 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
7,468,399 |
4,252,823 |
| PROVISIONS FOR LIABILITIES | 18 | 23,369 | 35,707 |
| NET ASSETS | 7,445,030 | 4,217,116 |
| CAPITAL AND RESERVES |
| Called up share capital | 19 | 61 | 61 |
| Revaluation reserve | 20 | 88,270 | 88,270 |
| Capital redemption reserve | 20 | 10 | 10 |
| Retained earnings | 20 | 7,356,689 | 4,128,775 |
| SHAREHOLDERS' FUNDS | 7,445,030 | 4,217,116 |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by: |
| J J Connachie - Director |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| COMPANY BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| Investment property | 13 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 18 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Revaluation reserve | 20 |
| Capital redemption reserve | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 524,512 | 905,965 |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2023 | 61 | 2,036,681 | 94,846 | 10 | 2,131,598 |
| Changes in equity |
| Dividends | - | (901,953 | ) | - | - | (901,953 | ) |
| Total comprehensive income | - | 2,994,047 | (6,576 | ) | - | 2,987,471 |
| Balance at 31 March 2024 | 61 | 4,128,775 | 88,270 | 10 | 4,217,116 |
| Changes in equity |
| Dividends | - | (518,060 | ) | - | - | (518,060 | ) |
| Total comprehensive income | - | 3,745,975 | - | - | 3,745,975 |
| Balance at 31 March 2025 | 61 | 7,356,690 | 88,270 | 10 | 7,445,031 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2024 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2025 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 7,001,757 | 8,180,951 |
| Finance costs paid | - | (1,323 | ) |
| Tax paid | (1,813,814 | ) | (300,566 | ) |
| Net cash from operating activities | 5,187,943 | 7,879,062 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (133,999 | ) | (158,253 | ) |
| Sale of tangible fixed assets | - | 43,000 |
| Interest received | 664,335 | 98,348 |
| Net cash from investing activities | 530,336 | (16,905 | ) |
| Cash flows from financing activities |
| Amount introduced by directors | - | 323,893 |
| Amount withdrawn by directors | (2,035 | ) | - |
| Equity dividends paid | (518,060 | ) | (901,953 | ) |
| Net cash from financing activities | (520,095 | ) | (578,060 | ) |
| Increase in cash and cash equivalents | 5,198,184 | 7,284,097 |
| Cash and cash equivalents at beginning of year |
2 |
13,311,672 |
6,027,575 |
| Cash and cash equivalents at end of year | 2 | 18,509,856 | 13,311,672 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2025 | 2024 |
| £ | £ |
| Profit before taxation | 5,010,123 | 4,019,834 |
| Depreciation charges | 65,373 | 57,364 |
| Loss on disposal of fixed assets | - | 3,351 |
| Finance costs | - | 1,323 |
| Finance income | (664,335 | ) | (98,348 | ) |
| 4,411,161 | 3,983,524 |
| (Increase)/decrease in stocks | (182,956 | ) | 1,074,950 |
| Increase in trade and other debtors | (1,584,194 | ) | (4,983,598 | ) |
| Increase in trade and other creditors | 4,357,746 | 8,106,075 |
| Cash generated from operations | 7,001,757 | 8,180,951 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2025 |
| 31.3.25 | 1.4.24 |
| £ | £ |
| Cash and cash equivalents | 18,509,856 | 13,311,672 |
| Year ended 31 March 2024 |
| 31.3.24 | 1.4.23 |
| £ | £ |
| Cash and cash equivalents | 13,311,672 | 6,027,575 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.4.24 | Cash flow | At 31.3.25 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 13,311,672 | 5,198,184 | 18,509,856 |
| 13,311,672 | 5,198,184 | 18,509,856 |
| Total | 13,311,672 | 5,198,184 | 18,509,856 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Kori Construction (Holdings) Limited is a |
| Registered number: |
| Registered office: |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| Significant judgements and estimates |
| 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. |
| Critical judgements |
| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
| Revenue recognised on long term contracts |
| The company has a number of customer contracts that span two accounting periods. |
| Work in progress, which is included in stock, is stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contract, less amounts received as progress payments on account. Excess progress payments are included in creditors as deferred income. |
| Revenue on long term contracts is measured each month with reference to the stage of completion of the contract. The directors' best estimates of contract outcomes and stage of completion are used. These include an assessment of the profitability of the contracts. The directors draw on the expertise of qualified personnel to undertake such estimates and to apply appropriate levels of scrutiny to ensure the required level of accuracy. Costs to complete and contract profitability are subject to estimation uncertainty. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, valued added tax and other sales tax. |
| In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced by reference to the stage of completion and includes retentions.. |
| In respect of rents, turnover represents amounts (excluding value added tax) derived from the rental of property during the year and are recognised as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Grants |
| Grants are recognised on an accrual basis and are classified as either ‘revenue-based’ grant or a ‘capital-based’ grant. |
| Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. The grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period that it become receivable. |
| Investment property |
| Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable properties. No depreciation is provided. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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 provision of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where 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 sell the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risk and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Basic financial liabilities |
| Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially as transactions price and subsequently measured at amortised cost using the effective interest method. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Operating leases: the company as lessor |
| Rentals income from operating leases is credited to the Income Statement on a straight line basis over the term of the relevant lease. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2025 | 2024 |
| £ | £ |
| Construction services | 69,898,785 | 54,094,867 |
| 69,898,785 | 54,094,867 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 3. | TURNOVER - continued |
| An analysis of turnover by geographical market is given below: |
| 2025 | 2024 |
| £ | £ |
| United Kingdom | 69,898,785 | 54,094,867 |
| 69,898,785 | 54,094,867 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2025 | 2024 |
| £ | £ |
| Wages and salaries | 2,937,700 | 2,584,502 |
| Social security costs | 327,331 | 296,753 |
| Other pension costs | 309,526 | 180,888 |
| 3,574,557 | 3,062,143 |
| The average number of employees during the year was as follows: |
| 2025 | 2024 |
| Management | 6 | 5 |
| Administration | 8 | 3 |
| Operations | 33 | 37 |
| Department Heads | 4 | - |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration | 83,074 | 76,380 |
| Directors' pension contributions to money purchase schemes | 160,200 | 138,600 |
| During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2025 | 2024 |
| £ | £ |
| Hire of plant and machinery | 1,706,148 | 1,451,981 |
| Other operating leases | 24,123 | 20,258 |
| Depreciation - owned assets | 65,373 | 57,364 |
| Loss on disposal of fixed assets | - | 3,351 |
| Auditors' remuneration | 21,350 | 20,350 |
| Auditors' remuneration for non audit work | 27,283 | 25,802 |
| Vehicle leasing charges | 40,548 | 44,727 |
| 6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 2025 | 2024 |
| £ | £ |
| Bank interest | 634,997 | 97,699 |
| Interest on early tax | 29,338 | 649 |
| 664,335 | 98,348 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Interest on late paid VAT | - | 1,323 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2025 | 2024 |
| £ | £ |
| Current tax: |
| UK corporation tax | 1,276,486 | 1,008,089 |
| Underprovision of tax | - | 10,304 |
| Total current tax | 1,276,486 | 1,018,393 |
| Deferred tax: |
| Origination and reversal of |
| timing differences | (12,338 | ) | 13,970 |
| Tax on profit | 1,264,148 | 1,032,363 |
| UK corporation tax was charged at 25 %) in 2024. |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2025 | 2024 |
| £ | £ |
| Profit before tax | 5,010,123 | 4,019,834 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) |
1,252,531 |
1,004,959 |
| Effects of: |
| Expenses not deductible for tax purposes | 11,617 | 17,051 |
| Utilisation of tax losses | - | (288 | ) |
| Adjustments to tax charge in respect of previous periods | - | 10,304 |
| Deferred tax movement | - | 337 |
| Total tax charge | 1,264,148 | 1,032,363 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| 2025 | 2024 |
| £ | £ |
| Ordinary A shares of £0.05 each | 186,400 | 234,000 |
| Ordinary B shares of £0.05 each | 30,260 | 60,520 |
| Ordinary C shares of £0.05 each | 131,400 | 194,000 |
| Ordinary D shares of £0.05 each | 77,500 | 130,000 |
| Ordinary E shares of £0.05 each | 92,500 | 125,833 |
| Ordinary F shares of £0.05 each | - | 78,800 |
| Ordinary G shares of £0.05 each | - | 78,800 |
| 518,060 | 901,953 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2024 | 14,718 | 20,426 | 133,925 | 69,256 | 238,325 |
| Additions | 2,914 | 274 | 88,612 | 42,199 | 133,999 |
| At 31 March 2025 | 17,632 | 20,700 | 222,537 | 111,455 | 372,324 |
| DEPRECIATION |
| At 1 April 2024 | 7,890 | 10,612 | 33,482 | 49,120 | 101,104 |
| Charge for year | 1,467 | 2,033 | 30,650 | 31,223 | 65,373 |
| At 31 March 2025 | 9,357 | 12,645 | 64,132 | 80,343 | 166,477 |
| NET BOOK VALUE |
| At 31 March 2025 | 8,275 | 8,055 | 158,405 | 31,112 | 205,847 |
| At 31 March 2024 | 6,828 | 9,814 | 100,443 | 20,136 | 137,221 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: 6 Saxon House, Headway Business Park, Saxon Way West, Corby, Northamptonshire. NN18 9EZ |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2025 | 2024 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 13. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| and 31 March 2025 | 250,000 |
| NET BOOK VALUE |
| At 31 March 2025 | 250,000 |
| At 31 March 2024 | 250,000 |
| Fair value at 31 March 2025 is represented by: |
| £ |
| Valuation in 2022 | 89,335 |
| Cost | 160,665 |
| 250,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2025 | 2024 |
| £ | £ |
| Cost | 160,665 | 160,665 |
| Investment property was valued on a fair value basis basis on 31 March 2024 by the directors . |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 13. | INVESTMENT PROPERTY - continued |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Fair value at 31 March 2025 is represented by: |
| £ |
| Valuation in 2022 | 89,335 |
| Cost | 160,665 |
| 250,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2025 | 2024 |
| £ | £ |
| Cost | 160,665 | 160,665 |
| Investment property was valued on a fair value basis on 31 March 2024 by the directors . |
| 14. | STOCKS |
| Group |
| 2025 | 2024 |
| £ | £ |
| Raw materials | 10,000 | 10,000 |
| Work-in-progress | 227,193 | 44,237 |
| 237,193 | 54,237 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 15. | DEBTORS |
| Group |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 6,688,252 | 6,723,989 |
| Amounts recoverable on contract | 2,381,353 | 1,642,119 |
| Other debtors | 6,658 | 14,939 |
| Prepayments and accrued income | 402,454 | 66,439 |
| 9,478,717 | 8,447,486 |
| Amounts falling due after more than one | year: |
| Amounts recoverable on contract | 1,632,182 | 1,079,219 |
| Aggregate amounts | 11,110,899 | 9,526,705 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| Trade creditors | 13,262,059 | 9,257,036 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 470,761 | 1,008,089 |
| Social security and other taxes | 126,623 | 110,340 |
| VAT | 1,330,859 | 1,183,696 | - | - |
| Other creditors | 31,602 | 18,019 |
| Directors' current accounts | - | 2,035 | - | - |
| Accruals and deferred income | 7,623,492 | 7,447,798 |
| 22,845,396 | 19,027,013 |
| Payments received on account for client work included within Group accruals and deferred income are £7,259,872 (2024 - £7,192,697). |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Group |
| Non-cancellable operating | leases |
| 2025 | 2024 |
| £ | £ |
| Within one year | 58,542 | 65,294 |
| Between one and five years | 34,813 | 39,219 |
| 93,355 | 104,513 |
| 18. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| Deferred tax | 23,369 | 35,707 | 1,402 | 1,402 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2024 | 35,707 |
| Provided during year | (12,338 | ) |
| Balance at 31 March 2025 | 23,369 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2024 |
| Balance at 31 March 2025 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value | £ | £ |
| 489 | Ordinary A | £0.05 | 25 | 25 |
| 62 | Ordinary B | £0.05 | 3 | 3 |
| 489 | Ordinary C | £0.05 | 25 | 25 |
| 62 | Ordinary D | £0.05 | 3 | 3 |
| 62 | Ordinary E | £0.05 | 3 | 3 |
| 29 | Ordinary F | £0.05 | 1 | 1 |
| 29 | Ordinary G | £0.05 | 1 | 1 |
| 61 | 61 |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 20. | RESERVES |
| Group |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 April 2024 | 4,128,774 | 88,270 | 10 | 4,217,054 |
| Profit for the year | 3,745,975 | 3,745,975 |
| Dividends | (518,060 | ) | (518,060 | ) |
| At 31 March 2025 | 7,356,689 | 88,270 | 10 | 7,444,969 |
| Company |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 April 2024 | 92,729 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 March 2025 | 99,181 |
| 21. | PENSION COMMITMENTS |
| The amount recognised in the profit or loss as an expense for defined contribution pension schemes is £266,730 (2024 - £180,888). |
| At the balance sheet date £nil (2024 - £9,414) was due to the defined contribution pension scheme. |
| 22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024: |
| 2025 | 2024 |
| £ | £ |
| S Culbert |
| Balance outstanding at start of year | - | 86,400 |
| Amounts repaid | - | (86,400 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |
| KORI CONSTRUCTION (HOLDINGS) |
| LIMITED (REGISTERED NUMBER: 11421766) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Mrs S G Bird |
| Balance outstanding at start of year | - | 25,260 |
| Amounts repaid | - | (25,260 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |
| J J Connachie |
| Balance outstanding at start of year | - | 124,365 |
| Amounts repaid | - | (124,365 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |
| T J Robinson |
| Balance outstanding at start of year | - | 52,500 |
| Amounts repaid | - | (52,500 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |
| K M Fielding |
| Balance outstanding at start of year | - | 33,333 |
| Amounts repaid | - | (33,333 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |
| Advances to directors are provided on an interest free basis and are repayable on demand. |
| 23. | RELATED PARTY DISCLOSURES |
| At the balance sheet date £nil (2024 - £2,035) was owed to key management personnel of the entity or its parent. |
| At the balance sheet date £11,705 (2024 - £10,130) was owed to an entity operated by relatives of key management personnel. |
| During the year purchases of £41,433 (2024 - £10,130) was paid to an entity operated by relatives of key management personnel. |
| During the year rent of £19,000 (2024 - £19,000) was paid to an entity of which two of the directors are connected. |
| At the balance sheet date £12,846 (2024 - £10,213) of work-in-progress related to key management personnel of the entity or its parent. |