Company Registration No. 09247990 (England and Wales)
CAXTON MIDLANDS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CAXTON MIDLANDS GROUP LIMITED
COMPANY INFORMATION
Directors
Mr J Webber
Mr CP Bellamy
Company number
09247990
Registered office
36 Raymond Street
Shelton
Stoke-on-Trent
Staffordshire
ST1 4DP
Auditor
Geens Limited
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
CAXTON MIDLANDS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 34
CAXTON MIDLANDS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company during the year continued to be that of the supply and fix of external brick slip facades, traditional brickwork subcontractors to the construction industry, and development of residential properties.

Review of the business

Caxton Group proudly delivers nationwide services to the UK’s construction industry, working collaboratively with some of the country’s leading main contractors. With over 20 years of industry experience, we have a deep understanding of our clients' needs and challenges. Our ethos is clear and consistent: to deliver high-quality services, on time, and within the agreed budget.

 

The Group achieved a strong financial performance this year, demonstrating resilience and adaptability in a dynamic market. Turnover across all group activities grew impressively by 19%, reaching £33.4 million. Profit before tax stood at £1.0 million, reflecting our solid operational execution. The profit decrease reflects review and refinement in improving our internal processes and reporting systems, leading to more accurate accounting assessment of project margins, and enhanced flexibility in adapting to evolving project requirements. These efforts ensure we remain responsive, informed, and well-positioned for sustained success.

 

These results have been achieved despite inflationary pressures and supply constraints impacting on the construction sector. Increases in the cost of energy, the rising cost of labour and higher borrowing costs have continued to place upward pressure on total build costs. Profit margins would have been placed under more strain was it not for tight budgetary controls and operational efficiency.

 

Although the Building Safety Act 2022 has led to longer lead times which has impacted the 2025 pipeline for the commencement of new projects, the construction market remains strong. As a result, the Group has already secured a solid orders for 2025, with committed work extending well into 2026 and 2027.

.

Key performance indicators

The key performance indicators used to monitor the business include both financial and non-financial KPI’s across all areas of the business & externally. In conjunction with the management of costs, working capital and cash flows in order to improve operating profit, the company uses certain financial KPI’s to monitor its performance, notably turnover, gross profit and profit before tax.

 

The directors do not believe that any key performance indicators either financial or non-financial, other than those noted above, are necessary or appropriate in understanding the position, development, or performance of the company.

 

The directors are satisfied with the movements in the key performance indicators. The favourable movement from 2023 to 2024 is driven by business growth driven by expansion of our client base and securing projects particularly in the brick slip market.

CAXTON MIDLANDS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

Supply chain

Critical to the success of the company is maintaining the supply chain to ensure the ongoing supply of products, materials and resources at the right quality and at a fair price. This is a particular challenge in the current environment where the supply of materials is constrained. Over the year we have maintained long-standing and synergistic relationships with key suppliers, as well as increasing our supply chain where required. Our estimators and buyers continue to work closely with these companies ensuring we are not over exposed to one supplier, and that we are obtaining quality products at the optimum price.

 

Human resources

The company’s staff continue to be the most important part of the business. The company recognises that the ability to attract, retain and develop the best people is a key area for continued success. We are pleased to report that during the year staff retention was at an all time high and that we have successfully recruited staff to strengthen the executive leadership team and to support key operational areas. Staff are rewarded for their hard work and the company benefits through a loyal, diverse and motivated work force. We are invested in our own Academy to develop apprentices and create a sustainable chain of skilled bricklayers. We hope that this will breed a sense of loyalty to the company and reduce our need for "external" subcontract labour.

 

Health and safety

We recognise that the health, safety and wellbeing of our employees, customers and contractors is fundamental to the continued success of company. The company has in place processes and procedures that we believe will mitigate health and safety risks. We maintain high standards by regularly reviewing and updating our policies in line with current regulations and best practice. Health, safety and wellbeing are embedded in to all that we do, and we believe that as a result of this we have a happy and healthy work force.

 

Project delivery failure

Failure to meet contractual or legal obligations and failure to achieve client expectations is a principal risk. To manage this risk, we evaluate contracts at both the initial enquiry stage and during project delivery. If we assess that we are unable to meet the needs of our clients, then we decline to quote or proceed with the order. A key factor to supporting operating profit is the ability to not over commit and to realise that badly run projects could have a negative impact on business results.

 

Failure of a client and bad debts

The failure of a client that we have a current project with is a principal risk that could result in financial loss and bad debts. As a company we continually review the credit worthiness of our client base and take appropriate action where required to reduce risk and mitigate any financial exposure.

 

On behalf of the board

Mr CP Bellamy
Director
24 July 2025
CAXTON MIDLANDS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £512,935. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Webber
Mr CP Bellamy
Auditor

Geens Limited were appointed as auditor to the group in accordance with section 485 of the Companies Act 2006, and is deemed to be reappointed under section 487(2) of the Companies Act 2006

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr CP Bellamy
Director
24 July 2025
CAXTON MIDLANDS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

 

 

 

 

CAXTON MIDLANDS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAXTON MIDLANDS GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Caxton Midlands Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CAXTON MIDLANDS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAXTON MIDLANDS GROUP LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

CAXTON MIDLANDS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAXTON MIDLANDS GROUP LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Karen Staley FCA BSc (Hons) (Senior Statutory Auditor)
For and on behalf of Geens Limited, Statutory Auditor
Chartered Accountants
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
24 July 2025
CAXTON MIDLANDS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
33,437,844
28,142,296
Cost of sales
(28,333,758)
(22,887,166)
Gross profit
5,104,086
5,255,130
Administrative expenses
(3,860,861)
(2,469,306)
Other operating income
23,435
65,917
Operating profit
4
1,266,660
2,851,741
Interest receivable and similar income
1,694
-
0
Interest payable and similar expenses
7
(231,056)
(312,915)
Profit before taxation
1,037,298
2,538,826
Tax on profit
8
(271,425)
(598,689)
Profit for the financial year
24
765,873
1,940,137
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CAXTON MIDLANDS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
31 December 2024
30 November 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
10
998,528
342,792
Investment property
11
-
0
635,614
998,528
978,406
Current assets
Stocks
14
1,280,000
3,220,867
Debtors
15
9,729,989
8,027,634
Cash at bank and in hand
602,307
343,196
11,612,296
11,591,697
Creditors: amounts falling due within one year
16
(8,098,033)
(8,062,992)
Net current assets
3,514,263
3,528,705
Total assets less current liabilities
4,512,791
4,507,111
Creditors: amounts falling due after more than one year
17
(218,793)
(477,140)
Provisions for liabilities
Deferred tax liability
20
146,873
135,784
(146,873)
(135,784)
Net assets
4,147,125
3,894,187
Capital and reserves
Called up share capital
22
408
408
Revaluation reserve
23
246,993
246,993
Profit and loss reserves
24
3,899,724
3,646,786
Total equity
4,147,125
3,894,187

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
24 July 2025
Mr CP Bellamy
Director
Company registration number 09247990 (England and Wales)
CAXTON MIDLANDS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
31 December 2024
30 November 2023
Notes
£
£
£
£
Fixed assets
Investments
12
450
450
450
450
Current assets
Debtors
15
5,153,727
3,741,842
Cash at bank and in hand
1,937
11,670
5,155,664
3,753,512
Creditors: amounts falling due within one year
16
(5,141,770)
(3,376,692)
Net current assets
13,894
376,820
Net assets
14,344
377,270
Capital and reserves
Called up share capital
22
408
408
Profit and loss reserves
24
13,936
376,862
Total equity
14,344
377,270

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £150,010 (2023 - £456,258 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
24 July 2025
Mr CP Bellamy
Director
Company registration number 09247990 (England and Wales)
CAXTON MIDLANDS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
408
246,993
2,175,895
2,423,296
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
1,940,137
1,940,137
Dividends
9
-
-
(469,246)
(469,246)
Balance at 30 November 2023
408
246,993
3,646,786
3,894,187
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
765,873
765,873
Dividends
9
-
-
(512,935)
(512,935)
Balance at 31 December 2024
408
246,993
3,899,724
4,147,125

The notes on pages 15 to 34 form part of these financial statements.

CAXTON MIDLANDS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2022
408
389,850
390,258
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
456,258
456,258
Dividends
9
-
(469,246)
(469,246)
Balance at 30 November 2023
408
376,862
377,270
Year ended 31 December 2024:
Profit and total comprehensive income
-
150,009
150,009
Dividends
9
-
(512,935)
(512,935)
Balance at 31 December 2024
408
13,936
14,344

The notes on pages 15 to 34 form part of these financial statements.

CAXTON MIDLANDS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
5,415,302
3,364,997
Interest paid
(231,056)
(312,915)
Income taxes paid
(557,255)
(100,367)
Net cash inflow from operating activities
4,626,991
2,951,715
Investing activities
Purchase of tangible fixed assets
(178,899)
(183,573)
Proceeds from disposal of tangible fixed assets
42,372
19,983
Repayment of loans
(2,136,933)
(70,795)
Interest received
1,694
-
0
Net cash used in investing activities
(2,271,766)
(234,385)
Financing activities
Repayment of bank loans
(1,241,483)
(2,378,849)
Payment of finance leases obligations
39,763
(6,234)
Dividends paid to equity shareholders
(512,935)
(469,246)
Net cash used in financing activities
(1,714,655)
(2,854,329)
Net increase/(decrease) in cash and cash equivalents
640,570
(136,999)
Cash and cash equivalents at beginning of year
(1,007,590)
(870,591)
Cash and cash equivalents at end of year
(367,020)
(1,007,590)
Relating to:
Cash at bank and in hand
602,307
343,196
Bank overdrafts included in creditors payable within one year
(969,327)
(1,350,786)
CAXTON MIDLANDS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
32
2,520,466
(34,265)
Income taxes paid
-
0
(1,091)
Net cash inflow/(outflow) from operating activities
2,520,466
(35,356)
Investing activities
Repayment of loans
(2,237,264)
8,569
Dividends received
220,000
500,000
Net cash (used in)/generated from investing activities
(2,017,264)
508,569
Financing activities
Dividends paid to equity shareholders
(512,935)
(469,246)
Net cash used in financing activities
(512,935)
(469,246)
Net (decrease)/increase in cash and cash equivalents
(9,733)
3,967
Cash and cash equivalents at beginning of year
11,670
7,703
Cash and cash equivalents at end of year
1,937
11,670
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Caxton Midlands Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 36 Raymond Street, Shelton, Stoke-on-Trent, Staffordshire, ST1 4DP.

 

The group consists of Caxton Midlands Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. All subsidiaries were owned from the point of incorporation and have the same financial year end. The initial cost in the parent company financial statements is therefore the nominal value of the share capital and there is no goodwill.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Caxton Midlands Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All subsidiaries were acquired prior to this financial year.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for work done in respect of construction contracts and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

 

Revenue is recognised on property sales from the point of unconditional exchange of contracts and comprises the fair value consideration received or receivable, net of VAT.

 

Rental income is recognised in Other Operating Income on a straight-line basis over the lease term.

CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% straightline on depreciable amount
Plant and equipment
25% reducing blance
Fixtures and fittings
20% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
Integral features
10% straightline

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

The property from which the group trades was held as an investment property at fair value in the accounts of subsidiary, Caxton Property Developments Limited. The group has taken advantage of the transitional arrangements of FRS 102 to include this property at its previous fair value which is now its deemed cost as Property, Plant and Equipment. Further revaluations will not be undertaken. This has been moved to fixed assets in the year as external tenants have ceased tenancy.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stock includes stock of residential property under construction that are intended to be sold once completed.Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.12
Cash and cash equivalents

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

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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 group transfers the financial asset and substantially all the risks 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

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

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account,

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of contracts

Turnover is recognised on long term contracts as they progress. There is a level of estimation and judgement involved in arriving at these valuations and therefore the amounts to be recognised as turnover.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction services
31,427,894
26,555,296
Sale of residential housing stock
2,009,950
1,587,000
33,437,844
28,142,296
2024
2023
£
£
Other revenue
Interest income
1,694
-
Rental income from investment properties
17,360
54,247
Management fees
5,195
7,943
Sundry Income
880
3,943
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
10,265
9,775
Depreciation of owned tangible fixed assets
95,284
55,612
Depreciation of tangible fixed assets held under finance leases
33,037
46,448
(Profit)/loss on disposal of tangible fixed assets
(11,916)
1,911
Operating lease charges
25,767
15,628
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
58
57
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,602,763
2,045,439
30,428
23,816
Social security costs
291,057
193,955
2,279
1,820
Pension costs
53,329
36,663
5,941
3,371
2,947,149
2,276,057
38,648
29,007
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
53,574
23,816
Company pension contributions to defined contribution schemes
5,941
3,371
59,515
27,187

The number of directors in the company for whom retirement benefits are accruing under defined contribution schemes amounted to 1 for the current and preceding year.

7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
187,293
304,650
Other finance costs:
Interest on finance leases and hire purchase contracts
13,091
8,265
Other interest
30,672
-
Total finance costs
231,056
312,915
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
260,336
552,544
Deferred tax
Origination and reversal of timing differences
11,089
46,145
Total tax charge
271,425
598,689

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,037,298
2,538,826
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
259,325
634,707
Tax effect of expenses that are not deductible in determining taxable profit
8,874
6,194
Group relief
(5)
-
0
Depreciation on assets not qualifying for tax allowances
-
0
547
Deferred tax adjustments in respect of prior years
3,231
-
0
Super deduction of allowances
-
0
(2,446)
Tax on profit retained in group stock
-
0
(16,368)
Tax charged at lower rates of tax
-
0
(24,327)
Rounding
-
382
Taxation charge
271,425
598,689
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
512,935
469,246
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
10
Tangible fixed assets
Group
Land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Integral features
Total
£
£
£
£
£
£
£
Cost
At 1 December 2023
-
0
283,129
156,016
18,838
154,639
54,106
666,728
Additions
-
0
45,060
27,041
6,578
100,220
-
0
178,899
Disposals
-
0
(61,136)
-
0
-
0
(48,050)
-
0
(109,186)
Transfer from investment property
635,614
-
-
-
-
-
-
At 31 December 2024
635,614
267,053
183,057
25,416
206,809
54,106
1,372,055
Depreciation and impairment
At 1 December 2023
-
0
138,526
105,559
6,810
58,019
15,022
323,936
Depreciation charged in the year
-
0
41,731
35,491
6,144
39,094
5,861
128,321
Eliminated in respect of disposals
-
0
(43,376)
-
0
-
0
(35,354)
-
0
(78,730)
At 31 December 2024
-
0
136,881
141,050
12,954
61,759
20,883
373,527
Carrying amount
At 31 December 2024
635,614
130,172
42,007
12,462
145,050
33,223
998,528
At 30 November 2023
-
0
144,603
50,457
12,028
96,620
39,084
342,792
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
64,493
84,994
-
0
-
0
Motor vehicles
145,086
161,302
-
0
-
0
209,579
246,296
-
-

During the year, the group has transferred its investment property, comprising commercial office space, to tangible fixed assets (land and buildings). The transfer reflects a change in use, as the properties are now predominantly occupied by group companies and connected parties for operational purposes.

 

In accordance with FRS 102 the properties have been reclassified at their carrying value at the date of transfer. No gain or loss arose on reclassification and depreciation will now be charged on the transferred assets in accordance with the company's accounting policy for tangible fixed assets.

11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 December 2023 and 31 December 2024
635,614
-
Transfers to owner-occupied property
(635,614)
-
At 31 December 2024
-
-

 

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
450
450
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023 and 31 December 2024
450
Carrying amount
At 31 December 2024
450
At 30 November 2023
450
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Caxton Builders (Midlands) Ltd
see below
Ordinary Shares
100.00
Caxton Joinery Ltd
see below
Ordinary Shares
100.00
Caxton Facades Ltd
see below
Ordinary Shares
100.00
Caxton Property Developments Ltd
see below
Ordinary Shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
36 Raymond Street, Stoke on Trent. Staffordshire, ST1 4DP

All subsidiaries have been consolidated in these group financial statements.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
-
52,148
-
-
Housing stock under construction
1,280,000
3,168,719
-
0
-
0
1,280,000
3,220,867
-
-
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,068,311
5,845,426
96,996
-
0
Amounts owed by group undertakings
-
-
2,582,745
3,416,415
Other debtors
4,099,279
1,997,919
2,333,563
324,505
Prepayments and accrued income
459,147
184,289
37,171
922
9,626,737
8,027,634
5,050,475
3,741,842
Amounts falling due after more than one year:
Corporation tax recoverable
103,252
-
0
103,252
-
0
Total debtors
9,729,989
8,027,634
5,153,727
3,741,842
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
1,334,069
2,677,140
-
0
-
0
Obligations under finance leases
19
81,573
63,334
-
0
-
0
Trade creditors
3,494,358
3,532,935
48,965
1,382
Amounts owed to group undertakings
-
0
-
0
4,968,925
3,290,161
Corporation tax payable
457,648
651,315
103,252
-
0
Other taxation and social security
209,797
198,369
1,748
386
Other creditors
170,807
571,387
880
74,763
Accruals and deferred income
2,349,781
368,512
18,000
10,000
8,098,033
8,062,992
5,141,770
3,376,692
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
94,867
374,738
-
0
-
0
Obligations under finance leases
19
123,926
102,402
-
0
-
0
218,793
477,140
-
-
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
459,609
1,701,092
-
0
-
0
Bank overdrafts
969,327
1,350,786
-
0
-
0
1,428,936
3,051,878
-
-
Payable within one year
1,334,069
2,677,140
-
0
-
0
Payable after one year
94,867
374,738
-
0
-
0

Included within bank loans is:

 

 

 

Included within bank overdrafts is:

 

 

 

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
81,573
63,334
-
0
-
0
In two to five years
123,926
102,402
-
0
-
0
205,499
165,736
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery or vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is less than 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Obligations under finance leases are secured on the assets to which they relate.

CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
90,573
79,484
Revaluations
56,300
56,300
146,873
135,784
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
135,784
-
Charge to profit or loss
11,089
-
Liability at 31 December 2024
146,873
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,329
36,663

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
235
235
235
235
"A"  Ordiinary shares of £1 each
33
33
33
33
"B" Ordinary shares of £1 each
75
75
75
75
"C" Ordinary shares of £1 each
33
33
33
33
"D" ordinary shares of £1 each
17
17
17
17
"E" ordinary shares of 1p each of 0p each
15
15
15
15
408
408
408
408
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Share capital
(Continued)
- 30 -

 

All shares rank equally except for "B" ordinary shares which carry no right to vote and no right to share in any distribution upon the sale or winding up of the company.

23
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At beginning and end of year
246,993
246,993
-
0
-

The revaluation reserve represents the cumulative effect of the revaluation of investment properties which were revalued to fair value at each reporting date less deferred tax associated with the revaluation. These investment properties have been transferred to tangible fixed assets (land and buildings) in the year following a change in use of the properties. They were transferred at carrying value preserving the revaluation reserve.

24
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
3,646,786
2,175,895
376,862
389,850
Profit for the year
765,873
1,940,137
150,009
456,258
Dividends
(512,935)
(469,246)
(512,935)
(469,246)
At the end of the year
3,899,724
3,646,786
13,936
376,862
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
25
Contingent liability

Caxton Midlands Group has provided the following guarantees:

 

 

 

26
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the group companies for certain properties. All leases are on a short term rolling basis not exceeding 12 months.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
11,436
11,436
-
-
Between two and five years
21,919
33,355
-
-
33,355
44,791
-
-
27
Events after the reporting date

On 21/01/2025 the company agreed a performance guarantee in respect of a contract with Winvic as detailed in note 25.

28
Related party transactions
Transactions with related parties
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
28
Related party transactions
(Continued)
- 32 -

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements have been prepared. All subsidiaries are wholly owned at the year end.

 

Caxton Distribution is a company under common control, but is not part of Caxton Midlands Group Limited.

 

Transactions between Caxton Distribution and group companies were:

 

At the year end the amount owed to group companies by Caxton Distribution Limited was £nil (2023:£687,576).

 

Stofix UK is a company under common control, but is not part of Caxton Midlands Group Limited.

 

Transactions between Stofix UK Limited and group companies were:

 

At the year end the amount owed to group companies by Stofix UK Limited was £nil (2023: £427,438). The amount owed by group companies to Stofix UK Limited was £1,301,136 (2023: £734,075).

 

Caxton La Cala SL is a Spanish company owned by a director and is therefore a related party. The amount owed to Group companies by Caxton La Sala SL was £273,875 (2023: £279,076).

 

Caxton Mechanical and Electrical Limited is a company where a director is able to exert significant influence.

 

Transactions with Caxton Mechanical and Electrical Limited and group companies were:

 

At the year end the amount owed by Caxton Mechanical and Electrical Limited was £120,036 (2023: £31,527) and the amount owed to Caxton Mechanical and Electrical Limited was £16,000 (2023: £16,000).

 

At the year end minority shareholders have advances that are outstanding and disclosed within debtors for £375,276 (2023: 179,426).

 

At the year end a minority shareholder is owed money by group companies included in creditors of £nil (2023: £32,877).

CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
29
Directors' transactions

The following advance was made to a director by group companies in the year:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Amount owed by directors to group companies - Advances made
-
8,167
1,942,539
1,950,706
8,167
1,942,539
1,950,706

Advances are made on an interest free basis.

Within creditors is an amount loaned to a group company by a director of £nil (2023: £41,589).

30
Controlling party

The ultimate controlling party is Mr John Webber by virtue of his majority shareholding in the company.

31
Cash generated from group operations
2024
2023
£
£
Profit after taxation
765,873
1,940,137
Adjustments for:
Taxation charged
271,425
598,689
Finance costs
231,056
312,915
Investment income
(1,694)
-
0
(Gain)/loss on disposal of tangible fixed assets
(11,916)
1,911
Depreciation and impairment of tangible fixed assets
128,321
102,060
Movements in working capital:
Decrease in stocks
1,940,867
1,004,882
Decrease/(increase) in debtors
537,830
(227,769)
Increase/(decrease) in creditors
1,553,540
(367,828)
Cash generated from operations
5,415,302
3,364,997
CAXTON MIDLANDS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
32
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit after taxation
150,009
456,258
Adjustments for:
Investment income
(220,000)
(500,000)
Movements in working capital:
Decrease/(increase) in debtors
928,631
(2,590,503)
Increase in creditors
1,661,826
2,599,980
Cash generated from/(absorbed by) operations
2,520,466
(34,265)
33
Analysis of changes in net debt - group
1 December 2023
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
343,196
259,111
602,307
Bank overdrafts
(1,350,786)
381,459
(969,327)
(1,007,590)
640,570
(367,020)
Borrowings excluding overdrafts
(1,701,092)
1,241,483
(459,609)
Obligations under finance leases
(165,736)
(39,763)
(205,499)
(2,874,418)
1,842,290
(1,032,128)
34
Analysis of changes in net funds - company
1 December 2023
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
11,670
(9,733)
1,937
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