The directors present the strategic report for the year ended 28 February 2025.
Wilten Construction Ltd (the “Company”) is a multi-award winning (National Building Awards Main Contractor of the Year 2024 Large Contractor and SME News Business Elite Awards 2025 Most Trusted Main Contractor in the Commercial & Industrial Sector) dynamic Main Contractor, delivering big project experience with personal appeal, specialising in the design and build of high quality turnkey facilities within the industrial, logistics, retail and commercial sectors, in partnership with some of the UK's leading developers, occupiers, retailers and logistics businesses. Together with our supply chain partners, we are well equipped to deliver all new build projects, extensions, fit outs and refurbishments with contract values ranging from £1,000,000 to £25,000,000.
Wilten provides an outstanding Main Contractor service with a dedicated supply chain to ensure market-leading quality without compromise. This is achieved by using our vast experience and keeping things simple, taking forward the best industry practices, building on them, and ensuring a hands-on approach is taken by our leadership team. Client satisfaction, building trust and generating repeat business is at the heart of what we do.
Our service includes the fully managed design, procurement and delivery of our construction projects which, when paired with our vast experience, provides our clients with the comfort of hassle-free delivery, on time and on budget. We carry a wealth of Design & Build expert knowledge, industry-leading talent and premier on-site management meaning your project is in safe hands.
The Wilten Promise is our commitment to our clients, meaning that you can expect as standard:
Professionalism
Quality
Safety
Delivery
Value
The Best People working for you
Our ambition is to be the best at what we do, across all business activities, raising industry standards and setting the benchmark for our clients to generate repeat business for the continued success of the Company. We invest in people and are dedicated to building a team with industry leading talent.
Wilten Construction is a business built on values, and committed to excellence. Our values are designed to inspire success for our people, business and clients. Fundamentally we are vested in generating repeat business relationships and providing our clients, supply chain and employees with the very best construction experience with a future.
The Company’s Health and Safety record has been impeccable, with no RIDDORS or Health and Safety enforcement notices since trade began. This has been achieved by implementing a strong culture of health, safety and wellbeing throughout all business activities, reinforced with 100% of employees receiving health, safety and wellbeing training.
The Directors of Wilten Construction Ltd have reviewed the key risks and uncertainties relevant to the company’s operations. As a contractor focused on delivering projects across the industrial, commercial, retail, and logistics sectors, the business is exposed to a variety of market, operational, and financial risks. These are actively monitored and managed through a structured risk management framework.
Principal risks include:
Margins: Main Contracting margins are typically low and therefore requires good management at every level of the business from pre-construction through to delivery and aftercare. This risk is managed by the Directors and Senior Management team by ensuring robust estimating, procurement and design controls are in place for any new contracts and by maintaining low overhead costs to remain agile to adapt to the market conditions.
Insurance Markets: Whilst insurance premiums have generally improved this year, the bond market remains a challenge with availability of products is tightening. This makes it a lot harder to meet clients’ expectations and requirements, particularly where funding is involved. This risk is managed by engaging with clients to keep them informed of the market conditions and to provide alternative mechanisms under the contract. We have also built a good relationship with the insurance market and facility strength continues to improve to meet expected requirements.
Supply Chain Constraints and Cost Pressures: Complex projects, particularly in logistics and industrial builds, often rely on specialist materials. Volatility in material prices or supply chain delays can impact project budgets and schedules. The company mitigates this through early procurement, strategic supplier partnerships, and value engineering during the pre-construction phase.
Project Delivery and Operational Risk: Delivering high-quality buildings on time is essential, especially in the retail and logistics sectors where occupiers operate to tight handover deadlines. Failure to meet these expectations may result in liquidated damages or reputational harm. Wilten Construction Ltd employs experienced site management teams, implements robust programme controls, and engages in proactive stakeholder communication to reduce this risk.
Labour Availability and Skills Shortages: The availability of skilled labour across trades and subcontract packages can impact delivery, particularly in peak periods. This is a sector-wide issue affecting large-scale industrial and commercial schemes. The company works closely with a trusted subcontractor network and invests in planning, training and sequencing to ensure resource availability.
Planning and Regulatory Risk: Projects in the retail and logistics sectors are often subject to planning constraints, environmental requirements, statutory delays and evolving building regulations (e.g., BREEAM, Part L compliance, Building Safety Act). Delays or non-compliance can impact project start dates, completion dates and profitability. Wilten Construction Ltd mitigates this through early-stage planning support, technical due diligence, prompt orders, progress tracking and close liaison at very stage with client teams, consultants and local authorities.
Contractual and Financial Exposure: Projects in these sectors frequently involve complex design-and-build and fixed-price contracts, where any scope changes or unforeseen issues can erode margins. Additionally, the company is exposed to client credit risk, payment delays and supply chain instability. To manage this, Wilten Construction Ltd ensures rigorous contract reviews, risk-adjusted pricing, and ongoing financial monitoring of clients and sub-contractors.
Sector-Specific Market Risk: Demand across the industrial, retail, commercial, and logistics construction sectors is subject to broader economic trends, investor sentiment, and occupier demand. Political influences, rising interest rates, cost inflation, or reduced consumer and business confidence may delay new developments or impact project financing. Wilten Construction Ltd manages this risk by maintaining a diverse project portfolio and developing long-term relationships with developers, end-users, and consultants across multiple sectors.
Principal uncertainties include:
Economic Factors: The economy is continuing to push forward and the construction industry is continuing to see strong market activity, although this still remains an uncertainty. Speculative markets are returning following the change in Government, however there is caution owing to the Global economic uncertainties, particularly under the Trump administration with both industry and technology markets. End-user lead construction projects remain strong and will remain a target market until speculative construction returns to peak. By maintaining a strong forward order book, with new financial year minimum turn-over targets secured, Wilten Construction remains agile to overcome any potential downturn. Wilten Construction will continue with its strategy to invest in recruiting the best people as the labour market continues to open and talent becomes available.
The Board regularly reviews these and other operational risks as part of its corporate governance processes and believes that Wilten Construction Ltd has the appropriate controls and flexibility to manage current and emerging risks in a dynamic construction landscape.
Development and performance
Wilten Construction has seen stability in trade, building a strong forward order book for 2026 in expectation of targets. Wilten Construction’s management team has been significantly strengthened with the appointment of five non-executive directors and key leading industry talent placements across all areas of the business.
In understanding the development, performance and position of the Company’s business it can be summarised as below:
Turnover £70.21m.
Gross profits 7.4% and net profits 4.0% (pre-taxation).
Forward order book at start of new financial year £60.2m.
Repeat business goals maintained, with >50% of forward order book secured through repeat client team transactions.
Strong interest rates continue to be advantageous with good cash management.
Supply chain strengthened, with improved delivery results being achieved.
Management activities improved with experienced Leadership Team and updated Management Systems (ISO 9001, 14001 and 45001).
Strong brand recognition.
Resource maintained to deliver 10 live projects on site at any one time, with peak of 15 live projects.
14 new projects secured.
8 projects successfully handed over.
13 new projects are BREEAM, with 8 Excellent and 1 Outstanding.
Pathway to Net Carbon Zero project delivered.
Zero RIDDORS and no HSE Enforcement Notices.
All required sites registered with Considerate Constructors Scheme, achieving multiple perfect scores in the period and one outstanding.
Planet Mark membership maintained, exceeding net carbon zero goals of 5% carbon reduction per annum.
100% of staff received training.
SME News Business Elite Awards 2025 winner for Most Trusted Industrial and Commercial Construction Contractor (Midlands) – second year running.
Finalist at ProCon Leicestershire Awards for Large Non-Residential Scheme of the Year 2024.
Finalist at Construction News Women in Construction Awards 2024.
Winner at National Building Awards Main Contractor of the Year 2024.
High levels of community support, charity work and social value provided.
Other information and explanations
References to and additional explanations of amounts in the accounts
Turnover £70.21m (2024: £34.24m)
Gross profits 7.4% (2024: 8.1%)
Net profits at 4.02% (pre-taxation) (2024: 3.64%)
Forward order book for start of new financial year (2025) is £60.2m (2024: £58.6m)
38 Employees (average) (2024: 32)
Cash in hand £13m (2024: £9.9m)
10 projects completed (2024: 9)
Average contract value £9m (2024: £8m)
The Year Ahead (2026)
Looking ahead, the Directors remain cautiously optimistic about the year to come, despite a challenging economic backdrop. Demand within the industrial and logistics construction sectors continues to show resilience, driven by the ongoing growth in e-commerce, supply chain realignment, and the need for modern space and improved infrastructure. Wilten Construction Ltd is well-positioned to support clients in this space, with a robust forward order book, healthy pipeline of opportunities and a strong track record in delivering high-specification industrial and warehouse units.
The commercial and retail sectors remain sensitive to market volatility, with investment decisions often influenced by interest rates, consumer confidence, and occupier demand. However, we anticipate a gradual recovery in office developments, particularly in emerging new market sectors and those aligned with developing ESG and energy efficiency goals. In retail, activity is expected to remain stable, focused on refurbishment, reconfiguration, and new schemes in prime locations.
In response to continued inflationary pressures and supply chain constraints, the company will remain disciplined in its procurement strategy and selective in tendering to ensure projects are commercially viable and deliverable. Operationally, Wilten Construction Ltd will continue to invest in digital project management tools, staff training, and health and safety performance to maintain high standards on site.
The company also intends to deepen relationships with key developer clients and consultants, while exploring opportunities to grow its footprint in the logistics and light industrial markets across the South and Midlands.
While macroeconomic uncertainty remains, the Directors are confident in Wilten Construction Ltd’s ability to adapt, maintain financial stability, and continue delivering high-quality projects across its core sectors as it has continued to do since the start of the business.
Wilten Construction’s financial target for Year 5 (2026) is to build upon the company’s successes and achieve 25% growth in our market sector, whilst maintaining strong operational profits, moving from Tier 3 to Tier 2 Main Contracting.
The aim is to have 10 live projects on site at any one time, and to secure our forward orderbook for Year 5 (2026) through a combination of repeat business and strategic opportunities already identified with new clients.
Wilten Construction will continue to make investments in employees, systems and accreditations and continue delivery on the Wilten Promise, ensuring strong market reputation for delivery, quality and safety is maintained.
Key strategic development goals for the Company will be maintained, focusing on improvements in the Company’s aftercare management, maintaining the Company’s commitments to achieving 5% operational carbon reduction per year and adding to our Health, Safety and Wellbeing systems.
In addition to this, the Company will focus on technological advancement, including software development and AI integrations, to improve our internal processes as we continue to move deeper into the digital era.
On behalf of the board
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 of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors present their annual report and financial statements for the year ended 28 February 2025.
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £222,500. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
We have audited the financial statements of Wilten Construction Ltd (the 'company') for the year ended 28 February 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
the engagement partner ensured that the engagement team collectively had the appropriate experience, competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
through discussions with the director and other staff, and from our commercial knowledge of the construction profession, we identified the laws and regulations applicable to the company and focused on specific laws and regulations which we considered may have a direct material effect on the financial statements and operations of the company. These included company law, taxation legislation and employment legislation; and
we remained alert to instances of non-compliance throughout the audit and assessed the extent of compliance through discussions with the director and other staff, and examination of documentation.
We assessed the susceptibility of the company's financial statements to material misstatement and obtained an understanding of how fraud might occur by:
making enquiries of the director as to where he considered there was a susceptibility to fraud and his knowledge of any actual, suspected or alleged fraud; and
considering the internal controls in place to mitigate the risk of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify unusual or unexpected relationships;
reviewed the nominal ledger and, specifically, journal entries to identify large or unusual transactions and investigated them; and
assessed the extent to which accounting entries relied on a high degree of judgement and/or estimation and, when deemed necessary, such as for financial assets held at fair value, obtained external evidence to support said judgement and/or estimation.
In response to the risk of irregularities and non-compliance with laws and regulations we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to supporting documentation;
reviewing correspondence with HMRC and the company's legal and other professional advisers;
performing substantive procedures on material balances and transactions; and
enquiring of the director as to any actual or potential litigation and claims.
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 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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Wilten Construction Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 8 The Point, Rockingham Road, Market Harborough, Leicestershire, UK, LE16 7QU.
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 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 credited or charged to profit or loss.
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. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.
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, 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.
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 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.
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 company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company 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 company.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The actual (credit)/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:
Freehold property is carried at fair value. There was no revaluation this year. If the freehold property was measured using the cost model, the carrying amount would have been £569,297 (2024: £581,203), being cost £595,272 (2024: £595,272) and depreciation £25,975 (2024: £14,069).
At 28 February 2025, retentions held by Wilten Construction for contract work amounted to £2,631,243 (2024: £1,316,158). This is included within other creditors.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Wilten Construction Limited is an owner-managed business with an issued share capital of 100 £1 ordinary shares split equally between Mr M Fry and Mr N Basha. Both Mr Fry and Mr Basha have hands on day-to-day running of the company and are both involved in the decision-making and have control over the company’s operational and financial policies.
Wilten Construction Ltd entered into an agreement on 13th December 2023 and have exchanged on a property within the prior year. Completion of this property must take place at a date within two years from the agreement. The liability is currently shown within other creditors falling due within one year.
The following amounts were outstanding at the reporting end date:
During the year Wilten Construction was provided consultancy fees of £70,000 (2024: £Nil) from a company controlled by close family members. The amount remained outstanding as at the year-end.
During the year Wilten Construction issued a loan of loan of £Nil (2024: £1,000) to a company controlled by close family members.
During the year Wilten Construction issued a loan of £672,273 (2024: £Nil) to a company under common control.
During the year a loan was written off of £Nil (2024: £96,508) to a company under common control.
Upon appointment of Edward Thomas Peirson & Sons as auditors, the Company entered into a limitation liability agreement with the auditors and this was approved by resolution on 15th May 2025. Liability is limited to the lesser of 20 times the audit fee or £325,000. In accordance with section 537 of CA06, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as is fair and reasonable, as so determined.
The agreement limits the liability owed to the Company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 28th February 2025.
The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.