Company registration number 13198798 (England and Wales)
WILTEN CONSTRUCTION LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
WILTEN CONSTRUCTION LTD
COMPANY INFORMATION
Directors
Mr N Basha
Mr MC L Fry
Company number
13198798
Registered office
8 The Point
Rockingham Road
Market Harborough
Leicestershire
UK
LE16 7QU
Auditor
Edward Thomas Peirson & Sons
21, The Point
Rockingham Road
Market Harborough
Leicestershire
England
LE16 7NU
Bankers
HSBC UK Bank PLC
3 Woodhill
Northampton
NN12DE
WILTEN CONSTRUCTION LTD
CONTENTS
Page
Strategic report
1 - 5
Directors' report
7
Directors' responsibilities statement
6
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
WILTEN CONSTRUCTION LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the year ended 28 February 2025.

Review of the business

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:

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.

 

 

WILTEN CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
Principal risks and uncertainties

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:

WILTEN CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -

Principal uncertainties include:

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:

 

 

 

WILTEN CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -

 

Other information and explanations

References to and additional explanations of amounts in the accounts

 

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.

WILTEN CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -

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

Mr MC L Fry
Director
31 July 2025
WILTEN CONSTRUCTION LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -

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 company and of the profit or loss of the company 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 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.

WILTEN CONSTRUCTION LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

The principal activity of the company continued to be that of management of construction of commercial buildings.

Results and dividends

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.

Directors

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

Mr N Basha
Mr MC L Fry
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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr MC L Fry
Director
31 July 2025
WILTEN CONSTRUCTION LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILTEN CONSTRUCTION LTD
- 8 -
Opinion

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).

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 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 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:

WILTEN CONSTRUCTION LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILTEN CONSTRUCTION LTD (CONTINUED)
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

 

We assessed the susceptibility of the company's financial statements to material misstatement and obtained an understanding of how fraud might occur by:

 

WILTEN CONSTRUCTION LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILTEN CONSTRUCTION LTD (CONTINUED)
- 10 -

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:

 

 

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.

Callum Veasey ACA (Senior Statutory Auditor)
For and on behalf of Edward Thomas Peirson & Sons, Statutory Auditor
Chartered Accountants
21, The Point
Rockingham Road
Market Harborough
Leicestershire
LE16 7NU
England
31 July 2025
WILTEN CONSTRUCTION LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
70,205,172
34,242,260
Cost of sales
(65,030,858)
(31,459,777)
Gross profit
5,174,314
2,782,483
Administrative expenses
(2,593,431)
(1,540,357)
Exceptional item
4
-
0
(96,508)
Operating profit
5
2,580,883
1,145,618
Interest receivable and similar income
8
242,624
104,089
Interest payable and similar expenses
9
(81)
(4,541)
Profit before taxation
2,823,426
1,245,166
Tax on profit
10
92,633
(342,624)
Profit for the financial year
2,916,059
902,542

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WILTEN CONSTRUCTION LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,196,091
977,268
Current assets
Debtors
14
11,357,265
7,262,803
Cash at bank and in hand
12,966,691
9,861,780
24,323,956
17,124,583
Creditors: amounts falling due within one year
15
(19,781,976)
(15,757,332)
Net current assets
4,541,980
1,367,251
Total assets less current liabilities
5,738,071
2,344,519
Provisions for liabilities
Provisions
16
873,886
161,188
Deferred tax liability
17
35,553
48,258
(909,439)
(209,446)
Net assets
4,828,632
2,135,073
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
4,828,532
2,134,973
Total equity
4,828,632
2,135,073

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

The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
Mr N Basha
Mr MC L Fry
Director
Director
Company registration number 13198798 (England and Wales)
WILTEN CONSTRUCTION LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2023
100
1,307,431
1,307,531
Year ended 29 February 2024:
Profit and total comprehensive income
-
902,542
902,542
Dividends
11
-
(75,000)
(75,000)
Balance at 29 February 2024
100
2,134,973
2,135,073
Year ended 28 February 2025:
Profit and total comprehensive income
-
2,916,059
2,916,059
Dividends
11
-
(222,500)
(222,500)
Balance at 28 February 2025
100
4,828,532
4,828,632
WILTEN CONSTRUCTION LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
3,738,219
3,960,654
Interest paid
(81)
(4,541)
Income taxes paid
(249,834)
(178,978)
Net cash inflow from operating activities
3,488,304
3,777,135
Investing activities
Purchase of tangible fixed assets
(403,519)
(616,481)
Proceeds from disposal of tangible fixed assets
2
32,251
Interest received
242,624
104,089
Net cash used in investing activities
(160,893)
(480,141)
Financing activities
Repayment of bank loans
-
0
(216,845)
Dividends paid
(222,500)
(75,000)
Net cash used in financing activities
(222,500)
(291,845)
Net increase in cash and cash equivalents
3,104,911
3,005,149
Cash and cash equivalents at beginning of year
9,861,780
6,856,631
Cash and cash equivalents at end of year
12,966,691
9,861,780
WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 15 -
1
Accounting policies
Company information

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.

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, The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services

provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair

value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is

the present value of the future receipts. The difference between the fair value of the consideration and the

nominal amount received is recognised as interest income.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the

goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured

reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the

costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue from contracts for the provision of construction services is recognised by reference to the stage of

completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The

stage of completion is calculated by an internal surveyor and then qualified by an external surveyor. Where

the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses

recognised that it is probable will be recovered.

1.4
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.

 

Freehold property, which is property held for use to enable the company to carry out its objectives, are initially recognised at cost, which includes the purchase cost and any initial directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.

WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 16 -

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:

Freehold land and buildings
nil
Plant and equipment
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computers
33.33% Straight line
Motor vehicles
20% Straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.6
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.

WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 17 -

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.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the 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 company after deducting all of its liabilities.

Basic financial 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.

Other financial liabilities

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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.

1.10
Taxation

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

WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 19 -
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
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.

WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 20 -
2
Judgements and key sources of estimation uncertainty

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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Management of construction of commercial buildings
70,205,172
34,242,260
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
70,205,172
34,242,260
2025
2024
£
£
Other revenue
Interest income
242,624
104,089
4
Exceptional item
2025
2024
£
£
Expenditure
Amounts written off loans
-
96,508
5
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,150
15,000
Depreciation of owned tangible fixed assets
169,205
78,462
Loss on disposal of tangible fixed assets
15,489
5,223
WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 21 -
6
Employees

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

2025
2024
Number
Number
Directors
2
2
Sales and administration staff
36
30
Total
38
32

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,712,686
1,931,070
Social security costs
326,951
232,863
Pension costs
79,108
56,925
3,118,745
2,220,858
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
294,564
254,372
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
147,406
123,630
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
241,141
104,089
Other interest income
1,483
-
0
Total income
242,624
104,089
WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
8
Interest receivable and similar income
(Continued)
- 22 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
241,141
104,089
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
4,540
Other finance costs:
Other interest
81
1
81
4,541
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
148,268
321,033
Adjustments in respect of prior periods
(228,196)
-
0
Total current tax
(79,928)
321,033
Deferred tax
Origination and reversal of timing differences
(12,705)
21,591
Total tax (credit)/charge
(92,633)
342,624
WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
10
Taxation
(Continued)
- 23 -

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:

2025
2024
£
£
Profit before taxation
2,823,426
1,245,166
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.49%)
705,857
304,966
Tax effect of expenses that are not deductible in determining taxable profit
5,842
27,550
Gains not taxable
3,871
1,279
Permanent capital allowances in excess of depreciation
(29,218)
(31,979)
Depreciation on assets not qualifying for tax allowances
-
0
19,217
Research and development tax credit
(538,084)
-
0
Accelerated capital allowances
(12,705)
21,591
Research and development tax credit prior year
(228,196)
-
0
Taxation (credit)/charge for the year
(92,633)
342,624
11
Dividends
2025
2024
£
£
Final paid
222,500
75,000
WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 24 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2024
595,272
92,288
93,846
52,315
254,886
1,088,607
Additions
-
0
158,138
18,280
10,732
216,369
403,519
Disposals
-
0
(31,185)
(600)
(23,634)
-
0
(55,419)
At 28 February 2025
595,272
219,241
111,526
39,413
471,255
1,436,707
Depreciation and impairment
At 1 March 2024
-
0
28,326
18,439
24,597
39,977
111,339
Depreciation charged in the year
-
0
45,256
21,024
17,084
85,841
169,205
Eliminated in respect of disposals
-
0
(17,967)
(363)
(21,598)
-
0
(39,928)
At 28 February 2025
-
0
55,615
39,100
20,083
125,818
240,616
Carrying amount
At 28 February 2025
595,272
163,626
72,426
19,330
345,437
1,196,091
At 29 February 2024
595,272
63,962
75,407
27,718
214,909
977,268

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).

13
Construction contracts
2025
2024
Other construction contract balances
£
£
Retentions held by customers for contract work
2,284,943
1,601,512

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.

 

WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 25 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,830,674
5,403,073
Corporation tax recoverable
156,997
-
0
Other debtors
2,957,216
1,612,658
Prepayments and accrued income
412,378
247,072
11,357,265
7,262,803
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Trade creditors
7,336,061
6,494,277
Corporation tax
148,268
321,033
Other taxation and social security
1,067,974
869,395
Deferred income
18
3,638,688
4,427,537
Other creditors
2,976,312
1,581,388
Accrued expenses
4,614,673
2,063,702
19,781,976
15,757,332
16
Provisions for liabilities
2025
2024
£
£
873,886
161,188
Movements on provisions:
£
Additional provisions in the year
873,886
17
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
35,553
48,258
WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
17
Deferred taxation
(Continued)
- 26 -
2025
Movements in the year:
£
Liability at 1 March 2024
48,258
Credit to profit or loss
(12,705)
Liability at 28 February 2025
35,553
18
Deferred income
2025
2024
£
£
Other deferred income
3,638,688
4,427,537
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
79,108
56,925

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.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
21
Ultimate controlling parent

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.

22
Financial commitments, guarantees and contingent liabilities

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.

WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 27 -
23
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
70,000
-
2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
1,000

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.

24
Cash generated from operations
2025
2024
£
£
Profit after taxation
2,916,059
902,542
Adjustments for:
Taxation (credited)/charged
(92,633)
342,624
Finance costs
81
4,541
Investment income
(242,624)
(104,089)
Loss on disposal of tangible fixed assets
15,489
5,223
Depreciation and impairment of tangible fixed assets
169,205
78,462
Increase/(decrease) in provisions
712,698
(112,194)
Movements in working capital:
Increase in debtors
(3,937,465)
(1,725,044)
Increase in creditors
4,986,258
1,846,751
(Decrease)/increase in deferred income
(788,849)
2,721,838
Cash generated from operations
3,738,219
3,960,654
WILTEN CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 28 -
25
Analysis of changes in net funds
1 March 2024
Cash flows
28 February 2025
£
£
£
Cash at bank and in hand
9,861,780
3,104,911
12,966,691
26
Auditor's liability limitation agreement

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.

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