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REGISTERED NUMBER: 04454574 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

RUDHEATH CONSTRUCTION
SERVICES LTD

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Contents of the Consolidated Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 9

Consolidated Statement of Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


RUDHEATH CONSTRUCTION
SERVICES LTD

Company Information
for the year ended 31 December 2024







Directors: H R Thorp
J E Thorp





Secretary: G Shaw





Registered office: C/o Thorp Precast Limited
Apedale Road
Chesterton
Newcastle Under Lyme
Staffordshire
ST5 6BN





Registered number: 04454574 (England and Wales)





Auditors: S&W Audit
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Group Strategic Report
for the year ended 31 December 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Review of business
The Directors are satisfied with the performance for the year. 2024 has delivered £36.9m in turnover. The group has continued to invest heavily in research and development during 2024. As a result, a gross profit rate of 44.2% has been achieved and net profit before tax is almost £7.0m.

The strengthened capabilities during 2024 are set to continue with significant investment underway in 2025.

Continued improvement and capital expenditure in the manufacturing process and maintaining strong relationships with its existing clients ensures a steady flow of repeat business. New opportunities are continually identified as are avenues for diversity.

Health & Safety performance, profitability and working capital remain strong and are the key performance indicators.

2024 2023
£ £
Turnover 36,926,330 37,789,156
Profit before tax 6,970,727 7,623,204
Net assets 19,164,593 18,420,140

Principal risks and uncertainties
The group derives its revenues from the UK construction market. Whilst the industry remains competitive the group looks to offer innovative solutions and spread its workload between large residential, commercial, public sector and retail projects.

The group operates strong overall financial control and looks to minimise financial risk at all stages as a priority. The group continually tracks its cash flow with projections considered for 3-6 months in advance

The current order book remains strong with contracts booked to ensure the factory is at capacity for approximately 9 - 12 months in advance. The level of enquiries and tenders being submitted remains at a healthy level and well spread between market sectors.

The financial key performance indicators are turnover, gross margin and profit which are closely monitored year to year.

The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities when funds are available.

Trade debtors and related balances are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. .

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Group Strategic Report
for the year ended 31 December 2024

Section 172(1) statement
The Directors of Rudheath Construction Services Limited consider that, both individually and collectively, they have acted in good faith to promote the success of the Group for the benefit of its members as a whole. In doing so the Directors have considered, amongst other matters, the following:

- Likely consequences of any decisions in the long term
- Interests of the Group's employees
- Need to foster the Group's relationships with suppliers, customers and others
- Impact of the Group's operations on the community and the environment
- Desirability of the Group maintaining a reputation for high standards of business conduct and
- Need to act fairly between members of the Group

The Board are actively involved in the day to day running of the business and are focussed on building a strong and sustainable business for the future. They believe that by delivering buildings of excellent quality and value for our customers and by coming up with innovative solutions enables us to be best placed to achieve these aims and objectives.

The company maintains good, long-term supplier relationships by contracting on standard business terms and prompt payment within agreed terms.

The Board receives regular performance updates on both established and new customer relationships to ensure any decision making takes into account the commercial and service requirements of the customer base.

Social
Being one of the larger employers in the local area the Group acknowledges the importance of its employees. Engagement takes place through meetings, e-mails and reviews etc with special emphasis on the Group channel on WhatsApp where employees can see the fruits of their labours with pictures and commentaries from all the various projects that the Group undertakes.

Staff training and advancement of skills is core to the Group's success, whether it is fork lift truck training or sponsorship of degree studies and employees are free to submit their case for funding. By bringing in young people it not only allows Rudheath Construction Services Limited to grow its own talent but also provides a succession planning pathway.

Despite not being under a legal obligation to look at its gender pay gap the Group has for some years been monitoring it and is consistently pleased to see the results are very good in relation to various competitors and main contractors who do publish their figures and against whom Rudheath Construction Services Limited benchmarks itself.

The Group has many ties with the local community, be that through work experience offered to the local school, charitable donations to local causes or participating in specific campaigns such as Christmas toy and Easter egg collections for local children.

Rudheath Construction Services Limited supports all its employees in their own particular charitable fund-raising efforts, whether these are well known national charities or local ones, and always makes a contribution towards these, donating to 11 different charities in 2024.


RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Group Strategic Report
for the year ended 31 December 2024

Gender pay gap reporting
The Directors believe that there are no gender specific roles in construction and value all employees equally. Although construction remains a predominantly male dominated environment the Group tries hard to attract females into the business through early engagement with local schools and colleges running work experience weeks where pupils/students are exposed to all areas of the business.

The gender pay gap results for the Group are:

2024 2023

Mean pay gap 16.4% 32.4%
Median pay gap 0.4% (21.4)%
Mean bonus pay gap 5.3% (31.5)%
Median bonus pay gap (233.3)% (150.0%)

All results are based on 5th April each year.

The Directors measure these results against a range of Companies from the construction industry and are pleased that they are in line with results from these peers.

Climate change
The Group takes the issue of climate change seriously, while at the same time recognising that concrete is one of the highest contributors to CO2 emissions. As part of its commitment to reducing CO2 emissions the Group is continually investing in and researching low carbon cement and alternatives to traditional precast concrete.

The Group is certified to ISO14001 environmental standards and has been for many years. It is the proud owner and guardian of a large pond on which a variety of birds live, nest and raise their young each year. It has planted hundreds of trees around the site, which help to maintain the biodiversity of the area.

Through its own ISO9001 certified Quality Management System it ensures that waste is both minimal and, where appropriate, segregated into waste streams for recycling.

The Group is certified to BES6001 responsible sourcing of products and the performance of some of our subcontractors is especially critical to the continuing successful delivery of all of our projects. Therefore, these critical subcontractors are constantly monitored and evaluated on their overall performance with the very best of these having enjoyed a mutually beneficial relationship over many years.

Electric vehicles play a part in reducing the overall CO2 emissions of the Company, as does the use of Microsoft Teams to hold meetings and train travel to and from sites.


RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Group Strategic Report
for the year ended 31 December 2024

Streamlined energy and carbon reporting
Rudheath Construction Services Limited takes its environmental responsibility seriously and to this end not only is it certified to ISO14001 but also registered with SBTi (Science Based Targets initiative).

The Group has already made the transition to electric and hybrid company vehicles and offers UHPFRC (ultra-hight performance fibre reinforced concrete) as a lower carbon option.

The Directors have identified further opportunities to reduce CO2 emissions including:

- Installing solar panels
- Installing electric vehicle charging points
- Further R&D on low carbon cement usage

We have reported on all sources of greenhouse gases (GHG) and energy use as required under the regulations.

GHG emissions and energy usage data for the periods 1st Jan 2023 to 31st Dec 2024:

UK 2024 2023
Emissions from Scope 1 (tonnes CO2) 1,608.62 1,782.10
Emissions from Scope 1 (tonnes CO2) 7.98 7.98
Emissions from electricity purchased Scope 2 (tonnes CO2) 191.53 220.07
Emissions from Scope 3 (tonnes CO2) 4,327.02 2,967.06
Total gross CO2e based on above 6,135.15 4,961.09
Electricity consumption used to calculate above Kwh 835,729 873,217
Gas consumption used to calculate above Kwh 66,542 63,551

Intensity ratio
The emissions intensity ratio has been calculated using the total scopes 1 - 3 emissions per £m of sales revenue.

2024 2023

166.26 131.25

It should be noted that the number of deliveries alone differed greatly between 2023 and 2024 (734 in total and 1,283 in total) and helps to explain the rise in Scope 3 emissions.


RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Group Strategic Report
for the year ended 31 December 2024

Governance
The Directors are responsible for the development, approval and updating of the Group's strategies, policies and goals related to economic, environment and social topics. They are actively involved in the day to day running of the business and are focussed on building a strong and sustainable business for the future.

Current and future orders are key to business growth and focus is on maintaining a strong, diverse and financially balanced order book, with repeat business from Blue Chip developers and main contractors. The permanent presence of its own site managers as well as regular visits from its own H&S manager and Director(s) are key to the successful delivery of projects.

Financial controls are regularly reviewed as is the overall financial risk and strategy of the Group through weekly cash flow forecasts and monthly and quarterly reports, as well as external factors beyond the control of the Directors but which may have a direct impact on the business. The Group maintains a positive cash position, able to respond to investment needs without recourse to any bank loans or mortgages and remains debt free.

Health and Safety is one of the biggest risks within the business and therefore a lot of emphasis is put upon this at all levels of the business from employee inductions, SOP's and RAM's through to toolbox talks and regular training and updating of employee certifications. Therefore, the Directors take a hands on approach to the subject and ensure that a properly qualified H&S manager is employed and that all employees are trained in their tasks. Regular monitoring of employee's health is undertaken and, where appropriate, additional help is provided.

The Group sees the many immediate and added benefits of leading industry certification standards to quickly assess a Group's ability and standing within the industry. The Group currently holds ISO9001, ISO14001, BES6001, Constructionline and CHAS.

Industry awards are seen as a sign that the Group is doing a good job and we are proud to have been nominated at the Brick Development Awards for 4 years running and playing our part in the Supreme Winner this year, Norton Folgate.

On behalf of the board:





H R Thorp - Director


12 August 2025

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Report of the Directors
for the year ended 31 December 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

Principal activity
The principal activity of the group in the year under review was that of the manufacture of precast concrete products.

Dividends
The total distribution of dividends in the period under review was £6,000,000.

Research and development
The group is continuing research and development activity into new forms of materials and processes, and a method of tracking panels.

Future developments
The group continues to tender for all appropriate work and has some significant contracts in place for 2025 and 2026.

Directors
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

H R Thorp
J E Thorp

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Report of the Directors
for the year ended 31 December 2024


Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

On behalf of the board:



H R Thorp - Director


12 August 2025

Report of the Independent Auditors to the Members of
Rudheath Construction
Services Ltd


Opinion
We have audited the financial statements of Rudheath Construction Services Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the Group Strategic Report and Report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Group Strategic Report and Report ed from tomorrow to of the directors. 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Rudheath Construction
Services Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Rudheath Construction
Services Ltd


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

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

We obtained a general understanding of the entity's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the group's policies and procedures regarding compliance and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the group's industry and regulation.

We understand that the group complies with the requirements of the framework through:

- subscribing to relevant updates from external experts and updating operating procedures, manuals and internal controls as legal and regulatory requirements change;
- employees are required to attend training on a regular basis and when requirements change:
- outsourcing tax compliance and advice to external experts:
- the close involvement of the directors in the day-to-day running of the business, meaning that any litigation or claims would be expected to come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the group's ability to conduct business and where failure to comply could result in material penalties. We have identified the following laws and regulations as being of significance in the context of the group:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements:
- ISO9001/14001/45001 applicable to the design, production, supply and installation of precast concrete facade cladding:
- The Health and Safety at Work Act 1974 and associated regulations.

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- We obtained written management representations regarding the adequacy of procedures in place:
- We reviewed inspection reports conducted by third parties to consider if any material non-compliance had arisen or if any material penalties were likely to arise.

The senior statutory auditor led a discussion with the engagement team regarding the susceptibility of the 's group's financial statements to material misstatement , including how fraud might occur. The procedures identified to gain evidence in the key areas included:

- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
- we have tested all sales contracts in the year, ensuring they have led to sales in the financial statements as well as increasing the risk when testing trade debtors; and
- assessing management estimates by evaluating the significant assumptions and the choice of data used, in particular with regard to anticipated costs to complete on contracts.

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. This 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.


Report of the Independent Auditors to the Members of
Rudheath Construction
Services Ltd

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Antony Sassen (Senior Statutory Auditor)
for and on behalf of S&W Audit
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

12 August 2025

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Consolidated
Statement of Comprehensive
Income
for the year ended 31 December 2024

2024 2023
Notes £ £

Turnover 36,926,330 37,789,156

Cost of sales (20,609,024 ) (21,264,359 )
Gross profit 16,317,306 16,524,797

Administrative expenses (9,583,800 ) (9,056,869 )
6,733,506 7,467,928

Other operating income 20,402 12,432
Operating profit 5 6,753,908 7,480,360

Interest receivable and similar income 218,153 143,391
6,972,061 7,623,751

Interest payable and similar expenses 6 (1,334 ) (547 )
Profit before taxation 6,970,727 7,623,204

Tax on profit 7 (226,274 ) (636,622 )
Profit for the financial year 6,744,453 6,986,582

Other comprehensive income - -
Total comprehensive income for the year 6,744,453 6,986,582

Profit attributable to:
Owners of the parent 6,744,453 6,986,582

Total comprehensive income attributable to:
Owners of the parent 6,744,453 6,986,582

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Consolidated Balance Sheet
31 December 2024

2024 2023
Notes £ £ £
Fixed assets
Tangible assets 10 10,025,197 9,979,486
Investments 11 - -
Investment property 12 - -
10,025,197 9,979,486

Current assets
Stocks 13 1,762,685 1,404,750
Debtors 14 3,859,835 4,244,363
Cash at bank and in hand 9,392,875 7,687,625
15,015,395 13,336,738
Creditors
Amounts falling due within one year 15 4,688,065 4,107,341
Net current assets 10,327,330 9,229,397
Total assets less current liabilities 20,352,527 19,208,883

Creditors
Amounts falling due after more than one
year

16

(478,478

)

-

Provisions for liabilities 18 (709,456 ) (788,743 )
Net assets 19,164,593 18,420,140

Capital and reserves
Called up share capital 19 136,000 136,000
Other reserves 20 40,000 40,000
Retained earnings 20 18,988,593 18,244,140
Shareholders' funds 19,164,593 18,420,140

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2025 and were signed on its behalf by:





H R Thorp - Director


RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Company Balance Sheet
31 December 2024

2024 2023
Notes £ £ £
Fixed assets
Tangible assets 10 2,322,066 2,651,871
Investments 11 96,000 96,000
Investment property 12 6,206,181 5,787,051
8,624,247 8,534,922

Current assets
Debtors 14 2,341 24,751
Cash at bank 569,331 586,464
571,672 611,215
Creditors
Amounts falling due within one year 15 1,519,012 2,423,527
Net current liabilities (947,340 ) (1,812,312 )
Total assets less current liabilities 7,676,907 6,722,610

Provisions for liabilities 18 496,221 590,316
Net assets 7,180,686 6,132,294

Capital and reserves
Called up share capital 19 136,000 136,000
Other reserves 20 456,064 456,064
Retained earnings 20 6,588,622 5,540,230
Shareholders' funds 7,180,686 6,132,294

Company's profit for the financial year 7,048,392 6,618,365

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2025 and were signed on its behalf by:





H R Thorp - Director


RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Other Total
capital earnings reserves equity
£ £ £ £
Balance at 1 January 2023 136,000 17,257,558 40,000 17,433,558

Changes in equity
Dividends - (6,000,000 ) - (6,000,000 )
Total comprehensive income - 6,986,582 - 6,986,582
Balance at 31 December 2023 136,000 18,244,140 40,000 18,420,140

Changes in equity
Dividends - (6,000,000 ) - (6,000,000 )
Total comprehensive income - 6,744,453 - 6,744,453
Balance at 31 December 2024 136,000 18,988,593 40,000 19,164,593

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Company Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Other Total
capital earnings reserves equity
£ £ £ £
Balance at 1 January 2023 136,000 4,921,865 456,064 5,513,929

Changes in equity
Dividends - (6,000,000 ) - (6,000,000 )
Total comprehensive income - 6,618,365 - 6,618,365
Balance at 31 December 2023 136,000 5,540,230 456,064 6,132,294

Changes in equity
Dividends - (6,000,000 ) - (6,000,000 )
Total comprehensive income - 7,048,392 - 7,048,392
Balance at 31 December 2024 136,000 6,588,622 456,064 7,180,686

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Consolidated Cash Flow Statement
for the year ended 31 December 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 9,847,161 9,080,811
Interest paid (1,334 ) (547 )
Tax paid (646,979 ) 190,195
Net cash from operating activities 9,198,848 9,270,459

Cash flows from investing activities
Purchase of tangible fixed assets (1,810,585 ) (2,192,940 )
Sale of tangible fixed assets 82,354 102,055
Interest received 218,153 143,391
Net cash from investing activities (1,510,078 ) (1,947,494 )

Cash flows from financing activities
Amount introduced by directors 16,480 31,613
Equity dividends paid (6,000,000 ) (6,000,000 )
Net cash from financing activities (5,983,520 ) (5,968,387 )

Increase in cash and cash equivalents 1,705,250 1,354,578
Cash and cash equivalents at beginning
of year

2

7,687,625

6,333,047

Cash and cash equivalents at end of year 2 9,392,875 7,687,625

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£ £
Profit before taxation 6,970,727 7,623,204
Depreciation charges 1,714,162 1,423,393
Profit on disposal of fixed assets (31,642 ) (97,338 )
Finance costs 1,334 547
Finance income (218,153 ) (143,391 )
8,436,428 8,806,415
(Increase)/decrease in stocks (357,935 ) 366,465
Decrease/(increase) in trade and other debtors 512,505 (106,687 )
Increase in trade and other creditors 1,256,163 14,618
Cash generated from operations 9,847,161 9,080,811

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£ £
Cash and cash equivalents 9,392,875 7,687,625
Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 7,687,625 6,333,047


3. Analysis of changes in net funds

At 1/1/24 Cash flow At 31/12/24
£ £ £
Net cash
Cash at bank and in hand 7,687,625 1,705,250 9,392,875
7,687,625 1,705,250 9,392,875
Total 7,687,625 1,705,250 9,392,875

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2024


1. Statutory information

Rudheath Construction Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertaking drawn up to 31 December 2024.

In October 2015 Rudheath Construction Services Limited became the parent company for the group. The introduction of the new holding company constituted a group reconstruction and has been accounted for using merger accounting principles.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

(i) Work in progress valuation

The valuation of work in progress involves a number of estimates including costs to complete, anticipated gross profit and the analysis of costs between the different stages of delivery.

(ii) Provisions

Provision is made for remedial work. This provision requires management's best estimate of the costs that will be incurred based on contractual requirements.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers and the value of work performed on long term contracts, including any attributable profit.

The company classifies as long term contracts those which relate to the construction of a number of precast structures under one contract where the contract activity extends over more than one accounting period. The length of these contracts can exceed twelve months. Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to the value of work performed to date as a percentage of total value for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Improvements to property - at varying rates on cost
Plant and machinery - 25% straight line and at varying rates on cost
Fixtures and fittings - 33% straight line
Motor vehicles - 25% straight line and 20% straight line

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Property owned by the holding company is rented to the subsidiary and so is treated as investment property in the individual company financial statements.

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs.

Work in progress represents costs incurred in excess of the proportion of total costs anticipated based on the work performed to date on a contract. Where costs incurred are less than the anticipated amount the shortfall is included in trade creditors.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and future losses on contracts less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Financial instruments
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease on a straight line basis. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is charged or credited to the profit and loss account as other operating income.

Although this accounting policy is in accordance with FRS 102 it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

4. Employees and directors
2024 2023
£ £
Wages and salaries 10,030,585 9,082,067
Social security costs 1,124,114 963,309
Other pension costs 540,709 473,953
11,695,408 10,519,329

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


4. Employees and directors - continued

The average number of employees during the year was as follows:
2024 2023

Administration and support 53 47
Production 174 164
Sales, marketing and distribution 10 10
237 221

The average number of employees by undertakings that were proportionately consolidated during the year was 237 (2023 - 221 ) .

2024 2023
£ £
Directors' remuneration 421,647 324,183

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 400,142 302,675

Directors' remuneration is paid by the subsidiary company.

5. Operating profit

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Hire of plant and machinery 60,696 78,472
Depreciation - owned assets 1,714,162 1,423,395
Profit on disposal of fixed assets (31,642 ) (97,338 )
Auditors' remuneration 27,250 24,200
Foreign exchange differences (4,822 ) 2,914
Property rental 312,607 296,239
Non audit fees 133,160 128,060

Auditors' remuneration includes £5,750 (2023 - £5,200) in respect of Rudheath Construction Services Limited.

6. Interest payable and similar expenses
2024 2023
£ £
Other interest 1,334 547

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 305,561 519,001
(Over)/under provision PY - 151
Total current tax 305,561 519,152

Deferred tax (79,287 ) 117,470
Tax on profit 226,274 636,622

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 6,970,727 7,623,204
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.520 %)

1,742,682

1,792,978

Effects of:
Expenses not deductible for tax purposes 20,756 11,629
Capital allowances in excess of depreciation - (53,560 )
Depreciation in excess of capital allowances 29,386 -
Adjustments to tax charge in respect of previous periods - 151
Research and development and patent box claims (1,566,550 ) (1,114,576 )

Total tax charge 226,274 636,622

The overprovision of tax for prior years relates to successful Research and Development and Patent Box claims received in the year.

Factors affecting future tax charges
Future tax liabilities will be reduced by Research and Development claims and Patent Box claims.

8. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. Dividends
2024 2023
£ £
Ordinary shares of £1 each
Interim 6,000,000 6,000,000

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


10. Tangible fixed assets

Group
Freehold Improvements Plant and
property to property machinery
£ £ £
Cost
At 1 January 2024 5,219,813 2,476,956 8,351,502
Additions 419,130 232,325 984,220
Disposals - (6,953 ) (449,777 )
At 31 December 2024 5,638,943 2,702,328 8,885,945
Depreciation
At 1 January 2024 335,722 1,172,295 4,709,751
Charge for year 72,692 334,000 1,212,153
Eliminated on disposal - (6,953 ) (406,394 )
At 31 December 2024 408,414 1,499,342 5,515,510
Net book value
At 31 December 2024 5,230,529 1,202,986 3,370,435
At 31 December 2023 4,884,091 1,304,661 3,641,751

Fixtures
and Motor
fittings vehicles Totals
£ £ £
Cost
At 1 January 2024 354,996 149,245 16,552,512
Additions 26,910 148,000 1,810,585
Disposals (63,601 ) (88,500 ) (608,831 )
At 31 December 2024 318,305 208,745 17,754,266
Depreciation
At 1 January 2024 237,265 117,993 6,573,026
Charge for year 57,960 37,357 1,714,162
Eliminated on disposal (63,601 ) (81,171 ) (558,119 )
At 31 December 2024 231,624 74,179 7,729,069
Net book value
At 31 December 2024 86,681 134,566 10,025,197
At 31 December 2023 117,731 31,252 9,979,486

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


10. Tangible fixed assets - continued

Company
Improvements Plant and Motor
to property machinery vehicles Totals
£ £ £ £
Cost
At 1 January 2024 265,645 5,205,969 88,500 5,560,114
Additions - 473,185 137,500 610,685
Disposals - (355,286 ) (88,500 ) (443,786 )
At 31 December 2024 265,645 5,323,868 137,500 5,727,013
Depreciation
At 1 January 2024 235,507 2,595,905 76,831 2,908,243
Charge for year 19,720 845,458 25,059 890,237
Eliminated on disposal - (312,362 ) (81,171 ) (393,533 )
At 31 December 2024 255,227 3,129,001 20,719 3,404,947
Net book value
At 31 December 2024 10,418 2,194,867 116,781 2,322,066
At 31 December 2023 30,138 2,610,064 11,669 2,651,871

11. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 January 2024
and 31 December 2024 96,000
Net book value
At 31 December 2024 96,000
At 31 December 2023 96,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Thorp Precast Limited
Registered office: Apedale Road, Chesterton, Staffordshire ST5 6BN
Nature of business: Manufacture of precast concrete products
%
Class of shares: holding
Ordinary 100.00
A Ordinary 100.00


RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


12. Investment property - continued

12. Investment property
Company
Total
£
Fair value
At 1 January 2024 5,787,051
Additions 419,130
At 31 December 2024 6,206,181
Net book value
At 31 December 2024 6,206,181
At 31 December 2023 5,787,051

Fair value at 31 December 2024 is represented by:
£
Valuation in 2024 567,237
Cost 5,638,944
6,206,181

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 5,638,944 5,219,814
Aggregate depreciation (408,414 ) (335,722 )

Investment property was valued on an open market basis on 31 December 2024 by the directors .

13. Stocks

Group
2024 2023
£ £
Stocks 838,480 760,138
Net costs less foreseeable losses 924,205 644,612
1,762,685 1,404,750

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


14. Debtors

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year:
Trade debtors 957,597 1,669,355 2,341 2,593
Other debtors 424,870 392,940 - -
Tax 127,977 - - -
VAT 147,336 333,150 - 22,158
Prepayments and accrued income 506,331 690,156 - -
2,164,111 3,085,601 2,341 24,751

Amounts falling due after more than one year:
Trade debtors 1,695,724 1,158,762 - -

Aggregate amounts 3,859,835 4,244,363 2,341 24,751

Trade debtors are stated net of a provision of £174,538 (2023 - £174,538).

15. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 1,721,916 2,462,543 46,680 460,949
Amounts owed to group undertakings - - 1,071,650 1,898,145
Corporation tax 305,560 519,001 305,560 47,061
Social security and other taxes 569,791 505,818 - -
VAT - - 77,750 -
Other creditors 330,635 314,664 - -
Directors' current accounts 31,135 14,655 12,872 12,872
Accruals and deferred income 1,729,028 290,660 4,500 4,500
4,688,065 4,107,341 1,519,012 2,423,527

16. Creditors: amounts falling due after more than one year

Group
2024 2023
£ £
Accruals and deferred income 478,478 -

17. Leasing agreements

Minimum lease payments fall due as follows:

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 300,806 300,806
Between one and five years 822,836 999,078
In more than five years 487,875 612,439
1,611,517 1,912,323

The finance leases relate to plant and machinery used in the group's operations. There are no contingent rental, renewal or purchase option clauses.

18. Provisions for liabilities

Group Company
2024 2023 2024 2023
£ £ £ £
Deferred tax
Accelerated capital allowances 709,456 677,570 385,048 479,143
Other timing differences - 111,173 111,173 111,173
709,456 788,743 496,221 590,316

Group
Deferred tax
£
Balance at 1 January 2024 788,743
Credit to Statement of Comprehensive Income during year (79,287 )
Balance at 31 December 2024 709,456

Company
Deferred tax
£
Balance at 1 January 2024 590,316
Provided during year (94,095 )
Balance at 31 December 2024 496,221

The net deferred tax liability expected to reverse in 2025 is £274,000. This primarily relates to the reversal of timing differences on capital allowances.

19. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100,000 Ordinary £1 100,000 100,000
36,000 A Ordinary £1 36,000 36,000
136,000 136,000

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


19. Called up share capital - continued

All shares are entitled to dividends as declared for each class but A Ordinary shares are not entitled to vote and do not participate in any surplus. They are entitled, as a class, to a payment of £1,000 on return of capital.

20. Reserves

Group
Retained Other
earnings reserves Totals
£ £ £

At 1 January 2024 18,244,140 40,000 18,284,140
Profit for the year 6,744,453 - 6,744,453
Dividends (6,000,000 ) - (6,000,000 )
At 31 December 2024 18,988,593 40,000 19,028,593

Company
Retained Other
earnings reserves Totals
£ £ £

At 1 January 2024 5,540,230 456,064 5,996,294
Profit for the year 7,048,392 - 7,048,392
Dividends (6,000,000 ) - (6,000,000 )
At 31 December 2024 6,588,622 456,064 7,044,686

The group other reserves is a merger reserve arising on the group reconstruction and represents the difference between the cost and nominal value of the shares acquired.

The company other reserve is a fair value reserve in respect of the investment property.

21. Pension commitments

The group operates defined contribution pension schemes. The pension cost charge for the period represents contributions payable by the group to the schemes and amounted to £540,709 (2023 - £473,953).
Contributions totalling £174,485 (2023 - £164,993) were payable to the schemes at the period end and are included in creditors.

22. Capital commitments
2024 2023
£ £
Contracted but not provided for in the
financial statements - 134,208

23. Directors' advances, credits and guarantees

At 31 December 2024 the group owed £31,135 to the directors (2023 - £14,655).

Interest is charged on credit balances at 11% per annum and debit balances at 3.25% per annum. During the period interest charged by the group was £nil (2023 - £nil) and interest charged to the group was £1,334 (2023 - £547).

The directors charged rent to the group of £35,761 (2023 - £31,242).

RUDHEATH CONSTRUCTION
SERVICES LTD (REGISTERED NUMBER: 04454574)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024


24. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year dividends of £6,000,000 (2023 - £6,000,000) were paid to a company controlled by the directors.

Pension scheme set up for the benefit of a director
2024 2023
£ £
Rent charged by the scheme 269,564 257,427

Companies under common control owed the group £424,735 (2023 - £392,940) at the year end.

25. Ultimate controlling party

The controlling party is H R Thorp.