| 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 |
| 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: |
| Secretary: |
| Registered office: |
| Registered number: |
| Auditors: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Northern Assurance Buildings |
| 9-21 Princess Street |
| Manchester |
| M2 4DN |
| 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 |
| 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 |
| Investments | 11 |
| Investment property | 12 |
| Current assets |
| Debtors | 14 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 15 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Provisions for liabilities | 18 |
| Net assets |
| Capital and reserves |
| Called up share capital | 19 |
| Other reserves | 20 |
| Retained earnings | 20 |
| Shareholders' funds |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| 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 |
| 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 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 |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 11. | Fixed asset investments |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: Apedale Road, Chesterton, Staffordshire ST5 6BN |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 |
| Additions |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Other debtors | 424,870 | 392,940 |
| Tax | 127,977 | - |
| VAT | 147,336 | 333,150 |
| Prepayments and accrued income | 506,331 | 690,156 |
| 2,164,111 | 3,085,601 |
| Amounts falling due after more than one | year: |
| Trade debtors | 1,695,724 | 1,158,762 |
| Aggregate amounts | 3,859,835 | 4,244,363 |
| 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 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 305,560 | 519,001 |
| 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 |
| 4,688,065 | 4,107,341 |
| 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 |
| 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 |
| Provided during year | ( |
) |
| Balance at 31 December 2024 |
| 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: | £ | £ |
| Ordinary | £1 | 100,000 | 100,000 |
| 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 | 5,996,294 |
| Profit for the year | - |
| Dividends | ( |
) | - | ( |
) |
| At 31 December 2024 | 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. |