Registration number:
Read Construction Holdings Limited
for the Year Ended 31 March 2025
Read Construction Holdings Limited
Contents
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Company Information |
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Directors' Statement |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Read Construction Holdings Limited
Company Information
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Directors |
R D Heaton A C Read K L Heaton-Morris |
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Company secretary |
L M Heaton |
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Registered office |
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Auditors |
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Read Construction Holdings Limited
Directors' Statement for the Year Ended 31 March 2025
The year ending 31 March 2025 marked another period of solid performance for Read Construction, with turnover rising to £46.1 million, up from £43.4 million the previous year.
Our financial position remains robust, underpinned by prudent fiscal management and a continued absence of external borrowings. This financial strength has enabled us to navigate industry-wide challenges with confidence and resilience.
Throughout the year, we maintained strong tendering activity and secured significant new work across our core sectors. Our reputation for quality delivery and collaborative working continues to position us as a contractor of choice in North Wales and the North West of England. Notably, our engagement with public sector clients remains a cornerstone of our business, reflecting our long-standing commitment to community-focused construction.
We have continued to invest in our people and processes. Our Career Development Programme has yielded promising internal promotions, and our Apprenticeship Scheme remains active across multiple trades, ensuring a pipeline of skilled professionals for the future.
Sustainability remains central to our operations. We retained all ISO accreditations, including ISO 14001, and reaffirmed our commitment to achieving net zero by 2030.
Our Directors continue to champion sustainable development, embedding LEAN principles and environmental responsibility across all levels of the business.
Our supply chain strategy has evolved to prioritise locality and innovation, recognising that 80% of project value is delivered through our partners. We actively support them in sustainable delivery, moving beyond lowest-cost appointments to value-driven collaboration.
Corporate Social Responsibility (CSR) remains a key focus. Our employee-led charity fundraising and new employee volunteering initiative, has once again delivered meaningful charity supporting activity, strengthening our ties with the communities we serve.
Looking ahead, we have already secured over £58 million in turnover for 2025-26, with a further £28 million secured for 2026-27. These figures reflect our strong market position and the trust placed in us by our clients.
The Directors would like to extend our sincere thanks to our dedicated employees, supply chain partners, and clients. Your continued support and hard work are the foundation of our success. As we move forward, we are confident in our ability to grow sustainably, innovate responsibly, and deliver excellence across every project.
Approved by the
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Read Construction Holdings Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is building construction for a wide range of commercial and public sector organisations.
Fair review of the business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the end of the year. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross margin.
The business has continued to invest in its infrastructure, people and systems. The management team are committed to ensuring the business provides exemplar customer service in delivering sustainable, best value construction projects for a variety of sectors. The management approach is based on the modern, lean and sustainable construction principles of delivering right first time to achieve client objectives and deliver defect free facilities, with zero harm.
The company's operations continued to grow with turnover increasing by 5.9% to £46,135,029 (2024 - £43,424,399), as a result of successful tendering on a number of projects and due to the strong demand in the sector as a whole.
The construction industry continued to be very challenging with issues in the supply chain and the continued pressure on margin from cost increases throughout the year and to date. Strong project management has mitigated the impact as far as possible and the gross profit margin has increased from 8.02% to 12.25%. Operating profit increased to £3,260,368 (2024 - £1,368,450). Net profit before tax has increased to £3,492,700 (2024 - £1,490,998).
At the end of the year the net assets totalled £4,840,837 (2024 - £2,783,198).
Read Construction Holdings Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
The exceptional material price inflation experienced in recent years has now stabilised, bringing welcome relief to project cost planning and procurement. However, the ongoing drive towards net zero continues to exert upward pressure on build costs, particularly through enhanced specification requirements and sustainability compliance. This shift is increasingly influencing client affordability considerations and project viability assessments.
Market conditions remain highly competitive across all sectors. Despite this, our profitability has improved on the already healthy levels recorded in 2024, reflecting our disciplined commercial approach and operational efficiencies.
We continue to prioritise public sector work, particularly through long-standing framework agreements with local authorities. These frameworks promote best value and quality outcomes over lowest-cost tendering, aligning with our strategic focus on sustainable and collaborative delivery.
In parallel, we have cautiously diversified into supported living developments via housing associations. These clients share governance structures and procurement principles similar to our local authority partners, providing a stable and values-aligned route for expansion.
Strategic direction
The Directors continue to steer Read Construction Holdings Ltd towards sustainable growth, industry leadership, and meaningful community impact. Our strategic focus remains firmly aligned with our values of collaboration, innovation, and environmental responsibility.
• Net Zero Commitment: Building on our 2022 National Constructing Excellence Net Zero Award, we are preparing a submission for the 2025 Climate Action category, showcasing our company-wide commitment to reducing environmental impacts and embedding sustainability across all operations.
• Carbon Reduction: We have made considerable progress against our PPN 06/21 Carbon Reduction Plan, achieving measurable reductions in Scope 1 and 2 emissions. Our newly appointed carbon consultants, Green Planet, are now supporting us in strengthening our carbon accounting and addressing Scope 3 supply chain emissions.
• Supply Chain Resilience: Recognising the importance of a robust and values-aligned supply chain, we have begun aligning our approval processes with the Common Assessment Standard. We continue to invest in our partners through mentoring, shared learning, and repeat working relationships.
• Digital Construction Leadership: As the UK’s first ISO 19650-accredited Principal Contractor, we remain at the forefront of Building Information Modelling (BIM). Our digital construction expertise supports clients and empowers our supply chain through targeted upskilling.
• Social Value and Community Engagement: Our commitment to social value continues to grow. The launch of our Employee Volunteering Scheme (EVS) has been a resounding success, with over 200 hours of volunteering delivered in 2024-25.
Read Construction Holdings Limited
Strategic Report for the Year Ended 31 March 2025
Strategic direction (continued)
• Health, Safety and Wellbeing: We are proud to have received our latest RoSPA Gold Award, reaffirming our dedication to the highest standards of health, safety, and wellbeing across our workforce and supply chain.
• Framework Success: Our focus on collaborative and engaging frameworks has resulted in securing positions on over 75% of our targeted frameworks, with plans to expand this further in future iterations. These frameworks continue to support our strategic emphasis on best value delivery over lowest-cost procurement.
Our strategic direction continues to be shaped by strong client relationships, a commitment to innovation, and a focus on sustainable, value-driven delivery.
We are proud that 100% of clients, consultants, and key stakeholders report they would be happy to work with Read again. This reflects the strength of our collaborative approach across all project phases-pre-construction, delivery, and aftercare. We take pride in our open and honest interactions, which underpin our reputation for reliability and integrity.
Our value propositions are developed entirely in-house, ensuring that every commitment is tailored to the specific needs of each project and consistently delivered. This bespoke approach reinforces our position as a trusted partner across frameworks and direct commissions.
Read continue to embrace best practice and modern methods of construction (MMC) across our projects. Our ability to demonstrate innovation and technical expertise in areas such as digital construction, carbon reduction, and supply chain resilience plays a key role in our success at both framework and project level. These capabilities directly support our positioning during Invitation to Tender (ITT) evaluations, where clients increasingly prioritise demonstrable skills and forward-thinking delivery models.
This strategic focus-grounded in collaboration, innovation, and environmental responsibility-ensures we remain a trusted partner to our clients and a leader in our sector.
Approved by the
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Read Construction Holdings Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Performance and development
Operationally, 2024-25 was marked by the successful delivery of a diverse portfolio of projects, many of which were secured through two-stage design and build procurement routes. This approach continues to strengthen our early engagement with clients and consultants, allowing us to influence outcomes from the outset and mitigate risks collaboratively. Our pre-construction capabilities have grown significantly, with increased emphasis on programme certainty, value engineering, and sustainability integration.
Project delivery remained consistently high performing, with quality benchmarks met or exceeded across all schemes. Our site teams demonstrated resilience and adaptability in the face of evolving client requirements and external pressures, including resource availability and regulatory changes. These efforts have contributed to improved client satisfaction and repeat business, reinforcing our reputation for reliability and collaborative working.
Internally, we have continued to build capability across all departments. The expansion of our Design Management function and the strengthening of our Commercial and Planning teams have supported more robust project controls and enhanced delivery assurance. These developments reflect our commitment to continuous improvement and readiness for larger, more complex schemes.
Read also made notable progress in embedding digital construction practices across live projects, leveraging our ISO 19650 accreditation to drive efficiencies and improve coordination. This has been particularly impactful in supporting our supply chain partners, who have benefited from targeted upskilling and shared learning initiatives.
Our performance this year has not only delivered strong financial results but also laid the foundation for future growth. With a forward order book exceeding £86 million across 2025-27, we are well-positioned to continue delivering best value outcomes for our clients while advancing our strategic priorities in sustainability, innovation, and social impact.
Read Construction Holdings Limited
Directors' Report for the Year Ended 31 March 2025
Financial instruments
Objectives and policies
The business' 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, all of the business' cash balances are held in a way that achieves a competitive rate of interest.
Trade debtors 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. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Mission
Our mission remains central to everything we do:
To impart exemplar customer service in delivering sustainable, best value services whilst exuding integrity and traditional family values.
This guiding principle informs our strategic decisions and day-to-day operations, underpinning our commitment to Environmental, Social, and Governance (ESG) excellence.
Read recognise that ESG is not just a compliance requirement but a strategic imperative - one that shapes the future of construction and strengthens our long-term resilience. Our integrated ESG strategy ensures we contribute positively to society and the environment while maintaining the highest standards of ethical governance.
• Environmental Sustainability: We continue to prioritise sustainable construction practices that minimise environmental impact and promote biodiversity net gain. Our adherence to green building standards and Net Zero Carbon principles reflects our commitment to energy efficiency and resource conservation. These standards guide the design and delivery of buildings that reduce greenhouse gas emissions and lower operational costs for clients.
As a founding member of the Changing Streams movement, in partnership with the University of Liverpool, we are actively working to reduce plastic use in construction. This year, we began delivering a live research project on our upcoming Ysgol Bontnewydd scheme, exploring practical, scalable alternatives to traditional plastic-based materials.
Key achievements this year include:
- A further reduction in construction waste through enhanced waste management and material reuse supporting deconstruction and material circularity.
- BREEAM certification achieved on three major projects.
- Continued progress against our Net Zero 2030 roadmap, supported by our carbon consultants, Green Planet. 100% of new fleet vehicles being all zero-tailpipe emission.
Read Construction Holdings Limited
Directors' Report for the Year Ended 31 March 2025
• Social Responsibility: Our social value strategy is embedded across all project phases. We prioritise local employment and subcontractor engagement, supporting regional economies and fostering strong community relationships. Our Employee Volunteering Scheme (EVS) delivered over 200 hours of community support, while our apprenticeship and career development programmes continue to build a skilled and inclusive workforce.
Read maintain a proactive approach to health, safety, and wellbeing:
- RoSPA Gold Award recognition for excellence in safety.
- Regular training, audits, and wellness initiatives to support our teams and supply chain partners.
• Governance: Robust governance is fundamental to our operations. Our Code of Conduct reinforces our commitment to integrity, transparency, and accountability. We maintain strict anti-corruption policies, supported by regular staff training and compliance reviews.
We are committed to transparent ESG reporting. Our annual ESG report provides stakeholders with clear insights into our performance, challenges, and future goals. Engagement with clients, consultants, and communities through surveys, meetings, and forums ensures our ESG practices remain responsive and continuously improving.
Future developments
Looking ahead, Read Construction remains committed to sustainable growth, innovation and resilience. Our future goals include achieving net-zero carbon emissions by 2030, supported by the adoption of renewable energy sources, energy-efficient technologies and continued progress against our Carbon Reduction Plan.
Read Construction will expand our community outreach programmes, building on the success of our Employee Volunteering Scheme and deepening our engagement with local stakeholders. Enhancing our governance framework is also a priority, with plans to introduce advanced compliance monitoring and reporting systems that further strengthen transparency and accountability. Director and Board-level governance is being strengthened through ongoing mentorship, leadership development and targeted training programmes. These initiatives will enhance strategic oversight and ensure our leadership remains equipped to navigate evolving industry challenges.
A key strategic focus will be maintaining a balanced and varied project portfolio. By diversifying across sectors — including education, supported living, civic infrastructure, and commercial development — we aim to insulate the business from sector-specific peaks and troughs. This approach supports long-term stability and ensures we remain agile in responding to changing market conditions.
Our ESG principles will continue to guide decision-making across all areas of the business. As a founding member of the Changing Streams movement, in partnership with the University of Liverpool, we are proud to be leading research into reducing plastic use in construction. This work is currently being trialled on our upcoming Ysgol Bontnewydd project, with findings expected to inform future procurement and material selection strategies.
Above all, our future direction will continue to be shaped by our reputation for integrity, our long-standing client relationships, and a genuine desire to deliver best value, future-thinking services. These principles remain at the heart of our business and will guide us as we evolve to meet the needs of our clients, communities, and the wider industry.
Read Construction Holdings Limited
Directors' Report for the Year Ended 31 March 2025
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Read Construction Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Read Construction Holdings Limited
Independent Auditor's Report to the Members of Read Construction Holdings Limited
Opinion
We have audited the financial statements of Read Construction Holdings Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and 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 company's affairs as at 31 March 2025 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Read Construction Holdings Limited
Independent Auditor's Report to the Members of Read Construction Holdings Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 10], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Read Construction Holdings Limited
Independent Auditor's Report to the Members of Read Construction Holdings Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to this company and its sector and determined that the most significant are those relating to the reporting framework and the relevant UK tax legislation.
• We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.
• As an audit engagement team, we assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur and considered the opportunities and incentives that may exist within the company for fraud. We considered the controls that the company has established to address the risks identified to prevent, deter and detect fraud; and how the management and directors monitor those controls.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Those procedures involved: - enquiries of management and those charged with governance; - journal entry testing; - assessing whether judgements in making accounting estimates are indicative of a potential bias; and – evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
• Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included revenue recognition and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
• We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Read Construction Holdings Limited
Independent Auditor's Report to the Members of Read Construction Holdings Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shropshire
SY2 6LG
Read Construction Holdings Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
3,260,368 |
1,368,450 |
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Other interest receivable and similar income |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Read Construction Holdings Limited
(Registration number: 04401595)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Retained earnings |
4,840,637 |
2,782,998 |
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Shareholders' funds |
4,840,837 |
2,783,198 |
Approved and authorised by the
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Read Construction Holdings Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 March 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 March 2024 |
200 |
2,782,998 |
2,783,198 |
Read Construction Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Summary of disclosure exemptions
The company has taken advantage of the disclosure exemption under section 1.12 of FRS 102 to not present a statement of cash flows.
Name of parent of group
These financial statements are consolidated in the financial statements of Read Construction UK Limited.
The financial statements of Read Construction UK Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
Going concern
The financial statements have been prepared on a going concern basis.
Read Construction Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements and key sources of estimation uncertainty
In preparing these financial statements, the Directors are required to make judgements, estimates and assumptions which will impact the application of accounting policies. These judgements, estimates and assumptions will also affect the amounts reported in respect of assets, liabilities, income and expenses. Actual results may differ from these estimates. |
Management estimates and assumptions are continually reviewed and any variances are adjusted in the profit and loss account as and when more accurate information is obtained. |
Judgements that management have made in applying the company’s accounting policies and which could have the most significant impact on the financial statements relate to the following: |
Revenue recognition and long term contract balances |
Provisions |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Turnover is ascertained by reference to interim and final valuations carried out during the course of contracts. Attributable profit is ascertained by comparing costs to date relating to disclosed turnover in respect of contracts where a profitable outcome can be assessed with reasonable certainty.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
12.5% straight line |
Read Construction Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Construction contracts |
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
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2025 |
2024 |
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Gain on disposal of tangible assets |
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- |
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Operating profit |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Operating lease expense - plant and machinery |
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Hire of plant and machinery |
180,000 |
180,000 |
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Profit on disposal of property, plant and equipment |
( |
- |
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Other interest receivable and similar income |
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2025 |
2024 |
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Interest income on bank deposits |
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Other finance income |
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- |
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Read Construction Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
86,455 |
95,850 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Read Construction Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
361,262 |
372,842 |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
( |
- |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
- |
|
Total tax charge |
|
|
Read Construction Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Plant and machinery |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
Disposals |
( |
( |
|
At 31 March 2025 |
|
|
|
Depreciation |
||
|
At 1 April 2024 |
|
|
|
Eliminated on disposal |
( |
( |
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
- |
- |
|
At 31 March 2024 |
- |
- |
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Gross amount due from customers for contract work |
|
|
|
|
|
|
Details of non-current trade and other debtors
£843,402 (2024 -£558,005) of Trade debtors is classified as non current. Non current trade debtors relate to sales retentions on ongoing construction contracts.
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Read Construction Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
|
|
|
Other payables and subcontractor retentions |
|
|
|
|
Accruals |
|
|
|
|
Income tax liability |
490,658 |
372,842 |
|
|
Gross amount due to customers for contract work |
|
|
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
50 |
|
50 |
|
|
|
50 |
|
50 |
|
|
|
50 |
|
50 |
|
|
|
50 |
|
50 |
|
|
|
|
|
|
Read Construction Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
Dividends paid in the year total £1,073,799 (2024 - £584,134).
|
Related party transactions |
At 31 March 2025 there was a balance of £34,050 (2024 - £38,550) owed by one of the directors to the company, which is included in Other debtors.
Summary of transactions with parent
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is