Registered number: 02477053
FOR THE YEAR ENDED 31 DECEMBER 2024
RGCM LIMITED
COMPANY INFORMATION
RGCM LIMITED
CONTENTS
RGCM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the Strategic Report for the year ended 31 December 2024.
This report outlines the company’s performance over the past year, highlighting both financial and non-financial achievements, as well as the key risks and opportunities influencing our business environment.
Despite ongoing external challenges, we have made significant strides in consolidating our market position and establishing a foundation for sustainable, long-term growth. Our strategic focus has remained on operational excellence, regulatory compliance, and delivering outstanding value to our clients, supply chain partners, and stakeholders.
We are pleased to report that, following a prolonged period of trading uncertainty, the company has continued its steady recovery beyond pre-pandemic trading levels. This recovery has laid a solid foundation for future expansion. Inflationary pressures eased during the year, returning to more recognisable levels, while the procurement strategies implemented over the previous two years successfully mitigated the worst of the cost increases.
As part of our ongoing strategic development, we successfully completed the succession plan for the operating board, aligning leadership with future opportunities.
This year’s results highlight the strength of our client and supply chain relationships and reflect the professionalism, adaptability, and dedication of our staff in navigating a continually evolving business landscape. Through close collaboration with our clients, we delivered high-quality projects on time and within budget throughout the year.
The health and safety of our employees and supply chain partners remains a core priority and an essential component of our business values and managed to ISO 45001 standards.
We manage risk through robust internal systems and procedures. Our healthy forward order book, composed largely of repeat clients, extends into 2025 and 2026. Our growing reputation and client base are underpinned by our consistent delivery performance.
The speed and extent of economic recovery post-pandemic presented ongoing challenges, including inflation and supply chain instability. We continue to monitor our supply chain and client activity closely to mitigate risks across all projects. Our adaptive operational model has allowed us to respond effectively to these pressures, avoiding any negative impact on the company’s trading capacity.
The introduction of the new Building Safety Regulator regime for high-rise buildings marked a significant regulatory shift. RG, our clients, and key suppliers were well positioned to adopt these changes, and by year-end, we had submitted several Gateway 2 applications.
We had anticipated that some of these schemes would be processed and approved by the end of the year; however, approvals were delayed, reflecting industry-wide backlogs. These unresolved delays are expected to hinder growth in 2025.
The initial impact is already affecting early trades and is likely to cascade across the broader supply chain. While we fully support the newly introduced regulations, we join others in the industry in calling for an operational review to address the uncertainty surrounding approval timelines.
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RGCM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Some of the key performance indicators are as follows:
2024 2023
£’000s £’000s
Turnover 312,953 198,049
Profit before tax 4,570 1,938
Profit after tax 4,086 1,157
Net assets 12,174 11,552
2024 2023
£’000s £’000s
Turnover 312,953 198,049
Profit before tax 4,570 1,938
Profit after tax 4,086 1,157
Net assets 12,174 11,552
Our financial success continues to be driven by disciplined cost control, prudent revenue management, and careful cash flow oversight. We maintain a strong shareholders' fund, demonstrating financial stability and resilience.
Our non-financial KPIs include client satisfaction, supply chain satisfaction, and staff retention. We also take pride in our performance in environmental responsibility, quality assurance, and health and safety—achievements validated by industry awards received by our teams.
Principal activity
Our principal activity remains the management and delivery of construction projects in the capacity of main contractor.
Our principal activity remains the management and delivery of construction projects in the capacity of main contractor.
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RGCM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors consider that the decisions taken during the financial year comply with the requirements of s172(1) of the Companies Act 2006.
Who we are and what we do
RGCM Limited, trading as RG Group, is the principal trading entity of the Group and one of the UK’s leading privately held construction companies. All past and present directors are the ultimate sole shareholders. The operating board is actively involved in the day-to-day management of a wide range of construction projects across the UK.
The Role of the Board
The Board is primarily responsible for promoting the long-term success of the Company by delivering high-quality projects on time, within budget, and with an unwavering commitment to safety. This ensures the continued financial viability of the Company.
To achieve this, the Board sets out strategic objectives and continuously monitors performance. Monthly board meetings are held to assess key areas of the business, including financial reviews and forecasts, resources, internal controls, operational performance, opportunities, and risks.
All directors are actively engaged in each project. While senior management handles day-to-day operations, directors are accountable for ensuring that actions taken are in good faith and aligned with promoting the Company's long-term success for the benefit of all members, while considering broader stakeholder interests.
1. The likely consequence of decisions in the long term
The Board prepares and reviews both short- and long-term strategic plans, assessing performance against key financial and operational objectives. Plans are updated as needed, with a formal review conducted annually.
In forming these strategies, the Board considers:
• Economic conditions and market trends
• Client retention and acquisition
• Competitive landscape
• Overall performance of the construction sector
All decisions are carefully evaluated to balance immediate constraints with long-term benefits, ensuring sustainable outcomes.
2. The interest of the company’s employees
The directors recognise that employees are essential to the Company's long-term success. Through close involvement in daily operations, directors maintain familiarity with individual staff members, enabling accurate performance assessment and the provision of appropriate support and training.
We prioritise:
• Recruitment and retention of motivated, competent individuals
• Internal promotion based on merit
• Clear career progression pathways
Many of our senior positions are held by individuals promoted internally. Training and development are central to our HR strategy, supported by consistent communication through internal emails, presentations, and news updates.
Who we are and what we do
RGCM Limited, trading as RG Group, is the principal trading entity of the Group and one of the UK’s leading privately held construction companies. All past and present directors are the ultimate sole shareholders. The operating board is actively involved in the day-to-day management of a wide range of construction projects across the UK.
The Role of the Board
The Board is primarily responsible for promoting the long-term success of the Company by delivering high-quality projects on time, within budget, and with an unwavering commitment to safety. This ensures the continued financial viability of the Company.
To achieve this, the Board sets out strategic objectives and continuously monitors performance. Monthly board meetings are held to assess key areas of the business, including financial reviews and forecasts, resources, internal controls, operational performance, opportunities, and risks.
All directors are actively engaged in each project. While senior management handles day-to-day operations, directors are accountable for ensuring that actions taken are in good faith and aligned with promoting the Company's long-term success for the benefit of all members, while considering broader stakeholder interests.
1. The likely consequence of decisions in the long term
The Board prepares and reviews both short- and long-term strategic plans, assessing performance against key financial and operational objectives. Plans are updated as needed, with a formal review conducted annually.
In forming these strategies, the Board considers:
• Economic conditions and market trends
• Client retention and acquisition
• Competitive landscape
• Overall performance of the construction sector
All decisions are carefully evaluated to balance immediate constraints with long-term benefits, ensuring sustainable outcomes.
2. The interest of the company’s employees
The directors recognise that employees are essential to the Company's long-term success. Through close involvement in daily operations, directors maintain familiarity with individual staff members, enabling accurate performance assessment and the provision of appropriate support and training.
We prioritise:
• Recruitment and retention of motivated, competent individuals
• Internal promotion based on merit
• Clear career progression pathways
Many of our senior positions are held by individuals promoted internally. Training and development are central to our HR strategy, supported by consistent communication through internal emails, presentations, and news updates.
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RGCM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Our intranet, RG Hub, provides comprehensive access to project and company information. We are also developing our social media presence to enhance communication and gather employee feedback.
Directors and senior management hold regular meetings to review project performance, including financials, timelines, quality metrics, and resourcing.
3. Fostering business relationships with suppliers, customers and others
Strong relationships with clients and suppliers, including specialist contractors, are vital to our success. Directors maintain close communication with all key stakeholders to understand mutual goals and support each other in achieving them.
Clients and suppliers have direct access to relevant directors, and feedback is actively encouraged to identify lessons learned and areas for improvement.
4. Impact of the Company’s operations on the community and environment
Our goal is to minimise environmental and community impact across all projects.
RGCM operates under a robust Environmental Policy and is a certified carbon-neutral organisation. We are committed to sustainable development, environmental protection, and ongoing performance improvement.
Key elements of our approach include:
• Exceeding environmental compliance standards
• Preventing pollution
• Educating employees and the supply chain on sustainability responsibilities
• Transparent stakeholder communication and consultation
We conduct Environmental Risk Assessments for all offices and projects, setting specific targets around waste reduction, energy efficiency, biodiversity, responsible sourcing, and community engagement. Our environmental management system aligns with ISO 14001 standards.
On major contracts, we actively engage with local communities and host stakeholder events to foster positive relationships and awareness.
5. Maintaining a reputation for high standards of business conduct
Our reputation for high standards and professionalism underpins repeat business and long-term partnerships, particularly with blue-chip clients.
Key elements include:
• A culture of continuous improvement
• Setting and reviewing quality objectives and initiatives through data-driven insights
• Adherence to ISO 9001:2015 quality management principles
Senior management identifies risks and opportunities to set relevant quality objectives. Our core values include customer focus, strong leadership, employee engagement, process excellence, and relationship management.
6. Acting fairly as between members of the Company
The Board ensures that decisions are made with fairness and equity, balancing short- and long-term considerations. Directors are committed to maintaining integrity and high standards to secure the Company’s long-term success for the benefit of all members.
Directors and senior management hold regular meetings to review project performance, including financials, timelines, quality metrics, and resourcing.
3. Fostering business relationships with suppliers, customers and others
Strong relationships with clients and suppliers, including specialist contractors, are vital to our success. Directors maintain close communication with all key stakeholders to understand mutual goals and support each other in achieving them.
Clients and suppliers have direct access to relevant directors, and feedback is actively encouraged to identify lessons learned and areas for improvement.
4. Impact of the Company’s operations on the community and environment
Our goal is to minimise environmental and community impact across all projects.
RGCM operates under a robust Environmental Policy and is a certified carbon-neutral organisation. We are committed to sustainable development, environmental protection, and ongoing performance improvement.
Key elements of our approach include:
• Exceeding environmental compliance standards
• Preventing pollution
• Educating employees and the supply chain on sustainability responsibilities
• Transparent stakeholder communication and consultation
We conduct Environmental Risk Assessments for all offices and projects, setting specific targets around waste reduction, energy efficiency, biodiversity, responsible sourcing, and community engagement. Our environmental management system aligns with ISO 14001 standards.
On major contracts, we actively engage with local communities and host stakeholder events to foster positive relationships and awareness.
5. Maintaining a reputation for high standards of business conduct
Our reputation for high standards and professionalism underpins repeat business and long-term partnerships, particularly with blue-chip clients.
Key elements include:
• A culture of continuous improvement
• Setting and reviewing quality objectives and initiatives through data-driven insights
• Adherence to ISO 9001:2015 quality management principles
Senior management identifies risks and opportunities to set relevant quality objectives. Our core values include customer focus, strong leadership, employee engagement, process excellence, and relationship management.
6. Acting fairly as between members of the Company
The Board ensures that decisions are made with fairness and equity, balancing short- and long-term considerations. Directors are committed to maintaining integrity and high standards to secure the Company’s long-term success for the benefit of all members.
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RGCM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 26 September 2025 and signed on its behalf.
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RGCM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £4,085,547 (2023 - £1,157,469).
During the year dividends of £3,463,648 (2023: £5,448,252) were paid.
The directors who served during the year were:
Our strategy of diversification in commercial, retail and living space projects continues, and the directors are seeking to consolidate on the new business acquired.
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RGCM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Credit risk
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit
rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to formal credit control procedures which include the
timely chasing of outstanding debt.
Liquidity risk
The directors review the liquidity position on a regular basis and are confident that the business has sufficient
cash resources to meet its trading needs.
Price risk
The Company is subject to commodity price and other cost inflationary risks and manages these risks by
entering into, where possible, fix pricing arrangements with its supply chains and subcontractors.
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit
rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to formal credit control procedures which include the
timely chasing of outstanding debt.
Liquidity risk
The directors review the liquidity position on a regular basis and are confident that the business has sufficient
cash resources to meet its trading needs.
Price risk
The Company is subject to commodity price and other cost inflationary risks and manages these risks by
entering into, where possible, fix pricing arrangements with its supply chains and subcontractors.
The information has been included in the strategic report.
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RGCM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
RG Group has appointed Carbon Footprint Ltd, a leading carbon and energy management company, to independently assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government’s ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance’.
The GHG emissions have been assessed following the ISO 14064-1:2018 standard and has used the 2024 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the location-based approach for assessing Scope 2 emissions from electricity usage. The financial control approach has been used.
The table below summarises the GHG emissions for reporting year: 1 January 2024 to 31 December 2024. As a business we have been assessing our carbon emissions since 2011 and have provided our two previous year’s assessment results for comparison.
The GHG emissions have been assessed following the ISO 14064-1:2018 standard and has used the 2024 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the location-based approach for assessing Scope 2 emissions from electricity usage. The financial control approach has been used.
The table below summarises the GHG emissions for reporting year: 1 January 2024 to 31 December 2024. As a business we have been assessing our carbon emissions since 2011 and have provided our two previous year’s assessment results for comparison.
Energy monitoring has been significantly improved by the introduction of additional personnel, and the adoption of new reporting software. This has in turn enabled RG Group to initiate new management processes and introduce more efficient technologies such as battery storage units to better match peak load requirements.
The following information has been included in the strategic report:
- A business review
- Principal risks and uncertainties
- Financial and other key performance indicators
- The principal activity of the company
- A business review
- Principal risks and uncertainties
- Financial and other key performance indicators
- The principal activity of the company
The company was a close company within the provisions of the Income and Corporation Taxes Act 1988 and this position has not changed since the end of the year.
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RGCM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 26 September 2025 and signed on its behalf.
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RGCM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RGCM LIMITED
We have audited the financial statements of RGCM Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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RGCM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RGCM LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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RGCM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RGCM LIMITED (CONTINUED)
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 Auditors' 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
Based on our understanding of the Company and industry, we identified and assessed the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements. We also enquired of management and those charged with governance about their own identification and assessment of the risks of irregularities. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
We obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. These included but were not limited to, UK Companies Act, UK financial reporting standards and taxation legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included but were not limited to, legislations relating to health and safety.
As a result of performing the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue and profit recognition. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s
controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud
might be inherently more difficult to detect than irregularities that result from error. As explained above, there is
an unavoidable risk that material misstatements may not be detected, even though the audit has been planned
and performed in accordance with ISAs (UK).
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.
Based on our understanding of the Company and industry, we identified and assessed the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements. We also enquired of management and those charged with governance about their own identification and assessment of the risks of irregularities. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
We obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. These included but were not limited to, UK Companies Act, UK financial reporting standards and taxation legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included but were not limited to, legislations relating to health and safety.
As a result of performing the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue and profit recognition. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s
controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud
might be inherently more difficult to detect than irregularities that result from error. As explained above, there is
an unavoidable risk that material misstatements may not be detected, even though the audit has been planned
and performed in accordance with ISAs (UK).
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RGCM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RGCM LIMITED (CONTINUED)
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 Auditors' 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 Auditors' 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
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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RGCM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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RGCM LIMITED
REGISTERED NUMBER: 02477053
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025 .
The notes on pages 17 to 33 form part of these financial statements.
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RGCM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 4 Abbey Wood Road, Kings Hill, West Malling, Kent, ME19 4AB.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the Company.
Monetary amounts in these financial statements are rounded to the nearest £.
Monetary amounts in these financial statements are rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company is taking advantage of the exemption to prepare a Statement of Cash Flows as it is a qualifying entity under FRS 102, whose financial statements are included within the consolidated financial statements of the parent entity of the Group, Spritestore Limited. Copies of these financial statements may be obtained from Companies House.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
current market rents and investment property yields for comparable real estate, adjusted if necessary
for any difference in the nature, location or condition of the specific asset. No depreciation is
provided. Changes in fair value are recognised in profit or loss.
Debtors are initially measured at the transaction price and are measured subsequently carried at amortised cost using the effective interest method, less any impairment. Debtors classified as due within one year are not amortised.
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
When the outcome of a contract can be measured reliably, the entity will recognise both turnover andcosts by reference to the percentage of completion of the contract. The turnover recognised is basedon certified client valuations, however, in the event of the valuation being mid-month, there is a prorata estimation of the percentage completion using a linear approach based on number of daysbetween the previous and next valuation. Variations in contract work, claims and incentive paymentsare included to the extent that the amount can be measured reliably, and its receipt is consideredprobable.
If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognisedto the extent that it is probable that costs are recoverable.
When it is probable that a loss will occur on a contract, this is recognised in full immediately as anonerous contract provision.
If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognisedto the extent that it is probable that costs are recoverable.
When it is probable that a loss will occur on a contract, this is recognised in full immediately as anonerous contract provision.
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The nature of estimation and judgement means that actual result may differ and may result in a material adjustment to carrying amount of the asset or liability affected in future periods.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year financial year are addressed below.
Revenue and profit recognition
The revenue recognition and profit recognition policies, which are set out in note 2.3 and 2.17 respectively, are central to how the company values the work it has carried out in each year.
These policies require forecasts to be made of the outcomes of long term construction services andsupport services contracts, which require assessments and judgements to be made on recovery of precontract costs, changes in the scope of work, contract programmes, maintenance and defects liabilities
and changes in costs.
Estimation uncertainty will exist with regard to the gross profit being recognised at the year end. The progress of all current projects is tracked by the Company using a bespoke system which allows for up to date reporting on the status of each project.
Valuation of freehold property
Freehold properties are valued annually by directors who are considered to have adequate knowledge and expertise in this area, using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
Provisions
Provisions are made for known legal claims, investigations and legal actions relating to the Company which are considered more likely than not to result in an outflow of economic benefit. The assessment of the cost is based on best estimates made by experienced senior management, on an individual contract basis and with reference to relevant contract provisions and insurance excess premiums. If directors considers that a claim, investigation or action relating to the Company is unlikely to succeed, no provision is made. If the Directors cannot make a reliable estimate of a potential, material obligation, no provision is made but details of claim are disclosed as contingent liabilities. At 31 December 2024, the Company had no contingent liabilities in relation to claims (2023: £nil).
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The property was last independently valued in April 2022 using market rents and investment yields for comparable properties, adjusted for location and condition. The directors have reviewed market conditions and consider the carrying value at the year end to be a reasonable approximation of fair value.
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The property was last independently valued in April 2022 using market rents and investment yields for comparable properties, adjusted for location and condition. The directors have reviewed market conditions and consider the carrying value at the year end to be a reasonable approximation of fair value.
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Revaluation reserve
Profit and loss account
from those reserves.
Page 31
RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £528,563 (2023: £502,159). Contributions totalling £79,162 (2023: £76,962) were payable to the fund at the balance sheet date and are included in creditors.
Page 32
RGCM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is RGCM (Holdings) Limited, a company registered at 4 Abbey Wood Road, Kings Hill, West Malling, Kent, ME19 4AB.
The ultimate parent company is Spritestore Limited, a company incorporated in England and Wales and with its registered office at 4 Abbey Wood Road, Kings Hill, West Malling, Kent ME19 4AB. Spritestore Limited is the parent of the smallest and largest group for which consolidated financial statements are prepared and these can be obtained from Companies House.
The ultimate parent company is Spritestore Limited, a company incorporated in England and Wales and with its registered office at 4 Abbey Wood Road, Kings Hill, West Malling, Kent ME19 4AB. Spritestore Limited is the parent of the smallest and largest group for which consolidated financial statements are prepared and these can be obtained from Companies House.
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