BSB Construction Limited 31/12/2024 iXBRL

Company registration number: 07816133

BSB Construction Limited

Trading as Blue Sky Building

Unaudited financial statements

31 December 2024

BSB Construction Limited

Contents

Directors and other information

Chief Executive Officer's report

Director's report

Accountants report

Statement of income and retained earnings

Statement of financial position

Notes to the financial statements

BSB Construction Limited

Directors and other information


	Director	Mr J T Daniel


	Secretary	Mr G Bertie


	Company number	07816133


	Registered office	Vaughan Chambers
		Vaughan Road
		Harpenden
		AL5 4EE


	Business address	Level 5
		7-8 Market Place
		London
		W1W 8AG


	Accountants	Hicks and Company
		Chartered Accountants
		Vaughan Chambers
		Vaughan Road
		Harpenden
		AL5 4EE




	Bankers	Drummonds
		Royal Bank of Scotland plc
		49 Charing Cross
		London
		SW1A 2DX

BSB Construction Limited

Chief Executive Officer's report

for the year ended 31 December 2024

Overview

Building on the momentum of 2023, this past year marked our strongest performance to date. 2024 was defined by our team's ability to adapt quickly, deliver under pressure, and turn challenging circumstances into opportunities for growth.

At Carlton House Terrace, the collapse of the MEP contractor created significant client impacts and delays. By scaling our team and stepping in decisively, we were able to mitigate disruption to our client. This not only created higher monthly turnover but extended it by several months.

Similarly, we were working with Allied London in Manchester on London Road Fire Station, when the main contractor on another Allied London project nearby, Old Granada Studios, went in to administration. We demonstrated we could quickly mobilise, by taking on the incumbent management team, supplemented by BSB staff, to remobilise and continue the construction delivery.

Our agility was also evident in securing the Westbury Hotel project. Originally an unidentified Q3 opportunity, this commission arose from client dissatisfaction with the incumbent design and delivery teams. With urgency a priority, we mobilised faster than normal, resulting in stronger-than-forecast turnover in the final quarter.

Our projects at UKH continue to provide a robust and reliable revenue base. While delivery in a live building environment brings challenges, our ability to minimise fallow periods and optimise client returns has strengthened this relationship, with further projects already planned for 2025.

Our pre-construction business also delivered strongly, with significant commissions including the Royal Observatory, Westminster Under School, Royal Free London Hybrid Theatres, UCL Quad Works, and Guy's and St Thomas' Surgical Hub.

Financial discipline remains central to our strategy. We continue to operate as a cash-positive business without external investors, a model we are determined to maintain.

We also maintained our ISO accreditations across Environmental, Quality and Health & Safety as well as our Cyber Essentials, CHAS, and Constructionline accreditations. The addition of Shaun Sheldrake has added further drive and focus to our governance agenda, ensuring we maintain the highest standards for both our business and our clients.

As we move into 2025, we remain committed to sustainable growth, strong client partnerships, and enhancing governance standards. Our track record of resilience and adaptability gives us confidence in delivering sustainable success in the years ahead.

Business plan for 2024 - Planned v actual

The plan for 2024 was to maintain our overall turnover at around £8m, with a target to secure the British Museum Delivery partner role, along with at least one other project win that will generate revenue in Q4 2024 and then into 2025 and beyond. We also anticipated further projects at UK House towards the end of the year and an increase in turnover on the Earls Court project. It was anticipated that Carlton Terrace and the UKH Penthouse project will complete in Q2 2024.

On review, we actually generated record turnover for the year, exceeding our target by over 25% to £10.3m. This was due to the prolongation of projects such as Carlton Terrace and London Road Fire Station, delivering more UK House projects than envisaged, the securing of Westbury Hotel and the take over of Old Granada Studios project in Manchester, following the insolvency of the incumbent contractor. Although we did secure The British Museum Delivery Partner role, it was later in the year than planned and not at the revenue levels planned, nor did we increase revenue at Earls Court. Whilst we have increased turnover, we believe that it would be difficult to maintain this level of turnover for future years given our current business model.

We also identified in the last business year that we needed to review our internal governance to make our processes more robust. This was in the light of some trading issues but also the fact that new industry regulations are being imposed on us and other key stakeholder. Although essential to manage our business risk, there is also an opportunity to develop a service offering, to better support potential clients. Following further issues, particularly around commercial reporting to clients, we took the decision to appoint Shaun Sheldrake as Head of Governance in the late Autumn of this year. He was part of the team that we took in to the company following our take over of Old Granada Studios and has the right skills, capabilities and aptitude for the role.

Business plan for 2025

The plan for 2025 is to secure overall turnover at around £7m to £9m, as 2024 was an exceptional year in terms of securing work with almost immediate turnover and the increased turnover period from Westbury will drive a large proportion of our turnover in the year and the plan will be to secure another large CM project by Q3 along with an increased role at both British Museum and Earls Court. We should close out the majority of UK House, London Road Fire Station, National Gallery, Carlton Terrace and Old Granada Studios during the year.

The plan to review and improve our governance will continue and we will look to develop new service offering opportunities on the back of understanding and embracing the new legislative environment, now significantly impacting our industry, particularly around the new Building regulations and High-Risk High Rise Residential requirements.

Current board members and appointments

The constitution of the Board is as follows:

Julian Daniel Managing Director

Gavin Bertie Company Secretary

Health and Safety

We continue to utilise Havio, as an independent safety advisor and have decided for the immediate future not to internalise this vital service, albeit we have on our smaller projects, for viability reasons. The continued use of The Book, a collation of our standards has been generally well received by our clients and supply chain and is helping drive up the standards on our projects. Safety metrics are used to measure our own performance on projects and those of our individual suppliers. This has provided more focus and momentum with the introduction of Shaun Sheldrake in to his wider governance role.

Sustainability

We work with our clients to provide sustainable solutions on the commissions we carry out.

J T Daniel

Chief Executive Officer

BSB Construction Limited

Director's report

Year ended 31 December 2024

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2024.

Director

The director who served the company during the year was as follows:

Mr J T Daniel

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 26 September 2025 and signed on behalf of the board by:

Mr J T Daniel

Director

BSB Construction Limited

Chartered accountants report to the director on the preparation of the

unaudited statutory financial statements of BSB Construction Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BSB Construction Limited for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the director of BSB Construction Limited, as a body, in accordance with the terms of our engagement letter dated 27 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of BSB Construction Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BSB Construction Limited and its director as a body for our work or for this report.

It is your duty to ensure that BSB Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BSB Construction Limited. You consider that BSB Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of BSB Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hicks and Company

Chartered Accountants

Vaughan Chambers

Vaughan Road

Harpenden

AL5 4EE

26 September 2025

BSB Construction Limited

Statement of income and retained earnings

Year ended 31 December 2024

		2024	2023
	Note	£	£


Turnover		10,341,803	7,910,762

Cost of sales		( 8,857,598)	( 6,723,739)
		_________	_________
Gross profit		1,484,205	1,187,023

Administrative expenses		( 925,303)	( 949,803)
		_________	_________
Operating profit		558,902	237,220

Other interest receivable and similar income		11,791	11,400
Interest payable and similar expenses		( 131)	-
		_________	_________
Profit before taxation	5	570,562	248,620

Tax on profit		( 167,321)	( 64,604)
		_________	_________
Profit for the financial year and total comprehensive income		403,241	184,016
		_________	_________

Retained earnings at the start of the year		1,243,067	1,059,051
		_________	_________
Retained earnings at the end of the year		1,646,308	1,243,067
		_________	_________

All the activities of the company are from continuing operations.

BSB Construction Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	6	29,385		35,484
Investments	7	36,001		36,001
		_________		_________
			65,386		71,485

Current assets
Debtors	8	2,956,747		2,421,687
Cash at bank and in hand		424,050		835,544
		_________		_________
		3,380,797		3,257,231
Creditors: amounts falling due
within one year	9	( 1,792,491)		( 2,076,665)
		_________		_________
Net current assets			1,588,306		1,180,566
			_________		_________
Total assets less current liabilities			1,653,692		1,252,051


Provisions for liabilities			( 7,300)		( 8,900)

			_________		_________
Net assets			1,646,392		1,243,151
			_________		_________

Capital and reserves
Called up share capital			55		55
Capital redemption reserve			29		29
Profit and loss account			1,646,308		1,243,067
			_________		_________
Shareholder funds			1,646,392		1,243,151
			_________		_________

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

Mr J T Daniel

Director

Company registration number: 07816133

BSB Construction Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover represents the total invoice value of work done, excluding value added tax, of sales made during the year.In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.Turnover also includes a provision in respect of long-term contracts based on 2.5% of total project revenue and is included for a period of one year following project completion.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	Straight line over five years
Computer equipment	-	Straight line over three years

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2023: 18 ).

5. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible assets	16,074	10,240
	_________	_________

6. Tangible assets

	Fixtures, fittings and equipment	Computer equipment	Total
	£	£	£
Cost
At 1 January 2024	7,859	42,661	50,520
Additions	-	9,975	9,975
	_________	_________	_________
At 31 December 2024	7,859	52,636	60,495
	_________	_________	_________
Depreciation
At 1 January 2024	973	14,063	15,036
Charge for the year	1,571	14,503	16,074
	_________	_________	_________
At 31 December 2024	2,544	28,566	31,110
	_________	_________	_________
Carrying amount
At 31 December 2024	5,315	24,070	29,385
	_________	_________	_________
At 31 December 2023	6,886	28,598	35,484
	_________	_________	_________

7. Investments

	Shares in group undertakings and participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	1	36,000	36,001
	_________	_________	_________
Impairment
At 1 January 2024 and 31 December 2024	-	-	-
	_________	_________	_________
Carrying amount
At 31 December 2024	1	36,000	36,001
	_________	_________	_________
At 31 December 2023	1	36,000	36,001
	_________	_________	_________

8. Debtors

	2024	2023
	£	£
Trade debtors	2,241,178	1,371,054
Other debtors	715,569	1,050,633
	_________	_________
	2,956,747	2,421,687
	_________	_________

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	880,290	912,424
Corporation tax	146,838	162,024
Social security and other taxes	107,565	235,710
Other creditors	657,798	766,507
	_________	_________
	1,792,491	2,076,665
	_________	_________

10. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr J T Daniel	809,419	( 565,429)	243,990
		_________	_________	_________

2023
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr J T Daniel	( 6,481)	815,900	809,419
		_________	_________	_________

11. Related party transactions

During the year, the company incurred consultancy services totalling £1,120,000 (2023 - £660,000) from Kbear Inform Ltd, a company in which Mr J Daniel is a director and shareholder. At 31 December 2024, there was an amount due from BSB Construction Ltd to Kbear Inform Ltd of £186,495 (2023 - £114,495).During the year, the company recharged expenses totalling £29,652 (2023 - £nil) to Blue Sky Interiors Ltd, a company in which Mr J Daniel is a director and shareholder. At 31 December 2024, there was an amount due from BSB Construction Ltd to Blue Sky Interiors Ltd of £3,115 (2023 - £nil).