Company Registration No. 01352763 (England and Wales)
FOR THE YEAR ENDED 31 DECEMBER 2024
Sumer Auditco Limited
Chartered Accountants and Statutory Auditors
14th Floor
33 Cavendish Square, London
W1G 0PW
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report together with the financial statements of the company for the year ended 31st December 2024.
Principal activities
Principal activities
The principal activities of the company remained that of Multi trade fit out contractors and bespoke joinery manufacturers plus Rudwall off site manufacturing of adaptable prefabricated modular systems incorporating all finishes, including sanitaryware and services.
We continue to carry out contracts for a broad spectrum of the UK Tier 1 contractors delivering contracts in the public and private sectors such as residential, health, education, leisure, retail and commercial markets.
All activities are carried out within the United Kingdom.
Our number one indicator remains the health and safety of our workers. We are delighted to report that 2024 was another year where we had zero reportable incidents.
Our next priority is the successful delivery of our contracts in a quality and timely manner.
Our key financial targets remain to generate profit and positive cash flow.
The key financial highlights for the last four years are as follows:
Our next priority is the successful delivery of our contracts in a quality and timely manner.
Our key financial targets remain to generate profit and positive cash flow.
The key financial highlights for the last four years are as follows:
The Board uses a variety of financial and non-financial KPI’s to measure and manage the company’s operations efficiently.
The profit and loss account for the year is set out on page 15.
Review of the year to December 2024
The directors are pleased to report another successful year having achieved operating profits of £5.8m on turnover of £63.4m This success was achieved despite continuing economic challenges including intense competition, inflation, high interest rates, resources issues and geopolitical uncertainties.
The directors are pleased to report another successful year having achieved operating profits of £5.8m on turnover of £63.4m This success was achieved despite continuing economic challenges including intense competition, inflation, high interest rates, resources issues and geopolitical uncertainties.
These results would not have been possible without the hard work and dedication of our experienced team, our focus on our core activities, our smart and more efficient use of systems, procedures and technology and embracing proven modern techniques.
Our fit out contracting and joinery activities progressed to programme and a significant number of projects were completed and handed over during the year and we thank our clients for the opportunity to work for them.
We continued to invest in our team, in health and safety, training and in IT.
We continued to invest in our team, in health and safety, training and in IT.
We are proud to work with some of the largest property development and construction firms in the United Kingdom as a key delivery partner on some of London’s iconic buildings including:
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- Stonecutter Court - a Rudwall project for the new Travers Smith HQ
- 1 Broadgate - a Joinery package including internal wall panelling and doors at Liverpool Street
- 76 Upper Ground - a Rudwall Project for a refurbishment Project on London’s Southbank
- 76 Upper Ground - a Rudwall Project for a refurbishment Project on London’s Southbank
- 40 Leadenhall Street - a Turnkey fit out for an Amenity floor
- 90 Long Acre - a Reception fit out to a refurbished building
- 1 Leadenhall - a 32 Storey tower washroom fit-out
These large commercial projects are complemented by landmark residential projects including Arundel Great Court, Building B2 at Wood Wharf, Deanston Wharf for Ballymore, Beaufort Park for St George and a large Hotel Project.
We are currently manufacturing our Rudwall products for our Ellison Institute, 2 Finsbury Avenue and 7 Millbank sites, where we have developed Superloo and MIP Pods. With the increasing shortage of labour within the industry the need for off-site manufacturing is becoming more evident, which we are well positioned for now and in the future.
We are currently manufacturing our Rudwall products for our Ellison Institute, 2 Finsbury Avenue and 7 Millbank sites, where we have developed Superloo and MIP Pods. With the increasing shortage of labour within the industry the need for off-site manufacturing is becoming more evident, which we are well positioned for now and in the future.
Demerger of subsidiary Kendall Contracts Limited
During the year, the company demerged its house building subsidiary Kendall Contracts Limited. Clearance was obtained from HM Revenue & Customs. Further details of the demerger are set out in note 14 to the accounts.
We live in uncertain times where profit margins remain competitive and we have the added challenges that the geopolitical climate, continuing war in Ukraine, continuing conflict in the Middle East, American tariffs, continuing high interest rates and slow growth in the UK economy all combining to keep investment confidence low so caution remains the order of the day.
The UK residential market is also undergoing a transitional period in which we have found that there have been a reduced number of project starts, brought about by the additional hurdles that residential developers are being made to overcome to meet the requirements of the building safety act. However, our current Joinery, fit out contracting and Rudwall contracts are progressing according to programme and we retain strong liquidity in our balance sheet. Our order book and new enquiries are encouraging and our turnover for 2025 is projected to remain steady and profitable.
Over the last 6 years we have had significant resources tied up on a large complex project, this limited the company’s capacity, due to the continual need to resource and fund this difficult project. We have now successfully achieved practical completion, but there is still significant work to do to achieve a final fair valuation of the works undertaken. We now look forward to the company’s resources being re-deployed on new projects in the near future.
As we enter our 48th year of successful trading we are confident that the strength of the company, our dedicated and experienced team and reputation in our sectors will enable us to continue to invest in our people and resources resulting in the continued delivery of a consistent, timely and quality service to our valued customers and the continuation of profit generation and positive cashflow going forward.
The UK residential market is also undergoing a transitional period in which we have found that there have been a reduced number of project starts, brought about by the additional hurdles that residential developers are being made to overcome to meet the requirements of the building safety act. However, our current Joinery, fit out contracting and Rudwall contracts are progressing according to programme and we retain strong liquidity in our balance sheet. Our order book and new enquiries are encouraging and our turnover for 2025 is projected to remain steady and profitable.
Over the last 6 years we have had significant resources tied up on a large complex project, this limited the company’s capacity, due to the continual need to resource and fund this difficult project. We have now successfully achieved practical completion, but there is still significant work to do to achieve a final fair valuation of the works undertaken. We now look forward to the company’s resources being re-deployed on new projects in the near future.
As we enter our 48th year of successful trading we are confident that the strength of the company, our dedicated and experienced team and reputation in our sectors will enable us to continue to invest in our people and resources resulting in the continued delivery of a consistent, timely and quality service to our valued customers and the continuation of profit generation and positive cashflow going forward.
Founded in 1964, trading successfully as Ruddy Joinery Limited since 1978, we benefit from the resources of a long established successful construction business and we strive to retain a family culture in which our directors and senior management are closely involved with all our clients and projects adopting an innovative and collaborative approach to our work. We adopt modern methods based on traditional values, with a proud record of contracts completed on time, to the highest engineering standards and with safe working practices for all of our representatives.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
We have worked repeatedly for most of our customers down the decades and we work hard to maintain our reputation for consistency, quality, expertise and reliability and to entrench our position as a trusted partner of choice.
We strive to continue the long term relationships with our customer base by focusing on our core activities, our long standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers.
It is our focus on our people, employee involvement, diversity, inclusion, training, health and safety, quality management and corporate social responsibility goals that underpin our family values into the future.
We strive to continue the long term relationships with our customer base by focusing on our core activities, our long standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers.
It is our focus on our people, employee involvement, diversity, inclusion, training, health and safety, quality management and corporate social responsibility goals that underpin our family values into the future.
Construction is a higher risk, low margin sector and there are several uncertainties which could have an impact on the company’s performance and could cause results to differ substantially from historical profits and current projections. However, as we enter our 48th year in business we have a strong balance sheet, an experienced team and well established systems and procedures in place to help avoid or minimise risks to the company. The principal risks for our company include the following:
Pricing and delivery of large and complex construction contracts
The pricing and delivery of large and complex construction contracts presents many challenges, principal amongst them being availability of materials and trades people, meeting tight deadlines and avoiding cost overruns. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in-depth risk analysis of every tender before submission and to have an experienced team to deliver those contracts we win.
Quality workmanship
We have to work to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, tradespeople and support staff.
Credit risk
The company’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtors book on a day to day basis. In particular, our longstanding monthly Cost Value Reporting system and review meetings cover the operational, commercial and financial performance of every project and act as an advance warning of variances that may require extra attention. The company does not have a concentration of credit risk with exposure spread over a number of established customers.
Liquidity risk
The company maintains a strong financial position and funds its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. Cashflow forecasts are constantly monitored and updated. The company does not have any complex financial instruments or hedging products and neither does it have any loans or overdrafts or lease or hire purchase finance. Therefore the directors are confident that they can meet their obligations as they fall due.
Interest rate risk
Movement in interest rates which affect the wider economy do not in itself present a substantial risk to our business because the company does not have any borrowings.
Health and safety risk
Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out in our health and safety note below.
Our in house team
The success of the company is dependent on recruiting and retaining skilled management, trades people and support staff. Our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.
Pricing and delivery of large and complex construction contracts
The pricing and delivery of large and complex construction contracts presents many challenges, principal amongst them being availability of materials and trades people, meeting tight deadlines and avoiding cost overruns. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in-depth risk analysis of every tender before submission and to have an experienced team to deliver those contracts we win.
Quality workmanship
We have to work to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, tradespeople and support staff.
Credit risk
The company’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtors book on a day to day basis. In particular, our longstanding monthly Cost Value Reporting system and review meetings cover the operational, commercial and financial performance of every project and act as an advance warning of variances that may require extra attention. The company does not have a concentration of credit risk with exposure spread over a number of established customers.
Liquidity risk
The company maintains a strong financial position and funds its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. Cashflow forecasts are constantly monitored and updated. The company does not have any complex financial instruments or hedging products and neither does it have any loans or overdrafts or lease or hire purchase finance. Therefore the directors are confident that they can meet their obligations as they fall due.
Interest rate risk
Movement in interest rates which affect the wider economy do not in itself present a substantial risk to our business because the company does not have any borrowings.
Health and safety risk
Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out in our health and safety note below.
Our in house team
The success of the company is dependent on recruiting and retaining skilled management, trades people and support staff. Our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Board of Directors is required to consider the company’s ability to continue as a going concern over a period of at least 12 months from the date of approval of these financial statements. The directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have a satisfactory order book from well-established customers and the company has strong liquidity and consistent profits. Thus, we continue to adopt the going concern basis in preparing the financial statements.
The directors believe that the long term interests of the company, its employees and its customers are best served by acting in a corporate social manner and by helping the communities and the environment in which we operate.
The company, therefore, ensures that high standards are maintained in everything we do.
During the year the company and its employees supported many worthy causes and charities and in conjunction with our clients, we continue to offer employment to local trades people and support staff in our areas of operation and we continue to invest in upskilling and training. Our people and their health and safety are at the heart of everything we do and we write more about that below.
As a large and long established construction company, we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect and we recycle and re-use our site waste wherever possible and we use modern waste management companies to recycle any excess. Our carbon reduction actions and aspirations are set out in our streamlined energy and carbon report.
The company, therefore, ensures that high standards are maintained in everything we do.
During the year the company and its employees supported many worthy causes and charities and in conjunction with our clients, we continue to offer employment to local trades people and support staff in our areas of operation and we continue to invest in upskilling and training. Our people and their health and safety are at the heart of everything we do and we write more about that below.
As a large and long established construction company, we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect and we recycle and re-use our site waste wherever possible and we use modern waste management companies to recycle any excess. Our carbon reduction actions and aspirations are set out in our streamlined energy and carbon report.
We constantly assess and monitor the strong links we have with our suppliers who are an integral part of our successful business. Our policy remains to pay our suppliers at the end of the month following delivery date and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we endeavour to adhere to our side of such agreements. We work with our suppliers to help with the responsible sourcing of materials.
The on-going success of the company is attributable to the experience of our team of highly skilled, dedicated and competent directors who are ably supported by a well-developed organisational structure including contracts managers, project/site managers, site supervisors/foreman and a significantly skilled workforce, underpinned by a strong commercial team and head office support staff, of whom we are proud and most of whom are long term, promoted from within and committed Ruddy Joinery employees.
The company continues to have an ambitious vision for training and workforce development and we significantly invest in the training and development of our workforce. Our commitment to training is the bedrock of our business and builds on our strong foundations to deliver a safe, competent and qualified workforce into the future. We offer a career path that helps retain and enhance the skills, talents and experience required to deliver best service to our valued customers. We favour promotion from within and we offer the challenge, training, motivation, rewards and career development expected by the best employees throughout their working life. Our aim remains to give the opportunity, experience and learning to make 'Great People' out of all our employees.
Our hands on approach and short chain of command keeps our directors and managers in constant dialogue with our employees keeping them abreast of the company’s activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain committed to equality and offer equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination.
The company continues to have an ambitious vision for training and workforce development and we significantly invest in the training and development of our workforce. Our commitment to training is the bedrock of our business and builds on our strong foundations to deliver a safe, competent and qualified workforce into the future. We offer a career path that helps retain and enhance the skills, talents and experience required to deliver best service to our valued customers. We favour promotion from within and we offer the challenge, training, motivation, rewards and career development expected by the best employees throughout their working life. Our aim remains to give the opportunity, experience and learning to make 'Great People' out of all our employees.
Our hands on approach and short chain of command keeps our directors and managers in constant dialogue with our employees keeping them abreast of the company’s activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain committed to equality and offer equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life-long and rewarding career where they feel valued and respected and a part of the ongoing success of Ruddy Joinery Limited.
In line with industry standards our tradespeople and management are working towards appropriate NVQ qualifications. We continue to work with our clients to offer apprenticeship to those in the local areas of our projects. This gives us a platform to give back to the community in more ways than just our finished product.
The directors acknowledge that it is our employees who always have and continue to be the reason for the long term success of our business as we enter our 48th year of trading.
The directors and senior managers, assisted by our in house health and safety team, continue to target ‘zero’ accidents by striving to embed best health and safety policies, practices and awareness throughout our project sites, offices, joinery factory, Rudwall manufacturing facility and depots.
The company’s overriding principal is that all our workers work in a safe and accident free working environment and that they go home safely at the end of every working day. The success of this can be measured by another year of no reportable accidents. The investment in health and safety training to maintain, monitor and enhance our Health & Safety performance remains at the top of our core values.
Our excellent Health & Safety record is attributable to ‘Ruddy’s Safe Start Programme’ of continuous health and safety training, site visits, awareness and safety alerts and to our robust systems and procedures. Our constant 'Tool Box' talks are part and parcel of our health and safety awareness and refresher updates.
Ruddy’s ‘Occupational Health Screening’ is implemented in our joinery workshop facility and is being rolled out to site operatives.
The company holds the health and safety accreditations ISO 45001 and CHAS.
The company’s overriding principal is that all our workers work in a safe and accident free working environment and that they go home safely at the end of every working day. The success of this can be measured by another year of no reportable accidents. The investment in health and safety training to maintain, monitor and enhance our Health & Safety performance remains at the top of our core values.
Our excellent Health & Safety record is attributable to ‘Ruddy’s Safe Start Programme’ of continuous health and safety training, site visits, awareness and safety alerts and to our robust systems and procedures. Our constant 'Tool Box' talks are part and parcel of our health and safety awareness and refresher updates.
Ruddy’s ‘Occupational Health Screening’ is implemented in our joinery workshop facility and is being rolled out to site operatives.
The company holds the health and safety accreditations ISO 45001 and CHAS.
Quality Management is central to our day to day operations and helps us deliver value and efficiency.
Amongst Ruddy's key values is a sustainable approach to business and continual improvement in line with our ISO 9001:2015 and 14001:2015 certified integrated management system. Our HSQE team aided by our Directors and managers and site teams continually promote sustainable sourcing of building materials, reducing emissions and the efficient use of energy. We continue to minimise waste by maximising off site prefabrication and intelligent on site installation techniques, re-using it wherever possible and we work closely with modern waste management companies to segregate waste at source and recycle a high percentage.
The company is Forest Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification (PEFC) accredited, organisations which promote sustainable managed forests through independent third party certification. The directors work to embed sustainability and best practice throughout the company and within our supply chain and to comply with all relevant environmental legislation.
Our ISO 9001:2015, ISO 14001:2015, FSC and PEFC Accreditations all achieve re-certification on their renewal dates and we also maintain our accreditations to FIRAS, Achilles (Building Confidence), Constructionline and FORS (Silver).
Our Net Zero Carbon Strategy sets out our commitment and methodology to help reduce our carbon footprint year on year.
Amongst Ruddy's key values is a sustainable approach to business and continual improvement in line with our ISO 9001:2015 and 14001:2015 certified integrated management system. Our HSQE team aided by our Directors and managers and site teams continually promote sustainable sourcing of building materials, reducing emissions and the efficient use of energy. We continue to minimise waste by maximising off site prefabrication and intelligent on site installation techniques, re-using it wherever possible and we work closely with modern waste management companies to segregate waste at source and recycle a high percentage.
The company is Forest Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification (PEFC) accredited, organisations which promote sustainable managed forests through independent third party certification. The directors work to embed sustainability and best practice throughout the company and within our supply chain and to comply with all relevant environmental legislation.
Our ISO 9001:2015, ISO 14001:2015, FSC and PEFC Accreditations all achieve re-certification on their renewal dates and we also maintain our accreditations to FIRAS, Achilles (Building Confidence), Constructionline and FORS (Silver).
Our Net Zero Carbon Strategy sets out our commitment and methodology to help reduce our carbon footprint year on year.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The primary responsibility of the Board is to promote the long term success of the company for the benefit of the shareholders, but the directors acknowledge that our long term success and reputation is dependent on our responsibility to balance the interests of all other stakeholders with whom we come into contact, in order to deliver the best possible outcome for all concerned.
Section 172 of the Companies Act requires the directors to have regard to the following matters (amongst other things) and to report each year on how we fulfil these obligations.
Customers
Our customers are at the heart of our business, with whom we are in constant dialogue and we strive to give them the best possible service and to enhance our relationship for our mutual benefit and that of the wider community.
Our employees
The directors acknowledge that it is our employees that ensure the continuing success of our business into the future. We have a hands on family culture where our directors and managers are actively involved on our projects on a day to day basis and who constantly engage with our employees and keep them informed of business development, forecasts, health and safety and future prospects. We have longstanding experienced employees, we expect and maintain high standards and we offer a rewarding career progression. Health and safety training and wellbeing is a constant that is promoted and maintained as a core value. We say more about our employees in our people, training and employee involvement note.
Subcontractors and suppliers
Our subcontractors and suppliers are crucial stakeholders in the success of our business, without whom we could not operate, so we treat them in the same way we treat our employees in terms of communication, prompt payment terms, working conditions and inclusivity and who we expect to adhere to our high standards. We work with our suppliers to help with the responsible sourcing of materials.
Local community and the environment
We acknowledge the external impact of our activities on local communities and on the environment. We create local employment opportunities in our areas of operation, we engage local subcontractors, we buy products and services from local businesses within the communities in which we work and we support local charities and organisations.
We re-use and recycle as much of our site construction waste as possible and we use modern waste recycling businesses to treat the excess. We acknowledge our carbon emissions obligations and we comply with all permits and consent requirements.
Corporate social responsibility and other controls
The directors believe that the long term interests of the company, its employees and its customers are best served by acting in a corporate social manner which benefits the environment and wider society. As such the company has appropriate policies and procedures in place to ensure that high corporate, social and ethical standards are maintained throughout its activities from tendering and procurement through production and completion of our contracts. We obtain external assurances through audits and through national and international standards compliance and accreditations.
Section 172 of the Companies Act requires the directors to have regard to the following matters (amongst other things) and to report each year on how we fulfil these obligations.
Customers
Our customers are at the heart of our business, with whom we are in constant dialogue and we strive to give them the best possible service and to enhance our relationship for our mutual benefit and that of the wider community.
Our employees
The directors acknowledge that it is our employees that ensure the continuing success of our business into the future. We have a hands on family culture where our directors and managers are actively involved on our projects on a day to day basis and who constantly engage with our employees and keep them informed of business development, forecasts, health and safety and future prospects. We have longstanding experienced employees, we expect and maintain high standards and we offer a rewarding career progression. Health and safety training and wellbeing is a constant that is promoted and maintained as a core value. We say more about our employees in our people, training and employee involvement note.
Subcontractors and suppliers
Our subcontractors and suppliers are crucial stakeholders in the success of our business, without whom we could not operate, so we treat them in the same way we treat our employees in terms of communication, prompt payment terms, working conditions and inclusivity and who we expect to adhere to our high standards. We work with our suppliers to help with the responsible sourcing of materials.
Local community and the environment
We acknowledge the external impact of our activities on local communities and on the environment. We create local employment opportunities in our areas of operation, we engage local subcontractors, we buy products and services from local businesses within the communities in which we work and we support local charities and organisations.
We re-use and recycle as much of our site construction waste as possible and we use modern waste recycling businesses to treat the excess. We acknowledge our carbon emissions obligations and we comply with all permits and consent requirements.
Corporate social responsibility and other controls
The directors believe that the long term interests of the company, its employees and its customers are best served by acting in a corporate social manner which benefits the environment and wider society. As such the company has appropriate policies and procedures in place to ensure that high corporate, social and ethical standards are maintained throughout its activities from tendering and procurement through production and completion of our contracts. We obtain external assurances through audits and through national and international standards compliance and accreditations.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors look forward with confidence to continue the success of the company into the future.
This report was approved by the Board of Directors on 30 September 2025 and signed on its behalf.
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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 and loss account of the company for the year is set out on page 15.
Interim dividend of £333,000 (2023: £60,000) was paid during the year. The directors do not propose a final dividend (2023: £Nil).
Interim dividend of £333,000 (2023: £60,000) was paid during the year. The directors do not propose a final dividend (2023: £Nil).
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Methodology:
Our carbon emissions have been calculated in accordance with the Greenhouse Gas (GHG) Protocol - Corporate Standard methodology.
Current energy saving initiatives:
Plant & Equipment
Continued investment in our off-site manufacturing plant and equipment.
Equipping our fleet with GPS tracking devices that allow the company to access data in relation to fuel consumption and idling time.
Streamlining machinery run times.
Upgrades
Continued upgrade of insulation, lighting and heating etc as refurbishments happen.
Continued investment in modern, lower-emmision plant to meet sustainability targets.
Others
Spread awareness among employees to reduce unnecessary idling.
Research and development work to improve efficiencies.
Our carbon emissions have been calculated in accordance with the Greenhouse Gas (GHG) Protocol - Corporate Standard methodology.
Current energy saving initiatives:
Plant & Equipment
Continued investment in our off-site manufacturing plant and equipment.
Equipping our fleet with GPS tracking devices that allow the company to access data in relation to fuel consumption and idling time.
Streamlining machinery run times.
Upgrades
Continued upgrade of insulation, lighting and heating etc as refurbishments happen.
Continued investment in modern, lower-emmision plant to meet sustainability targets.
Others
Spread awareness among employees to reduce unnecessary idling.
Research and development work to improve efficiencies.
IT & Support Services
Greater use of IT technology.
Our plans for the future include:
Review of our current energy supplier and constantly monitor and assess our energy usage.
Greater use of IT technology.
Our plans for the future include:
Review of our current energy supplier and constantly monitor and assess our energy usage.
The group has chosen in accordance with Companies Act 2006, s414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainities, financial instruments and future prospects.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Riordan O'Sullivan & Co, the previous auditors, have transferred the audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board of Directors on 30 September 2025 and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUDDY JOINERY LIMITED
We have audited the financial statements of Ruddy Joinery Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUDDY JOINERY 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUDDY JOINERY 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUDDY JOINERY LIMITED (CONTINUED)
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
Chartered Accountants and Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 15
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 30 September 2025 .
The notes on pages 20 to 30 form part of these financial statements.
Page 16
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 17
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 18
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ruddy Joinery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Enterprise Way, Flitwick, Bedfordshire, MK45 5BS.
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 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 financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied:
The Strategic Report and the Directors' Report sets out the company's business activities, and highlights the factors which may impact on its financial performance, market position and future prospects.
The Strategic Report also provides information in relation to the group's healthy financial position, cashflow and liquidity as well as its risks and uncertainties.
The company has considerable financial resources without the need to resort to bank or any other form of borrowing and it has a substantial order book for the twelve months from the date of approval of these financial statements.
As a consequence, the directors believe that the company is well placed to manage its business risks successfully and continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
The Strategic Report also provides information in relation to the group's healthy financial position, cashflow and liquidity as well as its risks and uncertainties.
The company has considerable financial resources without the need to resort to bank or any other form of borrowing and it has a substantial order book for the twelve months from the date of approval of these financial statements.
As a consequence, the directors believe that the company is well placed to manage its business risks successfully and continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Tangible fixed assets are measured at cost, net of depreciation and impairment losses.
Page 20
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.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
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 company operates a defined contribution plan for its employees.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Construction contracts
Recognition of revenue and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and the portion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on number of factors such as technological innovations, maintenance and projected disposal values.
The total turnover of the company for the year has been derived from its principal activities wholly undertaken in the UK.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme for all qualifying employees. 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 £142,814 (2023: £121,383) . Contributions totalling £18,675 (2023: £31,341) were payable to the fund at the balance sheet date and are included in creditors.
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is related to R J Contracts Limited and Pinebell Properties Limited by virtue of being under common control.
During the year the company entered into the following transactions with related parties:
Rent payable - £465,000 (2023: £465,000).
Key management personnel
The remuneration of key management personnel, who are also directors, is disclosed in note 9.
During the year the company entered into the following transactions with related parties:
Rent payable - £465,000 (2023: £465,000).
Key management personnel
The remuneration of key management personnel, who are also directors, is disclosed in note 9.
P J Ruddy, E C Ruddy, A J Ruddy and S A Ruddy, in their capacity as trustees of the Ruddy Family trusts which own the entire shareholdings of the company, are the ultimate controllers.
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