Registered number: 05632760
FOR THE YEAR ENDED 31 DECEMBER 2024
BASE BUILD SERVICES LIMITED
COMPANY INFORMATION
BASE BUILD SERVICES LIMITED
CONTENTS
BASE BUILD SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Strategic report for the year ended 31 December 2024.
Business review
The company has continued to perform successfully and diversify in a highly competitive market, undertaking work on a fixed price and fixed fee basis on a number of ongoing framework agreements with major blue chip clients. The company continues to work across a number of sectors including :-
Commercial
Retail
Education
Residential
The client-focused approach of the company has resulted in significant levels of repeat business, with the result that the company has been able to build on its reputation for delivering projects in a proactive, planned and efficient manner, on time and within budget.
The company has been able to grow the business due to the quality and commitment of its people and it continues to be proactive in sourcing people who share its vision and commitment.
Principal risks and uncertainties
There are a number of potential risks and uncertainties which could impact the company's performance and these are considered by the board on a regular basis. The Board of directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and in the company's operations. The key risks affecting the business and controls in place to mitigate those risks are as follows:
Operating risk
The company's reputation and continued success depends on its ability to provide services which are valued by its clients. The company regularly reviews the quality of its services both internally and through formalised client feedback and evaluation.
Market risk
The company operates in a specialised market and seeks to maintain a competitive advantage by offering an appropriate and relevant service range and providing a high level of client service from professional and dedicated staff. The company manages market risk by providing added value services to its customers, having fast response times not only in supplying products and services but also in handling all customer queries. The company keeps abreast of developments in the market through maintaining strong relationships with its customers.
Business review
The company has continued to perform successfully and diversify in a highly competitive market, undertaking work on a fixed price and fixed fee basis on a number of ongoing framework agreements with major blue chip clients. The company continues to work across a number of sectors including :-
Commercial
Retail
Education
Residential
The client-focused approach of the company has resulted in significant levels of repeat business, with the result that the company has been able to build on its reputation for delivering projects in a proactive, planned and efficient manner, on time and within budget.
The company has been able to grow the business due to the quality and commitment of its people and it continues to be proactive in sourcing people who share its vision and commitment.
Principal risks and uncertainties
There are a number of potential risks and uncertainties which could impact the company's performance and these are considered by the board on a regular basis. The Board of directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and in the company's operations. The key risks affecting the business and controls in place to mitigate those risks are as follows:
Operating risk
The company's reputation and continued success depends on its ability to provide services which are valued by its clients. The company regularly reviews the quality of its services both internally and through formalised client feedback and evaluation.
Market risk
The company operates in a specialised market and seeks to maintain a competitive advantage by offering an appropriate and relevant service range and providing a high level of client service from professional and dedicated staff. The company manages market risk by providing added value services to its customers, having fast response times not only in supplying products and services but also in handling all customer queries. The company keeps abreast of developments in the market through maintaining strong relationships with its customers.
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BASE BUILD SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including Corporation Tax and VAT. Principal controls to mitigate this risk include regular monitoring of legislative proposals, the engagement of experienced executives, and the use of experienced sector specific professional advisers to mitigate the impact of changes.
Management risk
The company is reliant on its high calibre team of operational managers and surveyors and Board of directors. The company recruits and develops high calibre employees, many of whom have been with the company for a number of years. The Board has implemented processes to ensure that the knowledge base of the operational management team is shared as much as possible throughout the company.
Financial risk
The company is principally funded from retained profits and is reliant on converting these profits into cash. Financial monitoring, forecasting and planning are continuous processes and emphasis is placed on balancing maintenance or growth of profit margin against investment in resources to maintain delivery of a high quality of service to its clients.
Economic risk
The company is exposed to the risks of an economic downturn that could lower the company's revenues and operating results in the future. However, actions continue to be taken to maximise the company's performance in all aspects of the business.
Development and performance
The Statement of financial position shows the company's financial position at the year end. There has been a slight improvement in terms of both net assets and liquidity over the previous year, despite a decrease in trade during the year.
Key performance indicators
The key financial and non-financial performance indicators used to determine the progress and performance of the company are set out below:
Management risk
The company is reliant on its high calibre team of operational managers and surveyors and Board of directors. The company recruits and develops high calibre employees, many of whom have been with the company for a number of years. The Board has implemented processes to ensure that the knowledge base of the operational management team is shared as much as possible throughout the company.
Financial risk
The company is principally funded from retained profits and is reliant on converting these profits into cash. Financial monitoring, forecasting and planning are continuous processes and emphasis is placed on balancing maintenance or growth of profit margin against investment in resources to maintain delivery of a high quality of service to its clients.
Economic risk
The company is exposed to the risks of an economic downturn that could lower the company's revenues and operating results in the future. However, actions continue to be taken to maximise the company's performance in all aspects of the business.
Development and performance
The Statement of financial position shows the company's financial position at the year end. There has been a slight improvement in terms of both net assets and liquidity over the previous year, despite a decrease in trade during the year.
Key performance indicators
The key financial and non-financial performance indicators used to determine the progress and performance of the company are set out below:
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BASE BUILD SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Market share
The company is a large-sized privately owned construction company based in the South East of England. The company enjoys greater than national average market share. Although difficult to quantify within a given criteria it is estimated to have a significant market share.
Gross profit margin
The company's gross profit margin has decreased from 7.7% in 2023 to 7.5% in 2024 in a period of continuing pressure on margins in a highly competitive market.
Operating profit and EBITDAP % of sales
The directors view operating profit as a % of sales as a key performance indicator for the business and this is reviewed regularly. The ratio has fallen during the year, from 3.9% to 3.1%. The EBITDAP is often regarded as a more comparable measure of the performance of the business; EBITDAP as a percentage of sales has decreased from 4.2% to 3.4% over the course of the year. It is the intention of the company to continue to strengthen its financial performance in the industry by concentrating on client retention and expansion in the market share, whilst at the same time closely monitoring both direct and indirect costs.
Safety, health and environmental policies
The company continues to strive to improve its safety, health and environmental standards and performance. These are monitored regularly throughout the year and reviewed in response to performance and changes in legislation by our in-house safety department.
Health and safety
The company recognises the significance of health and safety in the workplace to ensure its work force is free from risk, through investment in training and education in the occupational health and safety field.
Environment
The company recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any impact that might be caused by the company's activities. Initiatives designed to minimise the company's impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption.
The directors are taking steps to expand its environmental department and are continually striving to improve their environmental policies. In so doing, they have implemented a series of initiatives to minimise the company's carbon footprint, ranging from the fitting of carbon-reduction filters on plant, ensuring that timber used is from sustainable sources only to waste reduction methods and improved efficiency of deliveries of materials to site.
Accreditations and memberships
The company has been assessed and has achieved the following accreditations for Building Contracting including Design and Build:
The company is a large-sized privately owned construction company based in the South East of England. The company enjoys greater than national average market share. Although difficult to quantify within a given criteria it is estimated to have a significant market share.
Gross profit margin
The company's gross profit margin has decreased from 7.7% in 2023 to 7.5% in 2024 in a period of continuing pressure on margins in a highly competitive market.
Operating profit and EBITDAP % of sales
The directors view operating profit as a % of sales as a key performance indicator for the business and this is reviewed regularly. The ratio has fallen during the year, from 3.9% to 3.1%. The EBITDAP is often regarded as a more comparable measure of the performance of the business; EBITDAP as a percentage of sales has decreased from 4.2% to 3.4% over the course of the year. It is the intention of the company to continue to strengthen its financial performance in the industry by concentrating on client retention and expansion in the market share, whilst at the same time closely monitoring both direct and indirect costs.
Safety, health and environmental policies
The company continues to strive to improve its safety, health and environmental standards and performance. These are monitored regularly throughout the year and reviewed in response to performance and changes in legislation by our in-house safety department.
Health and safety
The company recognises the significance of health and safety in the workplace to ensure its work force is free from risk, through investment in training and education in the occupational health and safety field.
Environment
The company recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any impact that might be caused by the company's activities. Initiatives designed to minimise the company's impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption.
The directors are taking steps to expand its environmental department and are continually striving to improve their environmental policies. In so doing, they have implemented a series of initiatives to minimise the company's carbon footprint, ranging from the fitting of carbon-reduction filters on plant, ensuring that timber used is from sustainable sources only to waste reduction methods and improved efficiency of deliveries of materials to site.
Accreditations and memberships
The company has been assessed and has achieved the following accreditations for Building Contracting including Design and Build:
∙ISO 9001: 2008 Quality Management System.
∙ISO 14001: 2004 Environmental Management System.
∙FSC Chain of Custody Certification FSC-STD-50-001 and FSC-STD-04-004, certified by BM Trada.
∙PEFC ST 2002:2010 Chain of Custody Certification, certified by BM Trada.
∙PEFC ST 2002:2013 Chain of Custody Certification, certified by BM Trada.
∙SafeContractor accreditation.
∙Considerate Constructors - Certificate of membership.
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BASE BUILD SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
∙Constructionline - Certificate of membership.
∙Principal Contractor (Shopfitting) - Eurosafe UK CDM Competent Scheme.
The directors are of the opinion that these certifications and accreditations will ensure the continued efficiency of its internal and external processes.
Stakeholder engagement
As the Board of Base Build Services Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders.
The directors of the company consider that they have acted in good faith in ways that would most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
As the Board of Base Build Services Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders.
The directors of the company consider that they have acted in good faith in ways that would most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
∙The reputation of the company with customers, employees and suppliers in their everyday decision making.
∙The financial returns of future projects and the best interests of the company when making strategic decisions.
The directors carefully consider the consequences of all projects, ensuring they are fully planned and costed, taking account of the potential financial returns as well as the wider impacts on the business and the environment. In addition, the company's operations continually strive for the minimum environmental impact.
The company's employees are its most important resource. It is essential to the future success of the business that a skilled and motivated workforce is retained. The company continues to make significant investment in its human resources both in terms of necessary increases and strengthening of its management teams, supervisory personnel and work force.
Details of the number of employees and related costs can be found in note 7 to the financial statements.
The company's employment policies respect the individual and offer career opportunities regardless of gender, race or religion. The company engages, promotes and trains staff on the basis of their capabilities, qualifications and experience without discrimination, giving all employees an equal opportunity to progress within the company.
The company's policy is to consult and discuss with employees, through meetings, matters likely to affect employees' interests. Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. Management members are always available to discuss matters of interest and concerns with staff both at the main office or at a work location.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.
Details of the number of employees and related costs can be found in note 7 to the financial statements.
The company's employment policies respect the individual and offer career opportunities regardless of gender, race or religion. The company engages, promotes and trains staff on the basis of their capabilities, qualifications and experience without discrimination, giving all employees an equal opportunity to progress within the company.
The company's policy is to consult and discuss with employees, through meetings, matters likely to affect employees' interests. Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. Management members are always available to discuss matters of interest and concerns with staff both at the main office or at a work location.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.
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BASE BUILD SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 29 September 2025 and signed on its behalf.
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BASE BUILD SERVICES 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 judgments 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.
Going concern assumption
The accounts have been prepared on a going concern basis on the assumption that the company retains significant balance sheet assets, including cash and distributable reserves, and having assessed its financial position and forecasts. The directors have also considered the ability of the parent company to provide support, if required, and are comfortable that it is in a position to do so.
The accounts have been prepared on a going concern basis on the assumption that the company retains significant balance sheet assets, including cash and distributable reserves, and having assessed its financial position and forecasts. The directors have also considered the ability of the parent company to provide support, if required, and are comfortable that it is in a position to do so.
The profit for the year, after taxation, amounted to £2,740,504 (2023 - £3,579,439).
Ordinary dividends were declared during the year amounting to £1,489,000 (2023 - £1,950,000). The directors do not recommend payment of a final dividend.
The directors who served during the year were:
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BASE BUILD SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The SECR covering the company has been published in the financial statements of the ultimate parent company, Base Build Services Holdings Limited.
Base Build's competitive pricing model and ability to innovate and add value has enabled the company to develop additional work streams with existing clients as well as securing a number of new major clients active in the market.
Base Build has a strong client base. The positive impact of recent additions to the management team, investments in IT process management software and more efficient cost mean that the business is well positioned in the medium term to increase its turnover level and improve its margins.
The company is focused on securing profitable work and to continuing to increase its market share by expanding its customer base and is working towards securing more work as principal contractor in the future. The directors believe that the company is well positioned to respond to trading conditions and to profit from the opportunities in newer markets.
At the date of approval of the financial statements, the company has a healthy secured order book, with a number of confirmed contracts from repeat customers. As a result, the directors have considered the year ahead and believe that the company is well placed to manage its business risks successfully.
Financial instruments
Treasury operations and financial instruments
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. The main areas of risk are as follows:
Liquidity risk
The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. In addition to the credit risk exposure referred to below, strict payment terms are negotiated with the company's customers which enables the company to ensure it is paid at the agreed billing dates. Most contracts are negotiated in this way.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The company continues to maintain good relationships with its suppliers by adhering to agreed credit terms and ensuring it pays suppliers promptly by the due date. This ensures that the company is able to obtain good trade discounts that it can pass on to its customers.
The company maintains sufficient funding levels to meet the current and future requirements as arising. Cash flow forecasts are prepared and monitored on a weekly basis. In respect of bank balances the liquidity risk is managed by maintaining a positive balance between continuity of funding and flexibility through an agreed payment policy.
Base Build has a strong client base. The positive impact of recent additions to the management team, investments in IT process management software and more efficient cost mean that the business is well positioned in the medium term to increase its turnover level and improve its margins.
The company is focused on securing profitable work and to continuing to increase its market share by expanding its customer base and is working towards securing more work as principal contractor in the future. The directors believe that the company is well positioned to respond to trading conditions and to profit from the opportunities in newer markets.
At the date of approval of the financial statements, the company has a healthy secured order book, with a number of confirmed contracts from repeat customers. As a result, the directors have considered the year ahead and believe that the company is well placed to manage its business risks successfully.
Financial instruments
Treasury operations and financial instruments
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. The main areas of risk are as follows:
Liquidity risk
The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. In addition to the credit risk exposure referred to below, strict payment terms are negotiated with the company's customers which enables the company to ensure it is paid at the agreed billing dates. Most contracts are negotiated in this way.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The company continues to maintain good relationships with its suppliers by adhering to agreed credit terms and ensuring it pays suppliers promptly by the due date. This ensures that the company is able to obtain good trade discounts that it can pass on to its customers.
The company maintains sufficient funding levels to meet the current and future requirements as arising. Cash flow forecasts are prepared and monitored on a weekly basis. In respect of bank balances the liquidity risk is managed by maintaining a positive balance between continuity of funding and flexibility through an agreed payment policy.
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BASE BUILD SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Credit risk
The company's principal assets are trade debtors. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding. All new customers are credit checked with a credit reporting agency, and accounts are monitored on an ongoing basis and any variance from agreed terms is immediately highlighted and reported to the Board.
The company's principal assets are trade debtors. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding. All new customers are credit checked with a credit reporting agency, and accounts are monitored on an ongoing basis and any variance from agreed terms is immediately highlighted and reported to the Board.
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
There are no subsequent events that require disclosure or adjustments to the financial statements.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its
successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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BASE BUILD SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES LIMITED
We have audited the financial statements of Base Build Services Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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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BASE BUILD SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES 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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BASE BUILD SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
• Companies Act 2006.
• FRS102.
• Employment legislation.
• Tax legislation.
• Companies Act 2006.
• FRS102.
• Employment legislation.
• Tax legislation.
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of; and
∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
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BASE BUILD SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES LIMITED (CONTINUED)
The areas that we identified as being susceptible to misstatement through fraud were:
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
Date:
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BASE BUILD SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES LIMITED
REGISTERED NUMBER: 05632760
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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BASE BUILD SERVICES LIMITED
REGISTERED NUMBER: 05632760
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025 .
The notes on pages 17 to 31 form part of these financial statements.
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BASE BUILD SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Base Build Services Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 27 Abbey Road, London, NW10 7SJ.
The company specialises in shell, core and fit out construction.
The company specialises in shell, core and fit out construction.
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, and on the assumption that the company is a going concern.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The accounts have been prepared on a going concern basis on the assumption that the company retains significant balance sheet assets, including cash and distributable reserves, and having assessed its financial position and forecasts. The directors have also considered the ability of the parent company to provide support, if required, and are comfortable that it is in a position to do so.
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BASE BUILD SERVICES 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, on a reducing balance basis.
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 the Statement of comprehensive income.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the year in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given year. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the year in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given year. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion.
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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and amounts owed to and from group undertakings.
Financial assets that are measured at cost and amortised cost are assessed at each reporting date for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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 year 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 year 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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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has taken advantage of the exemption from preparing a statement of cash flows on the basis that it is a qualifying entity, and the Consolidated statement of cash flows included in the parent's consolidated financial statements includes the Company's cash flows. The parent company is Base Build Services Holdings Limited, at 27 Abbey Road, Park Royal, London, NW10 7SJ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years.
Critical judgments
The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
Revenue recognition is a key area of judgment especially in companies operating in the construction industry. The calculation of contract turnover and the gross amounts due from customers is contingent on the accurate measurement of work done and internal valuations by key management personnel. The directors have ensured that generally accepted industry practices and methodologies are followed by all relevant personnel and that accounting and quality management systems are regularly evaluated and certified.
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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There are no significant factors that may affect future tax charges.
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BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 27
BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
Profit and loss account includes all current and prior year retained profits and losses.
Profit and loss account includes all current and prior year retained profits and losses.
Page 29
BASE BUILD SERVICES 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 £181,060 (2023 - £176,640).
Contributions totaling £15,931 (2023 - £14,293) were payable to the fund at the reporting date and are included in creditors.
Contributions totaling £15,931 (2023 - £14,293) were payable to the fund at the reporting date and are included in creditors.
Page 30
BASE BUILD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate and ultimate parent company is Base Build Services Holdings Limited, a company incorporated in England and Wales. Its registered office is 27 Abbey Road, London, NW10 7SJ.
The smallest and largest group financial statements that consolidate this company are those of Base Build Services Holdings Limited. Copies of the group accounts are available to the public from Companies House, Crown Way, Cardiff CF14 3UZ.
The smallest and largest group financial statements that consolidate this company are those of Base Build Services Holdings Limited. Copies of the group accounts are available to the public from Companies House, Crown Way, Cardiff CF14 3UZ.
The ultimate controlling parties are
Page 31