Registered number: 08914984
FOR THE YEAR ENDED 31 DECEMBER 2024
BASE BUILD SERVICES HOLDINGS LIMITED
COMPANY INFORMATION
BASE BUILD SERVICES HOLDINGS LIMITED
CONTENTS
BASE BUILD SERVICES HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Group strategic report for the year ended 31 December 2024.
Business review
The group has continued to perform successfully and diversify in a highly competitive market, undertaking work on a fixed price and a fixed fee basis on a number of ongoing framework agreements with major blue chip clients. The group continues to work across a number of sectors including:-
Commercial
Retail
Education
Residential
The client-focused approach of the group has resulted in significant levels of repeat business, with the result that the group has been able to build on its reputation for delivering projects in a proactive, planned and efficient manner, on time and within budget.
The group 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 group'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 group's operations. The key risks affecting the business and controls in place to mitigate those risks are as follows:
Operating risk
The group's reputation and continued success depends on its ability to provide services which are valued by its clients. The group regularly reviews the quality of its services both internally and through formalised client feedback and evaluation.
Market risk
The group 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 group 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 group keeps abreast of developments in the market through maintaining strong relationships with its customers.
Business review
The group has continued to perform successfully and diversify in a highly competitive market, undertaking work on a fixed price and a fixed fee basis on a number of ongoing framework agreements with major blue chip clients. The group continues to work across a number of sectors including:-
Commercial
Retail
Education
Residential
The client-focused approach of the group has resulted in significant levels of repeat business, with the result that the group has been able to build on its reputation for delivering projects in a proactive, planned and efficient manner, on time and within budget.
The group 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 group'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 group's operations. The key risks affecting the business and controls in place to mitigate those risks are as follows:
Operating risk
The group's reputation and continued success depends on its ability to provide services which are valued by its clients. The group regularly reviews the quality of its services both internally and through formalised client feedback and evaluation.
Market risk
The group 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 group 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 group keeps abreast of developments in the market through maintaining strong relationships with its customers.
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BASE BUILD SERVICES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The group 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 group is reliant on its high calibre team of operational managers and surveyors and Board of directors. The group recruits and develops high calibre employees, many of whom have been with the group and principal subsidiary 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 group.
Financial risk
The group 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 group is exposed to the risks of an economic downturn that could lower the group's revenues and operating results in the future. However, actions continue to be taken to maximise the group's performance in all aspects of the business.
Development and performance
The Statement of financial position shows that the group's financial position at the year end is, in both net assets and liquidity terms, a considerable improvement over the previous year.
Key performance indicators
The key financial and non financial performance indicators used to determine the progress and performance of the group are set out below:
Management risk
The group is reliant on its high calibre team of operational managers and surveyors and Board of directors. The group recruits and develops high calibre employees, many of whom have been with the group and principal subsidiary 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 group.
Financial risk
The group 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 group is exposed to the risks of an economic downturn that could lower the group's revenues and operating results in the future. However, actions continue to be taken to maximise the group's performance in all aspects of the business.
Development and performance
The Statement of financial position shows that the group's financial position at the year end is, in both net assets and liquidity terms, a considerable improvement over the previous year.
Key performance indicators
The key financial and non financial performance indicators used to determine the progress and performance of the group are set out below:
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BASE BUILD SERVICES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Market share
The group is a privately owned construction organisation based in the South East of England. The group 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 group'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 sale
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 decreased from 3.9% to 3.2%. The EBITDAP is often regarded as a more comparable measure of the performance of the business; EBITDAP as a percentage of sales has reduced from 4.2% to 3.5% over the year. It is the intention of the group to continue to strengthen its financial performance in the industry by concentrating on client retention and expansion of market share, whilst at the same time closely monitoring both direct and indirect costs.
Other key performance indicators
Safety, health and environmental policies
The group 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 group 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 group 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 group's activities. Initiatives designed to minimise the group'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 group's carbon footprint, ranging from the fitting of carbon reduction filters on plant, ensuring that timber used only comes from sustainable sources to waste reduction methods and improved efficiency of deliveries of materials to site.
The group is a privately owned construction organisation based in the South East of England. The group 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 group'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 sale
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 decreased from 3.9% to 3.2%. The EBITDAP is often regarded as a more comparable measure of the performance of the business; EBITDAP as a percentage of sales has reduced from 4.2% to 3.5% over the year. It is the intention of the group to continue to strengthen its financial performance in the industry by concentrating on client retention and expansion of market share, whilst at the same time closely monitoring both direct and indirect costs.
Other key performance indicators
Safety, health and environmental policies
The group 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 group 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 group 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 group's activities. Initiatives designed to minimise the group'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 group's carbon footprint, ranging from the fitting of carbon reduction filters on plant, ensuring that timber used only comes from sustainable sources to waste reduction methods and improved efficiency of deliveries of materials to site.
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BASE BUILD SERVICES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The group's principal subsidiary 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.
∙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 Holdings 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 group’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 group and its stakeholders.
The directors of the group consider that they have acted in good faith in ways that would most likely to promote the success of the group for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
Stakeholder engagement
As the Board of Base Build Services Holdings 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 group’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 group and its stakeholders.
The directors of the group consider that they have acted in good faith in ways that would most likely to promote the success of the group for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
∙The reputation of the group with customers, employees and suppliers in their everyday decision making.
∙The financial returns of group future projects and the best interests of the group 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 group's operations continually strive for the minimum environmental impact.
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BASE BUILD SERVICES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The group'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 group 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 group's employment policies respect the individual and offer career opportunities regardless of gender, race or religion. The group 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 group.
The group'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 group'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 group continues and that appropriate training is arranged. It is the policy of the group 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 group's employment policies respect the individual and offer career opportunities regardless of gender, race or religion. The group 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 group.
The group'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 group'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 group continues and that appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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BASE BUILD SERVICES HOLDINGS 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 Group strategic report, the Directors' report and the consolidated 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 Group'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 Group 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 the Group 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 the Group 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 group retains significant balance sheet assets, including cash and distributable reserves, and having assessed its financial position and forecasts.
The accounts have been prepared on a going concern basis on the assumption that the group retains significant balance sheet assets, including cash and distributable reserves, and having assessed its financial position and forecasts.
The profit for the year, after taxation, amounted to £2,805,193 (2023 - £3,629,839).
Ordinary dividends were declared and paid during the year amounting to £192,000 (2023 - £205,500). 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 HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Base Build Services Ltd. Board believes the commitment to the implementation and maintenance of the ISO14001, ISO 50001 and FSC / PEFC Chain of Custody certifications provides a robust framework for the continual improvement of good environmental practices within the business, including those that generate carbon emissions. Activities such as monitoring and measuring our impacts, minimising energy and fuel consumption, minimising our resource use and implementing tight operational controls on sites and in our offices, will support our environmental and carbon reduction strategy and enhance the reputation of the company.
UK energy consumption and Greenhouse Gas disclosure
The Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2018 requires Base Build Services Limited to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions from SECR regulated sources.
Reported energy and GHG emissions data is compliant with SECR requirements and has been calculated in accordance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are reported from buildings and transport where operational control is held – this includes electricity, natural gas, and vehicle fuel.
We have used the location-based approach to calculate our carbon emissions.
The table below details the regulated SECR energy and GHG emission sources for the current reporting year to 31 December 2024
UK energy consumption and Greenhouse Gas disclosure
The Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2018 requires Base Build Services Limited to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions from SECR regulated sources.
Reported energy and GHG emissions data is compliant with SECR requirements and has been calculated in accordance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are reported from buildings and transport where operational control is held – this includes electricity, natural gas, and vehicle fuel.
We have used the location-based approach to calculate our carbon emissions.
The table below details the regulated SECR energy and GHG emission sources for the current reporting year to 31 December 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Base Build Services Holdings Limited is committed to reducing its environmental impact and contribution to climate change. During the reporting year:
We have assessed and measured our carbon footprint, including some Scope 3 emissions and have set up data collation and reporting mechanisms for this going forward. Base Build Services Holdings Limited occupies a shared serviced office and as such our carbon emissions arising from this are minimal. We have only a small number of company vehicles.
Following our initial assessment of our carbon emissions in previous years, for the 2024 reporting period we have included some additional Scope 3 emissions that arose from our site activities:
We have assessed and measured our carbon footprint, including some Scope 3 emissions and have set up data collation and reporting mechanisms for this going forward. Base Build Services Holdings Limited occupies a shared serviced office and as such our carbon emissions arising from this are minimal. We have only a small number of company vehicles.
Following our initial assessment of our carbon emissions in previous years, for the 2024 reporting period we have included some additional Scope 3 emissions that arose from our site activities:
∙Plant Fuel – Directly Purchased; and
∙Electricity – Site.
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BASE BUILD SERVICES HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Changes in emissions
∙We had 82 active site projects in 2024 (compared to 90 in 2023) and this has proportionately affected our emissions arising from travel and vehicle fuel.
∙Our vehicle fuel purchases increased, business travel on public transport increased and hotel stays increased in 2024 due to the geographical location of the sites we were working on during this period.
∙We have identified that we had double-counted some of our business travel (including vehicle fuel purchase and mileage travelled to site), so whilst this shows an apparent reduction in emissions, it is related to an updated and more accurate methodology for collating this data.
∙Our overall carbon emissions for 2024 have decreased, compared to 2023 in line with our decreased scale of operations and the adjustment mentioned above, where we had double-counted emissions previously.
∙We do not have a gas supply to our offices and heating and hot water supplies for our facilities are electrified.
∙We have a 100% renewable electricity supply in our Head Office, supplied by Shell Energy. This tariff is REGO accredited and therefore we have no Scope 2 emissions from electricity use, just some Scope 3 emissions from electricity transmission and distribution. If we were to use the market-based approach, our carbon footprint would be increased by 7 tCO2e from electricity usage.
∙For 2024, we have also measured and recorded our carbon emissions arising from ‘Purchased Goods and Services’. These totalled 24,070 tCO2 eq. for the period, a slight reduction from 2023. In common with most other large construction companies, this figure was not included in the carbon footprint calculations above but was calculated for reference and carbon reduction planning only. This is due to the uncertainty in data and conversion factors. The ONS spend conversions for sectoral spend were used to calculate the emissions, as per accepted methodology, as exact supply chain data is not yet available.
In the forthcoming reporting year, we plan to:
∙Continue to refine our carbon data quality and the Scope 3 emissions that are included in our carbon footprint, these include:
- Employee commuting
- Incoming deliveries
- Employee commuting
- Incoming deliveries
∙Our building management conducted energy audits of our office in 2022 and identified areas of improvement for us to implement as part of our office practices and we conducted our own energy reviews on site.
∙We achieved ISO 50001 (Energy Management System) certification with BM TRADA in April 2024 and retained our certification in May 2025. ISO 50001 requires continual improvement and energy reduction, and we are committed to using this framework going forward to effect change in our use of energy.
∙Our building management is also certified to ISO 50001 for energy management, so energy use in our shared spaces and communal facilities is tightly controlled.
∙We will continue to Implement our ‘Carbon Road Map’ to outline how we can work towards Net Zero by 2050.
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BASE BUILD SERVICES HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The group's competitive pricing model and ability to innovate and add value has enabled the group to develop additional work streams with existing clients as well as securing a number of new major clients active in the market.
The group 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 control mean that the business is well positioned in the medium term to increase its turnover level and improve its margins.
The group 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 group 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 group 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 group is well placed to manage its business risks successfully.
The group 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 control mean that the business is well positioned in the medium term to increase its turnover level and improve its margins.
The group 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 group 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 group 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 group is well placed to manage its business risks successfully.
Treasury operations and financial instruments
The group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group'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 group 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 group's customers which enables the group 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 group 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 group is able to obtain good trade discounts that it can pass on to its customers.
The group 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.
Credit risk
The group'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 group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group'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 group 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 group's customers which enables the group 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 group 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 group is able to obtain good trade discounts that it can pass on to its customers.
The group 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.
Credit risk
The group'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.
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BASE BUILD SERVICES HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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BASE BUILD SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES HOLDINGS LIMITED
We have audited the financial statements of Base Build Services Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group 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 Group's or the parent 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 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES HOLDINGS 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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BASE BUILD SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES HOLDINGS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 Group 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.
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:
• Companies Act 2006.
• FRS102.
• Employment legislation.
• Tax legislation.
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BASE BUILD SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES HOLDINGS LIMITED (CONTINUED)
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.
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 misrepresentati0on.
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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BASE BUILD SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BASE BUILD SERVICES HOLDINGS 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 & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
Date:
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BASE BUILD SERVICES HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
REGISTERED NUMBER: 08914984
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
REGISTERED NUMBER: 08914984
CONSOLIDATED 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 26 to 40 form part of these financial statements.
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BASE BUILD SERVICES HOLDINGS LIMITED
REGISTERED NUMBER: 08914984
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
REGISTERED NUMBER: 08914984
COMPANY 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 26 to 40 form part of these financial statements.
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BASE BUILD SERVICES HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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BASE BUILD SERVICES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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BASE BUILD SERVICES HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Base Build Services Holdings Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 27 Abbey Road, Park Royal, London, NW10 7SJ.
The company is a holding company and specialises in the supply of management services to its sole subsidiary. The subsidiary company specialises in shell, core and fit out construction.
The company is a holding company and specialises in the supply of management services to its sole subsidiary. The subsidiary 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 going concern.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group'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 Group management to exercise judgment in applying the Group'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 group retains significant balance sheet assets, including cash and distributable reserves, and having assessed its financial position and forecasts.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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BASE BUILD SERVICES HOLDINGS 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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group 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 Group 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.
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 Group 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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
The whole of the turnover is attributable to the group's principal activities.
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS 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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £181,060 (2023 - £176,640). Contributions totalling £15,931 (2023 - £14,293) were payable to the fund at the reporting date and are included in creditors.
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BASE BUILD SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is jointly controlled by the directors, by virtue of their equal 50% shareholding in the called up share capital of the company.
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