Company registration number: 11812700
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The accounts show that our pursuit for excellence in terms of ownership, honesty and precision in 2024 has paid off. We have had seen great growth and strong profit margins consequently. Our performance has demonstrated that projects we have undertaken during 2024 have been delivered efficiently to a very high level. Century has attained the position as market leaders in the discipline of façade engineering. Century is proud to have started and delivered the complete façade package on two high rise residential towers in London during 2024 and into 2025, one known as The Mall in Walthamstow, a 35-storey tower, and the other known as The Castle in North Acton a 33- storey tower. Both schemes were constructed using MMC volumetric modular methods, benefitting from part off-site manufacture facilitating fast delivery on site. Volumetric modular construction produces faster return on capital for the client and is up to 30% more sustainable due to off-site manufacture and shorter site duration. The Mall scheme have presented a superb project showcase for Century allowing us to actively engage with potential Tier 1 clients as the project is Unique due to the building being part of the new underground station facility. This has generated new enquires from London based developers and Tier 1 contractors, and as a result, our tender bank is up on last year by 20%.
Business Risks
Operating within the Building Safety Regulator (BSR), continues to present many challenges to contractors. Century has worked tirelessly to ensure that we carry the correct level of highly qualified team members to demonstrate competence. We also have a dedicated technical team to support our clients technically as we go through the various BSR gateway submissions. However, the turnaround from the BSR has delayed the start dates for relevant projects above 18 meters and this has created a bottle neck for the construction industry that will shortly start releasing.
Financial Risks
The company principle financial instruments comprise of bank balances, other debtors and other creditors. The main purpose of these instruments is to finance the company’s operations. The company has partnered with its supply chain to ensure that the supply chain is working to a fixed price sum to minimise the risk of inflationary increases during the contract period. The company has a strong credit limit with its supply chain, and this allows the company to trade on credit terms similar to the credit terms agreed with its clients.
Operating within the Building Safety Regulator (BSR), continues to present many challenges to contractors. Century has worked tirelessly to ensure that we carry the correct level of highly qualified team members to demonstrate competence. We also have a dedicated technical team to support our clients technically as we go through the various BSR gateway submissions. However, the turnaround from the BSR has delayed the start dates for relevant projects above 18 meters and this has created a bottle neck for the construction industry that will shortly start releasing.
Financial Risks
The company principle financial instruments comprise of bank balances, other debtors and other creditors. The main purpose of these instruments is to finance the company’s operations. The company has partnered with its supply chain to ensure that the supply chain is working to a fixed price sum to minimise the risk of inflationary increases during the contract period. The company has a strong credit limit with its supply chain, and this allows the company to trade on credit terms similar to the credit terms agreed with its clients.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the 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;
∙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.
The profit for the year, after taxation, amounted to £2,830,998 (2023 - £1,343,402).
Particulars of dividends paid are detailed in Note 12 to the financial statements.
The directors who served during the year were:
With the new Building Safety Act becoming a legal requirement in 2023, we continue to monitor all updates from HSE and BSR, attending all associated seminars and webinars. The strict protocols of the new act for HRB’s (high risk buildings) means that main contractors are seeking to align themselves with suitably qualified sub-contractors. Century is perfectly positioned to take full advantage of the market offering existing and potential clients full support through the new building safety act gateway stages. The company continues to invest in the digital QA platform to ensure that we meet the highest of standards expected of the new act.
The Group has formalised a sustainability team to deliver a policy to achieve net zero carbon by 2030. The directors are fully committed to green investment for 2024-25.
The Group has formalised a sustainability team to deliver a policy to achieve net zero carbon by 2030. The directors are fully committed to green investment for 2024-25.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTURY CONSTRUCTION GROUP LIMITED
We have audited the financial statements of Century Construction Group 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTURY CONSTRUCTION GROUP LIMITED (CONTINUED)
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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTURY CONSTRUCTION GROUP 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 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:
• The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
• We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
• The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• Challenging assumptions and judgments made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
The assessment did not identify any issues in these areas.
The engagement team were made aware of the risk of fraud relating to unauthorised transactions. Discussions were held with management and those charged with governance regarding remedial actions taken in relation to the unauthorised 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTURY CONSTRUCTION GROUP 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 Auditor
Richmond House
Walkern Road
Herts
SG1 3QP
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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 16 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
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COMPANY STATEMENT OF FINANCIAL POSITION
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 16 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Century Construction Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
The presentation currency of the financial statements is the Pound Sterling (£).
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised in the income statement at the date the service is provided.
Revenue from long term construction contracts is recognised when the income can be reliably estimated and it is probable that the contract will be profitable. Both income and costs are recognised by reference to the stage of completion of the contract activity at the reporting date.
Revenue arises from increases in valuations on contracts and is normally determined by external valuations.
It is the gross value of work carried out for the period to the balance sheet date (including retentions) but excludes claims until they are actually certified. Profit on contracts is calculated in accordance with accounting standards and industry practice. Industry practice is to assess the estimated final outcome of each contract and recognise the profit based upon the percentage of completion of the contract at the relevant date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Consistent contract review procedures are in place in respect of contract forecasting.
The general principles for profit recognition are as follows:
- Profits on short duration contracts are taken when the contract is complete;
- Profits on other contracts are recognised on a percentage of completion basis when the contract's outcome
can be estimated reliably;
- Provision is made for losses incurred or foreseen in bringing the contract to completion as soon as they
become apparent;
- Claims receivable are recognised as income when received or certified for payment, except that in preparing contract forecasts to completion, a prudent and reasonable evaluation of claims receivable may be included to mitigate foreseeable losses and only to the extent that there is reasonable certainty of recovery; and
- Variations and compensation events are included in forecasts to completion when it is considered highly
probable that they will be recovered.
Percentage completion is normally calculated by taking certified value to date as a percentage of estimated
final value, unless the internal value is materially different to the certified value, in which case the internal
value is used.
Revenue from long term construction contracts is recognised when the income can be reliably estimated and it is probable that the contract will be profitable. Both income and costs are recognised by reference to the stage of completion of the contract activity at the reporting date.
Revenue arises from increases in valuations on contracts and is normally determined by external valuations.
It is the gross value of work carried out for the period to the balance sheet date (including retentions) but excludes claims until they are actually certified. Profit on contracts is calculated in accordance with accounting standards and industry practice. Industry practice is to assess the estimated final outcome of each contract and recognise the profit based upon the percentage of completion of the contract at the relevant date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Consistent contract review procedures are in place in respect of contract forecasting.
The general principles for profit recognition are as follows:
- Profits on short duration contracts are taken when the contract is complete;
- Profits on other contracts are recognised on a percentage of completion basis when the contract's outcome
can be estimated reliably;
- Provision is made for losses incurred or foreseen in bringing the contract to completion as soon as they
become apparent;
- Claims receivable are recognised as income when received or certified for payment, except that in preparing contract forecasts to completion, a prudent and reasonable evaluation of claims receivable may be included to mitigate foreseeable losses and only to the extent that there is reasonable certainty of recovery; and
- Variations and compensation events are included in forecasts to completion when it is considered highly
probable that they will be recovered.
Percentage completion is normally calculated by taking certified value to date as a percentage of estimated
final value, unless the internal value is materially different to the certified value, in which case the internal
value is used.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
It is the policy of the company not to provide depreciation on the freehold property, long leasehold properties or leasehold improvements. The directors consider that the life of the premises and improvements are so long and that the residual value is so great that depreciation is not considered necessary.
Where any permanent diminution of property is incurred, a provision is made in the income statement. The directors' estimate of residual value is reviewed annually.
Where any permanent diminution of property is incurred, a provision is made in the income statement. The directors' estimate of residual value is reviewed annually.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Significant judgements
The company did not make any significant judgements (apart from those involving estimations which are detailed
below) that have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
- Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Thye are amended
- Long term contracts
Long term contracts are assessed on a contract basis and are reflected in the income statement by recording revenue and related costs as contract activity progresses. Where the outcome of each long term contract can be assessed with reasonable certainty before its conclusion the attributable profit is recognised in the income statement as the difference between the reported revenue and the related cost for that contract.
- Sales accruals
Sales accruals, which are included in debtors are stated at the net sales value of the work done after provisions for
contingencies and anticipated future losses on contracts, less amounts received as progress
The whole of the turnover is attributable to the principle activity of the group.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The property was revalued in 2025 by an external valuer, and the fair value doesn't differ materially from the carrying amount.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Bank loans above are secured by way of a fixed charge over the freehold property and long leasehold property owned by the company and included within property, plant and equipment.
Amounts falling due under hire purchase contracts are secured against the assets concerned.
Security has also been provided to the company bankers by way of a fixed and floating charge over all assets of the company.
Amounts falling due under hire purchase contracts are secured against the assets concerned.
Security has also been provided to the company bankers by way of a fixed and floating charge over all assets of the company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluation reserve
Other reserves
Profit and loss account
During the year, management identified a material fraud that occurred in the prior financial year, resulting in a misstatement of cash, cost of sales and administrative expenses. The financial statements have been restated to reflect the correction of this error. We have reduced admin expenses and cost of sales, and introduced other debtors in respect of the amount expected to be recoverable for that expenditure. And therefore, retained earnings have increased by £100,308.
Comparative figures have been restated accordingly.
Comparative figures have been restated accordingly.
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 £108,256 (2023: £61,670). Contributions totalling £5,847 (2023: £10,832) were payable to the fund at the reporting date and are included in creditors.
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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