FOR THE YEAR ENDED 31 OCTOBER 2024
ROADFORM CIVIL ENGINEERING COMPANY LIMITED
COMPANY INFORMATION
ROADFORM CIVIL ENGINEERING COMPANY LIMITED
CONTENTS
ROADFORM CIVIL ENGINEERING COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
Roadform Civil Engineering stands at the forefront of the civil engineering sector, providing critical services in groundworks, road construction, surfacing, substructure building, and drainage. With a focus on the residential and commercial civil markets, our reputation for quality and reliability has made us the trusted partner of tier-one main contractors and blue-chip housebuilders in the South West of England.
We are not just a service provider—we are a strategic partner that anticipates market needs, offers solutions, and delivers value to clients. Our commitment to excellence is reflected in every project we undertake, to ensure we remain one of the leading players in our industry.
We are not just a service provider—we are a strategic partner that anticipates market needs, offers solutions, and delivers value to clients. Our commitment to excellence is reflected in every project we undertake, to ensure we remain one of the leading players in our industry.
2024 has been a year of substantial progress for Roadform. Despite facing challenges in profitability, we have taken bold steps to position ourselves for sustained growth, and our strategic outlook remains incredibly positive. Turnover reached £31.3 million, an impressive 12% increase over 2023, demonstrating strong demand for our services.
While pre-tax profits of £0.5 million were lower than 2023’s £2.0 million, largely due to a one-off adjustment related to IR35, we have made strategic investments that will yield substantial returns in the coming years. These include operational improvements, the recruitment of senior leadership with diverse industry expertise, and the integration of advanced technologies that will drive efficiency and profitability moving forward.
During the year we leveraged the value of head office in raising an £800k mortgage. We also introduced a highly successful and experienced entrepreneur to the board and the shareholders register, raising a further £600k in share capital.
For the first time in 5 years we are no longer carrying any loss-making projects.
Our projections for 2025 are strong, with expected revenues of £35 million. This growth is supported by a robust pipeline of confirmed and recurring projects, representing 1.9 times our expected 2024 turnover. This not only gives us confidence in our future performance but also highlights the solid foundation we’ve built for long-term, sustainable growth.
While pre-tax profits of £0.5 million were lower than 2023’s £2.0 million, largely due to a one-off adjustment related to IR35, we have made strategic investments that will yield substantial returns in the coming years. These include operational improvements, the recruitment of senior leadership with diverse industry expertise, and the integration of advanced technologies that will drive efficiency and profitability moving forward.
During the year we leveraged the value of head office in raising an £800k mortgage. We also introduced a highly successful and experienced entrepreneur to the board and the shareholders register, raising a further £600k in share capital.
For the first time in 5 years we are no longer carrying any loss-making projects.
Our projections for 2025 are strong, with expected revenues of £35 million. This growth is supported by a robust pipeline of confirmed and recurring projects, representing 1.9 times our expected 2024 turnover. This not only gives us confidence in our future performance but also highlights the solid foundation we’ve built for long-term, sustainable growth.
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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
At the heart of Roadform’s future growth is our investment in technology. This year, we made significant strides in integrating artificial intelligence (AI) into our operations. By using AI-driven software, we are reducing the risk of errors in tender pricing and improving the accuracy of our financial forecasting. Our Construct Cloud platform will streamline operations by integrating procurement, commercial, and finance departments, enabling better collaboration and more efficient project delivery.
In addition to AI, we are in the process of completing our Cyber Essentials certification, further strengthening our digital capabilities and security. These technological advancements are not only enhancing our operational efficiency but also positioning Roadform as a technology-driven leader in the civil engineering industry.
In addition to AI, we are in the process of completing our Cyber Essentials certification, further strengthening our digital capabilities and security. These technological advancements are not only enhancing our operational efficiency but also positioning Roadform as a technology-driven leader in the civil engineering industry.
While we face challenges such as potential delays in housing market activity and rising labour costs, we are proactively managing these risks through strategic diversification and operational improvements. Our integration of AI-driven technologies significantly reduces the risk of errors in project pricing, while our rigorous cost management ensures that we can deliver projects on time and within budget.
Our business remains well-capitalised, with no bank debt and only 37% of fixed assets financed through hire purchase. This positions us to weather market fluctuations with greater financial stability.
In terms of financial risk management, the Company is exposed to a limited range of financial risks. Liquidity risk is actively managed through careful cash flow forecasting and maintaining strong relationships with suppliers and customers. The Company does not engage in foreign currency transactions and is therefore not exposed to foreign exchange risk. Interest rate risk is minimal due to the absence of bank debt, and the limited exposure through hire purchase agreements is fixed-rate in nature. Overall, the Company’s financial position and prudent management practices provide resilience against market volatility.
Our business remains well-capitalised, with no bank debt and only 37% of fixed assets financed through hire purchase. This positions us to weather market fluctuations with greater financial stability.
In terms of financial risk management, the Company is exposed to a limited range of financial risks. Liquidity risk is actively managed through careful cash flow forecasting and maintaining strong relationships with suppliers and customers. The Company does not engage in foreign currency transactions and is therefore not exposed to foreign exchange risk. Interest rate risk is minimal due to the absence of bank debt, and the limited exposure through hire purchase agreements is fixed-rate in nature. Overall, the Company’s financial position and prudent management practices provide resilience against market volatility.
For the year ended 31 October 2024, Roadform’s turnover increased to £31.3 million, reflecting our successful sales strategy and growing client base. Gross profit for 2024 was 11.7%, consistent with the prior year, and we forecast similar profitability in 2025, with an improvement in 2026 as we optimise our supply chain management.
Our focus on improving cash flow management is evident in the reduction of outstanding applications for payment, from 70% in 2022 to 42% in 2024. Our target is to reduce this to 20% by the end of 2025, thus releasing sizable amounts of cash from working capital.
Our focus on improving cash flow management is evident in the reduction of outstanding applications for payment, from 70% in 2022 to 42% in 2024. Our target is to reduce this to 20% by the end of 2025, thus releasing sizable amounts of cash from working capital.
Sustainability remains a core focus at Roadform. We are actively reducing our carbon footprint, improving energy efficiency across our operations, and working closely with local communities to create lasting social value. Whether through environmentally conscious project designs or supporting local employment, we are committed to creating a positive impact beyond the bottom line.
Our sustainability initiatives are not just about environmental stewardship—they are integral to our overall growth strategy. By aligning our business practices with the highest sustainability standards, we are building stronger relationships with clients and securing long-term, high-value projects.
Our sustainability initiatives are not just about environmental stewardship—they are integral to our overall growth strategy. By aligning our business practices with the highest sustainability standards, we are building stronger relationships with clients and securing long-term, high-value projects.
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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The future for Roadform is bright. We have laid the foundation for substantial growth over the next 3-5 years, with key strategic priorities in place to drive long-term profitability. Our planned revenue growth to £35 million in 2025 is just the beginning. We anticipate continued growth, with a forecast of £38 million in 2026.
Our business diversification into facilities management, maintenance contracts, and consultancy services further strengthens our competitive position. These services complement our core civil engineering operations, creating a more comprehensive offering for clients and increasing the likelihood of repeat business.
The launch of our new consultancy division—designed to support clients at every stage of the project lifecycle—marks a key milestone in our long-term strategy. Built on our three pillars: Consultancy, Project Delivery, and Technology, this division will not only provide additional revenue streams but also enhance our client relationships and project delivery capabilities.
Our business diversification into facilities management, maintenance contracts, and consultancy services further strengthens our competitive position. These services complement our core civil engineering operations, creating a more comprehensive offering for clients and increasing the likelihood of repeat business.
The launch of our new consultancy division—designed to support clients at every stage of the project lifecycle—marks a key milestone in our long-term strategy. Built on our three pillars: Consultancy, Project Delivery, and Technology, this division will not only provide additional revenue streams but also enhance our client relationships and project delivery capabilities.
The Directors are confident that Roadform’s profitability and growth trajectory will continue in 2025 and beyond. We have a strong order book, a clear and achievable growth plan, and a commitment to sustainable profitability. Based on these factors, we believe the business is a going concern, and the financial statements have been prepared on this basis.
This report was approved by the board and signed on its behalf.
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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Directors present their report and the financial statements for the year ended 31 October 2024.
The profit for the year, after taxation, amounted to £326,239 (2023: £2,358,798).
£1,949,628 of dividends were paid during the year (2023: £Nil)
The Directors who served during the year were:
Future developments are detailed within the Strategic Report.
The auditors, Bishop Fleming Audit Limited, 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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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROADFORM CIVIL ENGINEERING COMPANY LIMITED
We have audited the financial statements of Roadform Civil Engineering Company Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROADFORM CIVIL ENGINEERING COMPANY LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROADFORM CIVIL ENGINEERING COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙the nature of the sector, control environment and the company’s performance;
∙results of our enquiries of management and the Directors, about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non compliance with laws and regulations; and
∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year end cut off and long term contract accounting. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We identified and obtained an understanding of the laws and regulations that are of significance to the company by discussions with directors and by updating our understanding of the sector in which the company operated in. Laws and regulations that are of direct significance to the company, and of which non compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included data protection, health and safety, employment legislation, contract law, building regulations.
Our procedures to respond to risks identified included the following:
We identified and obtained an understanding of the laws and regulations that are of significance to the company by discussions with directors and by updating our understanding of the sector in which the company operated in. Laws and regulations that are of direct significance to the company, and of which non compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included data protection, health and safety, employment legislation, contract law, building regulations.
Our procedures to respond to risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Considering the valuation of accruals and work in progress and testing to supporting documentation.
∙Challenging assumptions and judgements made by management in their significant accounting estimates.
∙enquiring of Directors and management concerning actual and potential litigation and claims;
∙performing procedures to confirm material compliance with the requirements of the above regulations;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROADFORM CIVIL ENGINEERING COMPANY LIMITED (CONTINUED)
∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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
Brook House
Winslade Park
Manor Drive
Exeter
EX5 1GD
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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
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ROADFORM CIVIL ENGINEERING COMPANY LIMITED
REGISTERED NUMBER:02287410
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 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 14 to 31 form part of these financial statements.
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