Company Registration No. 06540746 (England and Wales)
CAUNTON HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
CAUNTON HOLDINGS LIMITED
COMPANY INFORMATION
Directors
S D Bingham
S J Cundy
Secretary
S J Cundy
Company number
06540746
Registered office
Caunton House
2 Coombe Road
Moorgreen Industrial Park
Nottingham
United Kingdom
NG16 3SU
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
Bankers
Lloyds Bank plc
Butt Dyke House
33 Park Row
Nottingham
Nottinghamshire
United Kingdom
NG1 6GY
CAUNTON HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 26
CAUNTON HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The directors present the strategic report for the year ended 31 January 2025.

Section 172 of Companies Act 2006

Section 172 of the Companies Act 2006 sets out a number of general duties that directors owe to a company. These includes a general duty requiring directors to act in a way in which they consider, in good faith, will promote the success of the company for the benefit of shareholders as a whole.

In doing so a director of a company must have regard (amongst other matters) to:

a. The likely consequences of any decision in the long term;

b. The interests of the company’s employees;

c. The need to foster the company’s business relationships with suppliers, customers and others;

d. The impact of the company’s operations on the community and the environment;

e. The desirability of the company maintaining a reputation for high standards of business conduct; and

f. The need to act fairly as between members of the company.

Further detail on the performance of the business during the year and the longer-term activity is provided in this strategic report.

Principal activity

The principal activity of the group throughout the year continued to be that of structural engineering.

Business review

Market conditions remained challenging throughout the entire year as the predicted uptick in construction never materialised in our core markets. This resulted in prices remaining at tighter levels for longer. In light of this we are content with the business’ performance, achieving sales of £65.5m (2024: £94.7m) and a net profit after tax of £2.5m (2024: £3.0m).

Principal risks and uncertainties

The principal risk is now the broader financial dynamics around credit lines and credit insurance as revenues have accelerated far faster than balance sheets and credit insurance has tightened. We manage this through financial due diligence at enquiry and pre-tender stage. The volatility of raw materials has subsided but the inflationary pressures across many of our input costs continue to be challenging, and, where possible, are managed as pass through costs.

The increases in business rates, National Insurance Contributions and several years of inflation busting minimum wage rises have had a negative impact on our margins.

We continue to try and mitigate these by operational efficiency gains, our ability to be flexible in both design and manufacture as well as support from our supply chain.

Our Carbon Reduction Road Map illustrates our commitment at all levels of the business to reduce our impact on the environment.

Occupational Health and Safety standards are set very high within the construction industry. Failure to adhere to the standards can result in accidents and/or injuries that can prove fatal. This is therefore of great importance to the Board as any negative impact in this area not only affects the lives of those involved but the reputation of the business and potential future work.

CAUNTON HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Financial key performance indicators

Cash remains key to all businesses and we track our balances daily and constantly monitor our debtor and creditor days.

Net Profit on Sales is one of our primary indicators of performance as it takes into account the true running costs of the business in totality.

Our Forward Order Book of contracted sales gives us a clear look ahead of what resources both operationally and financially we need to plan to have in place.

Enquiries are measured in number, quality and value. Our conversion rates from tenders to contracts won by market sector and client along with the cost of servicing those markets and clients are monitored to ensure best returns.

With Health and Safety being such a critical factor we measure our AFR (accident frequency rate) and report this back to the Board throughout the year. We are pleased to report that our AFR remains lower than the industry average and we continue to work hard to drive this lower.

Quality, Environment and Safety

Caunton proudly retains its accredited standards for Quality, the Environment and Occupational Health and Safety (BS EN ISO 9001:2015; BS EN ISO 14001:2015; BS EN 45001:2018).

EWF Welding Standard ISO 3834 Part 2: 2005 underpins Caunton's ability to CE mark structural steelwork

People

We continue to invest in our people at all levels from our in house Ofsted accredited Apprentice Training Academy to Degree Apprenticeships and ongoing professional development at all levels.

Outlook

The outlook for 2025/6 looks to continue to be challenging but we remain well capitalised and continue to invest and develop the business during this quieter economic period.

On behalf of the board I would like to thank all our work colleagues who have shown great resilience, dedication and determination throughout the year.

On behalf of the board

S D Bingham
Director
23 June 2025
CAUNTON HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 January 2025.

Results and dividends

The results for the year are set out on page 9.

No dividends were declared in the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S D Bingham
S J Cundy
Financial instruments
Financial risk management

The g roup holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations;

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and

(c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the g roup's operations.

Transactions in financial instruments result in the g roup assuming or transferring to another party one or more of the financial risks described below.

Liquidity risk

The g roup manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the g roup has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The g roup is exposed to fair value interest rate risk on its fixed rate borrowings. The directors monitor institutional interest rates closely so as to reduce its exposure to changes in rates.

Credit risk

The g roup monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk.

The g roup has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Disabled persons

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 within the group continues and that the 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 to that of other employees.

CAUNTON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
Employee involvement

The group's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

Information about 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.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the group's performance.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The group has committed to reducing its impact on the environment including climate change. The commitment has been shown by the group's ongoing Environmental Management System ISO 14001 accreditation, BCSA Steel Sustainability Charter ‘Gold’ standard and the publication of its carbon roadmap with the aim to deliver Net Zero by 2050.

The group has over recent years implemented a number of energy efficiency measures and continues to monitor and review sustainability strategies and polices, to cater for industry wide innovation, technological and regulatory changes.

Implemented energy measures and initiatives include:

- Design optimisation with a focus to minimise steel volume, weight, waste and maximizing efficiencies

- Working collaboratively with our supply chain partners to maximise the use of low embodied steel products.

- Consideration to use alternative low embodied fuels for our on-site construction plant & equipment.

- Maximisation of steel product reuse and recycling.

- Contribution to industry guidance on best practice for sustainable manufacture and design.

- Assessment of green technologies for our fabrication facilities, with the view for future investment.

We continue to explore initiatives in conjunction with our Clients, Steel Association, Supply Chain Partners with the aim to reduce and minimise environmental impacts and carbon C02e emissions on an annual basis.

Our methodology is based upon the following documents:

- Green House Gas (GHG) Protocol - Corporate Standard

- HM Government March 2019 Environmental ReporƟng Guidelines

- UK Government 2023 conversion factors (latest version)

GHG emission data for the period 1 st February 2024 to 31 st January 2025 | Tonnes of C02e
Scope 1 (Energy consumption excluding electricity) | 951
Scope 2 | 570
Scope 3 | 25
Total gross emissions | 1,546

The intensity ratio of C02e per £1 turnover = 23.6 Grams per £1

CAUNTON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -

GHG emission data for the period 1 st February 2023 to 31 st January 2024 | Tonnes of C02e
Scope 1 (Energy consumption excluding electricity) | 986
Scope 2 | 555
Scope 3 | 27
Total gross emissions | 1,568

The intensity ratio of C02e per £1 turnover = 16.5 Grams per £1

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S D Bingham
Director
23 June 2025
CAUNTON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAUNTON HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Caunton Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

CAUNTON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAUNTON HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

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 identifie d material misstatements in the strategic report and the directors' r eport.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

CAUNTON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAUNTON HOLDINGS LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our 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 auditor's 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.

Ashley Conway (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
8 July 2025
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
CAUNTON HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
65,500,650
94,761,963
Change in stocks of finished goods and in work in progress
5,987,568
(1,334,651)
Other operating income
997,348
92,696
Other external expenses
(34,642,635)
(47,202,465)
Staff costs
5
(13,403,039)
(13,326,382)
Depreciation
4
(751,129)
(780,297)
Other operating expenses
(21,938,820)
(28,423,817)
Operating profit
4
1,749,943
3,787,047
Interest receivable and similar income
7
1,012,872
836,407
Interest payable and similar expenses
8
(8,489)
(94)
Profit before taxation
2,754,326
4,623,360
Tax on profit
9
(244,617)
(1,603,373)
Profit for the financial year
21
2,509,709
3,019,987
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CAUNTON HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,719,364
3,857,738
Current assets
Stocks
13
9,809,004
3,821,436
Debtors
14
9,377,699
9,458,193
Cash at bank and in hand
18,321,460
26,908,765
37,508,163
40,188,394
Creditors: amounts falling due within one year
15
(13,583,155)
(18,193,294)
Net current assets
23,925,008
21,995,100
Total assets less current liabilities
28,644,372
25,852,838
Creditors: amounts falling due after more than one year
16
(1,000)
(1,000)
Provisions for liabilities
Deferred tax liability
17
808,748
526,923
(808,748)
(526,923)
Net assets
27,834,624
25,324,915
Capital and reserves
Called up share capital
19
200
200
Capital redemption reserve
20
2,025,000
2,025,000
Other reserves
10,538
10,538
Profit and loss reserves
21
25,798,886
23,289,177
Total equity
27,834,624
25,324,915
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
23 June 2025
S J Cundy
Director
Company registration number 06540746 (England and Wales)
CAUNTON HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
100
100
Current assets
Debtors
14
2,000,100
2,000,100
Net current assets
2,000,100
2,000,100
Total assets less current liabilities
2,000,200
2,000,200
Capital and reserves
Called up share capital
19
200
200
Profit and loss reserves
21
2,000,000
2,000,000
Total equity
2,000,200
2,000,200

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The company's profit for the year was £nil (2024: £nil).

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
23 June 2025
S J Cundy
Director
Company Registration No. 06540746
CAUNTON HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 February 2023
200
2,025,000
10,538
20,269,190
22,304,928
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
3,019,987
3,019,987
Balance at 31 January 2024
200
2,025,000
10,538
23,289,177
25,324,915
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
-
-
2,509,709
2,509,709
Balance at 31 January 2025
200
2,025,000
10,538
25,798,886
27,834,624
CAUNTON HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2023
200
2,000,000
2,000,200
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 January 2024
200
2,000,000
2,000,200
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
-
0
Balance at 31 January 2025
200
2,000,000
2,000,200
CAUNTON HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(7,385,291)
4,952,189
Income taxes paid
(593,642)
(1,385,658)
Net cash (outflow)/inflow from operating activities
(7,978,933)
3,566,531
Investing activities
Purchase of tangible fixed assets
(1,697,806)
(695,522)
Proceeds from disposal of tangible fixed assets
85,051
38,499
Interest received
1,012,872
836,407
Net cash (used in)/generated from investing activities
(599,883)
179,384
Financing activities
Payment of finance leases obligations
-
(6,789)
Interest paid
(8,489)
(94)
Net cash used in financing activities
(8,489)
(6,883)
Net (decrease)/increase in cash and cash equivalents
(8,587,305)
3,739,032
Cash and cash equivalents at beginning of year
26,908,765
23,169,733
Cash and cash equivalents at end of year
18,321,460
26,908,765
CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 15 -
1
Accounting policies
Company information

Caunton Holdings Limited (“the company”) is a private company, limited by shares, incorporated in England and Wales. The registered office is Caunton House, 2 Coombe Road, Moorgreen Industrial Park, Nottinghamshire, NG16 3SU.

The group consists of Caunton Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The c ompany is a qualifying entity for the purposes of FRS 102, being a member of a g roup where the parent of that g roup prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the g roup. The c ompany has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

All financial statements are made up to 31 January 2025.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Attributable turnover is calculated by reference to applications made including retentions, less provisions for turnover attributable to future periods. Turnover is stated net of value added tax.

CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10 years straight line
Plant and machinery
15% on written down value or straight line over 15 years
Furniture, fittings and equipment
15% on written down value or straight line over 5 years
Motor vehicles
25% written down value

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Investments in subsidiaries are valued at cost less provision for impairment.

1.8
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.9
Construction contracts

Work in p rogress is valued at net cost, less foreseeable losses. Profit on short term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. Profit is ascertained in a manner appropriate to the stage of completion of the contract, by reference to attributable turnover less costs incurred to date. Costs include subcontracting which is recognised on the basis of applications received. No provision is made for retention-related expenditure unless the cost of rectification work is known. Full provision is made for losses on all contracts in the year they are first foreseen.

1.10
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Retirement benefits

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 other creditors as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.16
Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest

method.

1.19

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Accounting estimates

The following accounting estimates have had the most significant effect on amounts recognised in the financial statements.

Provisions for loss making contracts

Where losses on contracts are expected, the entire forecasted loss is recognised immediately within the profit and loss account.

Stage of contract completion

Profit is recognised in the profit and loss account subject to the stage of completion and an assessment of the value of work done on each contract, taking into consideration contract variations, estimated costs to complete and forecast profitability.

Bad debt provision

The directors have reviewed the trading balances owing to the group from its customers and made adequate provision for any debts where it is considered probable that the amount will not be recovered. The amounts would have otherwise been recognised in trade debtors.

3
Turnover and other revenue

The whole of the turnover is attributable to the one principal activity of the group.

All turnover arose within the United Kingdom.

2025
2024
£
£
Other income
Interest income
1,012,872
836,407
Grants received
71,704
92,696
Insurance proceeds
925,644
-
CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 20 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
1,029
11,776
Auditor's remuneration
31,230
28,800
Auditor's remuneration - non audit
8,995
8,400
Depreciation of owned tangible fixed assets
821,095
788,108
Profit on disposal of tangible fixed assets
(69,966)
(7,811)
Operating lease charges
1,243,558
1,217,428
5
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

Group
2025
2024
Number
Number
Production staff
152
155
Technical and administrative staff
93
93
245
248

Their aggregate remuneration comprised:

Group
2025
2024
£
£
Wages and salaries
11,069,308
11,078,478
Social security costs
1,112,853
1,051,318
Pension costs
1,220,878
1,196,586
13,403,039
13,326,382
6
Directors' remuneration

During the year the directors of Caunton Holdings Limited received no remuneration from the group (2024: £nil).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
944,453
778,364
Other interest income
68,419
58,043
Total income
1,012,872
836,407
CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 21 -
8
Interest payable and similar expenses
2025
2024
£
£
Other interest
8,489
-
Interest on finance leases and hire purchase contracts
-
94
Total finance costs
8,489
94
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
442,735
1,142,030
Adjustments in respect of prior periods
(479,943)
431,687
Total current tax
(37,208)
1,573,717
Deferred tax
Origination and reversal of timing differences
281,825
29,656
Total tax charge
244,617
1,603,373

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,754,326
4,623,360
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.03%)
688,582
1,110,993
Tax effect of expenses that are not deductible in determining taxable profit
9,450
26,693
Tax effect of income not taxable in determining taxable profit
-
0
(2,311)
Adjustments in respect of prior years
(479,943)
431,687
Effect of change in corporation tax rate
-
1,151
Depreciation on assets not qualifying for tax allowances
26,528
35,160
Taxation charge
244,617
1,603,373
CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
10
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2024
1,533,939
10,104,680
2,436,522
838,903
14,914,044
Additions
-
0
1,471,583
23,628
202,595
1,697,806
Disposals
-
0
(270,299)
(22,235)
(74,506)
(367,040)
At 31 January 2025
1,533,939
11,305,964
2,437,915
966,992
16,244,810
Depreciation and impairment
At 1 February 2024
1,181,166
7,488,606
1,931,277
455,257
11,056,306
Depreciation charged in the year
153,395
425,471
109,956
132,273
821,095
Eliminated in respect of disposals
-
0
(270,299)
(19,639)
(62,017)
(351,955)
At 31 January 2025
1,334,561
7,643,778
2,021,594
525,513
11,525,446
Carrying amount
At 31 January 2025
199,378
3,662,186
416,321
441,479
4,719,364
At 31 January 2024
352,773
2,616,074
505,245
383,646
3,857,738
The company had no tangible fixed assets at 31 January 2025 or 31 January 2024.
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
100
100
12
Subsidiaries

The company owned 100% of the ordinary share capital of the following subsidiaries at the balance sheet date:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Caunton Engineering Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Caunton House, 2 Coombe Road, Moorgreen Industrial Park, Nottingham, NG16 3SU
CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
1,668,309
1,219,152
-
-
Work in progress
8,140,695
2,602,284
-
-
9,809,004
3,821,436
-
-
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,441,921
5,962,216
-
0
-
0
Corporation tax recoverable
342,414
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
2,000,000
2,000,000
Amounts owed by related parties
800,000
792,650
-
-
Other debtors
3,793,364
2,703,327
100
100
9,377,699
9,458,193
2,000,100
2,000,100
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
11,423,118
10,643,662
-
0
-
0
Amounts owed to related undertakings
450,000
3,964,078
-
0
-
0
Corporation tax payable
-
0
288,436
-
0
-
0
Other taxation and social security
376,038
312,279
-
-
Grant income deferred
36,154
43,579
-
0
-
0
Other creditors
1,297,845
2,941,260
-
0
-
0
13,583,155
18,193,294
-
0
-
0
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Amounts owed to related parties
1,000
1,000
-
0
-
0

CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 24 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
832,295
548,269
Short term timing differences
(23,547)
(21,346)
808,748
526,923
Group
2025
Movements in the year:
£
Liability at 1 February 2024
526,923
Charge to profit or loss
281,825
Liability at 31 January 2025
808,748
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,220,878
1,196,586

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the year end, contributions outstanding were £94,189 (2024: £96,096), held in other creditors.

19
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of £1 each
42
42
42
42
Ordinary "B" shares of £1 each
48
48
48
48
Ordinary "C" shares of £1 each
98
98
98
98
Ordinary "D" shares of £1 each
12
12
12
12
200
200
200
200
CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
20
Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents paid up equity shares that the group has bought back.

21
Profit and loss reserves

The profit and loss account represents accumulated trading profit, less equity dividends paid.

22
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
-
2,206,536
-
-

Capital commitments at the balance sheet date relate to deposits paid on machinery not yet received.

CAUNTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 26 -
23
Related party transactions

The c ompany has taken full advantage of the exemption under section 33 of FRS 102 from disclosing transactions with other members of the group headed by Caunton Holdings Limited.

Maplebeck Holdings Limited, Caunton Investments Limited and Tiger Buildings Limited are related parties by virtue of common control.
During the year goods and services were charged on a normal commercial basis to the group from Maplebeck Holdings Limited and Caunton Investments Limited amounting to £549,880 (2024: £549,351) and £2,534,047 (2024: £6,034,991) respectively.

At the balance sheet date the group owed £450,000 (2024: £3,964,078) to Caunton Investments Limited and £1,000 (2024: £1,000) to Tiger Buildings Limited.

At the balance sheet date the group was owed £800,000 (2024: £792,650) from Maplebeck Holdings Limited.

Modular Walling Systems Holdings Limited is a related party by virtue of common directorship and beneficial interest. During the year the group paid expenses on behalf on Modular Walling Systems Holdings Limited amounting to £476 (2024: £292).

24
Controlling party

The company's ultimate controlling party was the Bingham family throughout the current and preceding year.

25
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Profit for the year after tax
2,509,709
3,019,987
Adjustments for:
Taxation charged
244,617
1,603,373
Finance costs
8,489
94
Investment income
(1,012,872)
(836,407)
Release of grant income deferred
(7,425)
(9,618)
Gain on disposal of tangible fixed assets
(69,966)
(7,811)
Depreciation and impairment of tangible fixed assets
821,095
788,108
Movements in working capital:
(Increase)/decrease in stocks
(5,987,568)
1,334,651
Decrease in debtors
422,908
4,545,528
Decrease in creditors
(4,314,278)
(5,485,716)
Cash (absorbed by)/generated from operations
(7,385,291)
4,952,189
26
Analysis of changes in net funds - group
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
26,908,765
(8,587,305)
18,321,460
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