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Registered number: 05629190 THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
COMPANY INFORMATION
Directors | D C Herron
| R Coughlin
| S C Dix
| H R Coughlin
| R J Hodson
| B P Mills (appointed 1 April 2025)
Registered number | 05629190
Registered office | 48a Heming Road
| Washford Industrial Estate
| Redditch
| Worcestershire
| B98 0EA
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Notes to the Financial Statements | 11 - 21
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
STRATEGIC REPORT FOR THE PERIOD ENDED 31 MARCH 2025
Introduction
The directors present the strategic report for the period ended 31 March 2025.
Business review
The principal activities of the business remain focused on the delivery of high-quality museum, heritage and cultural fit-out projects, with the continued measured expansion into the hospitality and luxury residential sectors. During the year, the Company undertook a comprehensive rebranding initiative aimed at strengthening its market profile and reinforcing its position as a trusted partner in strategic, high-value projects. This brand transformation reflects the Board’s ambition to increase visibility within core sectors while unlocking new growth opportunities both in the UK and overseas. In recognition of the competitive nature of the UK exhibition market, the Company advanced its international growth strategy. A key milestone was the opening of a new office in Madrid, providing a strategic base for international expansion through 2025 and reinforcing the Group’s ability to diversify geographically. Despite volatile market conditions, the business maintained resilience, supported by disciplined cost control, selective bidding, and enhanced project delivery capabilities.
Principal risks and uncertainties
The Board continues to monitor risks closely, including volatile market and political conditions overseas, supply chain pressures within the UK, and fluctuating material costs. These risks are mitigated through selective project acceptance, strengthened supplier partnerships, and prudent financial management. The international expansion strategy introduces additional factors, such as new regulatory environments and cross-border operational risks, which are carefully assessed and managed. Health and safety remains a priority across all areas of operation. The rebranding initiative and strengthened market positioning are expected to mitigate some competitive risks, supporting the Company’s strategy to build long-term resilience.
Financial key performance indicators
The statement of financial position highlights net assets of £1,425,668 at the period end (31 December 2023: £1,366,904). The results for the 15-month period ended 31 March 2025 reflect a pre-tax profit of £147,586 (year ended 31 December 2023: loss of £169,775) on turnover of £33,812,130 (2023: £14,734,490). An exceptional item was recognised for an amount due from a previously connected company that was deemed irrecoverable, relating to transactions incurred prior to the company's change in ownership on 22 July 2024. Excluding this exceptional item, the pre-tax profit would have amounted to £439,254. The Board considers the financial position at the year end to be satisfactory, providing a stable foundation for continued growth. This outlook is supported by a forward order book extending into the rest of 2025, alongside the strengthened market position and defined international strategy. The Board remains committed to its vision of becoming the UK market leader in museum fit-out, while steadily developing a sustainable interiors division and extending its international presence through strategic growth. Page 1
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 This report was approved by the board on 31 October 2025 and signed on its behalf.
D C Herron Director
Page 2
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
DIRECTORS' REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The directors present their report and the financial statements for the period ended 31 March 2025.
Directors
The directors who served during the period were:
D C Herron
R Coughlin
S C Dix
H R Coughlin
R J Hodson
B P Mills (appointed 1 April 2025)
M A Banham (resigned 7 August 2024)
L A Sheach (resigned 7 August 2024)
Results and dividends
The profit for the period, after taxation, amounted to £58,763 (2023 - loss £163,759). The company did not pay any ordinary dividends during the current or preceding year. The directors do not recommend the payment of a dividend. The results for the year are set out on page 9.
Directors' responsibilities statement
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; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
Sopher + Co LLP were appointed auditors before the period end on 21 November 2024. Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 31 October 2025 and signed on its behalf.
D C Herron Director
Page 4
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
Opinion
We have audited the financial statements of The Hub Build Limited (formerly The Hub Consulting Limited) (the 'Company') for the period ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the period 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 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.
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 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. Page 5
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED) (CONTINUED)
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matters prescribed by the Companies Act 2006
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 period 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.
Matters on which we are required to report by exception
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. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 6
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED) (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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: Based on our understanding of the Company and industry, we have identified the principal risks of non-compliance with laws and regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the interior design and exhibition construction sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. Page 7
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED) (CONTINUED) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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.
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 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. Stephen Iseman FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 31 October 2025 Page 8
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2025
| Period Ended 31 March 2025 | Year ended 31 December 2023
Note | £ | £
Turnover | 4 | 33,812,130 | 14,734,490
Cost of sales |  | (32,230,270) | (13,877,271)
Gross profit |  | 1,581,860 | 857,219
Administrative expenses |  | (1,142,797) | (1,027,436)
Exceptional cost | 5 | (291,668) | -
Operating profit/(loss) | 6 | 147,395 | (170,217)
Interest receivable and similar income |  | 191 | 442
Profit/(loss) before tax |  | 147,586 | (169,775)
Tax on profit/(loss) | 7 | (88,823) | 6,016
Profit/(loss) for the financial period |  | 58,763 | (163,759)
There was no other comprehensive income for 2025 or 2023.
The notes on pages 11 to 21 form part of these financial statements.
Page 9
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED) REGISTERED NUMBER:05629190
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 31 March |  | 31 December
|  | 2025 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 155,868 |  | 212,643
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 12 | 1,115,216 |  | 210,468 |
Debtors: amounts falling due within one year | 12 | 6,677,696 |  | 3,427,013 |
Cash at bank and in hand |  | 4,273,489 |  | 1,040,780 |
|  | 12,066,401 |  | 4,678,261 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 13 | (10,015,520) |  | (3,524,000) |
Net current assets |  |  | 2,050,881 |  | 1,154,261
Total assets less current liabilities |  |  | 2,206,749 |  | 1,366,904
Creditors: amounts falling due after more than one year | 14 |  | (781,081) |  | -
Net assets |  |  | 1,425,668 |  | 1,366,904
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 226 |  | 226
Capital redemption reserve | 16 |  | 74 |  | 74
Profit and loss account | 16 |  | 1,425,368 |  | 1,366,604
|  |  | 1,425,668 |  | 1,366,904
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2025.
D C Herron
Director
The notes on pages 11 to 21 form part of these financial statements. Page 10
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
1. | General information
The Hub Build Limited (formerly The Hub Consulting Limited) is a private company limited by shares incorporated in England and Wales. The company changed its name from The Hub Consulting Limited to The Hub Build Limited on 11 April 2025. The registered office is 48A Heming Road, Washford Industrial Estate, Redditch, Worcestershire, B98 0EA. The principal activity of the company continued to be that of interior design and exhibition construction. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": • the requirements of Section 7 Statement of Cash Flows; • the requirements of Section 33 Related Party Disclosures paragraph 33.7. The Hub Build Limited (formerly The Hub Consulting Limited) is a subsidiary of The Luxury Build Partner Limited and the results of The Hub Build Limited are included in the consolidated financial statements of The Luxury Build Partner Limited which are available from its registered office, 5-10 Bolton Street, London, W1J 8BA.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is £ Sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 11
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover, which is stated net of value added tax, is recognised when the company has performed its obligations under a contract and the right to consideration has been obtained. Turnover represents the value of work done and services provided during the year, including estimates of amounts not yet invoiced. In respect of long-term contracts, turnover is recognised in proportion to the stage of completion of the contract activity at the reporting date.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.9 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 12
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Land and building leasehold | - | straight line over the life of the lease
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 15% reducing balance
|  |  |  | Computer equipment | - | 25% straight line
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.
| 2.11 | Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Amounts recoverable on construction contracts, which are included within debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts. Costs associated with construction contracts are included in stock to the extent that they cannot be matched with contract work accounted as turnover. Construction contract balances included in stock are stated at cost, after provision has been made for any foreseeable losses and deduction of applicable payments on account. Excess progress payments are included in creditors as payments on account. The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. Page 13
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.16 | Equity instruments
Equity instruments issued by the company 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company'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. Other than the recognition of turnover for construction services which has been detailed under the construction contracts policy (note 2.11), there are no material items in the financial statements where these judgement and estimates have been made. Page 14
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
4. | Turnover
The whole of the turnover is attributable to the principal activity. Geographical analysis of turnover;
|  |  |  |  | Period Ended 31 March 2025 | Year ended 31 December 2023
|  |  |  |  | £ | £
| United Kingdom | 33,768,739 | 14,612,600
| Rest of the world | 43,391 | 121,890
|  | 33,812,130 | 14,734,490
5. | Exceptional items
|  |  |  |  | Period Ended 31 March 2025 | Year ended 31 December 2023
|  |  |  |  | £ | £
| Impairment of receivable | 291,668 | -
| The exceptional item recognised in the profit and loss account relates to the irrecoverable debt owed by a connected company, prior to the change in ownership on 22 July 2024. This item is further discussed in the Strategic Report.
6. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | Period Ended 31 March 2025 | Year ended 31 December 2023
|  |  |  |  | £ | £
| Exchange differences | (13,375) | (45,905)
| Other operating lease rentals | 93,909 | 75,099
| Depreciation of owned tangible fixed assets | 74,575 | 52,783
Page 15
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
7. | Taxation
|  |  |  |  | Period Ended 31 March 2025 | Year ended 31 December 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 88,823 | (6,016)
| Factors affecting tax charge for the period
| The tax assessed for the period 31 March 2025 is higher than (31 December 2023 - higher than) the standard/composite rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | Period Ended 31 March 2025 | Year ended 31 December 2023
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 147,586 | (169,775)
| Profit/(loss) on ordinary activities multiplied by standard/composite rate of corporation tax in the UK of 25% (2023 - 23.52%) | 36,897 | (39,931)
| Effects of: |  |
| Expenses not deductible for tax purposes | 73,764 | 1,414
| Depreciation greater than capital allowances | 13,962 | 6,294
| Utilisation of tax losses | (34,697) | -
| Adjustments to tax charge in respect of prior periods | - | (6,016)
| Short-term timing difference | (1,103) | -
| Group relief | - | 32,223
| Total tax charge for the period/year | 88,823 | (6,016)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 16
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
8. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors:
|  |  |  |  | Period Ended 31 March 2025 | Year ended 31 December 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 29,375 | 13,250
9. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | Period Ended 31 March 2025 | Year ended 31 December 2023
|  |  |  |  | £ | £
| Wages and salaries | 4,534,848 | 2,283,572
| Social security costs | 12,477 | (429)
| Cost of defined contribution scheme | 34,377 | 37,432
|  | 4,581,702 | 2,320,575
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Period Ended 31 March 2025 | Year ended 31 December 2023
|  |  | No. | No.
|  | Production | 13 | 15
|  | Contract Manager | 20 | 11
|  | Administration | 23 | 24
|  |  | 56 | 50
Page 17
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
10. | Directors' remuneration
|  |  |  |  | Period ended 31 March | Year ended 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 401,333 | 220,450
| Company contributions to defined contribution pension schemes | 24,280 | 10,283
|  | 425,613 | 230,733
| During the period retirement benefits were accruing to 3 directors (2023 - 2) in respect of defined contribution pension schemes. The highest paid director for the 15-month period received total remuneration of £142,500 (year ended 31 December 2023 - £114,000).
11. | Tangible fixed assets
|  | Short-term leasehold property | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2024 | 351,552 | 36,950 | 143,898 | 133,720 | 666,120
| Additions | - | - | 2,965 | 14,835 | 17,800
| At 31 March 2025 | 351,552 | 36,950 | 146,863 | 148,555 | 683,920
| Depreciation |  |  |  |  |
| At 1 January 2024 | 226,029 | 28,932 | 96,391 | 102,125 | 453,477
| Charge for the period on owned assets | 45,957 | 2,504 | 8,807 | 17,307 | 74,575
| At 31 March 2025 | 271,986 | 31,436 | 105,198 | 119,432 | 528,052
| Net book value |  |  |  |  |
| At 31 March 2025 | 79,566 | 5,514 | 41,665 | 29,123 | 155,868
| At 31 December 2023 | 125,523 | 8,018 | 47,507 | 31,595 | 212,643
Page 18
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
12. | Debtors
|  |  |  |  | 31 March | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Trade debtors | 1,115,216 | 210,468
|  |  |  |  | 31 March | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 5,833,523 | 806,055
| Other debtors | 14,298 | -
| Prepayments and accrued income | 829,875 | 2,620,958
|  | 6,677,696 | 3,427,013
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 March | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Payments received on account | 4,158,977 | 311,325
| Trade creditors | 3,169,009 | 2,313,564
| Corporation tax | 88,823 | -
| Other taxation and social security | 2,293,406 | 368,296
| Other creditors | 81,663 | 36,513
| Accruals and deferred income | 223,642 | 494,302
|  | 10,015,520 | 3,524,000
14. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 31 March | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Trade creditors | 781,081 | -
Page 19
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
15. | Share capital
|  |  |  |  | 31 March | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 226 Ordinary shares of £1.00 each | 226 | 226
16. | Reserves
Capital redemption reserve The "capital redemption" reserve represents the nominal value of the company’s shares that have previously been purchased back and cancelled. Profit and loss account Profit and loss reserves comprise the company’s current and prior period results, all of which are distributable.
17. | Pension commitments
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £59,310 (2023 - £37,433). Contributions totalling £4,508 (2023 - £6,514) were payable to the fund at the reporting date and are included in creditors.
18. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 31 March | 31 December
|  |  |  |  | 2025 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 101,616 | 107,243
| Later than 1 year and not later than 5 years | 291,395 | 323,012
| Later than 5 years | 105,000 | 178,667
|  | 498,011 | 608,922
Page 20
THE HUB BUILD LIMITED (FORMERLY THE HUB CONSULTING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
19. | Related party transactions
| The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
20. | Controlling party
The ultimate parent and controlling company is The Luxury Build Partner Limited, a company registered in England and Wales. Their registered address of the company is 48a Heming Road, Washford Industrial Estate, Redditch, Worchestershire, B98 0EA. The ultimate controlling party is D Herron.
Page 21