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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 2006They 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 policiesThe 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 statementsour 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 2006Our 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