The directors present the strategic report for the year ended 31 March 2025. This strategic report has been prepared in compliance with Section 414C of the Companies Act 2006 for the purpose of informing the members and helping them assess how the directors have performed their duty under Section 172 of the Companies Act 2006 to promote the success of the company.
The principal activity of the Group is the construction of domestic and commercial buildings and electrical installation.
We are a London based construction company specialising in the development, refurbishment and maintenance of super prime residential properties in London and the South East.
The philosophy of the group has been built around excellence in the work we undertake. Our work is defined by high quality detail, craftsmanship and materials. We pride ourselves in developing strong collaborative relationships and as such, a significant part of our work comes through recommendation.
In 2025, the group's turnover decreased by 22% to £28.7 million (2024 - increased by 99% to £35.8 million) whilst continuing to concentrate on maintaining margins on the work undertaken. We are happy to confirm the group has continued to make profit by declaring profit before tax of £5m in the year (2024: £5.3m).
Principal risks and uncertainties
We implement all necessary measures to minimise risk and exposure. In terms of factors affecting the London property sector in particular, we maintain close links with all parties within the sector to fully understand any incremental changes, and we closely analyse all available market data. We also fully engage with our supply chain to understand their pressures and to ensure a steady supply of materials and labour to be able to complete our projects on time and within budgets.
In terms of internal risks, we mitigate these by employing highly competent professionals in every area of our business. Each project has a designated team of project managers, quantity surveyors and designers, working closely with our clients and their professional teams.
Our clients are very demanding in their requirements for design and installation and their quality expectations are rightly very high and we have been able to achieve and surpass these throughout the year for works completed. To this end we promote and encourage staff development, and research and development in all areas of the business to continue to offer innovative approaches and high-quality finishes and increase our efficiency to make projects easier to manage and complete.
Business continuity risk
In response to the threat posed by pandemics and cyber threats for example, we have invested heavily in developing a number of software products to produce accurate and timely information and to enable remote working. We also have in place a comprehensive physical IT infrastructure and all the necessary safeguards to protect our data such as disaster recovery plans and processes for continuous monitoring of new cyber threats.
Health and Safety Risk
The company is committed to providing a safe working environment for all. As a baseline we ensure compliance with all necessary legislation and safe working practices, through the implementation of our health and safety policy. We employ health and safety professionals in house to educate our staff and continuously monitor risks
Financial Risks
Profit margin risk is managed by senior management during the commercial process. The use of benchmarking and acceptable hurdle rates ensures we do not engage in projects which fall below defined levels in terms of profitability.
Liquidity risk is managed on a daily basis. Cash forecasting enables the business to fully understand available cash headroom. The company does not have any current borrowings and the directors reinvest heavily back in to the business. This approach ensures a stable long-term platform and also means we can make less pressurised commercial decisions as discussed above. Facilities are on hand with our bankers if needed.
Credit risk is managed by due diligence being performed at the tender stage. Credit terms are granted to customers who demonstrate an appropriate payment history and satisfy credit checking procedures.
Inflation risks are mitigated by the use of DCF models at the tendering stage and by the forward purchasing of materials for projects where necessary.
Strong financial controls are in place to ensure the integrity and reliability of financial and other information on which the company relies for day-to-day operations, external reporting and long- term planning. The company exercises financial and business control through the combination of suitably qualified and experienced financial personnel; performance analysis; budgeting and cashflow forecasting and clearly defined authorisation limits, supported by integrated and proven systems.
Management Risks
Long term growth of the business depends on the company's ability to retain and attract high quality people. The risk is managed through the use of personal development plans for all staff. These plans are backed by specific policies in areas such as training, management development, performance management and CPD programs.
The directors were happy with the results for the year which are detailed on page 10. Margins have been generally maintained despite increased material costs seen across the sector during the period. The business has invested heavily in management and increased the key personnel to manage the growing workload secured going forward and we are now seeing the benefits of this policy in our abilities to manage profitably our order book for the year just completed and the future.
Enquiries continue at acceptable levels which reflects the quality of our reputation and client satisfaction. We have secured a large proportion of our turnover for the year ended 31 March 2026 and a proportion of our forecast turnover for the year ended 31 March 2027 already but we remain cautious given the change of government and the new UK Non-Dom taxation rules which will likely impact on our customer base. The investment decisions we have made have enabled us to remain agile and allow us to be positive about our continued success in the coming years.
Revenue: £27.9m (2024: £35.8m) - Decrease in revenue due to less projects during the year.
Gross profit: £9.4m (2024: £10.0m) – Decrease in line with turnover. The gross profit margin has increased to 34% (2024: 28%) as costs have been monitored closely and prices increased.
Net Profit £5.0m (2024: £5.3m) – Net margin of 18% in the year (2024: 15%) which is a slight increase on the prior year due to overheads being monitored closely.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2025.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
No dividend was paid during the year.
Details of future developments of the group can be found in the strategic report.
Moore Kingston Smith LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
We have audited the financial statements of Concept Bespoke Interiors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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).
Basis for 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
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' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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. 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.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,595,244 (2024 - £4,004,040 profit).
Concept Bespoke Interiors Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Holland House, 6 Church Street, Isleworth, England, TW7 6XB.
The group consists of Concept Bespoke Interiors Limited and all of its subsidiaries.
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 company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Concept Bespoke Interiors Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The directors have assessed the Company’s financial position, forecasts, anticipated cash flows, future plans and the impact of other external factors and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Retention revenue is recognised at the point of practical completion of the project.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
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 group.
The tax expense represents the sum of the tax currently payable and deferred 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.
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 expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, 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.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
Subsidiary audit exemption
The Company's subsidiary Holland House TW7 Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of their individual financial statements by virtue of section 479a of the Companies Act.
The parent company has therefore guaranteed all existing liabilities of the above entities and this guarantee will remain in force until those liabilities are settled.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Judgement is exercised when determining the carrying value of freehold property. The key assumptions and inputs include rental income and expense, related rental income and expense growth rates, occupancy levels, capital improvement costs, discount rates and capitalisation rates.
In order to assess the appropriateness of the carrying value of work in progress, the company is required to make estimations of sales prices, costs and margins expected on plots in order to determine whether write-downs or reversals are required to ensure work in progress is stated at the lower of cost and net realisable value.
A judgement is made over the recognition point of retention income which is upon achievement of the practical completion stage of a contract.
All turnover arose within the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
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:
If the freehold property had not been revalued, it would have been included in these financial statements at a value of £1,692,010, representing its cost price.
The valuation was carried out by Mann Smith Chartered Surveyors, an independent valuer, on 15 January 2019 and the directors believe there has been no material change in the property's value between this date and the year ended 31 March 2025.
Details of the company's subsidiaries at 31 March 2025 are as follows:
The Company's subsidiary Holland House TW7 Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of their individual financial statements by virtue of section 479a of the Companies Act.
The company’s bank loan is secured via a fixed and floating charge over the company and all property and assets present and future. The loan of the subsidiary is also secured via a fixed and floating charge over the property held by the subsidiary, including the fixtures and plant and machinery contained within and two properties owned by the Directors.
The loan is repaid via monthly instalments for 5 years and the remaining balance is then repayable 5 years after the date of initial drawdown in July 2023. Interest was payable at a rate of 2.4% above base rate.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The disclosure exemption conferred by FRS 102 Section 33:1A has been utilised, whereby the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
During the reporting period, the company provided services to amounting to £8,511,625 excluding VAT (2024: £12,470,504) to companies under common control. These services were provided at an arms length basis. The following amounts were outstanding from the company at the period end £571,183 (2024: £2,258,359) which is included in trade debtors due within one year.
During the reporting period, the company incurred expenditure amounting to £nil (2024: £171,257) from companies under common control. The following amounts were owed by the company at the period end £nil (2024: £205,245) which is included in trade creditors due within one year.
Key management personnel are considered to be the Directors, disclosure of their remuneration is included in note 7.