Company Registration No.12300308 (England and Wales)
FOR THE YEAR ENDED 31 MARCH 2025
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents the strategic report for the year ended 31 March 2025.
The principal activity of the group continued to be that of specialist fit-out contractors.
Our number one indicator remains the health and safety of our workers. Then comes our team and the delivery of a quality and timely service.
Our key financial targets remain profit, balance sheet strength and to operate without bank funding.
The key financial highlights of the company for the last four years are as follows:
Our key financial targets remain profit, balance sheet strength and to operate without bank funding.
The key financial highlights of the company for the last four years are as follows:
The full profit and loss account of the group is set out on page 12. The continuing profitability and balance sheet strength is the result of another successful year.
Review of the year to March 2025
The directors are pleased to report another successful year with increased turnover, profitability and balance sheet strength as demonstrated by our key performance indicators set out above.
We continued to invest in our team, in health and safety and in training and technology.
We completed and handed over projects to programme and we thank our clients for the opportunity to work for them.
We work in an extremely competitive sector and the results achieved were especially pleasing in the light of the continuing high inflation, wages inflation, skills shortages and materials price increases as well as the uncertainty caused by the continuing war in Ukraine and the conflict in the Middle East.
But our consistent profits resulted from a combination of factors such as continuing focus on our core activities, the strength of our management team, our smart and more efficient use of systems, procedures and technology and embracing proven modern techniques. Our thanks to the strong relationships we maintain with our supply chain who continue to give us a reliable service in recognition of decades of fair and prompt payment terms.
We commend our experienced team and strong commercial and financial resources that gave us another successful year.
Review of the year to March 2025
The directors are pleased to report another successful year with increased turnover, profitability and balance sheet strength as demonstrated by our key performance indicators set out above.
We continued to invest in our team, in health and safety and in training and technology.
We completed and handed over projects to programme and we thank our clients for the opportunity to work for them.
We work in an extremely competitive sector and the results achieved were especially pleasing in the light of the continuing high inflation, wages inflation, skills shortages and materials price increases as well as the uncertainty caused by the continuing war in Ukraine and the conflict in the Middle East.
But our consistent profits resulted from a combination of factors such as continuing focus on our core activities, the strength of our management team, our smart and more efficient use of systems, procedures and technology and embracing proven modern techniques. Our thanks to the strong relationships we maintain with our supply chain who continue to give us a reliable service in recognition of decades of fair and prompt payment terms.
We commend our experienced team and strong commercial and financial resources that gave us another successful year.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Our current contracts are progressing satisfactorily and we have an increased order book from well-established customers. We continue to invest in our people and resources.
We live in uncertain times where profit margins remain challenging and we have to operate with trades shortages and the continuing uncertainty caused by the geo political climate, conflict in Ukraine, conflict in the Middle East and the new tariff implications all combining to keep investment confidence low so caution remains the order of the day.
However, as Celtic Contractors Limited our trading subsidiary enters our 30th year of successful trading we are confident that the strength of the group with its strong and liquid balance sheet, our dedicated and experienced team and our good reputation in our sector to continue the delivery of a consistent, timely and quality service to our valued customers and to generate profit and positive cashflow going forward.
The board remain committed to delivering an excellent service and to managing the group’s strategic direction to match that of the market it operates in, with a key focus on maintaining a sustainably profitable business which continues to be a key strategic partner of its customers, suppliers and other stakeholders.
History and family values
Celtic Contractors Limited our trading subsidiary has traded successfully for the past 30 years. We strive to retain the family culture with all our directors actively involved with our employees, clients and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest engineering standards and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise and reliability and to be the contractor of choice. We strive to continue the long term relationships with our customer base by focusing on our core activities, our long standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers.
Principal risks and uncertainties
Construction is a higher risk, low margin sector and there are a number of uncertainties which could have an impact on the group’s performance and could cause results to differ substantially from historical profits and current projections. However, we have a strong and liquid balance sheet, an experienced team and well-established systems and procedures in place to help avoid or minimise risks to the group.
The principal risks for our group include the following:
Pricing and delivery of large and complex construction contracts
The pricing and delivery of fit out construction contracts presents many challenges, principal amongst them being availability of materials and tradespeople, meeting tight deadlines, site conditions and cost overruns. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win.
Quality workmanship
Fit-out contracts have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a long-standing team of skilled and experienced directors, managers, tradespeople and support staff.
Credit risk
The group’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day-to-day basis. In particular our long standing monthly Cost Value Reporting system and review meetings cover the
We live in uncertain times where profit margins remain challenging and we have to operate with trades shortages and the continuing uncertainty caused by the geo political climate, conflict in Ukraine, conflict in the Middle East and the new tariff implications all combining to keep investment confidence low so caution remains the order of the day.
However, as Celtic Contractors Limited our trading subsidiary enters our 30th year of successful trading we are confident that the strength of the group with its strong and liquid balance sheet, our dedicated and experienced team and our good reputation in our sector to continue the delivery of a consistent, timely and quality service to our valued customers and to generate profit and positive cashflow going forward.
The board remain committed to delivering an excellent service and to managing the group’s strategic direction to match that of the market it operates in, with a key focus on maintaining a sustainably profitable business which continues to be a key strategic partner of its customers, suppliers and other stakeholders.
History and family values
Celtic Contractors Limited our trading subsidiary has traded successfully for the past 30 years. We strive to retain the family culture with all our directors actively involved with our employees, clients and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest engineering standards and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise and reliability and to be the contractor of choice. We strive to continue the long term relationships with our customer base by focusing on our core activities, our long standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers.
Principal risks and uncertainties
Construction is a higher risk, low margin sector and there are a number of uncertainties which could have an impact on the group’s performance and could cause results to differ substantially from historical profits and current projections. However, we have a strong and liquid balance sheet, an experienced team and well-established systems and procedures in place to help avoid or minimise risks to the group.
The principal risks for our group include the following:
Pricing and delivery of large and complex construction contracts
The pricing and delivery of fit out construction contracts presents many challenges, principal amongst them being availability of materials and tradespeople, meeting tight deadlines, site conditions and cost overruns. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win.
Quality workmanship
Fit-out contracts have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a long-standing team of skilled and experienced directors, managers, tradespeople and support staff.
Credit risk
The group’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day-to-day basis. In particular our long standing monthly Cost Value Reporting system and review meetings cover the
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
operational, commercial and financial performance of every project and highlights at an early stage where corrective action may be required.
Liquidity risk
The group maintains a strong and liquid balance sheet and finances its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. The group works for long-established creditworthy Tier 1 contractors and it does not have any complex financial instruments or hedging products and neither does it have any loans or overdrafts. Therefore, the directors are confident that they can meet their obligations as they fall due.
Health and safety risk
Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out in our health and safety note below.
Our in-house team
The success of the group is dependent on retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.
Liquidity risk
The group maintains a strong and liquid balance sheet and finances its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. The group works for long-established creditworthy Tier 1 contractors and it does not have any complex financial instruments or hedging products and neither does it have any loans or overdrafts. Therefore, the directors are confident that they can meet their obligations as they fall due.
Health and safety risk
Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out in our health and safety note below.
Our in-house team
The success of the group is dependent on retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.
The Board of Directors is required to consider the group's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the group can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have a satisfactory order book from well-established customers and we have a £11.8 million balance sheet with strong liquidity and consistent profits. Thus we continue to adopt the going concern basis in preparing the financial statements.
Corporate social responsibility
The directors believe that the long term interests of the group, its employees and its customers are best served by acting in a corporate social manner and by helping the communities and the environment in which we operate.
Therefore, the group ensures that high standards are maintained in everything we do.
Throughout the year the group and its employees supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation and we continue to invest in upskilling and training.
In particular we are proud to continue our many years of support for the charity Stripey Stork. We were a headline sponsor for the 2025 Mental Health World Cup and we have committed to continue that sponsorship into 2026. Our employees raised funds for various charities such as CALM, the Stroke Association and Strongmen. In addition, we are proud to support and donate to other charity fundraising events and local community engagement days, most notable being over £20,000 raised for Ickle Pickles and the London Neonatal Operational Delivery Network, two charities that do fantastic work.
Our people and their health and safety are at the heart of everything we do and we write more about that in our health and safety note below.
As a medium sized construction group, we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect and we recycle and re-use our site waste wherever possible and we use modern waste management companies to recycle any excess.
Our Sedex membership helps maintain our ethical and social compliance obligations.
Corporate social responsibility
The directors believe that the long term interests of the group, its employees and its customers are best served by acting in a corporate social manner and by helping the communities and the environment in which we operate.
Therefore, the group ensures that high standards are maintained in everything we do.
Throughout the year the group and its employees supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation and we continue to invest in upskilling and training.
In particular we are proud to continue our many years of support for the charity Stripey Stork. We were a headline sponsor for the 2025 Mental Health World Cup and we have committed to continue that sponsorship into 2026. Our employees raised funds for various charities such as CALM, the Stroke Association and Strongmen. In addition, we are proud to support and donate to other charity fundraising events and local community engagement days, most notable being over £20,000 raised for Ickle Pickles and the London Neonatal Operational Delivery Network, two charities that do fantastic work.
Our people and their health and safety are at the heart of everything we do and we write more about that in our health and safety note below.
As a medium sized construction group, we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect and we recycle and re-use our site waste wherever possible and we use modern waste management companies to recycle any excess.
Our Sedex membership helps maintain our ethical and social compliance obligations.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Our people, training and employee involvement
Our people are our greatest asset and our commitment to our employees has been the reason for our continuing success. The group’s 30 years of success is attributable to the experience, dedication, loyalty and skill of our team of highly competent company directors, contracts managers, project/site managers, site supervisors/foremen and trades operatives and underpinned by a strong commercial team and head office support staff.
Training and workforce development is one of our guiding principles and we continue to invest in the training and development of our workforce on which the success of our group depends.
Our hands on approach and short chain of command keeps our directors and managers in constant dialogue with our employees, keeping them abreast of the group's activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain committed to equality and equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination and modern slavery. We have group policies to support these undertakings.
I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life long and rewarding career where they feel valued and respected and a part of the on going success of our group.
Health and safety at work
Health and safety is central to everything we do. The directors and senior managers, assisted by our health and safety team, continue to target ‘zero’ accidents by striving to embed best health and safety policies, practices and awareness throughout our operations.
The group’s overriding principal is that all our workers work in a safe working environment and that they go home safely at the end of every working day. The investment in health and safety training to maintain, monitor and enhance our Health & Safety performance remains at the top of our core values, as proven by no RIDDORS in the past 12 months.
Our workforce continue to participate in sustaining our health and safety programmes and they are encouraged to constantly look for and suggest ways to further enhance our best practice Health & Safety policies.
Our constant 'Tool Box' talks and Site Inductions are part and parcel of our health and safety awareness and refresher updates.
Our Building Mental Health Charter provides awareness and understanding of the importance of good mental health to our workforce through workshops, training and signpost to support. Our directors are mental Health First Aiders and we have more of our team completing similar training courses.
Our health and safety policies are guided by our occupational health and safety standard accreditations OHSAS 18001 and ISO 45001.
Our people are our greatest asset and our commitment to our employees has been the reason for our continuing success. The group’s 30 years of success is attributable to the experience, dedication, loyalty and skill of our team of highly competent company directors, contracts managers, project/site managers, site supervisors/foremen and trades operatives and underpinned by a strong commercial team and head office support staff.
Training and workforce development is one of our guiding principles and we continue to invest in the training and development of our workforce on which the success of our group depends.
Our hands on approach and short chain of command keeps our directors and managers in constant dialogue with our employees, keeping them abreast of the group's activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain committed to equality and equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination and modern slavery. We have group policies to support these undertakings.
I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life long and rewarding career where they feel valued and respected and a part of the on going success of our group.
Health and safety at work
Health and safety is central to everything we do. The directors and senior managers, assisted by our health and safety team, continue to target ‘zero’ accidents by striving to embed best health and safety policies, practices and awareness throughout our operations.
The group’s overriding principal is that all our workers work in a safe working environment and that they go home safely at the end of every working day. The investment in health and safety training to maintain, monitor and enhance our Health & Safety performance remains at the top of our core values, as proven by no RIDDORS in the past 12 months.
Our workforce continue to participate in sustaining our health and safety programmes and they are encouraged to constantly look for and suggest ways to further enhance our best practice Health & Safety policies.
Our constant 'Tool Box' talks and Site Inductions are part and parcel of our health and safety awareness and refresher updates.
Our Building Mental Health Charter provides awareness and understanding of the importance of good mental health to our workforce through workshops, training and signpost to support. Our directors are mental Health First Aiders and we have more of our team completing similar training courses.
Our health and safety policies are guided by our occupational health and safety standard accreditations OHSAS 18001 and ISO 45001.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Quality Management is central to our day to day operations and helps us deliver value and efficiency.
We have built our business based on doing quality work and winning repeat business from our customers. The success of the business relies on maintaining and improving our environmental and quality management standards. Quality management is central to our day to day operations and helps us deliver value and meet our customers' requirements.
To achieve our quality management goals we are committed to maintaining a management system in line with our ISO 9001:2015 accreditation. We also work to Achilles, Considerate Constructors and Safe Contractor accreditations. Our quality assurance processes are evaluated and verified by these independent recognised bodies and helps maintain our efficiencies and operational standards of excellence.
We have built our business based on doing quality work and winning repeat business from our customers. The success of the business relies on maintaining and improving our environmental and quality management standards. Quality management is central to our day to day operations and helps us deliver value and meet our customers' requirements.
To achieve our quality management goals we are committed to maintaining a management system in line with our ISO 9001:2015 accreditation. We also work to Achilles, Considerate Constructors and Safe Contractor accreditations. Our quality assurance processes are evaluated and verified by these independent recognised bodies and helps maintain our efficiencies and operational standards of excellence.
We recognise the significant impact the construction industry has on the environment. Our team continually promote sustainable resourcing of materials, reducing emissions and the efficient use of energy. We continue to minimise site waste and re use it wherever possible. We work closely with modern waste management recycling companies.
Our supply chain
We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful business. Our policy remains to pay our suppliers promptly at the end of the month following the month of delivery, as we have done for the past 30 years, and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we are committed to adhering to our side of such agreements. We work with our suppliers to help with the responsible sourcing of materials.
The future
We are proud of our experienced team, our long history, our sound finances and our self-funding model so the Directors look forward with confidence to continue the sucess of Celtic Group Limited into the future.
We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful business. Our policy remains to pay our suppliers promptly at the end of the month following the month of delivery, as we have done for the past 30 years, and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we are committed to adhering to our side of such agreements. We work with our suppliers to help with the responsible sourcing of materials.
The future
We are proud of our experienced team, our long history, our sound finances and our self-funding model so the Directors look forward with confidence to continue the sucess of Celtic Group Limited into the future.
This report was approved by the board on 19 November 2025 and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents his report and the financial statements for the year ended 31 March 2025.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate ccounting 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £3,243,064 (2024 - £2,462,129).
Interim dividends were paid amounting to £266,800 (2024: £10,000) and the director does not recommend payment of a final dividend (2024: £Nil).
The director who served during the year was:
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report. It has done so in respect of future prospects, principal risks and uncertainties and going concern.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Riordan O'Sullivan & Co., the previous auditors have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 19 November 2025 and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC GROUP LIMITED
We have audited the financial statements of Celtic Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:
We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
38-40 Chamberlayne Road
NW10 3JE
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CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
Page 12
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 November 2025 .
The notes on pages 19 to 31 form part of these financial statements.
Page 13
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 November 2025 .
Page 14
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 15
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 16
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Page 17
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Celtic Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Chamberlayne Road, London, NW10 3JE.
The group consists of Celtic Group Limited and its subsidiary, Celtic Contractors Limited.
The group consists of Celtic Group Limited and its subsidiary, Celtic Contractors Limited.
2.Accounting policies
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings using acquisition accounting at the balance sheet date. A subsidiary is an entity that is controlled by another entity, known as the parent. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of during a financial period are included from, or up to, the effective date of acquisition or disposal. Intra group balances, sales and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the Group.
The Director's Report and the Strategic Report set out the group's business activities, and highlight the factors which may impact on its financial performance, market position and future prospects.
The strategic report also provides information in relation to the group's financial and liquidity position as well as details of its financial instruments and exposure to credit and liquidity risk.
The group has a strong balance sheet with adequate liquidity and a healthy order book from long standing customers for the twelve months from the date of approval of the financial statements.
The group's forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
Therefore, the directors believe that the group is well placed to manage its business risks successfully. Thus they continue to adopt the going concern basis in preparing the financial statements.
The strategic report also provides information in relation to the group's financial and liquidity position as well as details of its financial instruments and exposure to credit and liquidity risk.
The group has a strong balance sheet with adequate liquidity and a healthy order book from long standing customers for the twelve months from the date of approval of the financial statements.
The group's forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
Therefore, the directors believe that the group is well placed to manage its business risks successfully. Thus they continue to adopt the going concern basis in preparing the financial statements.
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
The tax expense represents the sum of the tax currently payable.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation.
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Construction contracts
Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Other creditors after more than one year is the balance payable in respect of the acquisition of the issued share capital in Celtic Contractors Limited. It is payable between 1 and 5 years.
The finance lease obligations are secured on the assets to which they relate.
The finance lease obligations are secured on the assets to which they relate.
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £201,901 (2024: £159,073). At the balance sheet date, £3,401 (2024: £3,286) of contributions were payable to the fund.
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 31