Caldwell Construction Limited

Registered number

06330663

Report and Financial Statements

31 March 2025

Caldwell Construction Limited
Report and accounts
Contents




Page

Company information	1
Directors' report	2
Independent auditors' report	4
Income statement	5
Statement of financial position	6
Statement of changes in equity	7
Statement of cash flows	8
Notes to the financial statements	9
Detailed income statement	18

Caldwell Construction Limited

Company Information

Directors

A Brown

G L Brown

R B Hawthorne

I D Holmes

C J Kaye

L G Machin

Auditors

Cognitor Accountancy Limited

12 The Courtyard

Buntsford Drive

Bromsgrove

Worcestershire

B60 3DJ

Accountants

Cheshire Accountants

91 Hospital Street

Nantwich

Cheshire

CW5 5RU

Registered office

Caldwell House

Brick Kiln Lane

Stoke on Trent

Staffordshire

ST4 7BS

Registered number

06330663

Caldwell Construction Limited
Registered number:		06330663
Directors' Report

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

Principal activities
The company's principal activity during the year continued to be construction contractors.

Business review
The company's principle activity is groundworking services for the house building industry in the United Kingdom. These activities are mainly undertaken for national house building companies throughout the north-west, Yorkshire and midlands areas of England. During the year ending 31 March 2025 an internal review highlighted the need for the 2024 results to be restated to account for one-off exceptional costs arising in that year, amounting to £5,080,945. Underlying earnings in the year ending 31 March 2024 before interest, tax, amortisation and depreciation (EBITDA) before exceptional costs was £4,806,128. There are no equivalent exceptional costs to report in the results for the year ending 31 March 2025 and EBITDA for this year was £2,101,500 (2024 (restated): -£274,817). The company performed well despite margins being under pressure from increasing material and labour costs, completing fixed price legacy contracts coming to an end and a slowdown in the housing market. The directors undertook a strategic financial review which resulted in significant additional funding being introduced in the year and a clear plan to manage working capital. This will enable the business to capitalise on considerable growth potential as housebuilding accelerates in line with government targets as recently reported in mainstream media post-November 2025 budget.

Future developments
The directors aim to follow the same management policies that has resulted in significant growth over the past five years. They consider that the next year will show further growth in sales from continuing operations.

Research and development
The company continues to invest in service and product developments. In particular the company has developed a system of assessing project requirements and efficient delivery.

Financial instrument risk
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company’s performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk.

Dividends
The directors recommend a final dividend of £2,000,000 (£2,000.00 per share). Following the year end, in light of exceptional events resulting in the restatement of 2024 accounts, the shareholders have repaid the 2025 dividend in full in the current financial year.

Directors
The following persons served as directors during the year:

	A Brown
	G L Brown
	R B Hawthorne
	I D Holmes
	C J Kaye
	L G Machin

Directors' responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;
●	make judgements and 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.



This report was approved by the board on 23 December 2025 and signed on its behalf.



Mr A Brown
Director

Caldwell Construction Limited
Independent auditors' report
to the members of Caldwell Construction Limited

We have audited the financial statements of Caldwell Construction Limited for the year ended 31 March 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the accounts
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate
Opinion on the accounts

In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.


Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts 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.




Mark Warman FCCA, ACA
(Senior Statutory Auditor)		12 The Courtyard
for and on behalf of		Buntsford Drive
Cognitor Accountancy Limited		Bromsgrove
Accountants and Statutory Auditors		Worcestershire
23 December 2025		B60 3DJ

Caldwell Construction Limited
Income Statement
for the year ended 31 March 2025

Restated
Notes		2025		2024
£			£

Turnover	3	58,438,350		65,383,117

Cost of sales		(52,058,145)		(54,923,191)

Gross profit		6,380,205		10,459,926

Administrative expenses		(5,443,768)		(12,641,179)
Other operating income		-		835

Operating profit/(loss)	4	936,437		(2,180,418)

Gain on sale of fixed assets		10,119		37,749
Interest receivable		4,221		-
Interest payable	7	(819,893)		(670,468)

Profit/(loss) on ordinary activities before taxation		130,884		(2,813,137)

Tax on profit/(loss) on ordinary activities	8	(300,328)		(106,610)

Loss for the financial year		(169,444)		(2,919,747)

Caldwell Construction Limited
Statement of Financial Position
as at 31 March 2025
Restated
Notes			2025			2024
£				£
Fixed assets
Tangible assets	9		12,872,915			10,140,883
Investment property	10		115,000			97,320
			12,987,915			10,238,203

Current assets
Stocks	11	1,447,088			1,346,552
Debtors	12	21,865,063			17,081,946
Cash at bank and in hand		2,036,218			5,729,600
		25,348,369			24,158,098

Creditors: amounts falling due within one year	13	(17,069,322)			(13,022,520)

Net current assets			8,279,047			11,135,578

Total assets less current liabilities			21,266,962			21,373,781

Creditors: amounts falling due after more than one year	14		(4,639,578)			(3,788,441)

Provisions for liabilities
Deferred taxation	16		(1,813,706)			(1,513,378)

Net assets			14,813,678			16,071,962

Capital and reserves
Called up share capital	17		1,000			1,000
Other reserves	18		1,023,321			112,161
Profit and loss account	19		13,789,357			15,958,801

Total equity			14,813,678			16,071,962




Mr A Brown
Director
Approved by the board on 23 December 2025

Caldwell Construction Limited
Statement of Changes in Equity
for the year ended 31 March 2025

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 April 2023	1,000		-		112,161		20,878,548		20,991,709

Profit for the financial year							(2,919,747)		(2,919,747)

Other comprehensive income for the financial year	-		-		-		-		-
Total comprehensive income for the financial year	-		-		-		(2,919,747)		(2,919,747)

Dividends							(2,000,000)		(2,000,000)

At 31 March 2024	1,000		-		112,161		15,958,801		16,071,962



At 1 April 2024	1,000		-		112,161		15,958,801		16,071,962

Profit for the financial year							(169,444)		(169,444)

Gain on revaluation of fixed assets					911,160				911,160
Other comprehensive income for the financial year	-		-		911,160		-		911,160
Total comprehensive income for the financial year	-		-		911,160		(169,444)		741,716

Dividends (2025 dividend repaid after year end)							(2,000,000)		(2,000,000)

At 31 March 2025	1,000		-		1,023,321		13,789,357		14,813,678

Caldwell Construction Limited
Statement of Cash Flows
for the year ended 31 March 2025
Restated
Notes	2025		2024
£		£
Operating activities
Operating profit	936,437		2,307,104

Adjustments for:
Depreciation	800,370		1,296,099
	1,736,807		3,603,203

Increase in stocks	(100,536)		(175,361)
(Increase)/decrease in debtors	(4,783,117)		4,560,899
Increase/(decrease) in creditors	1,531,699		(2,125,464)
	(1,615,147)		5,863,277

Interest received	4,221		-
Interest paid	(340,613)		(400,049)
Interest element of finance lease payments	(479,280)		(270,419)
Corporation tax paid	-		659

Cash (used in)/generated by operating activities	(2,430,819)		5,193,468

Investing activities
Payments to acquire tangible fixed assets	5,413,495		356,693
Proceeds from sale of tangible fixed assets	(3,704,168)		1,573,266

Cash generated by investing activities	1,709,327		1,929,959

Financing activities
Equity dividends paid (2025 dividend repaid after year end)	(2,000,000)		(2,000,000)
Repayment of loans	2,643,296		(417,328)
Capital element of finance lease payments	(3,615,186)		(4,804,988)

Cash used in financing activities	(2,971,890)		(7,222,316)

Net cash used
Cash (used in)/generated by operating activities	(2,430,819)		5,193,468
Cash generated by investing activities	1,709,327		1,929,959
Cash used in financing activities	(2,971,890)		(7,222,316)

Net cash used	(3,693,382)		(98,889)

Cash and cash equivalents at 1 April	5,729,600		5,828,489
Cash and cash equivalents at 31 March	2,036,218		5,729,600

Cash and cash equivalents comprise:
Cash at bank	2,036,218		5,729,600

Caldwell Construction Limited
Notes to the Accounts
for the year ended 31 March 2025

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			not depreciated
	Plant and machinery			10% reducing balance
	Motor vehicles			30% reducing balance


	Investment property
	Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.

	Investments
	Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Critical accounting estimates and judgements

	In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgments, estimates and assumptions abut the carrying amounts 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. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The fair value of the property at 29 January 2025 has been arrived at on the basis of a valuation carried out by Eddisons Chartered Surveyors. The valuation has been arrived at by reference to market evidence of transactions of similar properties.

	Trade debtors - bad debt provision
	The directors have made estimates in relation to the valuation and recoverability of trade debtors. This relates to the recoverability of certain customer balances at the year end. The carrying value of the trade debtors at the year end is £15,140,041.

Restated
3	Analysis of turnover					2025		2024
£							£

	Revenue from construction contracts					58,438,350		65,383,117

	By geographical market:

	UK					58,438,350		65,383,117


4	Operating profit					2025		2024
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					19,994		-
	Depreciation of assets held under finance leases and hire purchase contracts					780,376		1,296,099
	Auditors' remuneration for audit services					15,000		13,000


5	Directors' emoluments					2025		2024
£							£

	Emoluments					341,856		350,235
	Company contributions to defined contribution pension plans					8,000		12,000
						349,856		362,235


6	Staff costs					2025		2024
£							£

	Wages and salaries					1,779,832		2,448,469
	Social security costs					226,205		345,801
	Other pension costs					48,070		45,097
						2,054,107		2,839,367


	Average number of employees during the year					Number	Number

	Administration					49		51


7	Interest payable					2025		2024
£							£

	Bank loans and overdrafts					340,613		400,049
	Finance charges payable under finance leases and hire purchase contracts					479,280		270,419
						819,893		670,468


8	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					-		(659)

	Deferred tax:
	Origination and reversal of timing differences					300,328		107,269


	Tax on profit on ordinary activities					300,328		106,610


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	Profit/(loss) on ordinary activities before tax					130,884		(2,813,137)

	Standard rate of corporation tax in the UK					25.0%		25.0%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					32,721		(703,284)

	Effects of:
	Expenses not deductible for tax purposes					26,950		757,761
	Capital allowances for period in excess of depreciation					78,004		(55,136)
	Utilisation of tax losses					(137,675)		-

	Current tax charge for period					-		(659)


9	Tangible fixed assets
		Land and buildings		Plant and machinery		Motor vehicles		Total
		At cost		At cost		At cost
£			£		£		£
	Cost or valuation
	At 1 April 2024	1,372,247		9,335,835		1,410,222		12,118,304
	Additions	75,098		-		-		75,098
	Revaluation			669,970		223,510		893,480
	Transfer from/(to) group			4,368,580		514,861		4,883,441
	Disposals	-		(97,390)		(20,174)		(117,564)
	At 31 March 2025	1,447,345		14,276,995		2,128,419		17,852,759

	Depreciation
	At 1 April 2024	16,266		1,269,141		692,014		1,977,421
	Charge for the year	19,994		739,003		41,373		800,370
	Transfer from/(to) group			1,849,519		396,303		2,245,822
	On disposals	-		(32,314)		(11,455)		(43,769)
	At 31 March 2025	36,260		3,825,349		1,118,235		4,979,844

	Carrying amount
	At 31 March 2025	1,411,085		10,451,646		1,010,184		12,872,915
	At 31 March 2024	1,355,981		8,066,694		718,208		10,140,883


						2025		2024
£							£
	Carrying amount of land and buildings on cost basis					1,078,582		1,078,582


	Land and buildings were revalued in January 2025 by an independent RICS-qualified surveyor.

						2025		2024
£							£
	Carrying value of plant and machinery included above held under finance leases and hire purchase contracts					11,461,830		8,784,902


10	Investment property					2025
£
	Valuation
	At 1 April 2024					97,320
	Revaluation					17,680
	At 31 March 2025					115,000


Restated
11	Stocks					2025		2024
£							£

	Raw materials and consumables					1,447,088		1,346,552


12	Debtors					2025		2024
£							£

	Trade debtors					15,140,041		7,822,790
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					4,021,112		7,986,770
	Other debtors					774,914		424,625
	Prepayments and accrued income					1,928,996		847,761
						21,865,063		17,081,946


13	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and working capital finance					2,507,947		474,892
	Obligations under finance lease and hire purchase contracts					4,021,589		3,579,541
	Trade creditors					8,932,385		7,681,486
	Other taxes and social security costs					192,919		151,568
	Other creditors					759,677		104,225
	Accruals and deferred income					654,805		1,030,808
						17,069,322		13,022,520

	Working capital finance is secured by way of floating debenture charge.


14	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					723,849		1,696,505
	Obligations under finance lease and hire purchase contracts					3,886,797		2,023,004
	Other taxes and social security costs					-		40,000
	Other creditors					28,932		28,932
						4,639,578		3,788,441

	The bank loans are secured by a fixed charge. Hire purchase finance is secured against the respective tangible asset to which each agreement relates.

15	Obligations under finance leases and hire purchase					2025		2024
	contracts					£	£

	Amounts payable:
	Within one year					2,438,692		3,579,541
	Within two to five years					3,886,797		2,023,004
						6,325,489		5,602,545



16	Deferred taxation					2025		2024
£							£

	Accelerated capital allowances					1,813,706		1,513,378


						2025		2024
£							£

	At 1 April					1,513,378		1,406,109
	Charged to the profit and loss account					300,328		107,269

	At 31 March					1,813,706		1,513,378



17	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		1,000		1,000		1,000


18	Other reserves					2025		2024
	Revaluation reserve					£	£

	At 1 April					112,161		112,161
	Gain on revaluation of fixed assets					911,160		-

	At 31 March					1,023,321		112,161

Restated
19	Profit and loss account					2025		2024
£							£

	At 1 April					15,958,801		20,878,548
	Loss for the financial year					(169,444)		(2,919,747)
	Dividends (2025 dividend repaid in full after year end)					(2,000,000)		(2,000,000)

	At 31 March					13,789,357		15,958,801

	Post balance sheet
	Following the year end, in light of exceptional events resulting in the restatement of 2024 accounts, the shareholders have repaid the 2025 dividend in full in the current financial year.


20	Controlling party

	The ultimate parent company is Caldwell Group Holdings Limited, incorporated in England and Wales. The registered office address for this company is Caldwell House, Brick Kiln Lane, Etrurua, Stoke on Trent, ST4 7BS.


21	Presentation currency

	The financial statements are presented in Sterling.


22	Legal form of entity and country of incorporation

	Caldwell Construction Limited is a limited company incorporated in England.


23	Principal place of business

	The address of the company's principal place of business and registered office is:

	Caldwell House
	Brick Kiln Lane
	Stoke on Trent
	Staffordshire
	ST4 7BS