| Caldwell Group Holdings Ltd |
| Strategic Report |
| for the year ended 31 March 2025 |
|
| 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. |
| Caldwell Group Holdings Ltd's directors made the decision to divest from non-core assets during 2024 and 2025 and the resulting dispersal sale has given rise to exceptional costs amounting to £1,641,900, which is reported in these accounts as losses on disposal of assets. The dispersal process was finalised by 31 March 2025 and there are no further exceptional costs to recognise in future years. Caldwell Group Holdings Ltd's underlying EBITDA excluding exceptional dispersal costs was £364,692 (2024: £609,502). |
|
| Principal risks and uncertainties |
| The main risk to the business is a decline in the house building market. The directors mitigate this and other risks by keeping abreast of market movements and maintaining a diverse portfolio of customers. |
|
| Financial key performance indicators |
| The business performed well during the year, consolidating previous rapid growth and producing an excellent return for shareholders. |
| The key financial indicators during the year were as follows: |
| Restated |
|
|
|
|
2025 |
2024 |
| £000’s |
£000’s |
|
| Turnover |
60,081 |
67,501 |
| Gross profit |
7,579 |
12,423 |
| Operating profit |
933 |
-2,692 |
| Equity shareholder’s funds |
15,039 |
16,244 |
|
| Current assets as % of current liabilities (‘quick ratio’) |
137% |
132% |
| Gross margin % |
12.6% |
18.4% |
|
| Other key performance indicators |
| The directors monitor the amount of labour and the number of accidents on site. However, as the directors believe this to be commercially sensitive data no figures have been included here. |
|
| This report was approved by the board on 23 December 2025 and signed on its behalf. |
|
|
|
| Mr A Brown |
| Director |
|
|
| Basis of opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
| Conclusions relating to going concern |
| We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
| ● |
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
| ● |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
|
| Other information |
| The other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
| We have nothing to report in this regard. |
|
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| ● |
the information given in the strategic report and the directors’ report for the financial 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. |
|
| Matters on which we are required to report by exception |
| Caldwell Group Holdings Ltd |
| Notes to the Financial Statements |
| 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. |
|
|
Consolidated financial statements |
|
The financial statements incorporate the financial statements of Caldwell Group Holdings Ltd and its subsidiary undertakings. A separate profit and loss account has not been included for Caldwell Group Holdings Ltd by virtue of Section 408 of the Companies Act 2006. |
|
|
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. |
|
|
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. |
|
|
| 3 |
Analysis of turnover |
2025 |
|
2024 |
| £ |
£ |
|
|
Revenue from construction contracts |
60,081,149 |
|
67,500,936 |
|
|
|
|
|
|
60,081,149 |
|
67,500,936 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
UK |
60,081,149 |
|
67,500,936 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Operating profit |
2025 |
|
2024 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
387,864 |
|
1,120,648 |
|
Depreciation of assets held under finance leases and hire purchase contracts |
|
780,376 |
|
1,296,099 |
|
Operating lease rentals - plant and machinery |
- |
|
- |
|
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 |
- |
|
77,158 |
|
Adjustments in respect of previous periods |
- |
|
- |
|
|
|
|
|
|
- |
|
77,158 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
(611,547) |
|
628,967 |
|
|
|
|
|
|
|
|
|
|
|
Tax on (loss)/profit on ordinary activities |
(611,547) |
|
706,125 |
|
|
|
|
|
|
|
|
|
|
|
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 |
| £ |
£ |
|
Loss on ordinary activities before tax |
(1,524,313) |
|
(2,570,799) |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25.0% |
|
25.0% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
(381,078) |
|
(642,700) |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
517,011 |
|
851,256 |
|
Capital allowances for period in excess of depreciation |
1,742 |
|
(131,398) |
|
Adjustments to tax charge in respect of previous periods |
- |
|
- |
|
|
Current tax charge for period |
- |
|
77,158 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
20,357,714 |
|
3,090,083 |
|
24,820,044 |
|
Additions |
75,098 |
|
13,468 |
|
- |
|
88,566 |
|
Revaluation |
- |
|
706,159 |
|
383,376 |
|
1,089,535 |
|
Disposals |
- |
|
(3,200,974) |
|
(707,181) |
|
(3,908,155) |
|
At 31 March 2025 |
1,447,345 |
|
17,876,367 |
|
2,766,278 |
|
22,089,990 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
16,266 |
|
5,920,870 |
|
2,127,177 |
|
8,064,313 |
|
Charge for the year |
19,994 |
|
1,081,216 |
|
67,030 |
|
1,168,240 |
|
On disposals |
- |
|
(1,529,728) |
|
(632,464) |
|
(2,162,192) |
|
At 31 March 2025 |
36,260 |
|
5,472,358 |
|
1,561,743 |
|
7,070,361 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 31 March 2025 |
1,411,085 |
|
12,404,009 |
|
1,204,535 |
|
15,019,629 |
|
At 31 March 2024 |
1,355,981 |
|
14,436,844 |
|
962,906 |
|
16,755,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
| 11 |
Other fixed asset investments |
|
|
|
|
|
|
2025 |
| £ |
|
Valuation |
|
At 1 April 2024 |
1,434,439 |
|
Additions |
- |
|
Disposals |
(1,130,072) |
|
At 31 March 2025 |
304,367 |
|
|
|
|
|
|
|
|
|
| 12 |
Stocks |
2025 |
|
2024 |
| £ |
£ |
|
|
Raw materials and consumables |
1,447,088 |
|
1,346,552 |
|
Work in progress |
514,868 |
|
- |
|
|
|
|
|
|
1,961,956 |
|
1,346,552 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
15,140,041 |
|
7,822,790 |
|
Other debtors |
2,427,752 |
|
2,482,348 |
|
Prepayments and accrued income |
1,928,996 |
|
847,761 |
|
|
|
|
|
|
19,496,789 |
|
11,152,899 |
|
|
|
|
|
|
|
|
|
|
| 14 |
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 |
8,935,259 |
|
7,681,486 |
|
Corporation tax |
77,817 |
|
77,817 |
|
Other taxes and social security costs |
192,919 |
|
151,568 |
|
Other creditors |
760,677 |
|
105,225 |
|
Accruals and deferred income |
661,204 |
|
1,034,808 |
|
|
|
|
|
|
17,157,412 |
|
13,105,337 |
|
|
|
|
|
|
|
|
|
|
Working capital finance is secured by way of floating debenture charge. |
|
| 15 |
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. |
|
| 16 |
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 |
|
|
|
|
|
|
|
|
|
|
| 17 |
Deferred taxation |
2025 |
|
2024 |
| £ |
£ |
|
|
Accelerated capital allowances |
2,100,031 |
|
2,711,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 April |
2,711,578 |
|
2,082,611 |
|
(Credited)/charged to the profit and loss account |
(611,547) |
|
628,967 |
|
|
At 31 March |
2,100,031 |
|
2,711,578 |
|
|
|
|
|
|
|
|
|
|
| 18 |
Share capital |
Nominal |
|
2025 |
|
2025 |
|
2024 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
A Ordinary shares |
£1 each |
|
500 |
|
500 |
|
500 |
|
B Ordinary shares |
£1 each |
|
500 |
|
500 |
|
500 |
|
|
|
|
|
|
3,874 |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
| 19 |
Other reserves |
2025 |
|
2024 |
|
Revaluation reserve |
£ |
£ |
|
|
At 1 April |
112,161 |
|
112,161 |
|
Gain on revaluation of fixed assets |
1,107,215 |
|
- |
|
|
At 31 March |
1,219,376 |
|
112,161 |
|
|
|
|
|
|
|
|
|
| 20 |
Profit and loss account |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 April |
16,131,178 |
|
20,908,102 |
|
Loss for the financial year |
(912,766) |
|
(3,276,924) |
|
Dividends (2025 dividend repaid in full after year end) |
(1,400,000) |
|
(1,500,000) |
|
|
At 31 March |
13,818,412 |
|
16,131,178 |
|
|
|
|
|
|
|
|
|
|
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. |
|
| 21 |
Controlling party |
|
|
The company is controlled by the directors by virtue of their majority shareholding. |
|
| 22 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
| 23 |
Legal form of entity and country of incorporation |
|
|
Caldwell Group Holdings Ltd is a private company limited by shares and incorporated in England. |
|
| 24 |
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 |