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Company registration number: 02898593
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 JULY 2025
| BUXTED CONSTRUCTION LIMITED
BUXTED CONSTRUCTION LIMITED |  |
COMPANY INFORMATION
Directors | P. R. Dennison
| J. N. Hanifin
| J. P. Hanifin
| M. M. Paparozzi
| R. M. Ruthven
| D. M. Ruthven
Company secretary | J. S. Ruthven
Registered number | 02898593
Registered office | Lower Lowlands Farm
| Shepherds Hill
| Buxted
| Nr Uckfield
| East Sussex
| TN22 4PX
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| Ashcombe House
| 5 The Crescent
| Leatherhead
| Surrey
| KT22 8DY
BUXTED CONSTRUCTION LIMITED |  |
CONTENTS
| Page
Strategic report | 1 - 4
Directors' report | 5 - 8
Independent auditor's report | 9 - 12
Statement of comprehensive income | 13
Statement of financial position | 14
Statement of changes in equity | 15
Statement of cash flows | 16
Analysis of net debt | 17
Notes to the financial statements | 18 - 27
BUXTED CONSTRUCTION LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The directors present their strategic report for the year ended 31 July 2025.
Review of Business
The principal activities continue to be those of Groundworks, Infrastructure and Civil Engineering, working primarily in the house building sector. Turnover has increased by 0.2% (decrease 2024 – 3.7%), and the gross profit margin has decreased slightly from 21.12% to 21.09%. The net profit margin has decreased from 7.3% to 5.5%. During the year labour costs have been subject to further increases, largely because of a general shortage of skilled workers in the sector. These increased costs are monitored against tender values and we expect some downward pressure on margins in the medium term. We believe, as the new government has committed to building additional new homes in the UK it will underpin the market in the coming years, despite the current economic and taxation headwinds from the recent budget. The Company has increased shareholders' funds from £33.2 million to £35.1 million and this, together with a strong forward order book, puts the Company in a good position to cope with any future volatility in the economy and the housing market.
Results and Dividends
The profit for the year, after taxation, has decreased from £6,732,216 to £5,124,013.
Principal Risks and Uncertainties
Management continually monitors the key risks facing the Company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually. The principal risks and uncertainties facing the Company are as follows: Economic downturn The Company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining. Competitor pressure The market in which the Company operates is considered to be competitive, and therefore competitor pressure could result in losing sales to key competitors. The Company manages this risk by providing quality services and maintaining strong relationships with its key customers. Fluctuations in the UK property market The Company's business is largely focused in the residential sector. There are a number of factors beyond the Company's control that could adversely affect the residential construction market and the number of homes being built. This risk is managed by ensuring a strong capital base coupled with a flexible labour force that can respond to market fluctuations. Availability of materials, subcontractors and suppliers The Company's business is dependent upon the availability of materials and the availability, competence and consistency of subcontractors and skilled labour. An increase in the cost of materials could adversely affect the Company's margins, while a decrease in availability could lead to projects being delayed or, at worst case, mothballed. At the same time, such changes could affect the Company's ability to submit appropriate tenders at the appropriate price level. However, competitors will be similarly affected, and the Company’s strong relationships with customers and strong financial base should enable this risk to be mitigated. Page 1
BUXTED CONSTRUCTION LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Ability to recruit and retain key personnel The Company's success depends on its ability to recruit, retain and motivate high-quality senior management and other personnel with extensive experience and knowledge of the construction industry. Steps taken to manage and mitigate this risk are detailed in our Section 172 Statement. Contractual risk The Company works under a number of contract forms subject to sector and client. The contracts may be very complex, have effect over a long period of time and be subject to terms which may be regarded as onerous. We therefore assess each contract prior to commencement to agree content and mitigate risk. Our long-term relationships and familiarity with most contract types are significant factors in managing this risk.
Key Performance Indicators
The following financial key performance indicators are discussed in detail in the “Business Review” section of this report: Turnover growth Gross profit margin Net profit margin Shareholders’ funds Our non-financial key performance indicators are; Environmental We, as a building and civil engineering contractor, recognise our responsibility to protect the environment. Our commitment to this objective is demonstrated by proactively adopting the following principles: ∙Comply with relevant legislation, client and other requirements that apply to all our work activities as a minimum. ∙Communicate with all parties involved to ensure minimal environmental impact and provide, where possible, environmental enhancement. ∙Identify and evaluate the environmental aspects of all projects which the Company undertake. There were no incidents during the current or previous period indicating that the Company remains compliant and competent. Health and safety We are committed to ensuring the health, safety and welfare of our employees and that of other persons who may be affected by our activities. A safety advisor is directly employed to ensure our compliance with statutory regulations and to promote a culture of safety first within the organisation. All employees are provided with information, instruction and training as necessary to enable the safe performance of work activities. Employees are consulted on all matters that affect their health, safety and welfare. There were no major incidents during the current or previous periods. External audits show that the Company remains compliant and competent. Training A training database is utilised to ensure that all employee’s training needs are met and updated as necessary. We are committed to the CSCS card scheme and currently 98% of all employees have a CSCS/CPCS card, or both. All of our Contracts Managers have the SMSTS qualification, and a number of our supervisors have the SSSTS qualification. All our supervisors hold a CSCS supervisors’ card. Page 2
BUXTED CONSTRUCTION LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Section 172(1) Statement
The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') applying to periods beginning on or after January 2019, require directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of the Company under S172. This S172 statement explains how Buxted Construction Limited directors have; 1) Engaged with employees, suppliers, customers and others: and 2) Had regard to employee interests, the need to foster the Company's business relationships with suppliers, customers and other, and the effect of that regards, including on the principal decisions taken by the Company during the financial year. The S172 statement focuses on matters of strategic importance to Buxted Construction Limited, and the level of information disclosed is consistent with the size and complexity of the business. General confirmation of directors' duties When making decisions, each director ensures that he acts in a way he considers, in good faith, would most likely promote the Company's success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to. Section 172(1)(A) "The likely consequences of any decision in the long term" The directors understand the business and the evolving environment in which they operate, including the challenges of delivering high quality projects within a cost budget plan. The strategy set by the Board is intended to strengthen our position as a leading construction Company while keeping safety and social responsibility fundamental to our business approach. Section 172(1)(B) "The interests of the company's employees" The directors recognise that Buxted Construction Limited's employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the directors' factor the implications of decisions on employees and the wider workforce, where relevant and feasible. Section 172(1)(C) "The need to foster the company's business relationships with suppliers, customers and others" Delivering our strategy requires strong mutually beneficial relationships with customers and suppliers. Buxted Construction Limited seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into and remain in such relationships which are reviewed and approved periodically. Section 172(1)(D) "The impact of the company's operations on the community and the environment" This aspect is inherent in our strategic ambitions, most notably a review of the significant effects of operations on the environment. The review covers the direct and indirect effect, short, medium and long term, permanent and temporary effects of operations. Section 172(1)(E) "The desirability of the company maintaining a reputation of high standards of business conduct" The Company is proud of its status as a preferred supplier and the Board monitors compliance and operating practices to ensure that this is maintained. Section 172(1)(F) "The need to act fairly as between members of the company" After weighing up all relevant factors, the directors consider which course of action best enables delivery of our strategy through the long term, taking in to account the impact on stakeholders. In doing so, the directors act fairly between the Company's members but are not required to balance the Company interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned. From the perspective of the directors, as a result of the Company structure, the matters that the directors are responsible for considering under section 172 have been considered to an appropriate extent. The directors have considered relevant matters where appropriate, to the extent necessary for an understanding of the development, performance and position of the Company. Page 3
BUXTED CONSTRUCTION LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Financial Risk Management
The Company operates a treasury function which is responsible for managing the liquidity and interest rate risks associated with the Company's activities. The principal risks to which the Company is exposed are market risk including interest rate, credit and liquidity risk. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Investments of cash surpluses and borrowings are made through banks and companies approved by the board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for bad and doubtful debts. Liquidity risk Liquidity risk arises from the Company's management of working capital and finance charges. The Company policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances to meet expected requirements based on weekly and monthly Forecasts. Fair values of financial assets and liabilities The directors consider that the carrying values of all the Company's financial assets and liabilities approximate their fair values as at the balance sheet date. This report was reviewed by the board and signed on its behalf.
J. N. Hanifin Director
Date: 5 February 2026
Page 4
BUXTED CONSTRUCTION LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2025 The directors present their report and the financial statements of the company for the year ended 31 July 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements of the company in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements of the company for each financial year. Under that law the directors have elected to prepare the financial statements of the company in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements of the company 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 of the Company, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements of the company on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements of the company 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.
Results and dividends
The profit for the year, after taxation, amounted to £5,124,013 (2024 - £6,732,216). During the year under review the directors recommended dividends of £60 per share (2024 - £80).
Directors
The directors who served during the year were:
P. R. Dennison
J. N. Hanifin
J. P. Hanifin
M. M. Paparozzi
R. M. Ruthven
D. M. Ruthven
Political donations and expenditure
The Company has not made any political donations during the current or previous year.
Future developments
We believe, as the new government has committed to building additional new homes in the UK it will underpin the market in the coming years, despite the current economic and taxation headwinds from the recent budget. As a result of this we would expect turnover to increase through to July 2026. With a strong forward order book, puts the Company in a good position to cope with any future volatility in the economy and the housing market. Page 5
BUXTED CONSTRUCTION LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Employee involvement
Like all companies, we rely on our staff and operatives to deliver the good service that our clients require. We aim to provide a supportive working environment where all staff are treated with respect in order that we can attract and retain the best available personnel in the industry. We have a committed and loyal workforce and enjoy a very low turnover of staff.
Equality and diversity
The directors consider the principles of equality and diversity to be extremely important. All applications for jobs are considered fully based on the skills required to carry out the job, irrespective of sex, sexual orientation, race, colour, age, disability, nationality or marital/civil partnership status. Full consideration is given to the diverse needs of our employees and potential recruits.
Corporate social responsibility
Giving things back to our local and wider communities remains a core value for our business. Our CSR covers our relationships with charities, our employees' quality of life and their environment. We donate a considerable percentage of our profits to local charities and good causes as well as national and international charities. We carry out, attend and support numerous events throughout the year and intend to continue this support in the future. Greenhouse gas emissions, energy consumption and energy efficiency action
|  | 2025 (kWh) | 2024 (kWh)
|  | £ | £
| Scope 1 |  |
| Gas oil combustion | 23,311,809 | 22,410,886
| Fuel consumed for transport | 4,578,236 | 5,750,208
| Total direct emissions | 27,890,045 | 28,161,094
| Scope 2 |  |
| Electricity purchased | 121,850 | 121,838
| Scope 3 |  |
| Fuel consumed for transport not owed by Buxted Construction Ltd and electricity T&D | 721,852 | 227,245
| Total gross emissions | 721,852 | 227,245
Page 6
BUXTED CONSTRUCTION LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Emissions of CO2 equivalent
| 2025 | 2024
| Metric tonnes | Metric tonnes
Scope 1 - direct emissions |  |
Gas oil combustion | 6,050 | 5,692
Fuel consumed for transport | 1,179 | 1,452
Total direct emissions | 7,229 | 7,144
Scope 2 - indirect emissions |  |
Electricity purchased | 22 | 25
Scope 3 - other indirect emissions |  |
Fuel consumed for transport not owed by Buxted Construction Ltd and electricity T&D | 260 | 58
Total gross emissions | 7,510 | 7,247
Intensity ratio tCO2e per £M turnover | 81 | 78
Matters covered in the Strategic report
As permitted by Paragraph 1A of Schedule 7 to the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 1 to 4. These matters relate to the review and analysis of the business during the year.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. Page 7
BUXTED CONSTRUCTION LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 This report was approved by the board and signed on its behalf.
J. N. Hanifin Director
Date: 5 February 2026
Lower Lowlands Farm
Shepherds Hill
Buxted
Nr Uckfield
East Sussex
TN22 4PX
Page 8
BUXTED CONSTRUCTION LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED
Opinion
We have audited the financial statements of Buxted Construction Limited (the 'Company') for the year ended 31 July 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 July 2025 and of its profit 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.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's report thereon. The directors are 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. Page 9
BUXTED CONSTRUCTION LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial 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
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 10
BUXTED CONSTRUCTION LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were the most significant including −The Companies Act 2006; −Financial Reporting Standard 102; −UK tax legislation; −UK health and safety legislation; and −General Data Protection Regulations ∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. ∙We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes. ∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. ∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: −Identifying and assessing how the design effectiveness of controls management has in place to prevent and detect fraud; −Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; −Challenging assumptions and judgements made by management in its significant accounting estimates; and −Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. ∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: −The application of inappropriate judgements or estimation to manipulate the Company's financial position, particularly with regard to potential management bias in accounting for long term contracts; −Posting of unusual journals and complex transactions; −The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests; and −The existence of assets on sites which may be susceptible to misappropriation. Page 11
BUXTED CONSTRUCTION LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditor's 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. Andrew Hookway FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Ashcombe House 5 The Crescent Leatherhead Surrey KT22 8DY 5 February 2026 Page 12
BUXTED CONSTRUCTION LIMITED |  |
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 92,827,653 | 92,632,179
Cost of sales |  | (73,253,924) | (73,065,782)
Gross profit |  | 19,573,729 | 19,566,397
Administrative expenses |  | (13,866,853) | (11,673,737)
Other operating income | 5 | 85,223 | 79,863
Operating profit | 6 | 5,792,099 | 7,972,523
Fair value loss on investment property | 14 | (138,000) | -
Interest receivable and similar income | 10 | 1,598,822 | 1,576,619
Profit before tax |  | 7,252,921 | 9,549,142
Tax on profit | 11 | (2,128,908) | (2,816,926)
Profit for the financial year |  | 5,124,013 | 6,732,216
There was no other comprehensive income for 2025 (2024: £Nil).
The notes on pages 18 to 27 form part of these financial statements.
Page 13
BUXTED CONSTRUCTION LIMITED REGISTERED NUMBER:02898593 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 14,533,520 |  | 13,653,402
Investment property | 14 |  | 2,310,000 |  | 2,448,000
|  |  | 16,843,520 |  | 16,101,402
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 13,007,495 |  | 18,195,002 |
Cash at bank and in hand |  | 57,215,674 |  | 47,240,440 |
|  | 70,223,169 |  | 65,435,442 |
Creditors: amounts falling due within one year | 16 | (49,477,846) |  | (46,115,467) |
Net current assets |  |  | 20,745,323 |  | 19,319,975
Total assets less current liabilities |  |  | 37,588,843 |  | 35,421,377
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 | (2,496,340) |  | (2,212,887) |
|  |  | (2,496,340) |  | (2,212,887)
Net assets |  |  | 35,092,503 |  | 33,208,490
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 54,000 |  | 54,000
Revaluation reserve | 19 |  | 26,170 |  | 26,170
Other reserves | 19 |  | 633,942 |  | 633,942
Profit and loss account | 19 |  | 34,378,391 |  | 32,494,378
|  |  | 35,092,503 |  | 33,208,490
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J. N. Hanifin
Director
Date: 5 February 2026
The notes on pages 18 to 27 form part of these financial statements. Page 14
BUXTED CONSTRUCTION LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Revaluation reserve | Fair value reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 August 2023 | 54,000 | 26,170 | 633,942 | 30,082,162 | 30,796,274
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 6,732,216 | 6,732,216
Total comprehensive income for the year | - | - | - | 6,732,216 | 6,732,216
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (4,320,000) | (4,320,000)
Total transactions with owners | - | - | - | (4,320,000) | (4,320,000)
At 1 August 2024 | 54,000 | 26,170 | 633,942 | 32,494,378 | 33,208,490
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 5,124,013 | 5,124,013
Total comprehensive income for the year | - | - | - | 5,124,013 | 5,124,013
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (3,240,000) | (3,240,000)
Total transactions with owners | - | - | - | (3,240,000) | (3,240,000)
At 31 July 2025 | 54,000 | 26,170 | 633,942 | 34,378,391 | 35,092,503
| The notes on pages 18 to 27 form part of these financial statements.
Page 15
BUXTED CONSTRUCTION LIMITED |  |
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 5,124,013 | 6,732,216
Adjustments for: |  |
Depreciation of tangible assets | 2,537,578 | 2,254,265
Loss on disposal of tangible assets | (287,643) | (109,616)
Interest received | (1,595,687) | (1,576,619)
Taxation charge | 2,128,908 | 2,816,926
Decrease/(increase) in debtors | 5,187,507 | (3,756,000)
Increase in creditors | 3,683,579 | 1,578,867
Fair value loss on investment property | 138,000 | -
Corporation tax paid | (2,166,655) | (1,050,000)
Net cash generated from operating activities | 14,749,600 | 6,890,039
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (3,653,336) | (2,303,511)
Sale of tangible fixed assets | 523,283 | 206,291
Interest received | 1,595,687 | 1,576,619
Net cash from investing activities | (1,534,366) | (520,601)
Cash flows from financing activities |  |
Dividends paid | (3,240,000) | (4,320,000)
Net cash used in financing activities | (3,240,000) | (4,320,000)
Net increase in cash and cash equivalents | 9,975,234 | 2,049,438
Cash and cash equivalents at beginning of year | 47,240,440 | 45,191,002
Cash and cash equivalents at the end of year | 57,215,674 | 47,240,440
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 57,215,674 | 47,240,440
| 57,215,674 | 47,240,440
The notes on pages 18 to 27 form part of these financial statements.
Page 16
BUXTED CONSTRUCTION LIMITED |  |
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JULY 2025
| At 1 August 2024 | Cash flows | At 31 July 2025
| £ | £ | £
Cash at bank and in hand | 47,240,440 | 9,975,234 | 57,215,674
| 47,240,440 | 9,975,234 | 57,215,674
The notes on pages 18 to 27 form part of these financial statements.
Page 17
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
Buxted Construction Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. The principal place of business is: Buxted House, London Road, West Kingsdown, Sevenoaks, TN15 6AR. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover, which excludes value added tax, comprises value of work executed during the year on construction contracts based on monthly valuations. The performance obligations and transaction price are determined within contracts between the customer and the Company. Each contract has one performance obligation, the provision of specific construction activities for residential developments. Contract modifications are added to existing contracts when they are extensions to the original contracts. The revenue is recognised over time as the Company's performance of its obligations creates or enhances an asset that the customer controls. Payment of the transaction price is typically due in a number of stage payments throughout the term of the contract. Turnover is recognised over the period of the contract by reference to the stage of completion. The stage of completion is measured by reference to the valuation of the work completed as a percentage of the total contract value. Contract costs are measured as a percentage of total costs at percentage completed. When it is probable that total costs will exceed total contract revenue the expected loss is recognised immediately.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. Page 18
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.5 | Pensions (continued)
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | straight line
|  |  |  | Plant and machinery | - | 25% | on reducing balance
|  |  |  | Motor vehicles | - | 33% | on reducing balance
|  |  |  | Fixtures and fittings | - | 25% | on reducing balance
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 19
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.8 | Investment property
Investment property is shown at most recent valuation. The 2025 valuations were made by R. M. Ruthven and Belvoir Agents, on an open market value for existing use basis. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
| 2.9 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Significant judgements and estimates The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and judgements; Recoverability of debt and contract assets As part of the process of gaining new business it is necessary to carry out checks on the organisation for which the Company will carry out work. The value of the individual contracts is substantial, and the risk of default is always present, so the estimates made of non recoverability of the debt and expected credit losses by the directors is critical. Profitability of contracts Individual contracts are negotiated so as to provide a reasonable return to the Company. The calculation of the margin to be achieved and the pricing set by the directors is of paramount importance to the success of the Company. The directors make an accounting estimate which is an assessment on the profitability and margin of contracts.
4. | Turnover
The turnover and profit before taxation is attributable to the one principal activity of the Company.
| All turnover arose within the United Kingdom.
Page 20
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 85,223 | 79,863
|  | 85,223 | 79,863
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Hire of plant and machinery | 11,673,524 | 11,455,807
| Profit on disposal of fixed assets | (287,643) | (109,616)
| Other operating lease rentals | 61,000 | 61,010
| Depreciation on owned assets | 2,537,578 | 1,324,597
7. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Auditors' remuneration | 43,450 | 40,815
| Fees payable to the Company's auditor and its associates in respect of: |  |
| Audit of financial statements | 35,250 | 32,995
| Accounts preparation | 3,550 | 3,395
| Corporation tax compliance | 4,650 | 4,425
|  | 43,450 | 40,815
Page 21
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 12,730,710 | 11,445,631
| Social security costs | 1,777,799 | 1,515,736
| Cost of defined contribution scheme | 277,056 | 344,727
|  | 14,785,565 | 13,306,094
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 89 | 89
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 6,187,829 | 5,293,126
| Company contributions to defined contribution pension schemes | 21,200 | 20,850
|  | 6,209,029 | 5,313,976
| During the year retirement benefits were accruing to 2 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £1,668,632 (2024 - £1,617,345).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £21,200 (2024 - £20,850).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deposit account interest receivable | 1,598,822 | 1,576,619
|  | 1,598,822 | 1,576,619
Page 22
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,702,820 | 2,452,934
| Adjustments in respect of previous periods | 142,635 | (262,424)
|  | 1,845,455 | 2,190,510
| Total current tax | 1,845,455 | 2,190,510
| Deferred tax |  |
| Origination and reversal of timing differences | 283,453 | 117,715
| Adjustments in respect to prior years | - | 508,701
| Total deferred tax | 283,453 | 626,416
|  | 2,128,908 | 2,816,926
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 7,252,921 | 9,549,142
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,813,230 | 2,387,286
| Effects of: |  |
| Expenses not deductible for tax purposes | 232,814 | 156,541
| Capital allowances for year in excess of depreciation | 26,822 | 26,822
| Adjustments to tax charge in respect of prior periods - deferred tax | - | 508,701
| Adjustments to tax charge in respect of prior periods | 142,635 | (262,424)
| Chargeable gains/(losses) | (81,556) | -
| Movement in deferred tax not recognised | (5,037) | -
| Total tax charge for the year | 2,128,908 | 2,816,926
| Factors that may affect future tax charges
There are no factors that may affect future tax charges. Page 23
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary shares of £1 each | 3,240,000 | 4,320,000
13. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 August 2024 | 6,225,174 | 16,233,115 | 2,328,553 | 24,786,842
| Additions | - | 2,175,040 | 1,478,296 | 3,653,336
| Disposals | - | (1,673,589) | (310,605) | (1,984,194)
| At 31 July 2025 | 6,225,174 | 16,734,566 | 3,496,244 | 26,455,984
| Depreciation |  |  |  |
| At 1 August 2024 | 107,288 | 9,344,165 | 1,681,987 | 11,133,440
| Charge for the year | 107,292 | 1,960,035 | 470,251 | 2,537,578
| Disposals | - | (1,480,594) | (267,960) | (1,748,554)
| At 31 July 2025 | 214,580 | 9,823,606 | 1,884,278 | 11,922,464
| Net book value |  |  |  |
| At 31 July 2025 | 6,010,594 | 6,910,960 | 1,611,966 | 14,533,520
| At 31 July 2024 | 6,117,886 | 6,888,950 | 646,566 | 13,653,402
Page 24
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
14. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 August 2024 | 2,448,000
| Deficit on revaluation | (138,000)
| At 31 July 2025 | 2,310,000
The 2025 valuations were made by R. M. Ruthven and Belvoir Agents, on an open market value for existing use basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 2,012,938 | 2,012,938
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,586,937 | 4,049,602
| Other debtors | 2,206,755 | 2,918,394
| Prepayments and accrued income | 1,592,184 | 1,682,838
| Amounts recoverable on long term contracts | 5,621,619 | 9,544,168
|  | 13,007,495 | 18,195,002
Page 25
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payments received on account | 37,770,054 | 32,772,421
| Trade creditors | 5,571,312 | 6,639,217
| Corporation tax | 848,275 | 1,169,475
| Other taxation and social security | 4,533,250 | 3,749,147
| Other creditors | 16,645 | 1,094,429
| Accruals and deferred income | 738,310 | 690,778
|  | 49,477,846 | 46,115,467
| Included within other creditors are £10,000 (2024 - £2,108) of outstanding pension contributions to defined pension schemes.
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (2,212,887)
| Charged to profit or loss | (283,453)
| At end of year | (2,496,340)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (2,434,263) | (2,067,281)
| Tax losses carried forward | 2,500 | 527
| Capital gains | (64,577) | (146,133)
|  | (2,496,340) | (2,212,887)
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 54,000 (2024 - 54,000) Ordinary shares of £1.00 each | 54,000 | 54,000
Page 26
BUXTED CONSTRUCTION LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
19. | Reserves
Revaluation reserve This reserve records the value of the investment freehold fair value movements recognised directly in reserves. Other reserve This reserve records the investment property fair value movements on assets recognised in the profit and loss. Profit and loss account This reserve records retained earnings and accumulated losses.
20. | Contingent liabilities
A contingent liability exists at the accounting date in respect of an all monies debenture, secured on all of the company’s assets, granted by the company in favour of Bank of Scotland plc in order to secure any present or future banking facilities. At the balance sheet date, the company had no loans, overdrafts or other borrowing facilities in place and no amounts were drawn. As the debenture is solely for the purpose of securing banking facilities, no specific timing or amount of any potential cash outflow can be reasonably estimated. The likelihood and timing of any financial impact are inherently uncertain and are contingent on future events, which are not currently anticipated to result in any material cash outflows.
21. | Related party transactions
| At the balance sheet date the Company was owed £458,863 (2024 - £449,977) by Buxted Homes Plc, a company in which four of the directors have a controlling interest. At the balance sheet date there were no amounts outstanding to directors (2024: £1,081,674).
22. | Controlling party
The ultimate controlling party is R. M. Ruthven.
Page 27