Company Registration No. 07707155 (England and Wales)
FOR THE YEAR ENDED 31 JULY 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
The directors present the strategic report for the year ended 31 July 2025.
The principal activity of the company is that of groundworks and reinforced concrete frame contracting.
Key performance indicators
Our number one indicator remains the health and safety of our workers.
Our next priority is the successful delivery of our projects in a quality and timely manner.
Our key financial targets remain profit, liquidity and balance sheet strength.
The key financial highlights of the company for the last four years are as follows:
Key performance indicators
Our number one indicator remains the health and safety of our workers.
Our next priority is the successful delivery of our projects in a quality and timely manner.
Our key financial targets remain profit, liquidity and balance sheet strength.
The key financial highlights of the company for the last four years are as follows:
The full profit and loss account of the company for the year is set out on page 14. The results were in line with the expectations of the directors.
The directors are pleased to report profits of £4.96 million on turnover of £96.57 million and the company maintained strong liquidity and strengthened its balance sheet to £28.99 million.
This success was achieved because of our focus on our core activities, the ongoing strengthening of our management team, our smart and more efficient use of systems, procedures and technology and embracing proven modern techniques and despite continuing challenging economic conditions, severe competition, high interest rates, global turbulence and a lack of investment confidence in the construction sector.
We continued to invest in health and safety, training, IT and in new plant and equipment.
Our construction activities progressed smoothly with projects being completed successfully and handed over during the year, and we thank our clients for the opportunity to work for them.
This success was achieved because of our focus on our core activities, the ongoing strengthening of our management team, our smart and more efficient use of systems, procedures and technology and embracing proven modern techniques and despite continuing challenging economic conditions, severe competition, high interest rates, global turbulence and a lack of investment confidence in the construction sector.
We continued to invest in health and safety, training, IT and in new plant and equipment.
Our construction activities progressed smoothly with projects being completed successfully and handed over during the year, and we thank our clients for the opportunity to work for them.
Page 1
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Our current contracts are progressing satisfactorily, and our financials remain strong.
Turnover for 2026 is expected to remain at similar levels to 2025 mainly due to delays with projects starting as a result of the Building Safety Regulator design checks for high rise buildings. Looking further ahead, we expect to see more potential contracts coming on stream as the Building Safety Act Gateway delays at last start to get released.
Our financial strength has enabled us to continue to invest in our people and resources.
Market challenges persist, including severe competition, high interest rates, ongoing geo-political uncertainty and tariff uncertainties all combining to keep investment confidence low, so caution remains the order of the day.
Turnover for 2026 is expected to remain at similar levels to 2025 mainly due to delays with projects starting as a result of the Building Safety Regulator design checks for high rise buildings. Looking further ahead, we expect to see more potential contracts coming on stream as the Building Safety Act Gateway delays at last start to get released.
Our financial strength has enabled us to continue to invest in our people and resources.
Market challenges persist, including severe competition, high interest rates, ongoing geo-political uncertainty and tariff uncertainties all combining to keep investment confidence low, so caution remains the order of the day.
However, the directors expect the strength of the company with its strong and liquid balance sheet, our dedicated and experienced team and our reputation in our sectors to continue the delivery of a consistent, profitable, timely and quality service to our valued customers.
Construction is a higher risk competitive sector and there are a number of uncertainties which could have an impact on the company's performance and could cause results to differ substantially from historical profits and future projections. However, we have well established systems and procedures in place to help avoid or minimise risks to the company. The principal risks for our company include the following:
Pricing and delivery of large and complex construction contracts
The pricing and delivery of large and complex construction contracts present many challenges, principal amongst them being availability of materials and tradespeople and meeting tight deadlines. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in-depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win.
Quality workmanship
Buildings have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, tradespeople and support staff.
Our team
The success of the company is dependent on recruiting and retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.
Health and safety risk
At Carey London Limited, health and safety remains top of our priorities. Further details are set out in our health and safety note below.
Credit risk
The company's credit risks are mainly attributable to the amounts receivable from our customers for services carried out. Our policy therefore remains to have a good mix of long standing and established customers and we have a financial and management reporting system that monitors our customers and our debtor book on a day to day basis.
Pricing and delivery of large and complex construction contracts
The pricing and delivery of large and complex construction contracts present many challenges, principal amongst them being availability of materials and tradespeople and meeting tight deadlines. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in-depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win.
Quality workmanship
Buildings have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, tradespeople and support staff.
Our team
The success of the company is dependent on recruiting and retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.
Health and safety risk
At Carey London Limited, health and safety remains top of our priorities. Further details are set out in our health and safety note below.
Credit risk
The company's credit risks are mainly attributable to the amounts receivable from our customers for services carried out. Our policy therefore remains to have a good mix of long standing and established customers and we have a financial and management reporting system that monitors our customers and our debtor book on a day to day basis.
Liquidity risk
The company finances its operations through a mixture of cash reserves, amounts recoverable from contracts, trade and amount recoverable from related companies less trade creditors. Therefore, the directors are confident that they can meet their obligations as they fall due.
The company finances its operations through a mixture of cash reserves, amounts recoverable from contracts, trade and amount recoverable from related companies less trade creditors. Therefore, the directors are confident that they can meet their obligations as they fall due.
Page 2
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
The economy
The state of the economy and related global activity are issues on which every business sector depends and which can have a significant impact on our longer term performance and success.
Our policy therefore remains to maintain a strong and liquid balance sheet capable of funding our activities and meeting our obligations as they fall due.
The state of the economy and related global activity are issues on which every business sector depends and which can have a significant impact on our longer term performance and success.
Our policy therefore remains to maintain a strong and liquid balance sheet capable of funding our activities and meeting our obligations as they fall due.
The company has been consistently profitable and it made a £4.96 million profit during the year and it has a £28.99 million balance sheet with strong liquidity. We have a satisfactory order book from well-established customers. Therefore, the directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the financial statements.
The directors believe that the long-term interests of the company, its employees and its customers are best served by acting in a corporate social manner. Therefore, the company ensures that high standards are maintained in everything that we do.
During the year the company and its employees supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation, and we continue to invest in upskilling and training.
Our people and health and safety are at the heart of everything we do and we write more about them below.
As a large construction company we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect, and we recycle and re use our site waste wherever possible and we work closely with modern waste management recycling companies.
During the year the company and its employees supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation, and we continue to invest in upskilling and training.
Our people and health and safety are at the heart of everything we do and we write more about them below.
As a large construction company we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect, and we recycle and re use our site waste wherever possible and we work closely with modern waste management recycling companies.
We continuously assess and monitor our suppliers who are a crucial part of the success of our business. Payment to our suppliers and subcontractors is managed by ensuring sufficient funds are available to meet liabilities as they fall due. Terms and conditions of payment and supply are agreed in advance and the company endeavours to adhere to its side of the agreement. In line with normal practice in the industry most tradespeople are paid weekly, and generally other suppliers are paid at the end of the month following the month of supply.
The company's success is attributable to our team of skilled, experienced and dedicated directors, management, tradespeople and support staff, of whom we are proud and most of whom are long term and committed Carey London employees.
We continue to invest in the life long training and development of our staff so that we offer a career path that helps retain and enhance the skills, talents and experience required to deliver best service to our valued customers and so that we offer the challenge, training, motivation and career development expected by the best employees throughout their working life. We never forget that it is our employees that will ensure the continuing success of our company into the future.
Our short chain of command keeps us in constant dialogue with our employees and keeps them abreast of company activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We continue to invest in the life long training and development of our staff so that we offer a career path that helps retain and enhance the skills, talents and experience required to deliver best service to our valued customers and so that we offer the challenge, training, motivation and career development expected by the best employees throughout their working life. We never forget that it is our employees that will ensure the continuing success of our company into the future.
Our short chain of command keeps us in constant dialogue with our employees and keeps them abreast of company activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
Page 3
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
We remain an equal opportunity employer without reference to age, ethnicity or gender and we are opposed to all forms of discrimination. We continue our policy regarding the employment of disabled persons and fair consideration is given to applications for employment by disabled persons where the requirement of the job can be adequately fulfilled by a handicapped person.
I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life long and rewarding career where they feel valued and respected and a part of the on-going success of Carey London Limited.
I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life long and rewarding career where they feel valued and respected and a part of the on-going success of Carey London Limited.
At Carey London Limited, there’s nothing more important than the safety of our team and those affected by our work. Therefore, our directors, led by our dedicated Health and Safety Director and senior managers and aided by our in-house health and safety professionals, continue to strive to embed best health and safety policies, practices and awareness throughout our operations. Our priority is that all our workers work in a safe and accident-free environment and that they go home safely at the end of every day. The key to our success is that we endeavour to exceed industry standards and we never rest on our laurels. We are constantly looking at new innovative ideas to carry out our works whilst ensuring our work force are fully protected at all times. This is done by Carey London Limited continually investing in new plant & equipment, formwork systems and Work-at-Height access equipment. While at the same time, ensuring we have a fully trained and competent workforce to successfully carry out the tasks on hand.
Our Health and Safety Management System are accredited to various standards such as ISO 45001, Achilles, Constructionline, SMAS & CHAS. These management systems provides the framework and procedures to help identify and control our Health & Safety risks and aid legislative compliance.
Our health and safety policies and performance is kept under constant review. A fundamental part of our health and safety at work training is to impress upon every worker that it is also their duty to take care of their colleague's safety and to constantly suggest any improvements that could enhance our procedures. We encourage active involvement in setting our health and safety goals by offering regular safety prizes to employees who surpass expectations.
The company retains its industry recognised accreditations such as ISO 9001, ISO 14001 & ISO 45001, Achilles, SMAS & CHAS Constructionline, FORS and CLOCS which further demonstrates the company’s continued commitment to achieve the standards of compliance set by the construction industry.
Our Health Surveillance programmes adhere to legislative guidance provided by the health and safety executive (HSE) to deliver a systematic approach to monitoring the health of employees exposed to specific health risks at work. Our Health Surveillance programmes involve regular health checks and assessments.
This proactive measure is crucial for protecting workers’ health, preventing long-term illnesses, and ensuring a safe working environment and by identifying potential health issues early, we are able to implement necessary interventions, workplace adjustments and ensure compliance with legal health and safety requirements. Our comprehensive Health Surveillance encourages our workforce to lead a healthier lifestyle that is beneficial to employees both at work and in their personal life.
We invest in mental health awareness and have provided training for a number of Mental Health first aiders. This provides the company with a number of benefits including raising awareness of mental illnesses, encouraging early intervention to aid recovery, increasing confidence in dealing with mental illnesses, and reducing stigma around mental health issues. By becoming more informed and aware, managers and employees are able to more easily spot the signs and symptoms of mental health issues and provide the right support.
Our Health and Safety Management System are accredited to various standards such as ISO 45001, Achilles, Constructionline, SMAS & CHAS. These management systems provides the framework and procedures to help identify and control our Health & Safety risks and aid legislative compliance.
Our health and safety policies and performance is kept under constant review. A fundamental part of our health and safety at work training is to impress upon every worker that it is also their duty to take care of their colleague's safety and to constantly suggest any improvements that could enhance our procedures. We encourage active involvement in setting our health and safety goals by offering regular safety prizes to employees who surpass expectations.
The company retains its industry recognised accreditations such as ISO 9001, ISO 14001 & ISO 45001, Achilles, SMAS & CHAS Constructionline, FORS and CLOCS which further demonstrates the company’s continued commitment to achieve the standards of compliance set by the construction industry.
Our Health Surveillance programmes adhere to legislative guidance provided by the health and safety executive (HSE) to deliver a systematic approach to monitoring the health of employees exposed to specific health risks at work. Our Health Surveillance programmes involve regular health checks and assessments.
This proactive measure is crucial for protecting workers’ health, preventing long-term illnesses, and ensuring a safe working environment and by identifying potential health issues early, we are able to implement necessary interventions, workplace adjustments and ensure compliance with legal health and safety requirements. Our comprehensive Health Surveillance encourages our workforce to lead a healthier lifestyle that is beneficial to employees both at work and in their personal life.
We invest in mental health awareness and have provided training for a number of Mental Health first aiders. This provides the company with a number of benefits including raising awareness of mental illnesses, encouraging early intervention to aid recovery, increasing confidence in dealing with mental illnesses, and reducing stigma around mental health issues. By becoming more informed and aware, managers and employees are able to more easily spot the signs and symptoms of mental health issues and provide the right support.
Page 4
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
We have built our business based on doing quality work and winning repeat business from our clients. The success of the business relies on maintaining and improving the quality of services we provide.
Quality is at the forefront of everything we do as a construction company. Our Quality Management Systems are accredited to ISO 9001 certification. We work with the most iconic brands in the construction industry, from blue-chip multinationals, to smaller independent organisations. These companies are unified by their demand for quality, efficient, and safe solutions. Our track record for providing quality results across London can be seen by our extensive and loyal client list.
Quality is at the forefront of everything we do as a construction company. Our Quality Management Systems are accredited to ISO 9001 certification. We work with the most iconic brands in the construction industry, from blue-chip multinationals, to smaller independent organisations. These companies are unified by their demand for quality, efficient, and safe solutions. Our track record for providing quality results across London can be seen by our extensive and loyal client list.
The primary responsibility of the Board is to promote the long term success of the company for the benefit of the shareholders, but the directors acknowledge that long term success and reputation is dependent on our responsibility to balance the interests of all other stakeholders who we come into contact with, in order to deliver the best possible outcome for all concerned.
Section 172 of the Companies Act 2006 requires us to report each year on how we fulfil these obligations.
Customers
Our customers are at the heart of our business, with whom we are in constant dialogue and we strive to give them the best possible service and to enhance our relationship for our mutual benefit and that of the wider community.
Section 172 of the Companies Act 2006 requires us to report each year on how we fulfil these obligations.
Customers
Our customers are at the heart of our business, with whom we are in constant dialogue and we strive to give them the best possible service and to enhance our relationship for our mutual benefit and that of the wider community.
Our employees
Our employees are key to the success of our business. We have a hands-on family culture where our directors and managers are actively involved in our projects on a day-to-day basis and who constantly engage with our employees and keep them informed of business development, forecasts and prospects. We have longstanding experienced employees, we expect and maintain high standards, and we offer a rewarding career progression. Health and safety training and wellbeing is a constant that is promoted and maintained as a core value.
Subcontractors and suppliers
Our subcontractors and suppliers are crucial stakeholders in the success of our business, without whom we could not operate, so we treat them in the same way we treat our employees in terms of communication, payment, terms and conditions and inclusivity and who we expect to adhere to our high standards.
Local community and the environment
We acknowledge the external impact of our activities on local communities and on the environment. We create local employment opportunities in our areas of operation, and we engage local subcontractors and we do business with local suppliers and we support local charities and organisations.
We re-use and recycle as much of our site construction waste as possible and we work with modern waste recycling businesses. We acknowledge our carbon emissions obligations, and we are constantly updating our already modern fleet with low emission engines and we comply with all permits and consent requirements.
Other controls
We acknowledge our ethical, moral and social responsibilities and the aim of the company to maintain high standards of business conduct remains paramount. We are opposed to all forms of discrimination. We obtain external assurance through audits and through national and international standards compliance and accreditations.
Our employees are key to the success of our business. We have a hands-on family culture where our directors and managers are actively involved in our projects on a day-to-day basis and who constantly engage with our employees and keep them informed of business development, forecasts and prospects. We have longstanding experienced employees, we expect and maintain high standards, and we offer a rewarding career progression. Health and safety training and wellbeing is a constant that is promoted and maintained as a core value.
Subcontractors and suppliers
Our subcontractors and suppliers are crucial stakeholders in the success of our business, without whom we could not operate, so we treat them in the same way we treat our employees in terms of communication, payment, terms and conditions and inclusivity and who we expect to adhere to our high standards.
Local community and the environment
We acknowledge the external impact of our activities on local communities and on the environment. We create local employment opportunities in our areas of operation, and we engage local subcontractors and we do business with local suppliers and we support local charities and organisations.
We re-use and recycle as much of our site construction waste as possible and we work with modern waste recycling businesses. We acknowledge our carbon emissions obligations, and we are constantly updating our already modern fleet with low emission engines and we comply with all permits and consent requirements.
Other controls
We acknowledge our ethical, moral and social responsibilities and the aim of the company to maintain high standards of business conduct remains paramount. We are opposed to all forms of discrimination. We obtain external assurance through audits and through national and international standards compliance and accreditations.
Page 5
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
The board looks forward with confidence to continue the success of the company into the future.
This report was approved by the board on 28 April 2026 and signed on its behalf.
Page 6
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
The directors present their report and the financial statements for the year ended 31 July 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, 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 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £3,995,002 (2024: £4,937,813).
Interim dividends of £1,800,000 (2024: £1,000,000) were paid during the year. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
Page 7
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Methodology:
Our carbon emissions have been calculated in accordance with the Greenhouse Gas (GHG) Protocol - Corporate Standard methodology.
Our carbon emissions have been calculated in accordance with the Greenhouse Gas (GHG) Protocol - Corporate Standard methodology.
Our plans for the future include:
• Explore further hybrid and electric site plant and equipment.
• Explore further hybrid and electric delivery vehicles for moving plant to and from the yard.
• Introduce anti-idling policies for machinery and trucks.
• Install EV charging points at further locations.
• Monitor the availability of HVO’s and switch if they become readily available.
• Continue to streamline deliveries to further reduce unnecessary journeys.
• Continue to reduce waiting times on site for delivery vehicles.
• Constantly review and monitor our energy usage.
• Explore further hybrid and electric site plant and equipment.
• Explore further hybrid and electric delivery vehicles for moving plant to and from the yard.
• Introduce anti-idling policies for machinery and trucks.
• Install EV charging points at further locations.
• Monitor the availability of HVO’s and switch if they become readily available.
• Continue to streamline deliveries to further reduce unnecessary journeys.
• Continue to reduce waiting times on site for delivery vehicles.
• Constantly review and monitor our energy usage.
Page 8
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, people, training and health and safety.
Riordan O'Sullivan & Co, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 28 April 2026 and signed on its behalf.
Page 9
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREY LONDON LIMITED
We have audited the financial statements of Carey London Limited (the 'company') for the year ended 31 July 2025, which comprise the Profit and Loss Account, the Analysis of Net Debt, the Balance Sheet, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
Page 10
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREY LONDON LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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.
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.
Page 11
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREY LONDON LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 12
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREY LONDON LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
38-40 Chamberlayne Road
NW10 3JE
Page 13
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
Page 14
BALANCE SHEET
AS AT 31 JULY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2026 .
Page 15
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
Page 16
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
Page 17
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2025
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Carey London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit E1, The Courtyard, Alban Park, St Albans, AL4 0LA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
Financial statements are prepared in sterling which is the functional currency of the company.
The following principal accounting policies have been applied:
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).
Financial statements are prepared in sterling which is the functional currency of the company.
The following principal accounting policies have been applied:
The Directors' Report and the Strategic Report sets out the company's business activities, and highlights the factors which may impact on its financial performance, market position and future prospects.
The Strategic Report also provides information in relation to the company's financial and liquidity position, details of its financial instruments, management of capital and exposure to credit and liquidity risk.
The company has a strong balance sheet and a substantial order book for the twelve months from the date of approval of these financial statements and its forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
As a consequence, the directors believe that the company has adequate resources to continue in operational existence and that it is well placed to continue to manage its business risks successfully. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The Strategic Report also provides information in relation to the company's financial and liquidity position, details of its financial instruments, management of capital and exposure to credit and liquidity risk.
The company has a strong balance sheet and a substantial order book for the twelve months from the date of approval of these financial statements and its forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
As a consequence, the directors believe that the company has adequate resources to continue in operational existence and that it is well placed to continue to manage its business risks successfully. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Amounts recoverable on contracts, including work-in-progress, are shown within debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account.
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
The company operates a defined contribution plan for its employees.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the company a legal or constructive probable obligation that requires settlement by transfer or economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Provisions are charged as an expense to the Profit and Loss Account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Long term contracts
Recognition of revenue and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors such as technological innovations, maintenance and projected disposal values.
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £13,831 (2024: £11,823). Contributions totalling £2,535 (2024: £3,030) were payable to the fund at the balance sheet date and are included in creditors.
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
The company is controlled by Martin Carey, the director and shareholder.
Page 28