Ermine Construction Services Limited

Registered number

09534978

Filleted Accounts

31 December 2025

Ermine Construction Services Limited
Registered number:		09534978
Directors' Report

The directors present their report and accounts for the year ended 31 December 2025.

Principal activities


The company's principal activity during the year continued to be the construction of new homes and undertaking and completing general building and construction projects.
Directors review of the year and outlook for 2026
The Directors are pleased to present their report for Ermine Construction Services Limited for the year ended 31 December 2025. A Year of Resilience, Investment and Strategic Growth The UK housing and construction sector experienced one of its most challenging trading environments in recent years throughout 2025. Planning delays, resource constraints within Local Authorities, elevated borrowing costs, inflationary pressures and continued uncertainty across both the public and private sectors significantly impacted the delivery of new housing developments. Despite the Government's ambitious housing targets, these headwinds resulted in reduced construction output and increased commercial pressures across much of the industry. Nevertheless, Ermine Construction Services Limited continued to demonstrate resilience, strengthening its position within the public sector and affordable housing market through disciplined financial management, careful project selection and an unwavering commitment to quality. Throughout the year, the Company continued to build upon the strong foundations established over the previous decade, positioning itself for sustainable long-term growth and further strengthening its reputation as a trusted delivery partner for Local Authorities and Housing Associations. Financial Performance The Company continued to perform resiliently throughout 2025 despite one of the most challenging trading environments experienced by the UK housing and construction sector in recent years. During the year, turnover increased by 10.31% compared with the previous financial year, whilst gross profit increased by 9.91%, demonstrating the strength of the Company's operational performance and its ability to continue delivering high-quality projects within a difficult market.
Ermine entered 2025 with a secured order book of £22.5 million, providing a strong platform from which to deliver the Company's business plan. At the year end, the Company also had an active pipeline of opportunities, with projects currently at tender stage and in the final stages of negotiation totalling approximately £172.6 million, reflecting continued client confidence and the strength of the Company's business development strategy. Throughout the year, the Company maintained disciplined financial management, carefully managed cash flow and continued to invest in its people, operational systems and governance. Significant investment was also made in strengthening the senior leadership team and supporting the Company's long-term strategic objectives. The Directors remain confident that the Company's strong order book, substantial future pipeline and continued investment in operational excellence position Ermine Construction Services Limited well for continued sustainable growth. Business Highlights Despite the challenging market conditions, Ermine continued to achieve several significant strategic milestones during the year. Key achievements included: • Successfully securing the Chamberlain Way Children's Home development for the Royal Borough of Kingston upon Thames, further strengthening the Company's reputation for delivering specialist public sector residential projects. • Securing the Company's first land-led development opportunity with Accent Housing at Ermine Street, Papworth Everard. This represents a significant milestone in Ermine's evolution, broadening its offering beyond traditional contracting into development-led opportunities. • Continuing the successful delivery of key residential developments including Naked House, Caishowe Road, Sparrow Farm Drive and Manor Gardens.
• Appointing Christopher Luxford as Operations Director in June 2025 to lead the Company's operational refresh and strengthen the senior leadership team. Chris was subsequently appointed to the Board of Directors, reinforcing Ermine's governance and providing the leadership required to support the next phase of the Company's growth. Quality, Compliance and Recognition Maintaining the highest standards of quality, safety and governance remains fundamental to the Company's success. During 2025, Ermine successfully maintained its: • ISO 9001 – Quality Management • ISO 14001 – Environmental Management • ISO 45001 – Occupational Health & Safety • Constructionline Gold Accreditation • CHAS Elite Accreditation • Chartered Building Company status The Company also continued to receive recognition for the quality of its work, including: • NHBC Building Control Gold Award. • An outstanding 45/45 Considerate Constructors Scheme score achieved on the Naked House development. These achievements are testament to the professionalism, commitment and dedication shown by every member of the Ermine team and reflect the Company's continued commitment to delivering excellence across every project.
Frameworks and Business Development The Company's framework strategy continued to generate significant opportunities throughout the year. Ermine remains successfully appointed to several key procurement frameworks and Dynamic Purchasing Systems, including: • Prosper Procurement • Procurement for Housing (PfH) • South East Consortium (SEC) • Additional Local Authority and Housing Association procurement routes These appointments continue to provide access to long-term opportunities across the affordable housing, residential and public sector construction markets and reinforce the Company's reputation as a trusted public sector delivery partner. Looking Ahead to 2026 Whilst market conditions continue to present challenges, the Directors remain optimistic about the Company's future prospects. The Government's renewed commitment to accelerating housing delivery, together with the continued demand for affordable housing and specialist public sector developments, provides significant opportunities for well-managed regional contractors with proven delivery capability. With a strengthened leadership team, an established client base, a secured order book, a substantial pipeline of future opportunities and an expanding portfolio of repeat business, Ermine is well positioned to capitalise on future opportunities whilst continuing to deliver projects safely, efficiently and to the highest standards.
The Company's continued investment in its people, operational systems, governance and strategic growth initiatives ensures that it remains well placed to deliver sustainable, profitable growth while maintaining the quality, integrity and customer service upon which its reputation has been built. As Ermine enters its second decade of trading, the Directors remain confident in the Company's long-term strategy and its ability to continue creating lasting value for its clients, employees, supply chain partners and the communities in which it operates. The Directors would like to express their sincere thanks to our employees, clients, consultants, supply chain partners and stakeholders for their continued support, professionalism and commitment throughout another successful year. Their dedication remains fundamental to the continued success and future growth of Ermine Construction Services Limited.
Directors
The following persons served as directors during the year:

	Darren Peters
	Fiona Peters
	Mark Peasey (resigned 31st March 2025)
	Philip Burrows (appointed 1st January 2025)
	Christoper Luxford (appointed 18th September 2025)

Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 29 July 2026 and signed on its behalf.





D Peters
Director

Ermine Construction Services Limited
Registered number:		09534978
Balance Sheet
as at 31 December 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		134,900			170,984

Current assets
Stocks		23,488			35,997
Debtors	4	997,440			867,958
Cash at bank and in hand		471,377			1,080,809
		1,492,305			1,984,764

Creditors: amounts falling due within one year	5	(1,117,788)			(1,453,719)

Net current assets			374,517			531,045

Total assets less current liabilities			509,417			702,029

Creditors: amounts falling due after more than one year	6		(58,251)			(119,570)

Provisions for liabilities			(33,725)			(42,548)


Net assets			417,441			539,911

Capital and reserves
Called up share capital			100			100
Profit and loss account			417,341			539,811

Shareholders' funds			417,441			539,911

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




D Peters
Director
Approved by the board on 29 July 2026

Ermine Construction Services Limited
Notes to the Accounts
for the year ended 31 December 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

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

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

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

	Plant and machinery			25% reducing balance method
	Fixtures, fittings, tools and equipment			25% reducing balance method

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

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

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

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

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

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

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


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					14		10


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 January 2025	8,631		56,057		220,051		284,739
	Additions	-		6,471		-		6,471
	At 31 December 2025	8,631		62,528		220,051		291,210

	Depreciation
	At 1 January 2025	7,841		27,605		78,309		113,755
	Charge for the year	158		8,174		34,223		42,555
	At 31 December 2025	7,999		35,779		112,532		156,310

	Net book value
	At 31 December 2025	632		26,749		107,519		134,900
	At 31 December 2024	790		28,452		141,742		170,984


4	Debtors					2025		2024
£							£

	Trade debtors					725,655		535,859
	Other debtors					271,785		332,099
						997,440		867,958

	Amounts due after more than one year included above					310,047		201,417


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

	Bank loans and overdrafts					31,796		29,919
	Obligations under finance lease and hire purchase contracts					28,410		28,410
	Trade creditors					787,829		905,201
	Taxation and social security costs					45,999		53,982
	Other creditors					223,754		436,207
						1,117,788		1,453,719


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

	Bank loans					19,616		52,524
	Obligations under finance lease and hire purchase contracts					38,635		67,046
						58,251		119,570


7	Loans					2025		2024
£							£
	Creditors include:

	Secured bank loans					51,412		82,443

	The loan is from Starling Bank and is secured by a directors guarentee given by Darren Peters and Fiona Peters.


8	Other financial commitments					2025		2024
£							£

	Total future minimum payments under non-cancellable operating leases					35,330		5,877


9	Related party transactions

	During the year the company purchased £27,778 (2025: £111,200) of professional services from Abbey Consultancy Services Ltd, a company controlled by Mark Peasey, The amount due to Abbey Consultancy Services at the year end was £0. (2025: £22,944).


10	Controlling party

	The company is controlled by Darren Peters and Fiona Peters, who jointly own 100% of the issued share capital of the company.


11	Other information

	Ermine Construction Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
	4 St Georges Tower
	Hatley St Geroge
	Sandy
	Cambridgeshire
	SG19 3SH