The directors present the strategic report for the year ended 31 December 2025.
Caxton Group delivers nationwide services to the UK construction industry, working collaboratively with some of the country’s leading main contractors. With over 20 years’ experience we work with our clients delivering high quality services on time to an agreed budget. We are a business that lives by our core values or Trust, Respect, Integrity and Passion.
The business also recognises its social commitments and developing the work force of the future. As a result, we continue our commitment to our long-term future providing training for apprentice bricklayers at our award-winning training Academy based in Birmingham.
The Group of companies returned a pre tax profit in excess of £1.2m against a turnover of £23.68m over the year. The decrease in turnover reflects the slow growth in the high-rise construction sector, due to the building safety act 2022, which delayed various projects over the year, due to longer project lead times with design and specification of materials in line with government legislation.
The increase in net profit and net profit % has been achieved due to improved cost control against the backdrop of inflationary pressures which have been well documented throughout the construction sector.
The company also looks forward to 2026 with a record order book of secured contracts already in place and extending well into 2027/2028.
Human resources
Our Staff continue to be the most important part of the business, and we thank them for their efforts and commitment in helping to achieve our 2025 performance. Human resource has again been a key area of the business, the ability to attract, retain and develop the best people in the industry.
Staff retention was again at an all-time high. As a business we have continued to stick to our core values of trust, respect, integrity and passion in developing our working relationships with our extensive client base, supporting our staff, striving to encourage and promote from within and allowing staff to achieve their potential.
We also acknowledge our commitment to the future by taking on and training young apprentices within the Group in our own award-winning Caxton Academy based in Birmingham (working within the brickwork sector). We are well aware of the industry wide skills shortage within the industry and are committed to do our part, by offering young people a future, valuable experience and a step on the ladder to achieve their own personal ambitions.
Health and Safety
Ensuring all our staff (both employed and sub-contracted) have a safe environment to work is fundamental to the company’s success. As a business we feel that our high levels H&S procedures and policies are directly attributable to our company performance. As a business we continually improve and develop our own standards, and we are able to demonstrate compliance with industry legislation and client and expectations.
Supply Chain
Caxton Group continues to maintain our strong, long-standing relationship with our supply chain (which continues to expand). Our estimators and buyers work closely with our supply chain to ensure we pay competitive market prices and not over exposed to one supplier. Material pricing during the year was a challenge due to volatility with global markets which is always difficult when working in a fixed price construction sector. We managed to accommodate some of these increases by engaging with suppliers and the early placement of order and enhanced project management.
Customers
Maintaining our relationships and reputation within the markets is key to our success and It was more important than ever to engage with our customers during the last 12 months of trading. All of our clients are reviewed for credit worthiness prior to committing to a contract through internal process, and we take appropriate action where required to reduce risk and mitigate any financial exposure.
We continually work to assess the requirements of the business, from initial enquiry to live project we look at the following criteria, project location, type of build/ package available, Availability of trades in the area, buildability of the project, Current workload and programme to ensure it meets the needs of the business and the client.
A key factor to supporting operating profit is the ability to not over commit, we understand badly run projects have a negative impact on end of year results. Where challenges have been encountered on projects, we undertake lessons learnt meeting in order to understand what affected us, what impact that had on profit and what changes we can introduce in process to mitigate future exposure.
Risks and uncertainty
Risks are minimised through a framework of company policies. Monthly senior leadership meetings ensure decisions are taken at board level and are reviewed at regular intervals.
Current risks are external inflation (which are affecting raw materials prices), inaccurate pricing during the tender process and poor management of the contracted works package. These are delt with by carrying out multiple cross-checks on all tenders prior to being submitted, and the ability to maintain quality of work on site with stringent QA measures and KPI checks regularly by the management team.
Financial risks
The function of the business is financed from retained earnings along with short- and medium-term borrowings. The company does not use complex financial agreements.
Whilst 2025 has been a very challenging for the business, it has also been widely acknowledged across the industry. Changes in legislation and the introduction of the Building Safety Regulation has led to significant delays in contract awards and projects progressing through approved gateway process. The estimated 8-week turnaround suggested by the government extended in some cases to in excess of 52 weeks. As a result, this had a significant impact on the construction industry across England, and the trading forecast for the business as a whole.
The Group looks forward to moving into 2026 with optimism in what we believe will demonstrate a stronger performance in terms of profit and performance.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £2,389,594. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
BK PLus Audit Limited were appointed as auditor to the group in accordance with section 485 of the Companies Act 2006, and is deemed to be reappointed under section 487(2) of the Companies Act 2006
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Caxton Midlands Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management and from our knowledge and experience of the client and businesses in similar sectors;
we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting any available legal correspondence; and
the audit team were in regular communication in relation to laws and regulations and potential instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias: and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigations and claims;
reviewing legal and professional expenses for ongoing litigation work: and
reviewing correspondence with HMRC.
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. The 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 is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,461,950 (2024 - £150,010 profit).
The notes on pages 16 to 35 form part of these financial statements.
The notes on pages 16 to 35 form part of these financial statements.
Caxton Midlands Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 36 Raymond Street, Shelton, Stoke-on-Trent, Staffordshire, ST1 4DP.
The group consists of Caxton Midlands Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated financial statements incorporate those of Caxton Midlands Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All subsidiaries were acquired prior to this financial year.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for work done in respect of construction contracts and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.
Revenue is recognised on property sales from the point of unconditional exchange of contracts and comprises the fair value consideration received or receivable, net of VAT.
Rental income is recognised in Other Operating Income on a straight-line basis over the lease term.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account,
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Turnover is recognised on long term contracts as they progress. There is a level of estimation and judgement involved in arriving at these valuations and therefore the amounts to be recognised as turnover.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 0).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
The carrying value of land and buildings comprises:
Details of the company's subsidiaries at 31 December 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
All subsidiaries have been consolidated in these group financial statements.
Caxton Property Developments Limited has:
two long term interest only loans amounting to £466,650 with a repayment date of October 2050. The loans are secured on the properties to which they relate and directors John Webber and Chris Bellamy have provided personal guarantees.
Caxton Facades Limited has the following:
a debt of £nil (2024 - £462,633) owed to a bank institution under a credit card agreement. The debt is interest bearing and unsecured.
a debt of £257,688 (2024 - £500,000) owed to Lloyds bank under an invoicing discounting agreement. The debt is secured on the trade debtors of the company.
Loan of :
a loan of £1,000,000 (2024 - £nil) is owed to Lloyds bank. The loan is secured on all the assets of the group under a cross guarantee arrangement. The loan is repayable in instalments within 5 years and interest is charged at base rate plus 3.29%.
a loan of £246,321 is owed to Funding Circle. The loan is repayable in instalments over 6 years and interest is charged at a fixed rate of 25.9%.
a loan of £144,152 is owed to Fleximize Limited. The loan is repayable in instalments over 3 years and interest is charged at a fixed rate of 32.1%.
Caxton Joinery has:
a CBILS loan of £8,333 these are loans under the Government-backed Coronavirus Interruption Loan Scheme (CBILS) and are repayable by instalments within 1 year. The loans are secured by an unlimited debenture on the assets of the group under cross guarantee contracts.
Caxton Builders Limited has:
£15,412 relates to a bank loans secured on a company vehicle with an interest rate of 6%.
The remainder of the loans £69,918 relate to Government-backed Coronovirus Interruption Loan Scheme (CBILS) and are repayable in 2026. The loans are secured by an unlimited debenture on the assets of the group under cross guarantees.
£313,246 owed to Lloyds bank under an invoicing discounting agreement. The debt is secured on the trade debtors of the company
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery or vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is less than 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Obligations under finance leases are secured on the assets to which they relate.
The following are the major deferred tax liabilities and assets recognised by the group and company:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
All shares rank equally except for "B" ordinary shares which carry no right to vote and no right to share in any distribution upon the sale or winding up of the company.
The revaluation reserve represents the cumulative effect of the revaluation of investment properties which were revalued to fair value at each reporting date less deferred tax associated with the revaluation.
Caxton Midlands Group has provided the following guarantees:
deed of guarantee to Telford Homes Limited (the developer) in respect of a subcontract agreement between the developer and subsidiary company, Caxton Facades Limited (the company). The parent indemnifies the developer for the failure of the company to observe and perform its obligations, duty, warranties and undertaking required to be observed and performed under the sub-contract agreement. The guarantee is for a maximum of £25million and for 12 years post expiry of the Defects Liability Period. The directors consider that there are no known or potential shortfalls in the contract performance that would activate the cross guarantee and the projects have since been completed.
an irrevocable and unconditional performance guarantee in respect of Caxton Facades Limited's obligations under a construction sub-contract with Winvic Construction Limited whereby Caxton Midlands Group assumes a primary obligation to fulfil or indemnify any failure by Caxton Facades. Caxton Midlands Group must make good any breach, including paying all related costs, losses, claims and expenses upon demand. The Guarantee remains in force despite variations to the sub-contract, insolvency by Caxton Facades, waivers or concessions by the contractor and termination of the sub-contract. The directors consider that there are no known potential shortfalls in the contract performance that would activate the cross guarantee and the project has since been completed.
The remuneration of key management personnel is as follows.
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements have been prepared. All subsidiaries are wholly owned at the year end.
Stofix Holdings ( formerly Caxton Distribution ) and its subsidiary Stofix UK Limited are companies under common control, but are not part of Caxton Midlands Group Limited.
Transactions between Stofix UK Limited and group companies were:
Sales to Stofix UK Limited £28,997 (2024: £11,763)
Purchases from Stofix UK Limited 2025: £1,629,327(2024: £6,202,629)
At the year end the amount owed to group companies by Stofix UK Limited was £592,788 (2024:£1,320,772). The amount owed by group companies to Stofix UK Limited was £1,408,814 (2024: £nil).
Caxton La Cala SL is a Spanish company owned by a director and is therefore a related party. The amount owed to Group companies by Caxton La Cala SL was £294,567 (2024:£273,875). The group had made payments on behalf of Caxton La Cala.
Caxton Mechanical and Electrical Limited is a company where a director is able to exert significant influence.
Transactions with Caxton Mechanical and Electrical Limited and group companies were:
Rent charged to Caxton Mechanical and Electrical Limited £4,000 (2024: £10,400).
Sales to Caxton Mechanical and Electrical Limited £nil (2024 96,996).
Purchases from Caxton Mechanical and Electrical Limited £252,635.
At the year end the amount owed by Caxton Mechanical and Electrical Limited was £173,800 (2024: £120,036) and the amount owed to Caxton Mechanical and Electrical Limited was £313,016 (2024: £16,000).
The following advance was made to directors by group companies in the year:
Dividends paid to directors during the year amounted to £1,029,317. ( 2024 £278,631)
Advances are made on an interest free basis.