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Registered number:
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Medlock FRB Limited
Company Information
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Medlock FRB Limited
Contents
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Medlock FRB Limited
Strategic Report
For the year ended 31 December 2025
The directors are pleased to present the Strategic Report for the year ended 31 December 2025.
The principal activity of the business remains that of a leading specialist fit-out contractor operating within the leisure and hospitality sector, and the directors do not expect this to change.
The results reflect a challenging trading year in 2025. The increase in Employer’s National Insurance to 15%, together with other regulatory pressures and worldwide events, affected the business and placed additional pressure on margins. Core material prices continued to rise during the year and, although they stabilised towards the year end, they continued to affect project costs. The business also delivered its largest project to date against a backdrop of wider market uncertainty and significant project delivery challenges. Customer confidence also remained under pressure, driven by high borrowing costs and limited support for the sector in which the business operates. Despite these headwinds, the business generated a satisfactory profit and increased its balance sheet again. Cash generation from our projects remained strong and was aligned with controlled overhead and fixed cost expenditure. The Board also made the decision to reward all employees with a bonus aligned with our commitment to Employee Ownership. The Board remains strongly committed to Employee Ownership and recognises that the Company cannot achieve its vision without its people being fully engaged and invested in its success. The key focus for 2026 will remain the successful delivery of projects on time, on budget, to the highest quality standards and safely. This focus supports the Company’s vision: to deliver the best projects by the best people. We will also continue our strategy of building a world-class culture. The Company will continue to invest significantly in its people through a structured training and development plan, and the Board remains committed to Continual Professional Development, enabling employees to achieve their full potential while supporting retention as a key part of our people strategy. The Board of Directors extends its sincere gratitude to everyone across the Company, including employees, advisers and supply chain partners. Their professionalism and commitment remain essential to our continued growth and success.
Failure to deliver projects in line with customer’s expectations and required specifications, on time and on budget and to minimise the risk of increased costs and delay related damages. The risk is mitigated with continual assessment and development of key staff within our Pre-Construction, Project Delivery and Commercial teams and our Leadership team.
Supply Chain Partners fail to meet our operational and Commercial expectations and requirements in relation to capacity, competency, quality, financial stability, safety, environmental, social and ethical values. The Company has undertaken significant work to identify and understand who its key supply chain partners are and have reduced the number whilst initiating a core partnership. In addition to this we have introduced KPIs across all partnerships. The Company has implemented policies and procedures that require appropriate credit checks on potential customers before projects are commenced, and concentration of credit risk is constantly under review. In addition, the directors also consider that market risk is a key risk to the business.
Page 1
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Medlock FRB Limited
Strategic Report (continued)
For the year ended 31 December 2025
The key financial performance indicators for the past three years are as follows:
This report was approved by the board and signed on its behalf.
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Medlock FRB Limited
Directors' Report
For the year ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 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 judgments and accounting estimates that are reasonable and prudent;
∙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 profit for the year, after taxation, amounted to £474,755 (2024 -£710,877).
Dividends of £Nil (2024: £Nil) were paid during the year.
The directors do not recommend payment of a final dividend.
The directors who served during the year were:
The Company continues to develop new systems and processes which are aimed at improving quality and efficiency.
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Medlock FRB Limited
Directors' Report (continued)
For the year ended 31 December 2025
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Medlock FRB Limited
Independent Auditors' Report to the Members of Medlock FRB Limited
We have audited the financial statements of Medlock FRB Limited (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the analysis of net debt, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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.
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.
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Medlock FRB Limited
Independent Auditors' Report to the Members of Medlock FRB Limited (continued)
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.
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Medlock FRB Limited
Independent Auditors' Report to the Members of Medlock FRB 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: Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
♦Identifying, evaluating, and complying with laws and regulations
♦Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Medlock FRB Limited
Independent Auditors' Report to the Members of Medlock FRB Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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 by, for example, forgery or intentional misrepresentations, or through collusion.
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.
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
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Medlock FRB Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
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Medlock FRB Limited
Registered number: 06000685
Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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Medlock FRB Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Statement of Changes in Equity
For the year ended 31 December 2024
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Medlock FRB Limited
Statement of Cash Flows
For the year ended 31 December 2025
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Medlock FRB Limited
Analysis of Net Debt
For the year ended 31 December 2025
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Medlock FRB Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office and principal place of business is Greengate Street, Oldham, Lancashire, OL4 1DG. The company's registered number is 06000685.
The nature of the Company's operations and its principal activity is that of construction and refurbishment contracts.
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Revenue from a contract to provide construction services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: Amounts recoverable on contracts are included in current assets and represent revenue recognised in excess of payments on account.
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The Company's revenue recognition and margin recognition policies, which are set out in note 2.2, are central to how the Company values the work it has carried out in each financial year. These policies require forecasts to be made of the outcomes of long-term construction contracts. Amounts recoverable on long term contracts included in debtors totalled £5,074,264 (2024: £7,503,308).
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 20
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 21
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Cost or valuation at 31 December 2025 is as follows:
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 25
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Details regarding bank loans and hire purchase contracts are disclosed in note 16.
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
20.Deferred taxation (continued)
Non-distributable reserves
A revaluation reserve arose on a revaluation of a property in accordance with UK GAAP. Profit and loss account The profit and loss account includes all current and prior period retained profit and losses net of dividends. Other reserves Other reserves include contributions made to the Medlock FRB Employee Ownership Trust.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charged represents contributions payable by the Company to the fund and amounted to £124,373 (2024 - £129,807). Contributions totalling £16,443 (2024 - £15,492) were payable to the fund at the balance sheet date.
During the year, the company made contributions of £36,000 (2024 - £37,468) to the directors personal pension funds. Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date.
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Medlock FRB Limited
Notes to the Financial Statements
For the year ended 31 December 2025
The Company is wholly owned by the Medlock FRB Employee Ownership Trust.
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