Registration number:
Colthrop Holdings Limited
for the Year Ended 31 December 2025
Colthrop Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Colthrop Holdings Limited
Company Information
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Directors |
E M C Barrett N G Girdler E W J Barrett |
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Registered office |
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Auditors |
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Colthrop Holdings Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the group is building contracting, property development and property management.
Fair review of the business
Performance of the Group in 2025 was positive with turnover of £22.2m (2024 - £37.3m), gross profit of £2.1m (2024 - £2.5m) and operating profit of £506k (2024 - £547k).
The Group has continued its focus on profitability over the recent years and coupled with strong repeat business, teamwork and good morale the business has strengthened further.
The Group launched its Vision 2030 objectives to deliver strong results in all areas of its critical success factors focusing on Exceeding Customer Expectations, Financial, H&S, Environmental and Social Governance (ESG) and People whilst ensuring continuous improvement into the future and a stable margin.
Building and construction
Construction activities remained stable, supported by the Directors’ continued focus on repeat business with key clients and strong team performance. While not matching the exceptional level seen in 2024, the Group has maintained a solid pipeline of work and delivered projects successfully in 2025 which saw a marked downturn in activity and reduced confidence across the sector. Securing the right projects on the right terms has been a key driver. Turnover into 2026 and beyond is back in line with our targets.
Property development
The latest residential development was released for sale in spring 2025 and continues to be actively marketed. Other properties remain tenanted pending planning consent for redevelopment, while opportunities for new developments continue to be pursued.
Client relationships
The Group remains focused on building long term relationships with clients and in doing so has developed strong opportunities for both new and repeat business. This has been bolstered through successful participation in framework bids, strong performance in new sectors and promoting ethical business practices. 96% of our clients want to work with us again and recommend us.
Supply chain
Our supply chain is key to our success. Our collaborative and open approach with our prompt payment policies continue to promote liquidity and good relationships with our wider supply chain.
Financial management
Cash flow is the lifeblood of our business success. The Group closely and prudently manages working capital to provide good liquidity to fund operations and ensure commitments are always met on time. Investment in working capital funding is underpinned by retained earnings. The net current assets - a key indicator of liquidity - improved by £776k during the year to £3.5m (2024 - £2.7m) and has further strengthened the balance sheet position. The Group remains in a strong position and looks to build its cash reserves.
Colthrop Holdings Limited
Strategic Report for the Year Ended 31 December 2025 (continued)
Environmental
Reducing our carbon footprint in the operation and delivery of our business remains a focus for the business whilst also working with our clients and design teams to contribute and influence net-zero buildings when in use. Significant improvement in reporting, data gathering and engagement with the team & supply chain has led to improved carbon outcomes.
Our carbon emission assessments (Scopes 1 and 2) show an improving trend towards reducing our carbon footprint. Waste production and energy usage is class leading and is monitored to continually improve waste management performance and energy efficiency. Our company car fleet is now 100% electric and 100% powered by renewable energy. We continue to work with our supply chain to collect and develop our Scope 3 emissions data which is improving rapidly.
Quality management
The Group has maintained its ISO 9001 accreditation for Quality Management Systems, ISO 14001 accreditation for the Environmental Management Systems and ISO 45001 for Health & Safety Management. There have been no environmental incidents and our mantra of looking after the environment and sending people home safely from work continues. The Group is proud to continue its environmental success in diverting more than 99% of its waste from landfill. Our CyberEssentials accreditation was maintained for work in secure and sensitive environments.
Teamwork
The Group has a strong commitment to develop and support its teams. The staffing structure of the business continues to develop with the result of a modern, robust, and strong main contracting company that has the
appropriate number of technical and administration personnel to deliver our vision of being the regional contractor of choice, delivering a personal touch. Staff retention stays well above industry average at 97.3% (2024 - 98.2%) and the business continues to invest in the long-term development of the team. Our employees are central to our success and once again, the Directors would like to extend their thanks and gratitude for the efforts of all the team during the year.
Community recognition
The Group recognises it cannot be successful without supporting communities we work and live in and have been proud to donate 835 hours in the year to support stakeholders and promote the construction industry. The Group is proud to have received the Pride of Reading Award in 2025 for its contribution and commitment to the communities and charities we work with; it also won the Thames Valley top 250 ‘One to Watch’ Award.
Colthrop Holdings Limited
Strategic Report for the Year Ended 31 December 2025 (continued)
Key performance indicators (KPI)
The Group's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
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Turnover |
£'m |
22.1 |
37.3 |
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Gross margin |
% |
9 |
7 |
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Pre-tax profit |
£'000 |
542 |
577 |
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Pre-tax margin |
% |
2 |
2 |
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Net current assets |
£'m |
3.5 |
2.7 |
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Net assets |
£'m |
3.9 |
3.5 |
Principal risks and uncertainties
The activity of building and construction, by its very nature, presents a range of risks that can at times make outcomes difficult to predict. Key risks include financial and operational, including health and safety that require close management to ensure a successful conclusion to each contract. The Group is a well-established and experienced building main contractor, over the years it has developed cultural working practices, operating procedures, and financial policies to manage all risks inherent in its activities. These continue to be developed and strengthened.
From the outset, tenders are fully assessed to ensure they have sufficient detail, are working with the right client teams and that the business has the right teams with the right experience to deliver a successful outcome offering value to our clients and providing the Group with a commercially viable return on capital. From inception of a successful tender and throughout the duration of works, the performance of each contract is continually tracked against budget and regularly scrutinised by management. Key relationships with client principals are fostered to ensure project relationships and outcomes are strong.
The Directors are aware of the knock-on volatility caused by uncertainties in the wider economic world have an impact on the building and construction market. Whilst the Group is not immune to market volatility this risk is managed to an extent through our partnerships with stakeholders and a personal approach that helps keep us informed across our business sectors.
Inflationary pressures are a key risk and for the foreseeable future we continue to work closely with our supply chain and clients to identify inflationary pinch points and to minimise impact of rising prices. Construction prices have continued a steady state for 12 months now and we expect this to continue for a significant portion of 2026.
The key health and safety objectives are to provide a safe working environment where the delivery teams and subcontractors go home safely every day. The business will minimise accidents and near misses and learn from these. The Group has a fully compliant health and safety policy which includes training, monitoring, and reporting on site safety issues to promote the well being of the workforce and public.
Colthrop Holdings Limited
Strategic Report for the Year Ended 31 December 2025 (continued)
Future developments
The business continues at a similar level of activity and productivity and to operate within the retained working capital investment. For 2026, the Group has secured a probable turnover of £26.8 million and the order book for 2027 currently stands at £62.4 million. A healthy pipeline and cashflow gives us greater certainty and confidence looking forwards.
The business continues to invest in the upgrade of our information technology systems including the expansion of our collaborative digital platform. Sensible development in the use of artificial intelligence to make us more efficient in our dealings without diluting the personal touch and common sense we are known for.
The Group remains committed to reduce its carbon footprint and is currently working with clients and supply chain partners to improve understanding and continue developing best practice in this area.
The business continues to work towards its Vision 2030 targets to consolidate turnover at £35m, streamline processes to provide best value and best service to our long-term clients with focus on profitability, the people of the business and to maintain the long-term working capital position of the Company.
Approved and authorised by the
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Colthrop Holdings Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Principal activity
The principal activity of the company in the year under review was that of a holding company to a group engaged in building contracting, property development and property management.
Directors of the group
The directors who held office during the year were as follows:
Dividends
An interim dividend of 97p per share was paid during the year (2024 - 58.19p). The directors recommend that no final dividend be paid. The total distribution of dividends for the year ended 31 December 2025 will be £80,761.
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 the 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 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; and
• 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Colthrop Holdings Limited
Directors' Report for the Year Ended 31 December 2025 (continued)
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Colthrop Holdings Limited
Independent Auditor's Report to the Members of Colthrop Holdings Limited
Opinion
We have audited the financial statements of Colthrop Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Colthrop Holdings Limited
Independent Auditor's Report to the Members of Colthrop Holdings Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
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• |
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; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment,and health and safety legislation; |
Colthrop Holdings Limited
Independent Auditor's Report to the Members of Colthrop Holdings Limited (continued)
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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To address the risk of fraud through management bias and override of controls, we: |
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we design procedures which included, but were not limited to: |
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; and |
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enquiring of management as to actual and potential litigation and claims. |
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Colthrop Holdings Limited
Independent Auditor's Report to the Members of Colthrop Holdings Limited (continued)
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Statutory Auditor
Chartered Accountants
26 Queen Victoria Street
Reading
Berkshire
RG1 1TG
Colthrop Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
|
|
|
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
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Other operating income |
|
|
|
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Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
- |
( |
|
|
35,845 |
30,202 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
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Owners of the company |
|
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The group has no recognised gains or losses for the year other than the results above.
Colthrop Holdings Limited
(Registration number: 07788124)
Consolidated Balance Sheet as at 31 December 2025
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Note |
31 December |
31 December |
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Fixed assets |
|||
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Tangible assets |
|
|
|
|
Debtors |
|
|
|
|
|
|
||
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Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
83,259 |
83,259 |
|
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Retained earnings |
3,771,286 |
3,384,890 |
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Equity attributable to owners of the company |
3,854,545 |
3,468,149 |
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Shareholders' funds |
3,854,545 |
3,468,149 |
Approved and authorised by the
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Colthrop Holdings Limited
(Registration number: 07788124)
Balance Sheet as at 31 December 2025
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Note |
31 December |
31 December |
|
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Fixed assets |
|||
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Investments |
|
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
83,259 |
83,259 |
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Shareholders' funds |
83,259 |
83,259 |
The company made a profit after tax for the financial year of £80,761 (2024 - profit of £48,450).
Approved and authorised by the
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Colthrop Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Retained earnings |
Total |
Total equity |
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At 1 January 2024 |
|
|
|
|
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Profit for the year |
- |
569,273 |
569,273 |
569,273 |
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Dividends |
- |
( |
( |
( |
|
At 31 December 2024 |
83,259 |
3,384,890 |
3,468,149 |
3,468,149 |
|
Share capital |
Retained earnings |
Total |
Total equity |
|
|
At 1 January 2025 |
|
|
|
|
|
Profit for the year |
- |
|
|
|
|
Dividends |
- |
( |
( |
( |
|
At 31 December 2025 |
|
|
|
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Colthrop Holdings Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
- |
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2024 |
83,259 |
- |
83,259 |
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
- |
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2025 |
|
- |
|
Colthrop Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
- |
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
|
|
|
|
Decrease/(increase) in trade debtors |
|
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
( |
|
|
|
Income taxes (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
- |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
3,086,481 |
5,303,087 |
|
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
Basis of consolidation (continued)
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Going concern
After reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the Company and Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.
Significant accounting judgements and estimates
The preparation of accounts under FRS 102 requires management to make judgements, estimates and assumptions that affect the value of the turnover and profit reported in the profit and loss statement for the financial year and the value of assets and liabilities recorded in the balance sheet.
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.
The areas requiring a higher degree of judgement or where assumptions and estimates are significant to the accounts are outlined below:
Construction contracts
Recognition of turnover and profit on construction 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 associated risks and opportunities.
The value of work completed at the balance sheet date is calculated by undertaking surveys and completing internal assessments on each element of works packages completed and in progress. Regular management reviews of contract progress include a comparison of internal assessments of costs to the applications made by subcontractors and external valuations completed on behalf of customers. Any material variances are investigated, and updates made where appropriate.
The estimation of the final contract value includes assessment of the recovery variations which have yet to be agreed with the customer, compensation events and claims that are probable to be agreed.
The age, nature and recoverability of all debtors and amounts recoverable on construction contracts are reviewed regularly by management and provisions made where appropriate.
Procedures, internal financial controls, and management processes are in place to ensure that estimates are applied, and results determined on a consistent basis.
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Provisions and recoveries
In the normal course of trading, claims may arise on contracts within their defects liability period that require judgement on the likely outcome of the claim. This requires an assessment of the contractual obligations and on the likely conclusion of any on-going discussions.
Where it is deemed probable that costs will be incurred, judgement is needed to estimate the provision required for obligations existing at the balance sheet date. Where applicable, these estimates are regularly review by management and derived from a combination of internal valuations, third party quotes and independent expert advice.
In considering whether recovery of costs from third parties are virtually certain, and therefore recognisable as a separate asset, it is also necessary for management to assess contractual arrangements, insurance policies, formal correspondence with relevant parties and professional advice received. Consideration is also given to the financial strength of the third party in meeting their obligations to the company.
Revenue recognition
Turnover on construction contracts is measured at the fair value of consideration receivable and ascertained in a manner appropriate to the stage of completion and the anticipated final value of the contract.
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is measured at the fair value of consideration received or receivable.
All turnover is stated net of VAT.
Contract revenue recognition
Turnover and profit on construction contracts is ascertained in a manner appropriate to the stage of completion of the contract.
The Group uses a percentage of completion method to measure progress for construction contracts where turnover is recognised over time. The stage of completion is measured by surveys of work performed.
Profit on contracts is only recognised when the Group is satisfied that the risks on a contract have been mitigated to a suitable level so that the outcome of work under the contract can be assessed with reasonable certainty. This can mean that a greater proportion of profit is recognised towards the end of a contract when it is successfully delivered and final accounts are agreed.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately and an associated liability recorded.
Variations and claims are recognised once it is probable that they will be received, and the amount can be measured reliably.
Amounts recoverable on contracts represent the excess of the value of surveyed work over amounts invoiced or certified at the balance sheet date. Where amounts invoiced or certified at the balance sheet date exceed the amount of work completed, the excess is included within payments on account.
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Taxation
Tax on profit 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 the profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the year.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities and the corresponding tax bases used to compute taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for temporary differences to the extent that it is probable that taxable profits will be available to utilise the timing difference.
Deferred tax liabilities and assets are measured at tax rates that are expected to apply in the period the liability is settled, or the asset realised. The measurement of deferred tax liabilities and assets reflects the tax consequences in which the company expects to recover or settle the underlying amount of its assets and liabilities.
The Group participates in the UK government's Research and Development tax relief scheme for small and medium enterprises. Tax credits arising in respect R&D claims are included within tax on profit/(loss) for the period and amounts receivable are included on the balance sheet within the corporation tax receivable balance or as a reduction in the corporation tax payable balance, as appropriate.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
25% per annum on book value |
|
Motor vehicles |
25% per annum on book value |
Fixed asset investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stocks are recognised as an expense in the period in which the related revenue is recognised.
Cost includes the purchase price, construction and other costs directly attributable to bringing the stock to its present condition.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
On contracts that have achieved practical completion but are still within the defects liability period, provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow will be required to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the present value of best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
Leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Any incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are authorised.
Defined contribution pension obligation
The obligation for contributions to defined contribution schemes for employees are recognised as an expense as incurred. The assets of the scheme are held separately from those of the company in an independent administered fund.
|
Turnover |
The turnover and profit before taxation are attributable to the principal activities of the group carried out in the UK.
The analysis of the group's turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Building contracting |
|
|
|
Property development |
|
|
|
Property management |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants |
|
|
|
Other operating income |
|
|
|
|
|
Research and development expenditure credit
Government grant income includes a Research and Development Expenditure Credit of £193,229 in respect of qualifying R&D expenditure incurred in the year ended 31 December 2025. The claim is supported by an R&D report and Additional Information Form submitted to HMRC and is not considered by the directors to be restricted by the PAYE/NIC cap or subcontracted R&D rules.
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
- |
|
|
115,237 |
200,784 |
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
7,245 |
6,900 |
|
Audit of the financial statements of subsidiaries of the company |
25,785 |
24,557 |
|
|
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
11 |
Taxation (continued) |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
- |
|
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
|
Tax decrease from other tax effects |
( |
- |
|
Total tax charge |
|
|
Deferred tax - Group
The group has recognised a deferred tax asset of £77,196 (2024: £133,020) in respect of trade losses and other timing differences arising as at the balance sheet date. The directors anticipate the deferred tax asset will reverse in the next two financial periods as losses are relieved against trade profits.
|
31 December |
31 December |
|
|
Trade losses |
146,119 |
223,375 |
|
Accelerated capital allowances |
(68,923) |
(90,355) |
|
77,196 |
133,020 |
Deferred tax is calculated at 25% (2024 - 25%) on all taxable timing differences as at the balance sheet date.
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Tangible assets |
Group
|
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Investments |
Company
|
31 December |
31 December |
|
|
Investments in subsidiaries at cost |
|
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
13 |
Investments (continued) |
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
Stocks |
|
Group |
Company |
|||
|
31 December |
31 December |
31 December |
31 December |
|
|
Development property stocks |
|
|
- |
- |
|
Debtors |
|
Group |
Company |
|||
|
Current |
31 December |
31 December |
31 December |
31 December |
|
Trade debtors |
|
|
- |
- |
|
Amounts recoverable on contracts |
|
|
- |
- |
|
Corporation tax repayable |
|
|
- |
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Deferred tax assets |
|
|
- |
- |
|
|
|
- |
- |
|
|
Group |
Company |
|||
|
Non-current |
31 December |
31 December |
31 December |
31 December |
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
- |
- |
|
|
|
- |
- |
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
31 December |
31 December |
31 December |
31 December |
|
|
Cash at bank |
|
|
- |
- |
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Creditors |
|
Group |
Company |
|||
|
31 December |
31 December |
31 December |
31 December |
|
|
Due within one year |
||||
|
Loans and borrowings |
- |
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Amounts due to group undertakings |
- |
- |
|
|
|
Social security and other taxes |
|
|
- |
- |
|
Other payables |
|
|
- |
- |
|
Accruals |
|
|
- |
- |
|
|
|
|
|
|
Loans and borrowings comprise unsecured short term loans advanced from related party undertakings.
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
31 December |
31 December |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
83,259 |
|
83,259 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Reserves |
Group and Company
Retained earnings
The retained earnings reserves for the company and group comprise all gains and losses, and transactions with the owners.
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
31 December |
31 December |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
31 December |
31 December |
|||
|
£ |
£ |
|||
|
Final dividend of £Nil (2024 - £Nil) per ordinary share |
- |
- |
||
|
Interim dividend of £ |
80,761 |
48,450 |
||
|
80,761 |
48,450 |
|||
|
Contingent liabilities |
Company and Group - Statutory guarantee
The company has a group contingent liability for a statutory guarantee under Section 479A Companies Act 2006 for the outstanding liabilities at the balance sheet date of the audit exempt subsidiary undertakings, comprising Gables Homes Limited, Gables Homes Property Management Limited and R.J. Collins Limited.
Colthrop Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Related party transactions |
Group
|
31 December |
31 December |
|
|
Key management compensation |
||
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
|
31 December |
31 December |
|
|
Entities under common control |
||
|
Trade sales |
7,823 |
11,285 |
|
Trade purchases |
157,419 |
1,253,608 |
|
Other operating income |
17,500 |
17,500 |
|
Overhead expenses |
321,647 |
303,377 |
|
Amounts due by related parties |
65 |
3,145 |
|
Amounts due to related parties |
44,256 |
216,035 |
|
Loans due to related parties |
- |
590,000 |