How much does Spence Refit Ltd make?

Spence Refit Ltd reported revenue of £37.3m and £1.9m profit in the year to 31 Mar 2025, according to its accounts filed at Companies House.

How many employees does Spence Refit Ltd have?

Spence Refit Ltd reported an average of 72 employees in the year to 31 Mar 2025.

Is Spence Refit Ltd profitable?

Yes — Spence Refit Ltd reported a profit of £1.9m in the year to 31 Mar 2025.

Company No. 05481696 · Incorporated 15 Jun 2005

Spence Refit Ltd

Registered name: SPENCE REFIT LTD

Part of Jean-Luc Developments Ltd group

Spence Refit Ltd made £37.3m revenue and £1.9m profit in the year to 31 Mar 2025.

Spence Refit Ltd’s revenue fell 13% to £37.3m in the year to 31 Mar 2025, with £1.9m profit and 72 employees. The company is classified under “construction of commercial buildings” and is based in Watford; we hold 2 years of its filed accounts.

Full P&L filedSection F · ConstructionSIC 41201Construction of commercial buildings SIC 43290Other construction installation SIC 43390Other building completion and finishing SIC 43999Other specialised construction activities n.e.c.

Status: Active
Location: Watford, East of England
Age: 21 yrs · since 2005
Type: Private Limited Company

Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently.

Latest accounts · year to 31 Mar 2025

Key figures

Capital-light

Revenue

£37.3m

Growth ▼12.7%

Profit

£1.9m

Growth ▼11.3%

Profit margin

Gross 15.3%

Employees

Change ▼1.4%

Profit / employee

£25.8k

Revenue/employee £518k

Profitable streak

2yrs

Consecutive profitable years in our data

Badges are automated estimates derived from the filed figures — not statements of fact about the company.

2 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Mar 2024	31 Mar 2025
Disclosure	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£42.7m	£37.3m
Cost of sales	£36.6m	£31.6m
Gross profit	£6.1m	£5.7m
Operating profit	£2.7m	£2.2m
Profit before tax	£2.9m	£2.5m
Profit after tax	£2.1m	£1.9m
Profit (best available)	£2.1m	£1.9m
Staff costs	£4.9m	£5.3m
Employees (average)	73	72
Ratios
Profit margin	4.9%	5%
Gross margin	14.2%	15.3%
Revenue per employee	£585k	£518k
Profit per employee	£28.6k	£25.8k
Growth (year on year)
Revenue growth	—	▼12.7%
Profit growth	—	▼11.3%
Headcount growth	—	▼1.4%
Balance sheet — indirect signals, not revenue
Cash at bank	£7.9m	£8.7m
Net assets	£3m	£3.3m
Fixed assets	£34.8k	£32k
Current assets	£17.1m	£16m
Debtors	£6.4m	£3.8m
Deferred income	£9.6m	£8m
Source	FullAccounts · bulk data Dec 2025	FullAccounts · bulk data Dec 2025

Derived from the latest filing

How the business works

Profit margin: 5%; Profit ÷ revenue.
Gross margin: 15.3%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £518k; Revenue ÷ average employees.
Profit per employee: £25.8k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 0.1%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 21.4%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 10.3%; Money owed by customers. Low = customers pay quickly.

Indirect — not revenue

Balance-sheet signals

Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.

Net assets: ▲12%; Now £3.3m
Cash at bank: ▲9%; Now £8.7m
Headcount: ▼1%; Now 72
Deferred income: ▼17%; Now £8m
Fixed assets: ▼8%; Now £32k

Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.

Corporate ownership

Group structure

Ownership chain

Jean-Luc Developments Ltdultimate parent75–100%
Spence Refit Ltdthis company

Bands show the share of ownership each company holds in the one below it.

Sister companies (6)

Cenna Consultancy LimitedFigures not disclosed
Hawk-Fire LtdFigures not disclosed
Jean Luc Properties LimitedFigures not disclosed
Jean-Luc Estates LtdFigures not disclosed
Jean-Luc Investments LtdFigures not disclosed
Spence LimitedFigures not disclosed

From the Persons with Significant Control register (corporate controllers only).

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Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Mar 2025 (profit £1.9m), from the Companies House accounts bulk data published Dec 2025. Spotted an error? Request a correction.

Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.