REGISTERED NUMBER: 04347292 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
Breheny Group Limited |
REGISTERED NUMBER: 04347292 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
Breheny Group Limited |
Breheny Group Limited (Registered number: 04347292) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 5 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 19 |
Breheny Group Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Breheny Group Limited (Registered number: 04347292) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
The director presents his strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The 2022/23 has built on the post covid restructure of the Breheny Group. The reported results are the most successful financial year to date. |
The results are a reflection of the skills, experience and commitment of our workforce. A strong supply chain and excellent reputation with our client base has strengthened our position as one of the top civil engineering groups in East Anglia. |
Continued investment in plant and machinery, the monitoring of our overheads and confidence in the construction sector has contributed to a profitable year despite worldwide matters which are out of our control. |
All companies within the group have performed strongly or have vastly improved from the previous year. By having robust procedures and risk management, we have seen projects achieving or exceeding the margins set out from the start. |
Breheny Civil Engineering continues to be the flagship business within the group, however our groundworks and utilities companies, Terrasite and Networx respectively, continue to grow and flourish. |
BUSINESS OUTLOOK |
With economic and political pressures continuing, we have a cautious but positive approach to the forthcoming year. There is a slight downturn in tenders received however we are continuing to win profitable contracts and our turnover targets we still likely to be achieved. There is every indication that the forthcoming financial year will be very successful. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks of the business comprise: |
Credit Risk |
The group undertakes credit checks of new clients before entering into contracts and reviews continuously the credit ratings of existing clients. Credit risk is mitigated by securing parent and bank guarantees, working for a wide client base and maintaining positive cash balances. |
Interest Rate and Liquidity Risks |
The group reinvests profits to fund growth, develop the business and maintain positive cash balances. Therefore interest rate and liquidity risks are minimised. |
Contractual Risk |
The group is exposed to a variety of contractual risks according to the type of contract undertaken. Risks include: unknown ground conditions, adverse weather, material inflation and matching the client's requirements to the correct tender price. These risks are managed by regular contract reviews undertaken by the management team. |
Breheny Group Limited (Registered number: 04347292) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
SECTION 172(1) STATEMENT |
The revised UK Corporate Governance Code ('2018 Code') was published in July 2018 and applies to accounting |
periods beginning on or after January 1, 2019. The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 |
MRR') require Directors to explain how they considered the interests of key stakeholders and the broader matters set |
out in section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. This S172 statement, which is reported for the first time, explains how Breheny Group Limited Directors: |
- have engaged with employees, suppliers, customers and others; and |
- have had regard to employee interests, the need to foster the group's business relationships with suppliers, |
customers and other, and the effect of that regards, including on the principal decisions taken by the company during the financial year. |
The S172 statement focuses on matters of strategic importance to the group, and the level of information disclosed is consistent with the size and the complexity of the business. |
The Board of directors are aware of their responsibilities and when making decisions, each director ensures that they |
act in the way that they consider in good faith, would most likely promote the Group's success for the benefit of its |
members as a whole and in doing so has regard to: |
S172(1) (A) The likely consequences of any decision in the long term. The investments set out in the review of the |
business and research and development sections of the strategic report illustrate the long term focus of the directors. |
S172(1) (B) The interests of the group's employees. Details of the way the group is set out in the employee |
involvement section of the strategic report. The directors recognise that the employees are fundamental to the delivery of strategic ambitions and work closely with their representatives. |
S172(1) (C) The need to foster the group's business relationships with suppliers, customers and others. Delivery of |
strategic goals requires strong mutually beneficial relationships with suppliers, customers and other agencies. The |
business continuously assesses the customer base within the context of business strategy and the management team ensures that these relationships are maintained. |
S172(1) (D) The impact of the group's operations on the community and the environment. The group considers |
its energy usage looking to make efficiencies where possible. The group continues to invest resources to reduce the |
amount of raw materials we use in our activities. |
S172(1) (E) The desirability of the group maintaining a reputation for high standards of business conduct. |
Compliance with relevant governance standards helps assure that the correct decision are made by the board which |
promote high standards of business conduct. |
S172(1) (F) The need to act fairly between members of the group. The directors consider all factors when |
determining the best course of action to deliver the Group's long term strategic goals. The impact on all stakeholders |
is considered as fairly as possible in the interest of the Group. |
Breheny Group Limited (Registered number: 04347292) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
KEY PERFORMANCE INDICATORS |
Financial |
The Group measures its financial performance against a selected group of civil engineering companies. The Key Performance Indicators used include: Current Ratio, Quick Ratio (Acid Test), Net Profit Margin, Return on Assets and Net Worth. For the current year the Current Ratio stood at 1.43 (2022: 1.24) and the Gross Profit Margin was 14% (2022: 11%). |
Non-Financial |
The Group also measures its performance using non-financial indicators. The Key Performance Indicators measured include: |
Safety: Accident Incidence Rate, Accident Frequency Rate, Service Strike Frequency Rate and Employee CSCS Card Percentage. |
Environment: Environmental Incidents, CO2 Emissions, Office Water Use, Waste Production and Recycled Aggregate Use. |
Client Satisfaction: Upon completion of a contract clients are surveyed to determine their satisfaction with the competed project across a range of criteria. The criteria include: Quality of Work, Completion on Time, Teamwork and Savings and Innovation. |
ON BEHALF OF THE BOARD: |
Breheny Group Limited (Registered number: 04347292) |
Report of the Director |
for the Year Ended 31 March 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of civil engineering. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2023. |
DIRECTOR |
DISABLED EMPLOYEES |
The Group gives full consideration to applications for employment from disabled persons where the requirement of the job can be adequately fulfilled by a handicapped or disabled person. |
Where existing employees become disabled, it is the Group's policy wherever practical to provide continuing employment under normal terms and conditions and to provide training and carer development and promotion to disabled employees wherever appropriate. |
EMPLOYEE INVOLVEMENT |
During the year, the policy of providing employees with information about the Group has continued. Employees have also been encouraged to present their suggestions and views. |
Breheny Group Limited (Registered number: 04347292) |
Report of the Director |
for the Year Ended 31 March 2023 |
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION & ENERGY EFFICIENCY |
The details below are base on the calender years. |
Carbon Dioxide Emissions |
The UK annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from activities for which the company is responsible involving the consumption of gas was 6.08 tonnes (2021: 12.91 tonnes). |
The quantity involving the consumption of fuel for the purposes of transport was 6,370.10 (2021: 7,084.65) tonnes. |
The quantity involving the purchase of electricity for the company's own use, including for the purposes of transport was 155.93 tonnes (2021: 163.4 tonnes). |
kWh Usage |
The aggregated kWh of UK annual energy consumed from activities for which the company is responsible involving combustion of gas was 33,122 kWh (2021: 70,329 kWh). |
The quantity involving the consumption of fuel for the purposes of transport was 20,034,279 kWh (2021: 2,242,302 kWh). |
The quantity involving the purchase of electricity by the company for its own use, including for the purposes of transport was 297,241 kWh (2021: 311,459 kWh). |
Methodology |
Energy consumption is determined from meter readings and invoices received for the given year being assessed. CO2 emissions are determined using the appropriate conversion factor for energy type obtained from UK Government information for company reporting of greenhouse gas emissions. |
Ratios |
In order to effectively manage the energy performance of the Company's facilities, systems, processes and equipment, management consider mWh per £million of turnover to be the key energy performance indicator (EnPI). The ratios for this year are as follows: |
Energy type | EnPl | 2022 ratio | 2021 ratio |
Gas oil | MWh/£Million turnover | 399.27 | 3,247.47 |
Diesel | MWh/£Million turnover | 1,917.99 | 298.14 |
Petrol | MWh/£Million turnover | 8.38 | 12.39 |
Natural Gas | MWh/£Million turnover | 3.18 | 9.74 |
Electricity | MWh/£Million turnover | 28.58 | 43.13 |
Biomass | MWh/£Million turnover | 0.17 | 57.33 |
Measures taken to improve efficiency |
The following environmental management measures and projects have been completed or implemented since the 2018 baseline. |
- All BCE owned premises have had their fluorescent lighting replaced with LEDs; |
- EVs added to company car scheme; |
- Charge Points for EVs have been installed at Breheny regional offices; |
- Microsoft Teams has been utilised within the business to enable internal and external meetings to be held online. |
Reporting limitations |
Under our current reporting mechanisms energy data can only be collated annually, it is not possible at the moment to identify seasonal trends. This is currently being addressed. |
Breheny Group Limited (Registered number: 04347292) |
Report of the Director |
for the Year Ended 31 March 2023 |
ENGAGEMENT WITH EMPLOYEES |
The Welfare of our Employees |
One of Breheny's major strengths it that it always has maintained the feel of a family run business. Directors and Senior Managers engage with it's workforce on a personal and professional level to bring out the best in not only employee but employer as well. |
The stress and pressure of working in a challenging industry coupled with economic issues has driven understanding to ensure that mental health and wellbeing are at the forefront of the employment policy. We continue to offer Employee Assistance Programs (EAP) and Mental Health Programmes to our work force which has had a positive impact. |
Communication |
The group promotes an open door policy. Due to positive management, we encourage our staff to express ideas |
and opinions for the betterment of the work place and individual. Group updates and workshops are held on a |
regular basis to enforce group policy and to invite suggestion from all employees. It has been found that investing in |
people has ensured job satisfaction and has enhanced the work place. |
Health and Safety |
The Group's behavioural safety initiative is called "Think Safe, Work Safe, Home Safe". This system is all |
encompassing as it focuses both on safe and unsafe acts. This programme incorporates the principles of visible felt |
leadership and utilises workplace observations and discussion to generate the necessary changes in behaviour at the point of work. |
Financial and Economic Factors |
Communication with our employees is critical at all times, not just in times of economic hardship. Through all forms of |
communication, the group informs the work force of the negative and positive factors which impacts our industry and |
ultimately the group. In order to maintain morale and certainty, this is paramount to ensuring we have a successful |
workplace. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Breheny Group Limited (Registered number: 04347292) |
Report of the Director |
for the Year Ended 31 March 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Breheny Group Limited |
Opinion |
We have audited the financial statements of Breheny Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 March 2023 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 Auditors' 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 and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Breheny Group Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page seven, the director is 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 director determines 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 director is responsible for assessing the group's and the 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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 work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |
- | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- | Substantive procedures performed in accordance with the ISAs (UK). |
- | Challenging assumptions and judgments made by management in its significant accounting estimates. |
- | Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals. |
- |
Assessing the extent of compliance with the relevant laws and regulations. |
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 Report of the Auditors. |
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 a Report of the Auditors 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 Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Breheny Group Limited (Registered number: 04347292) |
Consolidated |
Income Statement |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 141,160,738 | 106,839,651 |
Cost of sales | 120,288,190 | 94,595,072 |
GROSS PROFIT | 20,872,548 | 12,244,579 |
Administrative expenses | 11,690,107 | 8,700,717 |
9,182,441 | 3,543,862 |
Other operating income | 3 | 137,279 | 134,877 |
OPERATING PROFIT | 5 | 9,319,720 | 3,678,739 |
Interest receivable and similar income | 6 | 718 | - |
9,320,438 | 3,678,739 |
Interest payable and similar expenses | 7 | 42,914 | 5,342 |
PROFIT BEFORE TAXATION | 9,277,524 | 3,673,397 |
Tax on profit | 8 | 1,636,987 | 433,571 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 7,721,903 | 3,113,818 |
Non-controlling interests | (81,366 | ) | 126,008 |
7,640,537 | 3,239,826 |
Breheny Group Limited (Registered number: 04347292) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 7,640,537 | 3,239,826 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
7,640,537 |
3,239,826 |
Total comprehensive income attributable to: |
Owners of the parent | 7,721,903 | 3,113,778 |
Non-controlling interests | (81,366 | ) | 126,048 |
7,640,537 | 3,239,826 |
Breheny Group Limited (Registered number: 04347292) |
Consolidated Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 362,781 | 348,293 |
Tangible assets | 11 | 10,935,236 | 9,385,638 |
Investments | 12 | 489,200 | 489,200 |
Investment property | 13 | 1,543,000 | 1,543,000 |
13,330,217 | 11,766,131 |
CURRENT ASSETS |
Stocks | 14 | 5,885,948 | 1,651,277 |
Debtors | 15 | 34,639,437 | 37,268,832 |
Cash at bank | 17,554,013 | 14,616,359 |
58,079,398 | 53,536,468 |
CREDITORS |
Amounts falling due within one year | 16 | 40,710,485 | 43,229,441 |
NET CURRENT ASSETS | 17,368,913 | 10,307,027 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
30,699,130 |
22,073,158 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(1,326,889 |
) |
(1,296,501 |
) |
PROVISIONS FOR LIABILITIES | 20 | (1,430,164 | ) | (475,117 | ) |
NET ASSETS | 27,942,077 | 20,301,540 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 800,000 | 800,000 |
Revaluation reserve | 22 | 349,472 | 1,327,343 |
Capital redemption reserve | 22 | 200,000 | 200,000 |
Fair value reserve | 22 | 606,229 | 606,229 |
Retained earnings | 22 | 25,887,142 | 17,187,368 |
SHAREHOLDERS' FUNDS | 27,842,843 | 20,120,940 |
NON-CONTROLLING INTERESTS | 23 | 99,234 | 180,600 |
TOTAL EQUITY | 27,942,077 | 20,301,540 |
The financial statements were approved by the director and authorised for issue on 2 October 2023 and were signed by: |
J N E Breheny - Director |
Breheny Group Limited (Registered number: 04347292) |
Company Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Revaluation reserve | 22 |
Capital redemption reserve | 22 |
Fair value reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 702,268 | 410,471 |
The financial statements were approved by the director and authorised for issue on |
Breheny Group Limited (Registered number: 04347292) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up | Capital |
share | Retained | Revaluation | redemption |
capital | earnings | reserve | reserve |
£ | £ | £ | £ |
Balance at 1 April 2021 | 800,000 | 14,243,442 | 1,157,451 | 200,000 |
Changes in equity |
Total comprehensive income | - | 2,943,926 | 169,892 | - |
Balance at 31 March 2022 | 800,000 | 17,187,368 | 1,327,343 | 200,000 |
Changes in equity |
Total comprehensive income | - | 8,699,774 | (977,871 | ) | - |
Balance at 31 March 2023 | 800,000 | 25,887,142 | 349,472 | 200,000 |
Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 | 606,229 | 17,007,122 | 54,552 | 17,061,674 |
Changes in equity |
Total comprehensive income | - | 3,113,818 | 126,048 | 3,239,866 |
Balance at 31 March 2022 | 606,229 | 20,120,940 | 180,600 | 20,301,540 |
Changes in equity |
Total comprehensive income | - | 7,721,903 | (81,366 | ) | 7,640,537 |
Balance at 31 March 2023 | 606,229 | 27,842,843 | 99,234 | 27,942,077 |
Breheny Group Limited (Registered number: 04347292) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2023 |
Capital | Fair |
redemption | value | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Total comprehensive income |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income |
Balance at 31 March 2023 |
Breheny Group Limited (Registered number: 04347292) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 6,753,858 | 7,995,909 |
Interest paid | (40,584 | ) | (5,342 | ) |
Interest element of hire purchase payments paid |
(2,330 |
) |
- |
Tax paid | (5,369 | ) | 99,597 |
Net cash from operating activities | 6,705,575 | 8,090,164 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (54,797 | ) | (19,520 | ) |
Purchase of tangible fixed assets | (4,921,418 | ) | (2,102,604 | ) |
Sale of tangible fixed assets | 1,374,596 | 1,586,334 |
Interest received | 718 | - |
Net cash from investing activities | (3,600,901 | ) | (535,790 | ) |
Cash flows from financing activities |
Capital repayments in year | (167,020 | ) | 1,602,023 |
Net cash from financing activities | (167,020 | ) | 1,602,023 |
Increase in cash and cash equivalents | 2,937,654 | 9,156,397 |
Cash and cash equivalents at beginning of year |
2 |
14,616,359 |
5,459,962 |
Cash and cash equivalents at end of year | 2 | 17,554,013 | 14,616,359 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 9,277,524 | 3,673,397 |
Depreciation charges | 1,523,153 | 880,434 |
Profit on disposal of fixed assets | (572,332 | ) | (554,287 | ) |
Finance costs | 42,914 | 5,342 |
Finance income | (718 | ) | - |
10,270,541 | 4,004,886 |
Increase in stocks | (3,116,611 | ) | (1,312,501 | ) |
Decrease/(increase) in trade and other debtors | 2,553,063 | (7,111,249 | ) |
(Decrease)/increase in trade and other creditors | (2,953,135 | ) | 12,414,773 |
Cash generated from operations | 6,753,858 | 7,995,909 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 17,554,013 | 14,616,359 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 14,616,359 | 6,319,536 |
Bank overdrafts | - | (859,574 | ) |
14,616,359 | 5,459,962 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank | 14,616,359 | 2,937,654 | 17,554,013 |
14,616,359 | 2,937,654 | 17,554,013 |
Debt |
Finance leases | (2,287,888 | ) | 167,020 | (2,120,868 | ) |
(2,287,888 | ) | 167,020 | (2,120,868 | ) |
Total | 12,328,471 | 3,104,674 | 15,433,145 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Breheny Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Consolidated Accounts incorporate the Accounts of Breheny Group Limited and all its subsidiary undertakings. A separate Profit and Loss Account dealing with the results of the company has not been presented in accordance with section 408 of the Companies Act 2006. The acquisition method of accounting has been adopted. Under this method, the results of the subsidiary undertakings acquired or disposed of in the year are included in the consolidated profit and loss account from the date of acquisition or up to the date of the disposal. |
An associate is an undertaking in which the Group has a participating interest and exercises significant influence over the operating and financial policies of the company. The Group's share of the profits less losses of the associates is included in the consolidated profit and loss account and its interest in their net assets (including goodwill) is included in investments in the consolidated balance sheet. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover comprises the value of contracting work executed during the year plus sundry sales and plant hire earnings. The value of contracting work is based on measured valuations, incorporating profit earned to the valuation date and adjusted for any anticipated losses. Other sales are invoiced upon performance of the services provided. |
The amount by which recorded turnover on uncompleted contracts is in excess of payments on account is classified as amounts recoverable on contracts and separately disclosed in debtors. |
The amount by which payments on account on uncompleted contracts is in excess of recorded turnover is classified as long term contract payments on account and separately disclosed in creditors. |
Software development costs |
Software development costs are valued at cost less accumulated amortisation. Amortisation commenced once the software was ready for use, and is being written off over the estimated useful life, which is estimated to be 10 years. |
Tangible fixed assets |
Freehold land and buildings | - |
Land and development costs | - |
Plant and machinery | - |
Fixtures and fittings | - |
In accordance with FRED 67, freehold property is held at the revalued cost on transition. All other classes of asset have been measured on the cost model. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Contract Work in Progress, in respect of short term contracts (less than one year), has been valued at the lower of cost including the appropriate production overheads and net realisable value plus a proportion of profit where the contract is material to the results in the year. Long term contracts (more than one year) have been valued on the same basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Claims |
No value is included for claims outstanding for completed work where the claim had not been agreed at the year end. |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Rents received | 120,279 | 97,613 |
Sundry receipts | 17,000 | 17,000 |
Government grants | - | 20,264 |
137,279 | 134,877 |
During the year, the group received Coronavirus Job Retention Support grants amounting to £Nil (2022: £20,264). |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 21,923,546 | 17,616,278 |
Social security costs | 2,125,668 | 1,771,569 |
Other pension costs | 669,495 | 716,721 |
24,718,709 | 20,104,568 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 11 | 10 |
Office staff | 94 | 91 |
Direct labour | 282 | 251 |
The average number of employees by undertakings that were proportionately consolidated during the year was 387 (2022 - 352 ) . |
During the year remuneration to key management personnel totalled £816,865 (2022: £635,121). |
2023 | 2022 |
£ | £ |
Director's remuneration | 1,005,248 | 382,922 |
Director's pension contributions to money purchase schemes | - | 1,428 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | - | 1 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 1,005,248 | 309,022 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 15,265,562 | 11,843,622 |
Depreciation - owned assets | 779,181 | 534,033 |
Depreciation - assets on hire purchase contracts | 703,663 | 307,701 |
Profit on disposal of fixed assets | (572,332 | ) | (554,287 | ) |
Devel costs amortisation | 40,309 | 38,699 |
Audit of these financial statements | 16,100 | 9,500 |
Audit of financial statements |
of subsidiaries pursuant to |
legislation | 55,300 | 65,000 |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
£ | £ |
Interest on corporation tax | 718 | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 40,584 | 2,624 |
Hire purchase | 2,330 | 2,718 |
42,914 | 5,342 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 643,018 | - |
(Over)/under provision in |
prior year | (6,062 | ) | - |
Total current tax | 636,956 | - |
Deferred tax | 1,000,031 | 433,571 |
Tax on profit | 1,636,987 | 433,571 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 9,277,524 | 3,673,397 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
1,762,730 |
697,945 |
Effects of: |
Expenses not deductible for tax purposes | 74,292 | 63,288 |
Capital allowances in excess of depreciation | (846,746 | ) | (521,943 | ) |
Amounts written off loans | (950 | ) | - |
Profit on fixed asset disposals | (108,743 | ) | - |
Chargeable gains | - | 7,640 |
Overprovision of tax in prior years | (6,061 | ) | - |
Deferred tax | 1,000,031 | 433,571 |
Movement in losses | (237,566 | ) | (246,930 | ) |
Total tax charge | 1,636,987 | 433,571 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Devel |
costs |
£ |
COST |
At 1 April 2022 | 583,290 |
Additions | 54,797 |
At 31 March 2023 | 638,087 |
AMORTISATION |
At 1 April 2022 | 234,997 |
Amortisation for year | 40,309 |
At 31 March 2023 | 275,306 |
NET BOOK VALUE |
At 31 March 2023 | 362,781 |
At 31 March 2022 | 348,293 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Land and | Fixtures |
land and | development | Plant and | and |
buildings | costs | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 2,848,019 | 3,635,000 | 9,048,481 | 320,273 | 15,851,773 |
Additions | - | - | 4,921,418 | - | 4,921,418 |
Disposals | - | - | (4,041,795 | ) | - | (4,041,795 | ) |
Reclassification | (1,200,000 | ) | - | - | - | (1,200,000 | ) |
At 31 March 2023 | 1,648,019 | 3,635,000 | 9,928,104 | 320,273 | 15,531,396 |
DEPRECIATION |
At 1 April 2022 | 244,420 | - | 5,901,442 | 320,273 | 6,466,135 |
Charge for year | 40,737 | - | 1,442,107 | - | 1,482,844 |
Eliminated on disposal | - | - | (3,239,531 | ) | - | (3,239,531 | ) |
Reclassification | (113,288 | ) | - | - | - | (113,288 | ) |
At 31 March 2023 | 171,869 | - | 4,104,018 | 320,273 | 4,596,160 |
NET BOOK VALUE |
At 31 March 2023 | 1,476,150 | 3,635,000 | 5,824,086 | - | 10,935,236 |
At 31 March 2022 | 2,603,599 | 3,635,000 | 3,147,039 | - | 9,385,638 |
Cost or valuation at 31 March 2023 is represented by: |
Freehold | Land and | Fixtures |
land and | development | Plant and | and |
buildings | costs | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
Valuation in 2014 | 29,496 | - | - | - | 29,496 |
Valuation in 2015 | 20,000 | - | - | - | 20,000 |
Valuation in 2016 | 30,000 | (3,028,986 | ) | - | - | (2,998,986 | ) |
Cost | 1,568,523 | 6,663,986 | 9,928,104 | 320,273 | 18,480,886 |
1,648,019 | 3,635,000 | 9,928,104 | 320,273 | 15,531,396 |
If the freehold properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,568,523 | 1,703,319 |
Freehold Properties were valued on an open market basis on 3 May 2016 by Lambert Smith Hampton . |
The directors have assessed the valuations at 31 March 2023 and believe them to be accurate. |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 April 2022 | 2,438,616 |
Additions | 1,071,158 |
At 31 March 2023 | 3,509,774 |
DEPRECIATION |
At 1 April 2022 | 465,110 |
Charge for year | 703,663 |
At 31 March 2023 | 1,168,773 |
NET BOOK VALUE |
At 31 March 2023 | 2,341,001 |
At 31 March 2022 | 1,973,506 |
Company |
Freehold |
land and |
buildings |
£ |
COST OR VALUATION |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Freehold |
land and |
buildings |
£ |
Valuation in 2014 | 29,496 |
Valuation in 2015 | 20,000 |
Valuation in 2016 | 30,000 |
Cost | 1,416,449 |
1,495,945 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,416,449 | 1,551,245 |
Aggregate depreciation | 454,915 | 468,335 |
Freehold land and buildings were valued on an open market basis on 3 May 2016 by Lambert Smith Hampton . |
The directors have assessed the valuations at 31 March 2023 and believe them to be accurate. |
12. | FIXED ASSET INVESTMENTS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Other loans | 489,200 | 489,200 |
489,200 | 489,200 |
Additional information is as follows: |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Flordon Road, Creeting St.Mary, Needham Market, Ipswich, IP6 8NH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Flordon Road, Creeting St.Mary, Needham Market, Ipswich, IP6 8NH |
Nature of business: |
% |
Class of shares: | holding |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Flordon Road, Creeting St.Mary, Needham Market, Ipswich, IP6 8NH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Flordon Road, Creeting St.Mary, Needham Market, Ipswich, IP6 8NH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Flordon Road, Creeting St.Mary, Needham Market, Ipswich, IP6 8NH |
Nature of business: |
% |
Class of shares: | holding |
Jack Breheny Limited |
Registered office: Flordon Road, Creeting St.Mary, Needham Market, Ipswich, IP6 8NH |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
J Breheny Developments Limited |
Registered office: Flordon Road, Creeting St.Mary, Needham Market, Ipswich, IP6 8NH |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 99.00 |
Butterfly World Project Limited |
Registered office: 15 Newland, Lincoln, LN1 1XG |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 97.03 |
Group |
Other |
loans |
£ |
At 1 April 2022 |
and 31 March 2023 | 489,200 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 | 1,543,000 |
NET BOOK VALUE |
At 31 March 2023 | 1,543,000 |
At 31 March 2022 | 1,543,000 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | INVESTMENT PROPERTY - continued |
Group |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2014 | (194,737 | ) |
Valuation in 2015 | 9,000 |
Valuation in 2016 | 33,000 |
Valuation in 2017 | (4,783 | ) |
Valuation in 2018 | 632,783 |
Cost | 1,067,737 |
1,543,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,067,737 | 1,067,737 |
Investment property was valued on an open market basis on 3 May 2016 by Lambert Hampton Smith . |
The directors have assessed the valuations at 31 March 2023 and believe them to be accurate. |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2014 | (194,737 | ) |
Valuation in 2015 | 9,000 |
Valuation in 2016 | 33,000 |
Valuation in 2017 | (4,783 | ) |
Valuation in 2018 | 632,783 |
Cost | 1,067,737 |
1,543,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,067,737 | 1,067,737 |
Investment properties were valued on an open market basis on 3 May 2016 by Lambert Smith Hampton . |
The directors have assessed the valuations at 31 March 2023 and believe them to be accurate. |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 267,502 | 117,166 |
Work-in-progress | 5,618,446 | 1,534,111 |
5,885,948 | 1,651,277 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 19,206,245 | 15,496,751 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contracts | 2,877,863 | 12,471,806 |
Retentions | 8,800,342 | 7,537,799 |
Other debtors | 3,306,988 | 1,425,679 |
Tax | - | 4,651 |
VAT | - | - |
Prepayments and accrued income | 447,999 | 332,146 |
34,639,437 | 37,268,832 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 18) | 793,979 | 991,387 |
Provision for future contract |
costs | 13,670,829 | 22,562,521 |
Trade creditors | 18,739,796 | 14,007,825 |
Amounts owed to group undertakings | - | - |
Tax | 643,018 | 11,431 |
Social security and other taxes | 923,794 | 769,282 |
VAT | 110,388 | 1,501,957 | - | - |
Other creditors | 5,766,969 | 3,329,814 |
Accruals and deferred income | 61,712 | 55,224 |
40,710,485 | 43,229,441 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 18) | 1,326,889 | 1,296,501 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 793,979 | 991,387 |
Between one and five years | 1,326,889 | 1,296,501 |
2,120,868 | 2,287,888 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 537,297 | 1,028,256 |
Between one and five years | 1,152,715 | 28,992 |
1,690,012 | 1,057,248 |
Minimum lease receipts fall due as follows: |
Non-cancellable operating |
leases |
2023 | 2022 |
£ | £ |
Within one year | 104,250 | 129,763 |
Between one and five years | 432,000 | 446,250 |
Five or more years | 121,613 | 69,113 |
657,863 | 645,126 |
Company |
Minimum lease receipts fall due as follows: |
Non-cancellable operating |
leases |
2023 | 2022 |
£ | £ |
Within one year | 104,250 | 129,763 |
Between one and five years | 432,000 | 446,250 |
Five or more years | 121,613 | 69,113 |
657,863 | 645,126 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 2,120,868 | 2,287,888 |
The working capital overdraft facility is secured by an omnibus guarantee and set off agreement, with an unlimited guarantee given by Breheny Group Limited, all subsidiaries within the Breheny Group, and by Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited. This is supported by debentures by Breheny Group Limited, by all subsidiaries within the Breheny Group, and by Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited. |
The Facility is further secured by a first legal charge over all property held by the Breheny Group and its subsidiaries, and over freehold land and buildings held by Redbourne Homes (Epworth) Limited. |
Hire purchase contracts are secured over the assets concerned. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 1,430,164 | 475,117 | 44,310 | 74,218 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 475,117 |
Accelerated capital allowances | 955,047 |
Balance at 31 March 2023 | 1,430,164 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Accelerated capital allowances | (29,908 | ) |
Balance at 31 March 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 800,000 | 800,000 |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
22. | RESERVES |
Group |
Capital | Fair |
Retained | Revaluation | redemption | value |
earnings | reserve | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2022 | 17,187,368 | 1,327,343 | 200,000 | 606,229 | 19,320,940 |
Profit for the year | 7,721,903 | 7,721,903 |
Depreciation reclassification | 21,891 | (21,891 | ) | - | - | - |
Revaluation of investment |
property | 955,980 | (955,980 | ) | - | - | - |
At 31 March 2023 | 25,887,142 | 349,472 | 200,000 | 606,229 | 27,042,843 |
Company |
Capital | Fair |
Retained | Revaluation | redemption | value |
earnings | reserve | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2022 | 6,893,738 |
Profit for the year |
Depreciation reclassification | 21,891 | (21,891 | ) | - | - | - |
Revaluation of investment |
property | 955,980 | (955,980 | ) | - | - | - |
At 31 March 2023 | 7,596,006 |
23. | NON-CONTROLLING INTERESTS |
In 2012 the Breheny Group Limited, (via its subsidiary Breheny Civil Engineering Limited) acquired a 97.03% shareholding in Butterfly World Project Limited. The remaining 2.97% is held by minority interests and is reflected on the consolidated balance sheet. |
In previous years, the Breheny Group Limited disposed of 22% of the shareholding in both Terrasite Limited and Networx Utilities Limited. Following a movement in the year 18% of Terrasite Limited is held by minority interests and 10% of Networx Utilities Limited, this is reflected on the consolidated balance sheet. |
24. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the funds and amounted to £1,029,387 (2022: £793,678). |
Breheny Group Limited (Registered number: 04347292) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
25. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control or significant influence |
The following transactions occurred with entities over which the company/group has control or significant influence: |
2023 | 2022 |
£ | £ |
Sales | 1,789,249 | 289,061 |
Purchases | 1,827,901 | 2,453,258 |
Balances owed to entities | 3,836,517 | 32,801 |
Balances owed from entities | 3,849,190 | 3,921,368 |
Other related parties: |
The following transactions occurred with entities related by common ownership: |
2023 | 2022 |
£ | £ |
Sales | 1,592,785 | 780,173 |
Purchases | 5,075,158 | 1,030,887 |
Balances owed to entities | 622,912 | 1,461,797 |
Balances owed from entities | 3,067,102 | 3,701,459 |
26. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is J N E Breheny. |