Company Registration No. 02675963 (England and Wales)
SWIFT BRICKWORK CONTRACTORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
SWIFT BRICKWORK CONTRACTORS LIMITED
COMPANY INFORMATION
Directors
M Walsh
T Fawcett
Secretary
Mrs N Walsh
Company number
02675963
Registered office
Reigate Barn
Langford Road
Wickham Bishops
Essex
CM8 3JG
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Bankers
Natwest
4, 5 High Street
Chelmsford
Essex
CM1 1FZ
Insurance brokers
Kerry London Ltd
Premier House
52 London Road
Twickenham
Middlesex
TW1 3RJ
Solicitors
Holmes & Hills LLP
A12 Commercial Hub
86 London Road
Marks Tey
Colchester
Essex
CO6 1ED
SWIFT BRICKWORK CONTRACTORS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
SWIFT BRICKWORK CONTRACTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -
The directors present the strategic report for the year ended 31 May 2023.
Fair Review of the Business
Overview
The company’s primary objective continues to be one of the UK’s leading brickwork and masonry contractors and to deliver “excellence without compromise” to all its clients. As described below in the financial results section we achieved a very solid set of numbers on the back of a strong order book brought forward. That said the past year has also been very challenging in many ways. The less favourable economic outlook, the rapid increases in inflation and the sharp rises in interest rates have undoubtedly affected confidence in the economy. Like many industries the construction industry has been impacted by this and particularly with respect to material price inflation. To mitigate the worst effects of these increases we have continued to negotiate closely with our key suppliers and have forward purchased where possible. Therefore, in summary despite the challenging times the board are delighted to report this solid set of results.
Financial results
Turnover in 2022 at £54.1m was a record year for the Company and in line with our expectations this year’s turnover was down by 12% to £47.6m. This generated a gross profit margin of £6.5m (2022: £6.6m) and a gross profit percentage of 13.7% (2022: 12.2%). Despite the challenges mentioned above the gross profit percentage increased this year principally due a differing mix in the portfolio of sites worked on and their relative profitability comparing year on year. We also provided for some unforeseen costs on legacy projects in the prior year which had a negative effect in that year relative to 2023.
Overheads at £3.6m were in line with last year albeit they did increase marginally by £59k. After deducting tax of £0.5m from the profit generated in the year net assets rose by £2.4m to £11.8m. Within this cash at bank increased from £3.2m in 2022 to £6.6m this year.
Future Prospects
Despite the uncertainty surrounding the economy the board are cautiously optimistic for the success of the company for 2024 and beyond. We have a strong balance sheet and with a proven track record of working for tier 1 contractors we are in a good position to move forward. In addition, as we aren’t focused only on one market for our work this helps spread the risk in more challenging economic times.
Securing new projects has become increasingly more competitive in the past year. Despite this our pipeline of new work is healthy, from diverse sectors with a large proportion already secured for 2024. However, for the foreseeable future the key to continuing to secure new work will be to ensure we are “totally on top of our game” in terms of offering the best possible price to our clients at a level that represents an acceptable profit margin for the Company.
SWIFT BRICKWORK CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Key Performance Indicators
The Board monitors and controls the performance of the company using a number of financial key performance indicators which focus on turnover, profitability and cash generation on a project by project basis. The performance of each project is kept under constant review via a number of monthly meetings and action is taken where a project is not performing as expected.
2023 2022
Turnover £47.6m £54.1m
Gross profit margin 13.7% 12.2%
Cash at bank and in hand £6.6m £3.2m
Principal Risks and Uncertainties
Like all businesses the company faces a number of risks and uncertainties. Some of these are outside of the Board's control, for example the macro economic environment, whilst for others the Board can, to some extent, exercise a degree of control over them. The key risks and uncertainties over which the Board can exert a degree of control are:
• being able to source sufficient labour at the right price, at the right time and in the right place;
• being able to generate enough cash flow to continue funding its operations; and
• inaccurate pricing of fixed priced projects especially during periods of high inflation.
To mitigate these risks and uncertainties:
• the company engages with approximately 600 operatives across London and the South East and therefore has the ability to transfer resources accordingly. We also proactively and regularly recruit apprentices into the business;
• the company regularly reviews cash flow forecasts to highlight potential "pinch points"; and
• tenders for work are reviewed by senior management before being submitted.
Financial Instruments
Risk management
The company operates a treasury function which is responsible for managing the liquidity and interest associated with the company's activities.
The company manages interest rate risks arising from its activities, and bank overdrafts and loans, the main purpose of which is to raise finance for the company's operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. Funds are transferred between group companies to assist in managing this risk.
Interest rate risk
The company is exposed to fair value interest rate risk on its borrowings and cash flow interest rate risk on bank overdrafts and loans. The company manages the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Credit risk
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
SWIFT BRICKWORK CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Customer Care and Corporate Social Responsibility
The company has placed the utmost importance on delivering a quality service, in a safe manner and with full regard and respect for the environment. These core values have provided the foundation upon which the company operates.
By being both a successful and responsible business, not only do we meet the requirements of our clients, workforce and shareholders but also the wider social community and the environment in general.
We would like to thank all our employees, clients and suppliers for their continued support during the past year.
M Walsh
Director
5 October 2023
SWIFT BRICKWORK CONTRACTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 May 2023.
Principal activities
The principal activity of the company continued to be that of brickwork contractors providing and installing masonry solutions, brickwork, blockwork, stonework and prefabricated options to numerous sectors of the Construction Industry.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Walsh
T Fawcett
Auditor
In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
SWIFT BRICKWORK CONTRACTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
On behalf of the board
M Walsh
Director
5 October 2023
SWIFT BRICKWORK CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWIFT BRICKWORK CONTRACTORS LIMITED
- 6 -
Opinion
We have audited the financial statements of Swift Brickwork Contractors Limited (the 'company') for the year ended 31 May 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its 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.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SWIFT BRICKWORK CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SWIFT BRICKWORK CONTRACTORS LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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's 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Capability of the audit in detecting irregularity, including fraud
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management and via inspection of the company’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
SWIFT BRICKWORK CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SWIFT BRICKWORK CONTRACTORS LIMITED
- 8 -
Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: operating licences regarding the construction industry and building regulations; employment legislation; health and safety legislation; data protection legislation; anti-bribery and anti-corruption legislation.
ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates in particular: accounting for long term contracts, depreciation and provisions;
Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting any revenue account and journal entries posted by senior management;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis; and
Discussions with management.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
SWIFT BRICKWORK CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SWIFT BRICKWORK CONTRACTORS LIMITED
- 9 -
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.
Joanna Southon
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
5 October 2023
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
SWIFT BRICKWORK CONTRACTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
47,638,356
54,149,003
Cost of sales
(41,111,262)
(47,522,021)
Gross profit
6,527,094
6,626,982
Administrative expenses
(3,649,748)
(3,590,678)
Other operating income
8,169
Operating profit
4
2,877,346
3,044,473
Interest receivable and similar income
7
1,643
Interest payable and similar expenses
8
(10,798)
(7,275)
Profit before taxation
2,866,548
3,038,841
Tax on profit
9
(478,460)
(453,598)
Profit for the financial year
2,388,088
2,585,243
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SWIFT BRICKWORK CONTRACTORS LIMITED
BALANCE SHEET
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
646,951
682,498
Investment property
12
103,950
Investments
13
1,000
1,000
647,951
787,448
Current assets
Debtors
15
10,214,340
12,458,109
Cash at bank and in hand
6,622,145
3,151,289
16,836,485
15,609,398
Creditors: amounts falling due within one year
16
(5,108,399)
(6,145,640)
Net current assets
11,728,086
9,463,758
Total assets less current liabilities
12,376,037
10,251,206
Creditors: amounts falling due after more than one year
17
(34,142)
(147,399)
Provisions for liabilities
Provisions
19
450,000
600,000
Deferred tax liability
20
57,000
57,000
(507,000)
(657,000)
Net assets
11,834,895
9,446,807
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
23
11,833,895
9,445,807
Total equity
11,834,895
9,446,807
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
M Walsh
Director
Company Registration No. 02675963
SWIFT BRICKWORK CONTRACTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
1,000
7,509,314
7,510,314
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
2,585,243
2,585,243
Dividends
10
-
(648,750)
(648,750)
Balance at 31 May 2022
1,000
9,445,807
9,446,807
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
2,388,088
2,388,088
Balance at 31 May 2023
1,000
11,833,895
11,834,895
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 13 -
1
Accounting policies
Company information
Swift Brickwork Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Reigate Barn, Langford Road, Wickham Bishops, Essex, CM8 3JG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Swift Brickwork Contractors Limited is a wholly owned subsidiary of Swift Construction Group Limited and the results of Swift Brickwork Contractors Limited are included in the consolidated financial statements of Swift Construction Group Limited which are available from Reigate Barn, Langford Road, Wickham Bishops, Essex, CM8 3JG.
In accordance with section 1 of FRS 102, the company has taken advantage of the following exemptions:
- The requirement not to produce a Statement of Cash Flows and related notes.
- The requirement not to disclose key management personnel compensation.
1.2
Going concern
The financial statements are prepared under the going concern basis.true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months from the date of signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is shown as the total amount of work having been done in that period as set out in note 1.8.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% Straight line
Plant and machinery
10% Straight line
Fixtures, fittings & equipment
10% and 33% Straight line
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Developments included within investment properties comprise the company's right to receive ground rents and are stated at their open market value. No depreciation is provided on these assets. They are valued by the Directors when the developments are complete.
Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the value of work completed to date compared to the estimated total contract value.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Research and development tax credits are recognised as a credit to the tax charge during the year in which the claim was made.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Deferred tax assets are recognised to the extent that future taxable profits will be available from which the reversal of the underlying differences can be utilised. Deferred tax assets are not discounted.
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
The company operates a defined contribution scheme for the benefit of its directors and employees. Contributions payable are charged to the profit and loss account in the year they are payable.
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 18 -
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Valuation of contracts
Turnover is recognised on long term contracts as they progress. There is a certain level of estimation and judgement involved in arriving at these valuations and therefore the amounts to be recognised as turnover, and therefore the gross profit margin.
Provisions
Provisions for remedial work have been provided on the basis of the directors expectations of the costs required to carry out the remediation. There is an inherent uncertainty in these estimations due to the fluctuations in labour and materials costs and the levels of remediation required on each project.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Income recognised from construction contracts
47,638,356
54,149,003
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
3
Turnover and other revenue
(Continued)
- 19 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
47,638,356
54,149,003
2023
2022
£
£
Other revenue
Interest income
-
1,643
Rental income arising from investment properties
7,104
Management fees receivable
-
1,065
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
34,000
32,000
Depreciation of owned tangible fixed assets
126,657
122,955
Depreciation of tangible fixed assets held under finance leases
83,599
30,929
Profit on disposal of tangible fixed assets
(23,869)
(15,191)
Profit on disposal of investment property
(26,050)
Operating lease charges
100,000
100,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office administration
33
36
Site work force
62
78
Total
95
114
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
5,416,091
5,846,692
Social security costs
590,952
614,305
Pension costs
68,627
49,956
6,075,670
6,510,953
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 20 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
187,726
214,269
Company pension contributions to defined contribution schemes
10,000
10,091
197,726
224,360
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
199,582
Company pension contributions to defined contribution schemes
n/a
10,000
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
1,643
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
5,468
Other finance costs:
Interest on finance leases and hire purchase contracts
10,798
1,807
10,798
7,275
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
478,460
461,187
Adjustments in respect of prior periods
311
Total current tax
478,460
461,498
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
9
Taxation
2023
2022
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(7,900)
Total tax charge
478,460
453,598
Due to changes in tax legislation, the effective rate of tax is calculated at 20% as 10 months were taxed at 19% and 2 months were taxed at 25%.
2023
2022
£
£
Profit before taxation
2,866,548
3,038,841
Expected tax charge based on the standard rate of corporation tax in the UK of 20.00% (2022: 19.00%)
573,388
577,380
Tax effect of expenses that are not deductible in determining taxable profit
30,440
21,892
Gains not taxable
(3,182)
Change in unrecognised deferred tax assets
5,194
373
Effect of change in corporation tax rate
(1,038)
(1,985)
Group relief
(7,874)
Permanent capital allowances in excess of depreciation
(3,849)
(3,713)
Depreciation on assets not qualifying for tax allowances
2,571
2,455
Research and development tax credit
(117,190)
(143,115)
Under/(over) provided in prior years
311
Taxation charge for the year
478,460
453,598
10
Dividends
2023
2022
£
£
Interim paid
648,750
In the prior year, dividends comprised of £536,250 interim dividends paid plus £112,500 dividends in specie as part of the second group restructure.
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 22 -
11
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
170,729
44,900
207,128
731,763
1,154,520
Additions
12,700
33,056
142,459
188,215
Disposals
(5,952)
(87,114)
(93,066)
At 31 May 2023
170,729
57,600
234,232
787,108
1,249,669
Depreciation and impairment
At 1 June 2022
44,542
21,735
127,350
278,395
472,022
Depreciation charged in the year
17,073
4,036
35,832
153,315
210,256
Eliminated in respect of disposals
(5,942)
(73,618)
(79,560)
At 31 May 2023
61,615
25,771
157,240
358,092
602,718
Carrying amount
At 31 May 2023
109,114
31,829
76,992
429,016
646,951
At 31 May 2022
126,187
23,165
79,778
453,368
682,498
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
218,394
301,993
12
Investment property
Investment properties at the prior year end represented the company's freehold interest in land on which developments have been completed and were valued at £103,950 by the directors. The historical cost of these properties amounted to £103,950.
These properties were disposed of during the year.
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
1,000
1,000
14
Subsidiaries
Details of the company's subsidiaries at 31 May 2023 are as follows:
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
14
Subsidiaries
(Continued)
- 23 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Swift Developments Limited
England
Dormant
Ordinary
100.00
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,264,195
2,749,745
Gross amounts owed by contract customers
6,555,166
8,977,075
Corporation tax recoverable
19,258
Other debtors
317,619
638,588
Prepayments and accrued income
77,360
73,443
10,214,340
12,458,109
Included within trade debtors are balances of £2,625,955 (2022: £2,330,926) due in more than one year.
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
18
112,107
123,852
Trade creditors
3,802,628
4,840,516
Corporation tax
74,023
Other taxation and social security
143,155
179,446
Other creditors
576,277
580,462
Accruals and deferred income
400,209
421,364
5,108,399
6,145,640
Finance leases are secured over the assets to which they relate.
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
18
34,142
147,399
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 24 -
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
117,100
129,226
In two to five years
35,848
155,134
152,948
284,360
Less: future finance charges
(6,699)
(13,109)
146,249
271,251
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Provisions for liabilities
2023
2022
£
£
Provision for defects
450,000
600,000
Movements on provisions:
Provision for defects
£
At 1 June 2022
600,000
Utilisation of provision
(150,000)
At 31 May 2023
450,000
Provisions made in the current and prior year relate to remedial work to be carried out on contracts undertaken in prior years. These are expected to fall due within the next twelve months. There is also a contingent liability in respect of remedial work to be carried out as stated in note 24 to the financial statements.
20
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
57,000
57,000
There were no deferred tax movements in the year.
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
20
Deferred taxation
(Continued)
- 25 -
The deferred tax liability set out above is expected to reverse after 12 months.
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,627
49,956
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amounts payable as at the balance sheet date in respect of pensions contributions was £17,468 (2022: £16,565).
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 33p each
1,000
1,000
330
330
B Ordinary of 33p each
1,000
1,000
330
330
C Ordinary of 34p each
1,000
1,000
340
340
3,000
3,000
1,000
1,000
All shares rank pari passu in all respects except that:
A class shares have rights to all business, assets and liabilities not assigned to the B class or C class shares.
B class shares had rights over the companies former investment properties and the management of these properties as well as the investment and related assets and liabilities in its former subsidiary. These assets have now been disposed of.
C class shares have rights over the trading property and its related assets and liabilities.
23
Profit and loss reserves
As at the balance sheet date the profit and loss reserves are wholly distributable for the current and prior year.
24
Financial commitments, guarantees and contingent liabilities
In addition to the provision made, as detailed in note 19, the company may be liable for remedial work on contracts completed before the year end. The outcome of these claims and the amounts that may be incurred in carrying out the remedial works are unknown. These costs cannot be reliably estimated at the balance sheet date.
SWIFT BRICKWORK CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 26 -
25
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for the use of office equipment and office premises. Lease rentals are fixed for an average of up to 5 years.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
100,000
100,000
Between two and five years
8,333
108,333
108,333
208,333
26
Related party transactions
As at 31 May 2023 the company was owed a total of £87,243 (2022: £76,365) by a companies under common influence.
During the year rent totaling £100,000 (2022: £100,000) was paid to the pension scheme of which a director is a member.
During the year the company paid £75,167 (2022: £77,384) to family members of the directors.
27
Directors' transactions
Included within debtors is a loan due from a director of £14,289 (2022: £39,126). During the year, the director made net repayment to the company of £24,837 (2022: £62,106). The interest rate applied to the loan is nil.
28
Ultimate controlling party
For the current and prior year Swift Brickwork Contractors Limited is a wholly owned subsidiary of Swift Construction Group Limited. Swift Construction Group Limited prepare consolidated financial statements and these are available from the company's registered office.
For the current and prior year Swift UK Holdings Limited is the ultimate parent company, and the director M Walsh is the ultimate controlling party. Swift UK Holdings Limited prepare consolidated financial statements and these are available from the company's registered office.
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