REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 April 2023 |
for |
Total Aggregates Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 April 2023 |
for |
Total Aggregates Limited |
Total Aggregates Limited (Registered number: 05087953) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Total Aggregates Limited |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
12 Conqueror Court |
Sittingbourne |
Kent |
ME10 5BH |
Total Aggregates Limited (Registered number: 05087953) |
Strategic Report |
for the Year Ended 30 April 2023 |
The directors present their strategic report for the year ended 30 April 2023. |
REVIEW OF BUSINESS |
Detailed below is a balanced and comprehensive review of the development and performance of Total Aggregates Limited during 2022/23 and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and future challenges that Total Aggregates Limited face. Total Aggregates Limited's core business is in the construction industry. The company primarily works within Nottinghamshire, Derbyshire and Lincolnshire but work is carried out throughout the UK, providing removal and distribution of aggregate material. |
The company's key financial performance indicators are turnover, operating profit, capital investment and net assets. |
30/04/2023 | 30/04/2022 |
£ | £ |
Turnover | 24,484,441 | 19,360,502 |
Operating Profit | 2,119,840 | 1,549,490 |
Net Assets | 2,501,741 | 2,466,494 |
The company invested £1,150,962 (2022 : 741,309) in plant and machinery, fixtures & fittings and motor vehicles during the year ended 30th April 2023. |
The directors are pleased with the results for the year, with strong results in all the key financial performance indicators laid out above. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are its reliance on the construction sector. Uncertainty revolves around predicting the future of this sector and the risk is managed by developing and investing in the business to match every expected requirement. |
FINANCIAL RISK MANAGEMENT, POLICIES AND OBJECTIVES |
The company finances its working capital requirements from primarily retained profits but also has an invoice finance facility. Larger capital purchases have in the past usually been part funded using hire purchase agreements but have more recently been funded through retained profits. |
FUTURE DEVELOPMENTS |
The company will continue to invest in and expand its core business activities. The company also continues to invest in its new sites and expansion in the fleet of vehicles in use. As the core business is within the construction sector the ever-changing requirements of this sector will continue to be met. |
ON BEHALF OF THE BOARD: |
Total Aggregates Limited (Registered number: 05087953) |
Report of the Directors |
for the Year Ended 30 April 2023 |
The directors present their report with the financial statements of the company for the year ended 30 April 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of aggregate supply and haulage. |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
Ordinary 1p | - | £ |
- 30 April 2023 |
Growth 1p | - | £ |
- 30 April 2023 |
The total distribution of dividends for the year ended 30 April 2023 will be £ |
RESEARCH AND DEVELOPMENT |
The company has continued to be involved in research and development activities in the year. Projects are focused around overcoming challenges associated with material metal content, material grading and mixtures ratios as well as experimentation on constituent mixture ratios and mechanical properties. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with section 414c (11) of the Companies Act 2006 (Strategic Report and Directors' Report Regulations 2013) to set out in the company's strategic report, information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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; |
- | 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. |
Total Aggregates Limited (Registered number: 05087953) |
Report of the Directors |
for the Year Ended 30 April 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited t/a Xeinadin Auditing, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Total Aggregates Limited |
Opinion |
We have audited the financial statements of Total Aggregates Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 April 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. |
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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Total Aggregates Limited |
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 Report of the Directors. |
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, 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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
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: |
Firstly, due to the heavy involvement of the directors in the day to day running of the entity and the oversight over transactions, our assessment of the entity's financial statements to material misstatements, including fraud, is low. |
Consequently, the risks identified are the inherent risks which surround dominant influence by management and revenue recognition. In response, we have: |
- Reviewed non-ledger transactions for items of an unusual nature and further related party transactions |
- Enquired of management and those charged with governance around actual and potential litigation and claims |
- Tested journal entries and other adjustments for appropriateness, and evaluated the business rationale of any significant transactions outside the normal course of business |
- Reviewed a sample of sales around the year end and ensured correct cut-off had been applied |
Whilst the above procedures aid us in detecting irregularities, there exists the inherent difficulty in detecting irregularities, particularly those related to fraud. However, we believe the above risks to be the particular areas most susceptible to material misstatement. |
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. |
Report of the Independent Auditors to the Members of |
Total Aggregates Limited |
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 |
12 Conqueror Court |
Sittingbourne |
Kent |
ME10 5BH |
Total Aggregates Limited (Registered number: 05087953) |
Statement of Comprehensive Income |
for the Year Ended 30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,081,990 | 1,513,860 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
2,125,550 | 1,549,686 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Total Aggregates Limited (Registered number: 05087953) |
Balance Sheet |
30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital redemption reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Total Aggregates Limited (Registered number: 05087953) |
Statement of Changes in Equity |
for the Year Ended 30 April 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Total Aggregates Limited (Registered number: 05087953) |
Cash Flow Statement |
for the Year Ended 30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest element of hire purchase or finance lease rental payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Taxation refund |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount introduced by directors | 1,699,960 | 1,300,000 |
Amount withdrawn by directors | (759,803 | ) | (913,599 | ) |
Share issue |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,184,130 |
Cash and cash equivalents at end of year | 2 | 1,797,630 | 840,109 |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Cash Flow Statement |
for the Year Ended 30 April 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.4.23 | 30.4.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | - | 921 |
Finance income | (5,710 | ) | (196 | ) |
2,640,691 | 1,931,189 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 1,797,630 | 840,109 |
Year ended 30 April 2022 |
30.4.22 | 1.5.21 |
£ | £ |
Cash and cash equivalents | 840,109 | 1,184,130 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.22 | Cash flow | At 30.4.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 840,109 | 957,521 | 1,797,630 |
840,109 | 1,797,630 |
Total | 840,109 | 957,521 | 1,797,630 |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Total Aggregates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgments, estimates and assumptions are based on the best and most reliable evidence at the time when decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
The Directors consider there are no critical accounting judgments or key sources of estimation uncertainty that require additional disclosure. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax, and work that has been carried out but not invoiced before the year end date. |
Aggregate supply is recognised as revenue once the goods have been delivered. |
Waste services are recognised as revenue once the services have been rendered. |
Equipment hire is recognised on a straight line basis over the life of the hire agreement. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are recognised with the First In, First Out (FIFO) method. |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments, which comprise cash and cash equivalents, debtors, creditors and loans and borrowings. The company has chosen to apply the provisions of Section 11 'Basic Financial Instruments' in full. |
(i) Cash and cash equivalents; |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with original maturities of three months or less. |
(ii) Debtors; |
Debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. |
(iii) Creditors and loans and borrowings; |
Creditors and loans and borrowings are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised costs using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. |
Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments, discounted at the market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30.4.23 | 30.4.22 |
£ | £ |
4. | OTHER OPERATING INCOME |
30.4.23 | 30.4.22 |
£ | £ |
Rents received |
Sundry receipts | 3,850 | 10,130 |
37,850 | 35,630 |
Of the sundry receipts above, £3,582 (2022: £9,630) has been received from the governments Kickstart Scheme. No other government grant income has been received. |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
5. | EMPLOYEES AND DIRECTORS |
30.4.23 | 30.4.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.4.23 | 30.4.22 |
Management and Administration | 12 | 13 |
Operations | 27 | 23 |
30.4.23 | 30.4.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30.4.23 | 30.4.22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Key management personnel comprise solely the executive directors. Their aggregate remuneration is disclosed above. |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.23 | 30.4.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Operating lease expenses |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.23 | 30.4.22 |
£ | £ |
Hire purchase |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.4.23 | 30.4.22 |
£ | £ |
Current tax: |
UK corporation tax |
Adjustment in respect of prior |
year | (17 | ) | 2,411 |
R&D Tax credit receipts | - | (41,702 | ) |
Total current tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 19.50% (2022 - 19%). |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 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: |
30.4.23 | 30.4.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of - |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Change in tax rate used for deferred tax |
R&D Tax credit | ( |
) | ( |
) |
Timing of pension contributions |
Effect of capital allowances super-deduction | ( |
) | ( |
) |
Difference in tax rate charged to that used for deferred tax |
Total tax charge | 390,343 | 294,165 |
From 1 April 2023 the rate of corporation tax was increased to 25% on profits over £250,000. This new rate was only in force for one month of the period end, so consequently the effective rate of corporation tax across the financial year is 19.50%. |
9. | DIVIDENDS |
30.4.23 | 30.4.22 |
£ | £ |
Ordinary shares of 1p each |
Interim |
Growth shares of 1p each |
Interim |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
11. | STOCKS |
30.4.23 | 30.4.22 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Trade debtors |
Bad debt provision | (34,140 | ) | (19,362 | ) |
Work done not invoiced | 759,209 | 868,169 |
Other debtors |
Prepayments |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 167,504 | 200,221 |
Other creditors |
Directors' current accounts | 2,217,188 | 1,277,031 |
Accrued expenses |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.4.23 | 30.4.22 |
£ | £ |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
The company has an invoice discounting facility which is secured by way of a fixed and floating charge dated 21 October 2011 in favour of Barclays Bank PLC over all current and future assets of the company. |
At the year end, the facility had not been drawn down on and so is included within cash at bank and in hand balance. |
16. | PROVISIONS FOR LIABILITIES |
30.4.23 | 30.4.22 |
£ | £ |
Deferred tax | 516,092 | 347,824 |
Deferred |
tax |
£ |
Balance at 1 May 2022 |
Accelerated capital allowances | 148,049 |
Effect of change in rate used | 20,219 |
Balance at 30 April 2023 |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
16. | PROVISIONS FOR LIABILITIES - continued |
The deferred tax liability relates wholly to capital allowances in excess of depreciation. As the company is committed to ongoing investment in plant and machinery the reversal of this liability can only be estimated. |
As part of the Finance Bill 2021, published 11 March 2021, the corporation tax rate was increased to 25% on profits over £250,000 from 1 April 2023. Consequently, the now prevailing tax rate of 25% has been used in the calculation of deferred tax. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.23 | 30.4.22 |
value: | £ | £ |
Ordinary | 1p | 89 | 89 |
Growth | 1p | 10 | 10 |
99 | 99 |
Ordinary shares |
Each ordinary share is entitled to one vote in any particular circumstances. Each ordinary share is entitled to participate in any dividends or distributions declared on the ordinary shares including the Ordinary Share Reserve (to the exclusion of the growth shares) and in any excess of the Ordinary Share Reserve and the Growth Share Reserve (to the exclusion of the growth shares). On a sale of return of assets, the ordinary shares are entitled to participate in any distribution of assets up to the Hurdle Value to the exclusion of the growth shares and in excess of the Hurdle Value, any distribution of assets subject to the growth shares' percentage rights. |
Growth shares |
Each growth share is entitled to one vote. Each growth share is entitled to participate in any dividends or distributions declared on the growth shares in respect of the Growth Share Reserve (to the exclusion of the ordinary shares). On a sale or return assets, the growth shares are entitled to participate in any distribution of assets in excess of the Hurdle Value at a percentage derived from the value. |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
18. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2022 | 2,466,395 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2023 | 2,501,642 |
Retained earnings |
This reserve represents cumulative profits and losses net of distributions to shareholders. |
Capital redemption reserve |
A non-distributable reserve created from the buy back by the company of share capital. |
19. | PENSION COMMITMENTS |
Defined contribution scheme |
The company contributes to the individual personal pension plans of employees and directors. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents the contributions payable by the company to the personal pension plans. |
The total company contributions recognised as an expense are £184,840 (2022: £36,623). |
As at the reporting date, amounts payable of £6,190 (2022: £11,828) were outstanding. |
20. | RELATED PARTY DISCLOSURES |
30.4.23 | 30.4.22 |
£ | £ |
Advanced |
Repaid |
Amount due to related party |
Total Aggregates Limited (Registered number: 05087953) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
20. | RELATED PARTY DISCLOSURES - continued |
30.4.23 | 30.4.22 |
£ | £ |
Receipts (related party 1) |
Payments (related party 1) |
Payments on behalf of (related party 2) | 1,272 | 1,800 |
Purchases from (related party 2) | 52,000 | 52,000 |
Amount due from related party 1 |
Amount due from related party 2 |
Related Party 1 |
During the year, the company provided banking facilities for another entity that has key management personnel in common. As such, transactions disclosed above represent cashflow in relation to the activities of the related party. No interest was charged and the balance was repayable on demand. |
Related Party 2 |
During the current and comparative year the company made payments on behalf of a pension scheme for which the company is a sponsoring employer. In the current period the company also has purchases from the pension scheme. The balances outstanding at each year end are disclosed above. No interest is charged and the balance is repayable on demand. |
21. | ULTIMATE CONTROLLING PARTY |
No one party has overall control of the company. |