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REGISTERED NUMBER: 05578139 (England and Wales)







Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2023

for

Carver Engineering Services Limited

Carver Engineering Services Limited (Registered number: 05578139)

Contents of the Financial Statements
for the Year Ended 31 March 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

Notes to the Financial Statements 11


Carver Engineering Services Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: J Molloy
T J Sheppard
B Simms
N D Simms



SECRETARY: Miss H Stubbs



REGISTERED OFFICE: 11 Brunel Close
Brunel Industrial Estate
Blyth Road, Harworth
Doncaster
South Yorkshire
DN11 8QA



REGISTERED NUMBER: 05578139 (England and Wales)



AUDITORS: Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG



SOLICITORS: Foy Solicitors
100-102 Bridge St
Worksop
S80 1HZ

Carver Engineering Services Limited (Registered number: 05578139)

Strategic Report
for the Year Ended 31 March 2023


The directors present their strategic report for the year ended 31 March 2023.

Carver Engineering Services Limited is a trading subsidiary of the Carver Engineering Holdings Limited Group. The principal activity of the company are the general fabrication and engineering of steel products. The activity is split into four main divisions:

Railwork
General fabrications
Highways
Mining sales

REVIEW OF BUSINESS
The company continued to trade profitably during this financial year.

Turnover increased by £2,453,599. The total turnover for the year was £12,493,676 compared to prior year turnover of £10,040,077.

Gross profit margin was 20.4% compared to 24.9% in 2022.

Operating profit margin was 9.6% compared to 12.6% in 2022.

Full details of the results attained are shown in the Income Statement. The directors consider that the company has continued to perform well and is well placed to continue producing encouraging results.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a highly specialised sector which is influenced by public spending within the UK. While this environment remains challenging we understand the need to retain a diversified portfolio in order to spread risk and maximize profitability in a highly competitive market. The continuing success of the company is dependent upon the continued training and retention of key personnel. This will assist us in managing the uncertainties we face in the industry.

FUTURE DEVELOPMENTS
The company continues to diversify in engineering work for highway bridges and construction for large structures. The company is able to assimilate material and wage cost increases as they apply to the steel manufacturing industry and anticipate a further increase in turnover from government funded projects.

Railwork is the dominant activity with 88.9% of turnover generated from this principle activity. General fabrications produces 9.3% of total turnover. The remaining turnover is a combination of highway construction and mining sales. Highway sales are expected to increase in the future.

ON BEHALF OF THE BOARD:





T J Sheppard - Director


30 September 2023

Carver Engineering Services Limited (Registered number: 05578139)

Report of the Directors
for the Year Ended 31 March 2023


The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
Dividends on A shares totalling £nil were declared in 2023.

Dividends on B shares totalling £249,723 were declared monthly and paid as follows:
April 2022 - £46,445 per month
May 2022 - £16,380 per month
June 2022 - £23,375 per month
July 2022 to March 2023 - £18,169 per month

Dividends on C shares totalling £123,296 were declared monthly and paid as follows:
April 2022 to May 2022 - £6,332 per month
June 2022 - £9,661 per month
July 2022 - £35,797 per month
August 2022 to December 2022 - £6,896 per month
January 2023 - £16,895 per month
February 2023 to March 2023 - £6,896 per month

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

J Molloy
T J Sheppard
B Simms
N D Simms

DISCLOSURE IN THE STRATEGIC REPORT
The company has elected to set out the information required in the strategic report in a separate report, this includes a review of the business, future developments and details on the company's procedures relating to the principle risks and uncertainties.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

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.

Carver Engineering Services Limited (Registered number: 05578139)

Report of the Directors
for the Year Ended 31 March 2023


AUDITORS
The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T J Sheppard - Director


30 September 2023

Report of the Independent Auditors to the Members of
Carver Engineering Services Limited


Opinion
We have audited the financial statements of Carver Engineering Services Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 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.

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.

Report of the Independent Auditors to the Members of
Carver Engineering Services Limited


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.

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:

As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.

We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:

- Agreeing financial statement disclosures to supporting documentation
- Analytical procedures to identify any unusual or unexpected relationships
- Testing appropriateness of journal entries
- Review of accounting estimates for potential bias
- Enquire with management as to actual and potential litigation and claims
- Review of correspondence

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion.

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
Carver Engineering Services 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.




David Adams FCA (Senior Statutory Auditor)
for and on behalf of Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

30 September 2023

Carver Engineering Services Limited (Registered number: 05578139)

Statement of Comprehensive
Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 4 12,493,676 10,040,077

Cost of sales (9,942,513 ) (7,534,393 )
GROSS PROFIT 2,551,163 2,505,684

Administrative expenses (1,377,029 ) (1,251,291 )
1,174,134 1,254,393

Other operating income 24,798 15,767
OPERATING PROFIT 6 1,198,932 1,270,160

Interest receivable and similar income 7,431 2,339
1,206,363 1,272,499

Interest payable and similar expenses 7 4,418 (850 )
PROFIT BEFORE TAXATION 1,210,781 1,271,649

Tax on profit 8 (223,555 ) (244,847 )
PROFIT FOR THE FINANCIAL YEAR 987,226 1,026,802

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

987,226

1,026,802

Carver Engineering Services Limited (Registered number: 05578139)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 269,885 277,844

CURRENT ASSETS
Stocks 11 - 64,314
Debtors 12 4,960,320 4,358,211
Cash at bank and in hand 751,696 916,526
5,712,016 5,339,051
CREDITORS
Amounts falling due within one year 13 2,260,073 2,532,301
NET CURRENT ASSETS 3,451,943 2,806,750
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,721,828

3,084,594

CREDITORS
Amounts falling due after more than one
year

14

(20,392

)

(6,570

)

PROVISIONS FOR LIABILITIES 17 (43,879 ) (44,673 )
NET ASSETS 3,657,557 3,033,351

CAPITAL AND RESERVES
Called up share capital 18 4,982 4,714
Share premium 19 9,731 -
Retained earnings 19 3,642,844 3,028,637
SHAREHOLDERS' FUNDS 3,657,557 3,033,351

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





T J Sheppard - Director


Carver Engineering Services Limited (Registered number: 05578139)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 April 2021 4,714 2,401,213 - 2,405,927

Changes in equity
Dividends - (399,378 ) - (399,378 )
Total comprehensive income - 1,026,802 - 1,026,802
Balance at 31 March 2022 4,714 3,028,637 - 3,033,351

Changes in equity
Issue of share capital 268 - 9,731 9,999
Dividends - (373,019 ) - (373,019 )
Total comprehensive income - 987,226 - 987,226
Balance at 31 March 2023 4,982 3,642,844 9,731 3,657,557

Carver Engineering Services Limited (Registered number: 05578139)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Carver Engineering Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company satisfies the criteria of being a qualifying entity under FRS 102. Its financial statements are consolidated into the financial statements of Carver Engineering Holdings Limited which are publicly available. As such advantage has been taken of the following reduced disclosures available under paragraph 1.12 of FRS 102;

(a) Disclosures in respect of each class of share capital has not been presented.
(b) No cashflow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the extent to which the company has obtained the right to consideration through the performance of its contractual obligations to its clients. Turnover is derived from ordinary activities and is stated net of discounts and VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 50% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Carver Engineering Services Limited (Registered number: 05578139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. ACCOUNTING POLICIES - continued

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.

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.

4. 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:

31.3.23 31.3.22
£    £   
Mining sales 88,727 75,085
General fabrications 1,164,478 1,651,243
Railwork 11,119,229 5,664,795
Highways 121,242 2,648,954
12,493,676 10,040,077

5. EMPLOYEES AND DIRECTORS

The average number of staff during the year was 60 (2022 - 58).

31.3.23 31.3.22
£    £   
Directors' remuneration 35,780 52,130
Directors' pension contributions to money purchase schemes 6,203 11,851
Compensation to director for loss of office 30,000 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Carver Engineering Services Limited (Registered number: 05578139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Equipment hire 1,030,458 611,245
Other operating leases 106,992 108,656
Depreciation - owned assets 57,702 71,373
Depreciation - assets on hire purchase contracts 19,424 5,990
Loss/(profit) on disposal of fixed assets 5,188 (3,007 )
Auditors' remuneration 9,750 14,500
Other non- audit services 16,413 13,651

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Hire purchase interest (4,418 ) 850

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 224,349 253,964

Deferred tax (794 ) (9,117 )
Tax on profit 223,555 244,847

9. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary "B" shares of £1 each
Interim 249,723 243,085
Ordinary "C" shares of £1 each
Interim 123,296 156,293
373,019 399,378

Carver Engineering Services Limited (Registered number: 05578139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 802,380 286,820 128,310 47,009 1,264,519
Additions 46,771 548 34,090 2,945 84,354
Disposals (36,000 ) - - - (36,000 )
At 31 March 2023 813,151 287,368 162,400 49,954 1,312,873
DEPRECIATION
At 1 April 2022 663,133 182,732 95,416 45,394 986,675
Charge for year 42,708 15,695 16,747 1,976 77,126
Eliminated on disposal (20,813 ) - - - (20,813 )
At 31 March 2023 685,028 198,427 112,163 47,370 1,042,988
NET BOOK VALUE
At 31 March 2023 128,123 88,941 50,237 2,584 269,885
At 31 March 2022 139,247 104,088 32,894 1,615 277,844

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 - 42,653 42,653
Additions 43,602 34,090 77,692
Transfer to ownership - (42,653 ) (42,653 )
At 31 March 2023 43,602 34,090 77,692
DEPRECIATION
At 1 April 2022 - 24,684 24,684
Charge for year 10,901 8,523 19,424
Transfer to ownership - (24,684 ) (24,684 )
At 31 March 2023 10,901 8,523 19,424
NET BOOK VALUE
At 31 March 2023 32,701 25,567 58,268
At 31 March 2022 - 17,969 17,969

11. STOCKS
31.3.23 31.3.22
£    £   
Stocks - 64,314

Carver Engineering Services Limited (Registered number: 05578139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,283,304 1,758,250
Amounts owed by group undertakings 1,030,853 491,783
Amounts recoverable on contract 2,374,879 1,232,250
Other debtors - 26,250
Directors' loan accounts 1 25,585
Recoverable corporation tax 264 508,778
VAT 166,615 240,813
Prepayments 104,404 74,502
4,960,320 4,358,211

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 15) 15,597 12,466
Trade creditors 1,479,240 1,661,297
Amounts owed to group undertakings 462,402 486,836
Tax 124,349 249,875
Social security and other taxes 59,037 55,624
Other creditors 37,022 7,539
Directors' loan accounts 4,957 -
Accruals 77,469 58,664
2,260,073 2,532,301

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 15) 20,392 6,570

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Gross obligations repayable:
Within one year 16,137 12,511
Between one and five years 20,392 6,570
36,529 19,081

Finance charges repayable:
Within one year 540 45

Net obligations repayable:
Within one year 15,597 12,466
Between one and five years 20,392 6,570
35,989 19,036

Carver Engineering Services Limited (Registered number: 05578139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 17,802 24,457
Between one and five years 17,802 31,020
35,604 55,477

16. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 35,989 19,036

17. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 43,879 44,673

Deferred
tax
£   
Balance at 1 April 2022 44,673
Credit to Statement of Comprehensive Income during year (794 )
Balance at 31 March 2023 43,879

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2,672 Ordinary "A" £1 2,672 2,404
(31.3.22 - 2,404 )
1,310 Ordinary "B" £1 1,310 1,310
1,000 Ordinary "C" £1 1,000 1,000
4,982 4,714

268 Ordinary "A" shares of £1 each were allotted as fully paid at a premium of 36.31 per share during the year.

Carver Engineering Services Limited (Registered number: 05578139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 3,028,637 - 3,028,637
Profit for the year 987,226 987,226
Dividends (373,019 ) (373,019 )
Cash share issue - 9,731 9,731
At 31 March 2023 3,642,844 9,731 3,652,575

20. PENSION COMMITMENTS

During the year the company made payments on behalf of its directors and employees to defined contribution pension schemes amounting to £27,715 (2022 - £27,184). Included in other creditors is a total amount of £6,837 (2022 - £5,058) relating to amounts remaining outstanding at the balance sheet date.

During the year the company also paid fees in relation to the administration of pension schemes for the benefit of three of the directors. The total amount paid in relation to these fees amounted to £6,203 (2022 - £11,851).

21. ULTIMATE PARENT COMPANY

Carver Engineering Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
J Molloy
Balance outstanding at start of year 16,196 312
Amounts advanced 16,212 15,884
Amounts repaid (32,408 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 16,196

P Molloy
Balance outstanding at start of year 3,046 240
Amounts advanced 2,852 2,806
Amounts repaid (5,898 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,046

T J Sheppard
Balance outstanding at start of year 6,343 260
Amounts advanced 4,926 11,033
Amounts repaid (16,225 ) (4,950 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,956 ) 6,343

All loans with directors are repayable on demand and interest has been charged at 2% per annum.

Carver Engineering Services Limited (Registered number: 05578139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


23. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
31.3.23 31.3.22
£    £   
Dividends paid 373,019 243,085
Amount due from related party 1,030,852 25,585

Entities that provide key management personnel services to the entity
31.3.23 31.3.22
£    £   
Management charges 156,000 234,000
Amount due to related party 36,899 338,317

Other related parties
31.3.23 31.3.22
£    £   
Rent charge 85,600 85,305

24. ULTIMATE CONTROLLING PARTY

During the current and previous year the company was under the control of Carver Engineering Holdings Limited, a company registered in England and Wales, due to their 100% holding in the voting rights of the company.

Carver Engineering Holdings Limited is considered to be under the control of its directors as no individual is considered to hold sufficient voting rights to control the company.