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REGISTERED NUMBER: 04786614 (England and Wales)















Strategic Report, Directors' Report and

Audited Financial Statements for the Year Ended 30 June 2023

for

Wordsworth Excavations Limited

Wordsworth Excavations Limited (Registered number: 04786614)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 6

Report of the Independent Auditors 8

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


Wordsworth Excavations Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mr Thomas Stephen Wordsworth
Mr Ian Raymond Booth
Mr Mark Briggs
Mr Dean Lax



SECRETARY: Mr Keith Geoffrey Jones



REGISTERED OFFICE: Unit 1 Wordsworth Business Park
Whaley Road
Barugh Green
Barnsley
South Yorkshire
S75 1FJ



REGISTERED NUMBER: 04786614 (England and Wales)



INDEPENDENT AUDITORS: Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Virgin Money
1A Peel Square
Barnsley
South Yorkshire
S70 2PL

Wordsworth Excavations Limited (Registered number: 04786614)

Strategic Report
for the Year Ended 30 June 2023


The directors present their strategic report for the year ended 30 June 2023.

REVIEW OF BUSINESS
During the year the company continued to operate within the construction industry, with the majority of sales relating to preparation and development of sites and excavation works in the UK.

Turnover remained inline with the previous year, which is due to our customer base remaining very stable, and is testament to the company's strong performance and excellent relationships. The Gross Profit Margin increased from 28.4% to 35.0%, the main reason being improvements in efficiency which have been achieved by investing in a highly skilled workforce while also providing the best in class equipment available in the market.

The company's key financial and other performance indicators during the year were as follows:

Unit 2023 2022

Turnover £'000 38,267 38,769
Turnover growth % (1.30 ) 40.9
Gross profit margin % 35.0 28.4
Profit before tax £'000 3,257 2,500

The increase in administrative expenses has been mainly driven by inflation which has resulted in higher employee costs and other expenses; however, the directors are satisfied with their current level. There have been no exceptional items within the year.

Since the year end the company has seen turnover continue at consistent levels, we are still winning new projects with new and existing customers and expect turnover for the current year to be in line with the previous year. We also expect our margins to remain robust throughout the new year as we continue to focus on efficiencies and productivity.

Finally, the directors recognise that with the continued rise of interest rates, that it is in the best interest of the company to concentrate on debt reduction within the medium term whilst maintaining and improving profitability. The company's KPI's remain the same for the coming period.

1. Overall Profitability
2. Project Profitability
3. Debt Reduction
4. Employee Turnover and Retention
5. Health & Safety Performance
6. Sustainability


Wordsworth Excavations Limited (Registered number: 04786614)

Strategic Report
for the Year Ended 30 June 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The main factors outside our control include the actions of our competitors, government policy and the macroeconomic environment. Our directors and senior management regularly review the competitive threats we face in order to identify the appropriate actions to be taken.

On writing this report we do appreciate that there is still a degree of economic uncertainty within the UK with the Bank of England increasing its base interest rate on numerous occasions over the past 14 months. There is also the continuing war in Ukraine which has the potential to send shock waves through the world's financial system. However, neither of these events is currently having a material impact on our current performance, and we fully expect to achieve the plans for the current financial year. Our directors continually keep abreast of economic developments both positive and negative which enables swift and decisive decision making for the betterment of the company.

The main factors within our control are, our internal operations, and the recruitment, retention and training of the workforce with the appropriate skills necessary to provide the high-level services required to retain key customers. We also continue to invest in the best equipment that is available to our industry.

SECTION 172(1) STATEMENT
Set out below is the Company's section 172 report as required by the Regulations. The Regulations require Wordsworth Excavations Ltd to report how the Directors of the Company have considered their duties under section 172 (of the Companies Act 2006 (the "Act")) ("Section 172"), to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to:

a) the likely consequences of any decisions in the long term; refer to "Review Of The Business" "The Future"

b) the interests of the company's employees; refer to "Employee Engagement & Wellbeing" and "Health & Safety"

c) the need to foster the company's business relationships with suppliers, customers and others; refer to "The Future" and "Carbon Reduction"

d) the impact of the company's operations on the community and the environment; refer to "Carbon Reduction"

e) the reputation for a high standard of business conduct; this is covered in "Review of the Business" "The Future" and "Carbon Reduction"

f) the need to act fairly between members of the company; this is summarised below:

The company recognises the importance of maintaining strong relationships with its key stakeholders (employees, customers, suppliers, lenders) in order to create sustainable long-term growth, and the directors believe in open dialogue and transparency with all its stakeholder groups. This in turn builds trust which is one of the foundations of our business strategy.

The Board of Directors is responsible for setting the company's strategy and the reporting and monitoring of its overall performance. The Board believes that by engaging with its stakeholders, ultimately ensures the proper discharge of their duties under section 172 (1).

EMPLOYEE ENGAGEMENT AND DECISION MAKING
Employee retention is a fundamental requirement of the business. We recognise that attracting, training, developing and ultimately retaining our workforce is a necessity for our business ethos. We give great value to the opinions of our employees, and we involve our workforce in many of our decision making activities as we see them as our greatest asset. The great service we provide to our customers can only be achieved by having a truly motivated and adaptable workforce working to the best of their abilities at all times. We invest heavily in the best training available to ensure that our employees are kept up to date will the latest knowledge and practices, ensuring excellence performance day in, day out.


Wordsworth Excavations Limited (Registered number: 04786614)

Strategic Report
for the Year Ended 30 June 2023


STREAMLINED ENERGY AND CARBON REPORTING
In accordance with the requirements of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the Members would like to disclose the following information for the calendar year 2022:



Type of Emission Activity MWh tCO2e
Scope 1 Transport 32,021.7 7,783.8
Subtotal 32,021.7 7,783.8
Scope 2 Grid Supplied Electricity 71.4 13.8
Subtotal 71.4 13.8
Scope 3 Grey Fleet 250.7 60.1
Supplier Transport 1,662.0 427.6
Subtotal 1,912.7 487.7
Total 34,005.8 8,285.3

As specified above, the information presented is for the calendar year 2022. The directors believe that whilst this is not in line with the company accounting period, it is still considered to be relevant. The directors will continue to prepare reports in line with the calendar year going forwards and as such this information will be comparable.

Intensity Ratios

Energy intensity: 888.7 MWh / £million Revenue
Emissions intensity: 216.5 tCO2e / £million Revenue

Methodology

The methodology for the calculation of the CO2 equivalent emissions and energy consumption is based on the Greenhouse Gas Protocol Corporate Accounting Standard, the 2019 UK Government Environmental Reporting Guidelines, and the UK Government published greenhouse gas emission and energy factors for 2022. The operational control approach has been applied.

Energy Efficient Actions

There has been continued investment in new plant to maintain a modern fleet with high energy efficiency and that provides telemetric data. This promotes efficient plant deployment and operation and so helps to improve energy efficiency and reduce emissions intensity.

THE FUTURE
The director's ambitions are to expand the business in our current core market whilst seeking to diversify strategically into other growth areas where we can utilise our existing skill sets. Given that our workforce is based throughout the UK we see opportunities for us to further nurture relationships with existing and new clients alike in geographical locations that have been restricted to us thus far. Our proven track record will enable us to grow as a specialist contractor inline with our clients' requirements. Due to the fact we are a strategic supply chain partner for some of the largest main contractors in the UK construction sector, we see excellent potential over the coming years. We also see the construction sector as a whole, being one of the key contributors to the upturn in economic growth within the UK. Finally, we recognise that Customer and Supplier relationships are key to our economic growth and as such we will continue to invest time and energy to ensure that we are as important to them as they are to us.


Wordsworth Excavations Limited (Registered number: 04786614)

Strategic Report
for the Year Ended 30 June 2023

CARBON REDUCTION
Wordsworth Excavations recognise that our activities in the construction sector have consequences to the carbon footprint not only of our business but to the communities where the projects we deliver are based. We have been involved for some time now in ensuring that we reduce the carbon omitted in the delivering of the contracts that we are awarded. We intend in the coming months to be somewhat pioneering in our approach to delivering sustainable earthworks to logistics, distribution, infrastructure and highways projects throughout the UK. We aim to be market leading in the modern approaches to both implementing the reduction and then ultimately accurately recording the amount of CO2 created. From here we aim to take the ultimate step by ensuring that we become a Carbon Neutral business. We see this as a fundamental non negotiable path to creating the environment that we all wish to inhabit. By engaging with our customers, suppliers and workforce we as stakeholders to these projects share a desire and a vision to deliver this and do whatever is necessary to reach our desired goals.

HEALTH & SAFETY
The Company operates in an industry where health and safety risks are prominent day to day. The Company is also subject to stringent regulations from a health and safety perspective. A serious health and safety incident would not only have a significant effect on the people involved but also on the company's reputation and most probably its financial performance. The company invests heavily in its Health & Safety procedures and recently recruited a Health & Safety Manager who's sole responsibility is the safety of our employees and the employees of our customers. Employees complete formal training on regular intervals and are required to obtain certificates which prove their competence to carry our procedures in a safe manner. The strong Health & Safety culture is driven by the Managing Director right down through all the levels of the company. The overall result of our Health & Safety Strategy is seen within our current H&S record which is exemplary.

We also believe that our ability to retain our employees is directly influenced by the above and as such means that our performance on site remains and the highest level which again enhances our Health & Safety Performance.

ON BEHALF OF THE BOARD:





Mr Thomas Stephen Wordsworth - Director


1 November 2023

Wordsworth Excavations Limited (Registered number: 04786614)

Directors' Report
for the Year Ended 30 June 2023


The directors present their report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of ground engineering, specialising in demolition, site clearance and preparation for development and excavation.

DIVIDENDS
A dividend of £700,000 was paid in the year (2022 - £1,400,000).

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

Mr Thomas Stephen Wordsworth
Mr Ian Raymond Booth
Mr Mark Briggs
Mr Dean Lax

FINANCIAL INSTRUMENTS
The business' principal financial instrument comprise bank balances, trade debtors, trade creditors and hire purchase agreements. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The business is a lessee in respect of assets under hire purchase agreements. The liquidity risk in respect of these is managed by ensuring that are are sufficient funds to meet the payments due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' 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), 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;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Wordsworth Excavations Limited (Registered number: 04786614)

Directors' Report
for the Year Ended 30 June 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

AUDITORS
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr Thomas Stephen Wordsworth - Director


1 November 2023

Report of the Independent Auditors to the Members of
Wordsworth Excavations Limited


Opinion
We have audited the financial statements of Wordsworth Excavations Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other 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 June 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 Directors' Report, 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.

Report of the Independent Auditors to the Members of
Wordsworth Excavations Limited


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 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.

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 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 pages six and seven, 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.

Report of the Independent Auditors to the Members of
Wordsworth Excavations Limited


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:

- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures;

- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud;

- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular emphasis on those with unusual account combinations, entries crediting revenue and those without specific descriptions;

- management assumptions in their significant accounting estimates were challenged and scrutinised.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

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.




Robert Hampstead (Senior Statutory Auditor)
for and on behalf of Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR

1 November 2023

Wordsworth Excavations Limited (Registered number: 04786614)

Income Statement
for the Year Ended 30 June 2023

30/6/23 30/6/22
Notes £    £   

TURNOVER 3 38,266,548 38,769,079

Cost of sales (24,877,824 ) (27,745,325 )
GROSS PROFIT 13,388,724 11,023,754

Administrative expenses (9,562,879 ) (8,224,004 )
OPERATING PROFIT 5 3,825,845 2,799,750


Interest payable and similar expenses 6 (568,713 ) (299,714 )
PROFIT BEFORE TAXATION 3,257,132 2,500,036

Tax on profit 7 (339,232 ) (125,811 )
PROFIT FOR THE FINANCIAL YEAR 2,917,900 2,374,225

Wordsworth Excavations Limited (Registered number: 04786614)

Other Comprehensive Income
for the Year Ended 30 June 2023

30/6/23 30/6/22
Notes £    £   

PROFIT FOR THE YEAR 2,917,900 2,374,225


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,917,900

2,374,225

Wordsworth Excavations Limited (Registered number: 04786614)

Balance Sheet
30 June 2023

30/6/23 30/6/22
Notes £    £   
FIXED ASSETS
Tangible assets 9 20,643,081 19,257,814

CURRENT ASSETS
Stocks 10 136,162 142,071
Debtors 11 11,563,503 8,082,829
11,699,665 8,224,900
CREDITORS
Amounts falling due within one year 12 (12,588,256 ) (10,212,686 )
NET CURRENT LIABILITIES (888,591 ) (1,987,786 )
TOTAL ASSETS LESS CURRENT LIABILITIES 19,754,490 17,270,028

CREDITORS
Amounts falling due after more than one
year

13

(5,465,886

)

(6,071,631

)

PROVISIONS FOR LIABILITIES 17 (2,936,886 ) (2,064,579 )
NET ASSETS 11,351,718 9,133,818

CAPITAL AND RESERVES
Called up share capital 18 100 100
Capital redemption reserve 19 25 25
Retained earnings 19 11,351,593 9,133,693
SHAREHOLDERS' FUNDS 11,351,718 9,133,818

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





Mr Thomas Stephen Wordsworth - Director


Wordsworth Excavations Limited (Registered number: 04786614)

Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 July 2021 100 8,159,468 25 8,159,593

Changes in equity
Dividends - (1,400,000 ) - (1,400,000 )
Total comprehensive income - 2,374,225 - 2,374,225
Balance at 30 June 2022 100 9,133,693 25 9,133,818

Changes in equity
Dividends - (700,000 ) - (700,000 )
Total comprehensive income - 2,917,900 - 2,917,900
Balance at 30 June 2023 100 11,351,593 25 11,351,718

Wordsworth Excavations Limited (Registered number: 04786614)

Cash Flow Statement
for the Year Ended 30 June 2023

30/6/23 30/6/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,398,520 5,008,895
Interest paid (8,073 ) (8,124 )
Interest element of hire purchase
payments paid

(560,640

)

(291,590

)
Net cash from operating activities 4,829,807 4,709,181

Cash flows from investing activities
Purchase of tangible fixed assets (391,383 ) (496,637 )
Sale of tangible fixed assets 1,999,673 1,327,330
Net cash from investing activities 1,608,290 830,693

Cash flows from financing activities
Hire purchase repayments (5,982,290 ) (5,160,019 )
Equity dividends paid (700,000 ) (1,400,000 )
Net cash from financing activities (6,682,290 ) (6,560,019 )

Decrease in cash and cash equivalents (244,193 ) (1,020,145 )
Cash and cash equivalents at beginning
of year

2

(337,149

)

682,996

Cash and cash equivalents at end of year 2 (581,342 ) (337,149 )

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30/6/23 30/6/22
£    £   
Profit before taxation 3,257,132 2,500,036
Depreciation charges 3,416,455 2,731,299
Loss/(profit) on disposal of fixed assets 79,193 (179,591 )
Finance costs 568,713 299,714
7,321,493 5,351,458
Decrease/(increase) in stocks 5,909 (1,416 )
(Increase)/decrease in trade and other debtors (2,947,599 ) 1,847,334
Increase/(decrease) in trade and other creditors 1,018,717 (2,188,481 )
Cash generated from operations 5,398,520 5,008,895

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 June 2023
30/6/23 1/7/22
£    £   
Bank overdrafts (581,342 ) (337,149 )
Year ended 30 June 2022
30/6/22 1/7/21
£    £   
Cash and cash equivalents - 682,996
Bank overdrafts (337,149 ) -
(337,149 ) 682,996


Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/7/22 Cash flow changes At 30/6/23
£    £    £    £   
Net cash
Bank overdrafts (337,149 ) (244,193 ) (581,342 )
(337,149 ) (244,193 ) (581,342 )
Debt
Finance leases (11,418,831 ) 5,982,290 (6,489,205 ) (11,925,746 )
(11,418,831 ) 5,982,290 (6,489,205 ) (11,925,746 )
Total (11,755,980 ) 5,738,097 (6,489,205 ) (12,507,088 )

4. MAJOR NON-CASH TRANSACTIONS

During the year £6,489,205 (2022 - £7,552,135) of tangible fixed assets were acquired under hire purchase or finance leasing arrangements.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Wordsworth Excavations 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. ACCOUNTING POLICIES

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

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Plant and machinery is a highly material balance within the financial statements. As a result of this the depreciation charge on the assets has a significant impact upon the reported profitability of the company. The charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are reviewed annually to reflect current estimated economic utilisation, physical condition and planned de-commissions. The carrying amount of assets involving significant judgement is £19,453,337 (2022 - £18,417,724).

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

The company values works done for a period of time and then applies for payment based upon the assessed valuation. Revenue is recognised on the valuations in line with the period in which the works were undertaken.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost. Subsequently, they 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.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
All of the company's financial instruments may be classified as basic and are accounted for in accordance with section 11 of FRS 102 - 'Basic Financial Instruments'. The accounting policies for the key financial instruments of the company are set out below.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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.

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:

30/6/23 30/6/22
£    £   
Rendering of services 38,266,548 38,769,079
38,266,548 38,769,079

An analysis of turnover by geographical market is given below:

30/6/23 30/6/22
£    £   
United Kingdom 38,266,548 38,769,079
38,266,548 38,769,079

4. EMPLOYEES AND DIRECTORS
30/6/23 30/6/22
£    £   
Wages and salaries 5,835,419 5,171,576
Social security costs 653,342 554,195
Other pension costs 126,797 145,598
6,615,558 5,871,369

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30/6/23 30/6/22

Operations 98 94
Administration and support 29 28
Directors 4 4
131 126

30/6/23 30/6/22
£    £   
Directors' remuneration 406,254 336,554
Directors' pension contributions to money purchase schemes 12,559 44,972

Information regarding the highest paid director is as follows:
30/6/23 30/6/22
£    £   
Emoluments etc 159,361 133,366
Pension contributions to money purchase schemes 1,346 1,296

5. OPERATING PROFIT

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

30/6/23 30/6/22
£    £   
Hire of plant and machinery 3,599,734 6,910,356
Other operating leases 118,700 92,333
Depreciation - owned assets 715,204 988,336
Depreciation - assets on hire purchase contracts 2,701,251 1,804,605
Loss/(profit) on disposal of fixed assets 79,193 (179,591 )
Auditors' remuneration 19,000 16,250
Other non- audit services 3,000 2,750

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/23 30/6/22
£    £   
Bank interest 8,251 7,763
Interest payable (178 ) 361
Hire purchase 560,640 291,590
568,713 299,714

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/23 30/6/22
£    £   
Current tax:
UK corporation tax (533,075 ) -

Deferred tax 872,307 125,811
Tax on profit 339,232 125,811

UK corporation tax has been charged at 19% .

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:

30/6/23 30/6/22
£    £   
Profit before tax 3,257,132 2,500,036
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

618,855

475,007

Effects of:
Expenses not deductible for tax purposes 45,285 77,083
Capital allowances in excess of depreciation (253,506 ) (456,474 )
Adjustments to tax charge in respect of previous periods 332,340 -
Changes in tax rates 129,333 30,195
Research and development credits (533,075 ) -
Total tax charge 339,232 125,811

Deferred taxation in the financial statements has been provided at 25%, being the main rate of tax that has been substantively enacted at the balance sheet date which will be applicable for the reversal of timing differences.

8. DIVIDENDS
30/6/23 30/6/22
£    £   
A Ordinary shares of £1 each
Interim 595,000 943,000
B Ordinary shares of £1 each
Interim 105,000 457,000
700,000 1,400,000

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 24,138,268 124,400 1,317,150 25,579,818
Additions 5,965,719 - 914,869 6,880,588
Disposals (3,641,414 ) (64,784 ) (486,715 ) (4,192,913 )
At 30 June 2023 26,462,573 59,616 1,745,304 28,267,493
DEPRECIATION
At 1 July 2022 5,720,544 64,250 537,210 6,322,004
Charge for year 3,083,606 6,623 326,226 3,416,455
Eliminated on disposal (1,794,914 ) (39,061 ) (280,072 ) (2,114,047 )
At 30 June 2023 7,009,236 31,812 583,364 7,624,412
NET BOOK VALUE
At 30 June 2023 19,453,337 27,804 1,161,940 20,643,081
At 30 June 2022 18,417,724 60,150 779,940 19,257,814

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 July 2022 17,279,633 509,661 17,789,294
Additions 5,752,836 736,369 6,489,205
Transfer to ownership (1,692,625 ) (28,141 ) (1,720,766 )
At 30 June 2023 21,339,844 1,217,889 22,557,733
DEPRECIATION
At 1 July 2022 2,602,277 97,817 2,700,094
Charge for year 2,486,908 214,343 2,701,251
Transfer to ownership (598,548 ) 9,674 (588,874 )
At 30 June 2023 4,490,637 321,834 4,812,471
NET BOOK VALUE
At 30 June 2023 16,849,207 896,055 17,745,262
At 30 June 2022 14,677,356 411,844 15,089,200

Assets under hire purchase agreements are pledged as security for the agreement to which they relate.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


10. STOCKS
30/6/23 30/6/22
£    £   
Stocks 136,162 142,071

11. DEBTORS
30/6/23 30/6/22
£    £   
Amounts falling due within one year:
Trade debtors 8,348,149 7,053,590
Other debtors 1,950,000 1,000
Tax 533,075 -
VAT 401,473 724,382
Prepayments 156,373 87,467
11,389,070 7,866,439

Amounts falling due after more than one year:
Trade debtors 174,433 216,390

Aggregate amounts 11,563,503 8,082,829

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans and overdrafts (see note 14) 581,342 337,149
Hire purchase contracts (see note 15) 6,459,860 5,347,200
Trade creditors 4,941,634 3,905,736
Social security and other taxes 159,708 102,235
Other creditors 24,132 10,229
Accrued expenses 421,580 510,137
12,588,256 10,212,686

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30/6/23 30/6/22
£    £   
Hire purchase contracts (see note 15) 5,465,886 6,071,631

14. LOANS

An analysis of the maturity of loans is given below:

30/6/23 30/6/22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 581,342 337,149

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30/6/23 30/6/22
£    £   
Net obligations repayable:
Within one year 6,459,860 5,347,200
Between one and five years 5,465,886 6,071,631
11,925,746 11,418,831

Non-cancellable operating leases
30/6/23 30/6/22
£    £   
Within one year 66,794 59,529
Between one and five years 32,697 68,166
99,491 127,695

16. SECURED DEBTS

The following secured debts are included within creditors:

30/6/23 30/6/22
£    £   
Bank overdrafts 581,342 337,149
Hire purchase contracts 11,925,746 11,418,831
12,507,088 11,755,980

The bank overdraft is secured through a debenture over the fixed and floating assets of the company.

The hire purchase and finance lease liabilities are secured by the assets to which the agreements relate.

17. PROVISIONS FOR LIABILITIES
30/6/23 30/6/22
£    £   
Deferred tax 2,936,886 2,064,579

Deferred
tax
£   
Balance at 1 July 2022 2,064,579
Charge to Income Statement during year 872,307
Balance at 30 June 2023 2,936,886

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
82 A Ordinary £1 82 82
18 B Ordinary £1 18 18
100 100

Each class of share has full and equal voting rights, with the right to receive dividends.

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2022 9,133,693 25 9,133,718
Profit for the year 2,917,900 2,917,900
Dividends (700,000 ) (700,000 )
At 30 June 2023 11,351,593 25 11,351,618

Retained earnings are the accumulated earnings and losses of the company, net of dividends and transfers.

Capital redemption reserve is the nominal value of the historic purchase of own shares by the company.

20. RELATED PARTY DISCLOSURES

Other related parties

Wordsworth Crushing Limited

The company is a related party as director of Wordsworth Excavations Limited, Mr T Wordsworth, has joint control of the company alongside close family members.

Related party transactions with the company primarily are the hire of plant and machinery. During the period, £326,705 of sales were made to the company.

At the balance sheet date £131,801 was owed by Wordsworth Crushing Limited.

Wordsworth Excavations Holdings Limited

The company is a related party as it is under the control of Mr T Wordsworth.

At the balance sheet date £1,850,000 was owed by Wordsworth Excavations Holdings Limited in relation to a loan advanced by Wordsworth Excavations Limited.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


21. CONTROL

The controlling party is Mr Thomas Stephen Wordsworth.

The ultimate controlling party is Mr Thomas Stephen Wordsworth.