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Registration number: 03112034

Fenton Holloway Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

Pages for filing with Registrar

 

Fenton Holloway Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fenton Holloway Limited

Company Information

Directors

R J Fowles

N R Holloway

Registered office

43-45 Park Street
Bristol
BS1 5NL

Registered number

03112034

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Fenton Holloway Limited

(Registration number: 03112034)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

30,506

42,180

Current assets

 

Debtors

6

297,045

325,996

Cash at bank and in hand

 

-

4

 

297,045

326,000

Creditors: Amounts falling due within one year

7

(135,158)

(180,984)

Net current assets

 

161,887

145,016

Total assets less current liabilities

 

192,393

187,196

Creditors: Amounts falling due after more than one year

7

(41,036)

(70,879)

Provisions for liabilities

4

(5,796)

(6,278)

Net assets

 

145,561

110,039

Capital and reserves

 

Called up share capital

4

4

Capital redemption reserve

16

16

Profit and loss account

145,541

110,019

Total equity

 

145,561

110,039

 

Fenton Holloway Limited

(Registration number: 03112034)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................

N R Holloway
Director

 

Fenton Holloway Limited

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

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
43-45 Park Street
Bristol
BS1 5NL

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fenton Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Tax

The tax expense for the period represents the sum of the current tax expense and deferred tax expense. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Fixture and fittings

15% on reducing balance

Office equipment

33% on reducing balance

Motor vehicles

25% straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured 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.

 

Fenton Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Intermediate payment arrangements

The company formed a new Trust in 2018 to facilitate the acquisition of the majority of the company's shares by the employees of the company. Subsequent contributions by the company to the Trust, a shareholder, are treated as distributions from reserves.

 

Fenton Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

5,796

   

2022

Liability
£

6,278

   
 

Fenton Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 April 2022

18,492

228,399

22,387

269,278

Additions

-

2,138

-

2,138

At 31 March 2023

18,492

230,537

22,387

271,416

Depreciation

At 1 April 2022

17,249

206,584

3,265

227,098

Charge for the year

279

7,936

5,597

13,812

At 31 March 2023

17,528

214,520

8,862

240,910

Carrying amount

At 31 March 2023

964

16,017

13,525

30,506

At 31 March 2022

1,243

21,815

19,122

42,180

Included within the net book value of motor vehicles above is £13,525 (2022: £19,122) held under hire purchase.
 

6

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

168,053

149,779

Other debtors

7,000

7,000

Amounts recoverable on contracts

69,270

109,766

Prepayments

14,511

12,300

Corporation tax

33,367

47,151

Directors' loan accounts

4,844

-

297,045

325,996

 

Fenton Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Creditors

Note

2023
£

2022
£

Bank loans and overdrafts

47,910

90,898

Amounts owed to related parties

11

-

10,000

Social security and other taxes

 

15,838

11,615

VAT

 

61,775

36,380

Other creditors

11

1,005

-

Accruals

 

2,525

15,568

Directors' loan accounts

-

10,418

HP and finance lease liability

 

6,105

6,105

 

135,158

180,984

Due after one year

 

Bank loans

32,387

56,124

HP and finance lease liability

 

8,649

14,755

 

41,036

70,879

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

         

9

Financial commitments, guarantees and contingencies

As a result of the acquisition of 50% of the company's share capital by an Employee Ownership Trust, the vendors and the Trust have agreed that the £124,543 (2022: £162,043) balance of the consideration will be met out of the future profits of the company, with the Trust's monthly £3,650 obligation to the vendors being funded by future distributions from the company.

 

Fenton Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

2,843

3,744

11

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Payments to director
£

Repayments by director
£

At 31 March 2023
£

10,418

(15,262)

-

(4,844)

         
       

 

2022

At 1 April 2021
£

Payments to director
£

Repayments by director
£

At 31 March 2022
£

(15)

(3,561)

13,994

10,418

         
       

 

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Amounts payable to related party

-

2022

Entities with joint control or significant influence
£

Amounts payable to related party

10,000