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REGISTERED NUMBER: 08802876 (England and Wales)








Carver Engineering Holdings Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2023






Carver Engineering Holdings Limited (Registered number: 08802876)


Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2023











Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

3




Statement of Directors' Responsibilities  

4




Report of the Independent Auditors  

5




Consolidated Statement of Comprehensive Income

8




Consolidated Balance Sheet  

9




Company Balance Sheet  

10




Consolidated Statement of Changes in Equity  

11




Company Statement of Changes in Equity  

12




Consolidated Cash Flow Statement  

13




Notes to the Consolidated Cash Flow Statement

14




Notes to the Consolidated Financial Statements

15




Carver Engineering Holdings Limited


Company Information

for the Year Ended 31 March 2023









DIRECTORS:

T J Sheppard


J Molloy







REGISTERED OFFICE:

11 Brunel Close


Brunel Industrial Estate


Blyth Road, Harworth


Doncaster


South Yorkshire


DN11 8QA







REGISTERED NUMBER:

08802876 (England and Wales)







AUDITORS:

Lindley Adams Limited Chartered Accountants


Statutory Auditor


28 Prescott Street


Halifax


West Yorkshire


HX1 2LG


Carver Engineering Holdings Limited (Registered number: 08802876)


Group Strategic Report

for the Year Ended 31 March 2023



The directors present their strategic report of the company and the group for the year ended 31 March 2023.


Carver Engineering Holdings Limited is an investment holding company. The principal activities of the trading subsidiaries of the group continue to be the general engineering and fabrication of steel products. The group's main activities can be organised into the following four divisions:


Sales

Mining sales

Railwork

General fabrications


REVIEW OF BUSINESS

We consider that our key financial performance indicators are those which communicate the financial performance and strength of the group as a whole, these being turnover, gross margin and return on capital employed.


The turnover group by division was as follows:



2023


2022




£'000


£'000



Sales


223


144



Mining sales


89


75



Railwork


11,119


5,665



General fabrications

Highways                                                                                  


1,164

121


1,651

2,648




12,716


10,184




The gross profit margin for the group is 20.75% (2022 - 25.55%)  with a subsequent profit before tax of £1,158,137 (2022 - £1,309,439).


The return on capital employed is 12.67% (2022 - 39.5%). Return on capital employed is calculated as profit before interest and taxation divided by capital employed, which comprises total assets less current liabilities.


PRINCIPAL RISKS AND UNCERTAINTIES

As for many other businesses of our size, the business environment in which we operate continues to be challenging. The market in which the organisation operates is highly specialised and influenced by both public spending within the UK infrastructure and continued spending in developing economies to which customers export mining equipment.


With these risks and uncertainties in mind the group is aware that any plans for the future development of the business maybe subject to unforeseen future events outside of our control.


ON BEHALF OF THE BOARD:






T J Sheppard - Director



25 October 2023


Carver Engineering Holdings Limited (Registered number: 08802876)


Report of the Directors

for the Year Ended 31 March 2023



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


PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a holding company.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2023.


DIVIDENDS PAID TO MINORITY INTERESTS


During the year members of the Carver Engineering Holdings Limited group of companies paid dividends totalling £426,974 (2022 - £439,323) relating to shares held by minority interests within the group.


DIRECTORS

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


T J Sheppard

J Molloy


DISCLOSURE IN THE STRATEGIC REPORT

The business review and other mandatory disclosures which the directors consider to be of strategic importance are disclosed in the strategic report.


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 group'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 group's auditors are aware of that information.


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



25 October 2023


Carver Engineering Holdings Limited (Registered number: 08802876)


Statement of Directors' Responsibilities

for the Year Ended 31 March 2023



The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Report of the Independent Auditors to the Members of

Carver Engineering Holdings Limited



Opinion

We have audited the financial statements of Carver Engineering Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2023 and of the group's 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 group 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 group's and the parent 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 Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Carver Engineering Holdings Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Carver Engineering Holdings 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.


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:


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.


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


25 October 2023


Carver Engineering Holdings Limited (Registered number: 08802876)


Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 March 2023



31.3.23


31.3.22


Notes

£   

£   



TURNOVER

3

12,716,692


10,184,536




Cost of sales

(10,077,916

)

(7,581,828

)


GROSS PROFIT

2,638,776


2,602,708




Administrative expenses

(1,516,968

)

(1,314,688

)


1,121,808


1,288,020




Other operating income

1,500


-



OPERATING PROFIT

5

1,123,308


1,288,020




Interest receivable and similar income

30,413


22,269



1,153,721


1,310,289




Interest payable and similar expenses

6

4,416


(850

)


PROFIT BEFORE TAXATION

1,158,137


1,309,439




Tax on profit

7

(216,317

)

(252,084

)


PROFIT FOR THE FINANCIAL YEAR

941,820


1,057,355





Profit attributable to:

Owners of the parent

514,846


618,032



Non-controlling interests


426,974


439,323



TOTAL COMPREHENSIVE INCOME FOR THE YEAR

941,820


1,057,355





Carver Engineering Holdings Limited (Registered number: 08802876)


Consolidated Balance Sheet

31 March 2023



31.3.23

31.3.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

2,040


2,550



Tangible assets

11

270,031


277,844



Investments

12

-


-



272,071


280,394




CURRENT ASSETS

Stocks

13

-


64,314



Debtors

14

5,330,796


6,271,048



Cash at bank and in hand

915,554


1,053,762



6,246,350


7,389,124



CREDITORS

Amounts falling due within one year

15

2,719,774


4,408,744



NET CURRENT ASSETS

3,526,576


2,980,380



TOTAL ASSETS LESS CURRENT

LIABILITIES

3,798,647


3,260,774




CREDITORS

Amounts falling due after more than one

year

16

(20,392

)

(6,570

)



PROVISIONS FOR LIABILITIES

19

(43,879

)

(44,673

)


NET ASSETS

3,734,376


3,209,531




CAPITAL AND RESERVES

Called up share capital

20

543


275



Share premium

21

5,072,920


5,063,189



Capital redemption reserve

21

100


100



Retained earnings

21

(1,341,498

)

(1,856,344

)


SHAREHOLDERS' FUNDS

3,732,065


3,207,220




NON-CONTROLLING INTERESTS

2,311


2,311



TOTAL EQUITY

3,734,376


3,209,531




The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:






T J Sheppard - Director



Carver Engineering Holdings Limited (Registered number: 08802876)


Company Balance Sheet

31 March 2023



31.3.23

31.3.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

-


-



Investments

12

5,064,795


5,064,795



5,064,795


5,064,795




CURRENT ASSETS

Debtors

14

2,016,591


400,000



Cash at bank

78,667


109,591



2,095,258


509,591



CREDITORS

Amounts falling due within one year

15

2,107,123


513,875



NET CURRENT LIABILITIES

(11,865

)

(4,284

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

5,052,930


5,060,511




CAPITAL AND RESERVES

Called up share capital

20

275


275



Share premium

21

5,063,189


5,063,189



Capital redemption reserve

21

100


100



Retained earnings

21

(10,634

)

(3,053

)


SHAREHOLDERS' FUNDS

5,052,930


5,060,511




Company's loss for the financial year

(7,581

)

(34

)



The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:






T J Sheppard - Director



Carver Engineering Holdings Limited (Registered number: 08802876)


Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2023



Called up



share


Retained


Share


capital


earnings


premium

£   

£   

£   



Balance at 1 April 2021

(4,414

)

(1,355,811

)

5,063,189




Changes in equity

Issue of share capital

4,689


-


-



Dividends

-


(900,000

)

-



Total comprehensive income

-


399,467


-



Balance at 31 March 2022

275


(1,856,344

)

5,063,189




Changes in equity

Issue of share capital

268


-


9,731



Total comprehensive income

-


514,846


-



Balance at 31 March 2023

543


(1,341,498

)

5,072,920




Capital



redemption


Non-controlling


Total


reserve


Total


interests


equity

£   

£   

£   

£   



Balance at 1 April 2021

100


3,703,064


2,311


3,705,375




Changes in equity

Issue of share capital

-


4,689


-


4,689



Dividends

-


(900,000

)

(439,323

)

(1,339,323

)


Total comprehensive income

-


399,467


439,323


838,790



Balance at 31 March 2022

100


3,207,220


2,311


3,209,531




Changes in equity

Issue of share capital

-


9,999


-


9,999



Dividends

-


-


(426,974

)

(426,974

)


Total comprehensive income

-


514,846


426,974


941,820



Balance at 31 March 2023

100


3,732,065


2,311


3,734,376




Carver Engineering Holdings Limited (Registered number: 08802876)


Company Statement of Changes in Equity

for the Year Ended 31 March 2023



Called up


Capital



share


Retained


Share


redemption


Total


capital


earnings


premium


reserve


equity

£   

£   

£   

£   

£   



Balance at 1 April 2021

300


1,115,546


5,063,189


100


6,179,135




Changes in equity

Issue of share capital

(25

)

-


-


-


(25

)


Dividends

-


(900,000

)

-


-


(900,000

)


Total comprehensive income

-


(218,599

)

-


-


(218,599

)


Balance at 31 March 2022

275


(3,053

)

5,063,189


100


5,060,511




Changes in equity

Total comprehensive income

-


(7,581

)

-


-


(7,581

)


Balance at 31 March 2023

275


(10,634

)

5,063,189


100


5,052,930




Carver Engineering Holdings Limited (Registered number: 08802876)


Consolidated Cash Flow Statement

for the Year Ended 31 March 2023



31.3.23


31.3.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,908,321


90,215



Interest paid

(2

)

-



Interest element of hire purchase payments

paid

4,418


(850

)


Tax paid

151,402


(269,117

)


Net cash from operating activities

2,064,139


(179,752

)



Cash flows from investing activities

Purchase of tangible fixed assets

(84,574

)

(20,861

)


Sale of tangible fixed assets

9,999


11,833



Interest received

30,413


22,269



Net cash from investing activities

(44,162

)

13,241




Cash flows from financing activities

Capital repayments in year

16,953


19,036



Amount introduced by directors

476,334


4,950



Amount withdrawn by directors

(911,973

)

(458,235

)


Share issue

268


4,689



Share buyback

-


(218,565

)


Equity dividends paid

-


(900,000

)


Dividends paid to minority interests

-


(439,323

)


Net cash from financing activities

(418,418

)

(1,987,448

)



Increase/(decrease) in cash and cash equivalents

1,601,559


(2,153,959

)


Cash and cash equivalents at beginning

of year

2

1,053,762


189,263




Cash and cash equivalents at end of year

2

915,554


1,053,762




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2023



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


31.3.23


31.3.22

£   

£   



Profit before taxation

1,158,137


1,309,439




Depreciation charges

77,708


77,873




Loss/(profit) on disposal of fixed assets

5,188


(3,007

)



Government grants

(1,500

)

-




Finance costs

(4,416

)

850




Finance income

(30,413

)

(22,269

)


1,204,704


1,362,886




Decrease/(increase) in stocks

64,314


(64,314

)



Decrease/(increase) in trade and other debtors

685,315


(2,805,120

)



(Decrease)/increase in trade and other creditors

(46,012

)

1,596,763




Cash generated from operations

1,908,321


90,215




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 31 March 2023


31.3.23


1.4.22

£   

£   



Cash and cash equivalents

915,554


1,053,762




Year ended 31 March 2022


31.3.22


1.4.21

£   

£   



Cash and cash equivalents

1,053,762


189,263





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.4.22

Cash flow

At 31.3.23

£   

£   

£   



Net cash



Cash at bank and in hand

1,053,762


(138,208

)

915,554



1,053,762


(138,208

)

915,554




Debt


Finance leases

(19,036

)

(16,953

)

(35,989

)


(19,036

)

(16,953

)

(35,989

)



Total

1,034,726


(155,161

)

879,565




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2023



1.

STATUTORY INFORMATION



Carver Engineering Holdings 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 General 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.  



Basis of consolidation


The financial statements consolidate the financial statements of Carver Engineering Holdings Limited and all of its subsidiary undertakings.



The results of subsidiaries acquired or disposed of during the period are included from or to the date that control passes.



The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.



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.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



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 in respect of contracts is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured at fair value of the consideration received or receivable, excluding discounts and VAT.

Where the outcome of a contract can be estimated reliably, contract revenue is recognised by reference to the stage of completion at each reporting date. Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent that it is probable that it will be recoverable.


Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


Computer software is being amortised evenly over its estimated useful life of nil years.



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


Computer equipment

-  

50% on reducing balance and 33% on cost



Stocks

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


Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



2.

ACCOUNTING POLICIES - continued


Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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


Deferred tax

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

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

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


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 group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Grants received


Government and other grants are recognised in the financial statements when receivable.


3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the group.



An analysis of turnover by class of business is given below:



31.3.23


31.3.22

£   

£   



Sales

223,016


144,459




Mining Sales

88,728


75,085




General Fabrication

1,164,478


1,651,243




Railwork

11,119,229


5,664,795




Highways

121,241


2,648,954



12,716,692


10,184,536




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



4.

EMPLOYEES AND DIRECTORS


31.3.23


31.3.22

£   

£   



Wages and salaries

2,125,975


1,811,051




Social security costs

217,928


174,505




Other pension costs

45,217


46,176



2,389,120


2,031,732





The average number of employees during the year was as follows:


31.3.23


31.3.22



Monthly

60


60





31.3.23


31.3.22

£   

£   



Directors' remuneration

47,688


61,754




Directors' pension contributions to money purchase schemes  

7,530


13,171




Compensation to director for loss of office

30,000


-




5.

OPERATING PROFIT



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



31.3.23


31.3.22

£   

£   



Equipment hire

1,033,490


611,245




Other operating leases

106,992


108,656




Depreciation - owned assets

57,776


71,373




Depreciation - assets on hire purchase contracts

19,424


5,990




Loss/(profit) on disposal of fixed assets

5,188


(3,007

)



Computer software amortisation

510


510




Auditors' remuneration

15,750


17,343




Auditors' remuneration for non audit work

11,550


350




Other non- audit services

17,927


15,043




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.3.23


31.3.22

£   

£   



Bank interest paid

2


-




Hire purchase

(4,418

)

850



(4,416

)

850




7.

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

217,111


261,202





Deferred tax

(794

)

(9,118

)



Tax on profit

216,317


252,084




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



7.

TAXATION - continued



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



31.3.23


31.3.22

£   

£   



Profit before tax

1,158,137


1,309,439




Profit multiplied by the standard rate of corporation tax in the UK of 19 %

(2022 - 19 %)  

220,046


248,793





Effects of:


Expenses not deductible for tax purposes

969


385




Income not taxable for tax purposes

-


(571

)



Capital allowances in excess of depreciation

(6,774

)

-




Depreciation in excess of capital allowances

-


8,499




Utilisation of tax losses

(4,367

)

6




Deferred tax  

(794

)

(9,118

)



S455 tax not recovered  

-


4,090




Losses carried back  

7,237


-




Total tax charge

216,317


252,084





Tax effects relating to effects of other comprehensive income




There were no tax effects for the year ended 31 March 2023.



31.3.22



Gross


Tax


Net


£   

£   

£   



Company purchase of own shares

(218,565

)

-


(218,565

)



8.

INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



9.

DIVIDENDS


31.3.23


31.3.22

£   

£   



Ordinary "A" shares of £1.00 each


Interim

-


900,000




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



10.

INTANGIBLE FIXED ASSETS



Group


Computer


software

£   



COST


At 1 April 2022


and 31 March 2023

5,100




AMORTISATION


At 1 April 2022

2,550




Amortisation for year

510




At 31 March 2023

3,060




NET BOOK VALUE


At 31 March 2023

2,040




At 31 March 2022

2,550




11.

TANGIBLE FIXED ASSETS



Group


Fixtures



Plant and


and


Motor


Computer



machinery


equipment


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 April 2022

802,379


286,820


128,310


47,359


1,264,868




Additions

46,771


548


34,090


3,165


84,574




Disposals

(36,000

)

-


-


-


(36,000

)



At 31 March 2023

813,150


287,368


162,400


50,524


1,313,442




DEPRECIATION


At 1 April 2022

663,134


182,731


95,415


45,744


987,024




Charge for year

42,708


15,695


16,747


2,050


77,200




Eliminated on disposal

(20,813

)

-


-


-


(20,813

)



At 31 March 2023

685,029


198,426


112,162


47,794


1,043,411




NET BOOK VALUE


At 31 March 2023

128,121


88,942


50,238


2,730


270,031




At 31 March 2022

139,245


104,089


32,895


1,615


277,844




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



11.

TANGIBLE FIXED ASSETS - continued



Group



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




12.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 April 2022


and 31 March 2023

5,064,795




NET BOOK VALUE


At 31 March 2023

5,064,795




At 31 March 2022

5,064,795





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries



Carver Engineering Services Ltd


Registered office: 11 Brunel Close, Brunel Industrial Estate, Blythe Road, Doncaster, DN11 8QA


Nature of business: General Engineering & Fabrications


%


Class of shares:

holding



Ordinary "A" £1

100.00



31.3.23


31.3.22

£   

£   



Aggregate capital and reserves

3,657,557


3,033,351




Profit for the year

987,226


1,026,802




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



12.

FIXED ASSET INVESTMENTS - continued



Carver Engineering Access & Safety Solutions Ltd


Registered office: 11 Brunel Close, Brunel Industrial Estate, Blythe Road, Doncaster, DN11 8QA


Nature of business: Engineering and safety solutions.


%


Class of shares:

holding



Ordinary "A" £1

100.00



31.3.23


31.3.22

£   

£   



Aggregate capital and reserves

88,680


180,466




(Loss)/profit for the year

(37,829

)

30,588





13.

STOCKS



Group



31.3.23


31.3.22


£   

£   



Stocks

-


64,314




14.

DEBTORS



Group


Company



31.3.23


31.3.22


31.3.23


31.3.22


£   

£   

£   

£   



Amounts falling due within one year:



Trade debtors

1,297,656


1,762,806


-


-




Amounts owed by group undertakings

2,518


983,563


654,131


400,000




Amounts recoverable on contract

2,374,879


1,232,250


-


-




Other debtors

487,105


668,818


477,812


-




Directors' loan accounts

885,878


453,285


884,648


-




Tax

7,501


508,778


-


-




VAT

156,625


237,987


-


-




Prepayments

118,634


75,724


-


-



5,330,796


5,923,211


2,016,591


400,000





Amounts falling due after more than one

year:



Tax

-


347,837


-


-





Aggregate amounts

5,330,796


6,271,048


2,016,591


400,000




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.3.23


31.3.22


31.3.23


31.3.22


£   

£   

£   

£   



Hire purchase contracts  (see note 17)

15,597


12,466


-


-




Trade creditors

1,568,904


1,669,373


-


-




Amounts owed to group undertakings

824,891


1,990,379


2,101,123


509,285




Tax

124,349


604,950


-


-




Social security and other taxes

60,980


55,670


-


-




Other creditors

37,303


8,822


-


1,090




Accruals and deferred income

83,469


62,164


6,000


3,500




Accrued expenses

4,281


4,920


-


-



2,719,774


4,408,744


2,107,123


513,875




16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group



31.3.23


31.3.22


£   

£   



Hire purchase contracts  (see note 17)

20,392


6,570




17.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


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





Group


Non-cancellable operating

leases



31.3.23


31.3.22

£   

£   



Within one year

17,802


17,119




Between one and five years

17,802


12,653



35,604


29,772




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



18.

SECURED DEBTS



The following secured debts are included within creditors:



Group



31.3.23


31.3.22


£   

£   



Hire purchase contracts

35,989


19,036




19.

PROVISIONS FOR LIABILITIES



Group



31.3.23


31.3.22


£   

£   



Deferred tax

43,879


44,673





Group


Deferred



tax


£   



Balance at 1 April 2022

44,673




Unused amounts reversed during year

(794

)



Balance at 31 March 2023

43,879




20.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.3.23


31.3.22


value:

£   

£   



2,672

Ordinary "A"

£1.00

543


275




1,311

Ordinary "B"

£1.00

-


-




1,000

Ordinary "C"

£1.00

-


-



543


275




21.

RESERVES



Group


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 April 2022

(1,856,344

)

5,063,189


100


3,206,945




Profit for the year

514,846


514,846




Cash share issue

-


9,731


-


9,731




At 31 March 2023

(1,341,498

)

5,072,920


100


3,731,522




Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



21.

RESERVES - continued



Company


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 April 2022

(3,053

)

5,063,189


100


5,060,236




Deficit for the year

(7,581

)

(7,581

)



At 31 March 2023

(10,634

)

5,063,189


100


5,052,655





22.

PENSION COMMITMENTS



During the year the group made payments on behalf of its directors and employees to defined contribution schemes amounting to £45,217 (2022 - £46,176).


23.

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

331,879


312




Amounts advanced

360,753


331,567




Amounts repaid

(331,879

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

360,753


331,879





P Molloy


Balance outstanding at start of year

329,931


240




Amounts advanced

-


329,691




Amounts repaid

(359,931

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

(30,000

)

329,931





T J Sheppard


Balance outstanding at start of year

434,043


260




Amounts advanced

535,007


438,733




Amounts repaid

(443,926

)

(4,950

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

525,124


434,043





All loans with directors are repayable on demand. P Molloy resigned on 23 March 2022, however there remains a balance outstanding at year end.


Carver Engineering Holdings Limited (Registered number: 08802876)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2023



24.

RELATED PARTY DISCLOSURES



Entities with control, joint control or significant influence over the entity


31.3.23


31.3.22

£   

£   



Management charges  

156,000


234,000




Amount due from related parties  

654,131


1,095,853




Amount due to related party  

2,101,123


-





Other related parties  


31.3.23


31.3.22

£   

£   



Rent charge  

88,960


85,305




25.

ULTIMATE CONTROLLING PARTY



The group is considered to be under the control of its directors Mr T Sheppard and Mr J Molloy.