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Company Registration No.12300308 (England and Wales)





CELTIC GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023



































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

 
CELTIC GROUP LIMITED
 
 
COMPANY INFORMATION


Director
Jonathan Whyte 




Registered number
12300308



Registered office
40 Chamberlayne Road
Kensal Rise

London

NW10 3JE




Independent auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE





 
CELTIC GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 4
Director's Report
 
 
5 - 6
Independent Auditors' Report
 
 
7 - 10
Consolidated Profit and Loss Account
 
 
11
Consolidated Balance Sheet
 
 
12
Company Balance Sheet
 
 
13
Consolidated Statement of Changes in Equity
 
 
14
Company Statement of Changes in Equity
 
 
15
Consolidated Statement of Cash Flows
 
 
16
Consolidated Analysis of Net Debt
 
 
17
Notes to the Financial Statements
 
 
18 - 28


 
CELTIC GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents the strategic report for the year ended 31 March 2023.

Principal activities
 
The principal activity of the group continued to be that of specialist fit-out contractors. 

Key performance indicators and headline financials

Our number one indicator remains the health and safety of our workers. Then comes our team and the delivery of a quality and timely service.
Our key financial targets remain profit, balance sheet strength and to operate without bank funding.
The key financial highlights of the company for the last three years are as follows:
 
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The profit and loss account
 
The full profit and loss account of the group is set out on page 11. The continuing profitability and balance sheet strength is the result of another successful year.
Review of the year to March 2023
The director is pleased to report consistent profitability and balance sheet growth and strength as demonstrated by our results above.
We continued our significant investment in our team, in health and safety and in training and technology. 
We completed and handed over projects to programme and we thank our clients for the opportunity to work for them.
The Covid pandemic had caused many difficult trading challenges, shortages, significantly increased materials prices and wages inflation in the previous years, which continued into 2022/2023. This worsened due to the outbreak of war in Ukraine with big increases in energy prices and transportation costs, which in turn increased inflation and consequently pushed up all costs.
But our consistent profits resulted from a combination of factors such as our continuing focus on our core activities, the strength of our management team, our smart and more efficient use of systems, procedures and technology and embracing proven modern techniques. Our thanks to the strong relationships we maintain with our supply chain who continue to give us a good service in recognition of decades of fair and prompt payment terms.
We commend our experienced team and strong commercial and financial resources that gave us another successful year.

Page 1

 
CELTIC GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Future prospects

Our current contracts are progressing satisfactorily and we have an increased order book from well-established customers. We continue to invest in our people and resources. 
We live in uncertain times where profit margins have become even more challenging with previously unseen materials price increases and trades shortages and we have the added challenges that the geo political climate, conflict in Ukraine and inflation concerns are likely to dampen investment confidence so caution remains the order of the day.
However, as Celtic Contractors Limited our trading subsidiary enters its 28th year of successful trading, we are confident that the strength of the group with its strong and liquid balance sheet, our dedicated and experienced team and our good reputation will continue the delivery of a consistent, timely and quality service to our valued customers and to generate profit and positive cashflow going forward.
The board remain committed to delivering an excellent service and to managing the group’s strategic direction to match that of the market it operates in, with a key focus on maintaining a sustainably profitable business which continues to be a key strategic partner of its customers, suppliers and other stakeholders.
History and family values
Celtic Contractors Limited our trading subsidiary has traded successfully for the past 28 years. We strive to retain the family culture with all our directors actively involved with our employees, clients and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest engineering standards and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise and reliability and to be the contractor of choice. We strive to continue the long term relationships with our customer base by focusing on our core activities, our long-standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers

Principal risks and uncertainties
 
Construction is a higher risk, low margin sector and there are a number of uncertainties which could have an impact on the company’s performance and could cause results to differ substantially from historical profits and current projections. However, we have a strong and liquid balance sheet, an experienced team and well-established systems and procedures in place to help avoid or minimise risks to the group. The principal risks for our group include the following:
Pricing and delivery of large and complex construction contracts 
The pricing and delivery of fit out construction contracts presents many challenges, principal amongst them being availability of materials and tradespeople, meeting tight deadlines, site conditions and cost overruns. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in-depth analysis of every tender before submission and to have an experienced team to deliver those contracts we win.
Quality workmanship
Fit-out contracts have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a long-standing team of skilled and experienced directors, managers, tradespeople and support staff.
Credit risk
The group’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long-standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtors book on a day to day basis. In particular our long-standing monthly Cost Value Reporting system and review meetings cover the operational, commercial and financial performance of every project and act as an advance warning of any variances. 
 
Page 2

 
CELTIC GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Liquidity risk
The group maintains a strong and liquid balance sheet and finances its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. Cashflow forecasts are constantly monitored and updated. The group does not have any complex financial instruments or hedging products and neither does it have any loans, overdrafts or hire purchase finance. Therefore the directors are confident that they can meet their obligations as they fall due.
Health and safety risk
Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out in our health and safety note below.
Our in-house team
The success of the group is dependent on retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life. 

Going concern
 
The Board of Directors is required to consider the group's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the group can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have a satisfactory order book from well-established customers and we have a £6.4 million balance sheet with strong liquidity and consistent profits. Thus we continue to adopt the going concern basis in preparing the financial statements.
Corporate social responsibility
The director believes that the long term interests of the group, its employees and its customers are best served by acting in a corporate social manner. Therefore, the group ensures that high standards are maintained. Throughout the year the group and its employees have supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation.
Our people, training and employee involvement
The on-going success of the group is attributable to the vast experience of our team of highly skilled, dedicated and competent group directors, ably supported by a well-developed organisational structure including contracts managers, project/site managers, site supervisors/foremen and trades operatives and underpinned by a strong commercial team and head office support staff.
Our hands-on approach and short chain of command keeps our directors and managers in constant dialogue with our employees, keeping them abreast of the group's activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain committed to equality and equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination and modern slavery. We have group policies to support these undertakings.

Health and safety at work
 
The directors and senior managers, assisted by our health and safety team, continue to target ‘zero’ accidents by striving to embed best health and safety policies, practices and awareness throughout our operations.
The group’s overriding principal is that all our workers work in a safe and accident free working environment and that they go home safely at the end of every working day. The investment in health and safety training to maintain, monitor and enhance our Health & Safety performance remains at the top of our core values.
 
Page 3

 
CELTIC GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Our workforce continue to participate in sustaining our health and safety programmes and they are encouraged to constantly look for and suggest ways to further enhance our best practice Health & Safety policies.
Our Building Mental Health Charter provides awareness and understanding of the importance of good mental health to our workforce through workshops, training and signpost to support.
Our health and safety policies are guided by our occupational health and safety standard accreditations OHSAS 18001 and ISO 45001.
Environment and quality management
We have built our business based on doing quality work and winning repeat business from our valued customers. The success of the business relies on maintaining and improving this standard. Quality management is central to our day to day operations and helps us deliver value and meet our customers' requirements. To achieve our quality management goals we are committed to maintaining a management system which satisfies the requirements of ISO 9001:2015.
We also work to Achilles, Considerate Constructors and Safe Contractor accreditations.
We recognise the significant impact the construction industry has on the environment. Our team continually promote sustainable resourcing of materials, reducing emissions and the efficient use of energy. We continue to minimise site waste and re use it wherever possible. We work closely with modern waste management recycling companies.
Our supply chain
We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful business. Our policy remains to pay our suppliers promptly at the end of each month following the month of delivery and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we are committed to adhering to our side of such agreements. 
The future
The Board looks forward with confidence to continue the success of the group into the future.


This report was approved by the board on 26 July 2023 and signed on its behalf.



___________________________
Jonathan Whyte
Director

Page 4

 
CELTIC GROUP LIMITED
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Group's financial statements 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 Group will continue in business.

The director is responsible for keeping adequate ccounting 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,336,918 (2022 - £1,709,246).

No interim dividends were paid and the director does not recommend payment of a final dividend (2022: £Nil).

Director

The director who served during the year was:

Jonathan Whyte 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report. It has done so in respect of future prospects, principal risks and uncertainties and going concern. 

Page 5

 
CELTIC GROUP LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Auditors

Under section 487(2) of the Companies Act 2006, Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors, are deemed to be reappointed as auditors.

This report was approved by the board on 26 July 2023 and signed on its behalf.
 





___________________________
Jonathan Whyte
Director

Page 6

 
CELTIC GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC GROUP LIMITED
 

Opinion


We have audited the financial statements of Celtic Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's 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 United Kingdom, including the Financial Reporting Council'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 director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.


Page 7

 
CELTIC GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC GROUP LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's 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 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 Director's Report.


We have nothing to report in respect of the following matters in relation to which 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
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 5, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
CELTIC GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC GROUP LIMITED (CONTINUED)

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 an Auditors' Report 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 Group 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:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that 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 or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.


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 Auditors' Report.


Page 9

 
CELTIC GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC GROUP LIMITED (CONTINUED)

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 2006Our 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 an Auditors' Report 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.





Patrick McNamara (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

26 July 2023
Page 10

 
CELTIC GROUP LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
36,204,087
38,771,666

Cost of sales
  
(32,641,076)
(35,156,817)

Gross profit
  
3,563,011
3,614,849

Administrative expenses
  
(1,927,171)
(1,854,930)

Operating profit
 5 
1,635,840
1,759,919

Interest receivable and similar income
 9 
5,661
2,013

Interest payable and similar expenses
 10 
-
(725)

FRS 102 fair value adjustments
  
113,148
(67,945)

Profit before tax
  
1,754,649
1,693,262

Taxation
 11 
(417,731)
15,984

Profit for the financial year
  
1,336,918
1,709,246

Profit for the year attributable to:
  

Owners of the parent
  
1,336,918
1,709,246

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated profit and loss account.

Page 11

 
CELTIC GROUP LIMITED
REGISTERED NUMBER:12300308

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
1,127,515
1,427,515

Tangible assets
 13 
-
4,999

  
1,127,515
1,432,514

Current assets
  

Debtors
 15 
9,505,936
9,028,746

Cash at bank and in hand
  
4,602,642
3,413,522

  
14,108,578
12,442,268

Creditors: amounts falling due within one year
 16 
(7,980,294)
(7,779,003)

Net current assets
  
 
 
6,128,284
 
 
4,663,265

Total assets less current liabilities
  
7,255,799
6,095,779

Creditors: amounts falling due after more than one year
 17 
(833,397)
(1,010,295)

  

Net assets
  
6,422,402
5,085,484


Capital and reserves
  

Called up share capital 
 19 
950,799
950,799

Profit and loss account
  
5,471,603
4,134,685

  
6,422,402
5,085,484


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2023.




___________________________
Jonathan Whyte
Director

Page 12

 
CELTIC GROUP LIMITED
REGISTERED NUMBER:12300308

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
11,000,999
11,000,999

  
11,000,999
11,000,999

  

Creditors: amounts falling due within one year
 16 
(363,800)
(385,050)

Net current liabilities
  
 
 
(363,800)
 
 
(385,050)

Total assets less current liabilities
  
10,637,199
10,615,949

  

Creditors: amounts falling due after more than one year
 17 
(1,091,400)
(1,155,150)

  

Net assets
  
9,545,799
9,460,799


Capital and reserves
  

Called up share capital 
 19 
950,799
950,799

Profit and loss account
  
8,595,000
8,510,000

  
9,545,799
9,460,799


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2023.


___________________________
Jonathan Whyte
Director

Page 13

 
CELTIC GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 April 2021
950,799
2,425,439
3,376,238
3,376,238



Profit for the year
-
1,709,246
1,709,246
1,709,246



At 1 April 2022
950,799
4,134,685
5,085,484
5,085,484



Profit for the year
-
1,336,918
1,336,918
1,336,918


At 31 March 2023
950,799
5,471,603
6,422,402
6,422,402


Page 14

 
CELTIC GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
950,799
7,100,000
8,050,799



Dividend received from subsidiary
-
1,410,000
1,410,000



At 1 April 2022
950,799
8,510,000
9,460,799



Dividend received from subsidiary
-
85,000
85,000


At 31 March 2023
950,799
8,595,000
9,545,799


Page 15

 
CELTIC GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,336,918
1,709,246

Adjustments for:

Amortisation of intangible assets
300,000
300,000

Depreciation of tangible assets
4,999
11,638

FRS 102 fair value adjustments
(113,148)
67,945

Interest paid
-
725

Interest received
(5,661)
(2,013)

Taxation charge
417,731
(15,984)

Increase in debtors
(793,869)
(449,327)

Increase/(decrease) in creditors
19,810
(1,803,647)

Corporation tax received
16,679
74,030

Net cash generated from operating activities

1,183,459
(107,387)


Cash flows from investing activities

Interest received
5,661
2,013

HP interest paid
-
(725)

Net cash from investing activities

5,661
1,288

Cash flows from financing activities

Repayment of finance leases
-
(5,275)

Net cash used in financing activities
-
(5,275)

Net increase/(decrease) in cash and cash equivalents
1,189,120
(111,374)

Cash and cash equivalents at beginning of year
3,413,522
3,524,896

Cash and cash equivalents at the end of year
4,602,642
3,413,522


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,602,642
3,413,522


Page 16

 
CELTIC GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

3,413,522

1,189,120

4,602,642

Debt due within 1 year

(7,432)

6,176

(1,256)


3,406,090
1,195,296
4,601,386

Page 17

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Celtic Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Chamberlayne Road, London, NW10 3JE.
The group consists of Celtic Group Limited and its subsidiary, Celtic Contractors Limited.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings using acquisition accounting at the balance sheet date. A subsidiary is an entity that is controlled by another entity, known as the parent. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of during a financial period are included from, or up to, the effective date of acquisition or disposal. Intra group balances, sales and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the Group. 

 
2.3

Going concern

The Director's Report and the Strategic Report set out the group's business activities, and highlight the factors which may impact on its financial performance, market position and future prospects.
The strategic report also provides information in relation to the group's financial and liquidity position as well as details of its financial instruments and exposure to credit and liquidity risk.
The group has a strong balance sheet with adequate liquidity and a healthy order book from long standing customers for the twelve months from the date of approval of the financial statements.
The group's forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
Therefore, the directors believe that the group is well placed to manage its business risks successfully. Thus they continue to adopt the going concern basis in preparing the financial statements.

Page 18

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover from contracting activities is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT. The fair value of  consideration  takes  into  account trade discounts, settlement discounts and volume rebates.

 
2.5

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

  
2.9

Intangible assets - Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation.

Page 19

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
Over 4 to 7 years
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Construction contracts

Amounts recoverable on contracts, including work-in-progress, are shown within debtors and are stated at  the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account.

 
2.13

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.



Page 20

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

  
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the period. Actual outcome may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the company within the next financial year are detailed as follows: 
Construction contracts   
Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Specialist fit-out contracting
36,204,087
38,771,666


All turnover arose within the United Kingdom.

Page 21

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of owned tangible fixed assets
4,999
11,638

Amortisation of goodwill
300,000
300,000


6.


Auditors' remuneration

2023
2022
£
£



Audit fees
20,000
20,000



Accountancy fees
19,544
25,000


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,323,644
1,859,938
6,060
-

Social security costs
259,661
215,255
-
-

Pension costs
157,864
124,804
-
-

2,741,169
2,199,997
6,060
-


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
4
5
1
1



Production and technical staff
39
29
-
-



Administrative staff
8
7
-
-

51
41
1
1

Page 22

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Director's remuneration

2023
2022
£
£

Director's emoluments
349,687
383,044

Pension costs
43,964
55,159

393,651
438,203


During the year retirement benefits were accruing to 4 directors (2022 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £112,568 (2022 - £113,813).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,321).


9.


Interest receivable

2023
2022
£
£


Bank and other interest receivable
5,661
2,013


10.


Interest payable

2023
2022
£
£


Finance leases and hire purchase contracts
-
725


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
417,731
618,414

Adjustments in respect of previous periods - R&D claim
-
(634,398)


Total current tax
417,731
(15,984)
Page 23

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,754,649
1,693,262


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
333,383
321,720

Effects of:


Expenses not deductible for tax purposes
105,499
92,213

Difference in capital allowances and depreciation
347
1,571

Adjustments to tax charge in respect of prior periods - R&D Claim
-
(634,398)

Movement in general provision
-
190,000

FRS 102 fair value adjustments
(21,498)
12,910

Total tax charge for the year
417,731
(15,984)

Page 24

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2022
2,229,051



At 31 March 2023

2,229,051



Amortisation


At 1 April 2022
801,536


Charge for the year
300,000



At 31 March 2023

1,101,536



Net book value



At 31 March 2023
1,127,515



At 31 March 2022
1,427,515



Page 25

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
36,630
33,990
83,011
153,631



At 31 March 2023

36,630
33,990
83,011
153,631



Depreciation


At 1 April 2022
36,630
28,991
83,011
148,632


Charge for the year
-
4,999
-
4,999



At 31 March 2023

36,630
33,990
83,011
153,631



Net book value



At 31 March 2023
-
-
-
-



At 31 March 2022
-
4,999
-
4,999


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
11,000,999



At 31 March 2023
11,000,999




Fixed asset investment related to the investment in the entire issued shares capital of Celtic Contractors Limited.
Celtic Contractors Limited is registered in England and Wale and its principal acitivity was specialist fit-out contractors.


Page 26

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Debtors

Group
Group
2023
2022
£
£


Amount recoverable on contracts
8,509,672
7,920,983

Other debtors
946,508
1,068,119

Prepayments
49,756
39,644

9,505,936
9,028,746


Included in amounts recoverable on contracts is a balance of £475,550 (2022: £500,727) which is due after more than one year in respect of retentions receivable.
Other debtors include corporation tax repayable of £Nil (2022: £316,679) and VAT recoverable of £946,508 (2022:£751,440).


16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
3,980,143
3,486,230
-
-

Corporation tax
117,731
-
-
-

Other taxation and social security
351,229
210,299
-
-

Other creditors
371,243
398,916
363,800
385,050

Accruals
3,159,948
3,683,558
-
-

7,980,294
7,779,003
363,800
385,050


Other creditors include £363,800 (2022: £385,050) balance payable in respect of the acquisition of the issued share capital in Celtic Contractors Limited.


17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other creditors
833,397
1,010,295
1,091,400
1,155,150

833,397
1,010,295
1,091,400
1,155,150


Other creditors after more than one year is the balance payable in respect of the acquisition of the issued share capital in Celtic Contractors Limited. It is payable between 1 and 5 years.

Page 27

 
CELTIC GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
4,602,642
3,413,522

Financial assets that are debt instruments measured at amortised cost
8,509,672
7,920,983

13,112,314
11,334,505


Financial liabilities

Financial liabilities measured at amortised cost
(8,343,475)
(8,571,567)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



949,799 (2022 - 949,799) Non-redeemable preference shares of £1 each
949,799
949,799
1,000 (2022 - 1,000) Ordinary shares of £1 each
1,000
1,000

950,799

950,799



20.


Pension commitments

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £157,864 (2022: £124,804). At the balance sheet date, £2,485 (2022: £2,819) of contributions were payable to the fund.


21.


Related party transactions

Other related parties
During the year, the group paid rent of £150,000 (2022: £150,000), on a normal commercial basis for use of land and premises owned by a director and his family trust.
Key management personnel
The remuneration of key management personnel, who are also directors, is disclosed in note 8.


22.


Post balance sheet events

There were no events since the period end which materially affected the group or company.

 
Page 28