Company registration number 01168783 (England and Wales)
OLIVER CONNELL AND SON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
OLIVER CONNELL AND SON LIMITED
COMPANY INFORMATION
Directors
J Connell
P Connell
T Connell
P Conneely
Company number
01168783
Registered office
Zanrose House, Perivale Industrial Estate
Horsenden Lane South
South Greenford
UB6 7RH
Auditor
Evans Mockler Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
OLIVER CONNELL AND SON LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
OLIVER CONNELL AND SON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present the strategic report for the year ended 30 June 2023.
History and family culture
As we enter the 2024 financial year, our 50th year of trading, the close family values with which the company was founded on still exist on a day-to-day basis. With three generations of the family still actively involved in all levels of the business, from Board to operational level, our “hands on” culture ensures that the company still embraces the traditional values that has led it to the success the business is today. The company continues to focus on its people and invest in modern and more sustainable plant and machinery. Combined with safe working practices, this enables the business to deliver projects on time, on budget and most important of all safely.
In 1974 the company was founded on building and retaining relationships; whether that be with our clients, supply chain, employees, or any other stakeholders. The company is proud of the long-standing relationships it has built, and continues to build in both new and the existing markets it has entered over the past 50 years.
The culture within the business is based on the “OC Way”, and whilst the company will always embrace the new modern methods that develop, it will never forget how the business got to where it is today.
Principal activities
The principal activity of the company continues to be within its Construction Division, specialising in Groundwork, Civil Engineering, RC Frames and Architectural Concrete. The company also operates in the Aviation and Infrastructure sectors.
The turnover sector split is shown below.
The company’s focus is to continue in its strategy to target carefully selected opportunities in these sectors which will enable the company to deliver controlled growth in 2024.
Business review
In the financial year the company has reported unprecedented growth in turnover, profit and cash reserves. This excellent performance is the result of several factors, including a more strategic and targeted approach to projects tendered, a highly motivated workforce delivering our projects in a safe and efficient manner, a senior management team now in place bringing a wealth of industry knowledge and a fully supportive supply chain.
The company has benefited in the year from a diversified operating strategy that has delivered growth at Heathrow airport and the Cambridge biomedical market along with new opportunities in the renewable energy and rail sectors.
The business was hit very hard by inflation in 2021 and 2022, and still considers labour Inflation a significant risk. However, the softening in the price of steel during the year and a more stable concrete price has been a positive factor in 2023.
The current market conditions are still very tough, and we are seeing a trend in some sectors where the market has become extremely competitive. The company, whilst continuing to operate in current markets, are also targeting projects in new niche markets in 2024 which will enable the company to utilise its capital and resources as efficiently as possible.
OLIVER CONNELL AND SON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Key performance indicators
The company feels the key performance indicators below extracted from the primary financial statements highlight the performance in the year.
The company acknowledges the huge importance clients and the supply chain place on the net assets and cash reserves of a business. The company's continued focus is on delivering sustainable retained earnings each year and targets each contract to be cash generative at each stage of the project. The 26% increase in net assets to £22.4m, 30% increase in cash at bank to £17.5m, and zero bank debt places the business in a strong position to support the strategy going forward.
Investment in people and resources
Investment in people has long been recognised as essential to company performance. We have a long-term strategy in place to continue to invest and attract experienced people at all levels of the organisation. Enabling our people to work in a safe and rewarding environment alongside continued investment in plant and management systems will ensure the business is well prepared for 2024 and beyond.
Forward order book
The company's current and future order book continues to be healthy and the pipeline for opportunities remains positive.
The company remains committed to retaining a diversified client base within the Top Tier Contractors from its current mix of works. The continued high percentage of repeat business provides a constant reminder of the company's ability to satisfy clients' requirements, whilst recognising the need to offer its clients added value and reduced costs to maintain its competitive edge.
Financial risks management and policies
The company have robust processes when assessing credit risk amongst its supply chain and client relationships. Whilst the company reports a strong and healthy financial position, the focus of managing financial risk remains. The company continues to ensure financial checks are carried out on clients and trade contractors both prior and during the process of contracts thereby continuously evaluating our exposure to financial risk.
The directors remain mindful of the challenges the company faces in the industry that they operate in and are committed to meeting them.
Research and Development (R&D)
The company remains committed to the continuous development of its methods, systems, and processes through its R&D. Its focus on providing innovative robust processes and solutions with significant benefit including, safety, time, cost savings and improved quality to our clients.
OLIVER CONNELL AND SON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Health and Safety
This remains our top priority to our staff, supply chain and our customers. Improvements in the company's processes, systems, Key Performance Indicators, and the employment of Health & Safety professionals have assisted the company and the directors in understanding the key risks and areas for improvement. The company remains committed to working incident and injury free at its workplace.
In November 2022 the company was recognised at the Construct 2022 Awards, picking up the Health and Safety Award for our “OC Way” Leadership Program. This acts as a rubber stamp for our efforts. Additionally, the company reached a new milestone of 5,000,000 RIDDOR free man hours.
Accreditations and Awards
The company continues with its accreditations to ISO 45001, ISO 14001 and 9001, Achilles, AIRDAT for Airports and memberships to BSI, CHAS, CHSG, CIRAS Confidential Reporting for Safety, SMAS, and SSIP.
It also has accreditations for Considerate Constructors (Bronze), Constructionline GOLD, FORS GOLD, and RISQS (Railway Industry Supplier Qualification Scheme).
Sustainability
This is at the forefront of the company's policy in keeping with the demands from our clients and to ensure we are always considering the environmental impact of our business.
The company's investment in sustainable plant has significantly contributed to reducing our carbon footprint. More than 90% of the Rebar purchased by the company is UK manufactured and 98% recycled from UK scrap.
The company successfully rolled out the use of HVO on all diesel engines on site. It has now become second nature on site and has helped us not only reduce our carbon footprint but also elevated our brand amongst our clients as a green business.
To compound this, throughout 2023, we have progressed with The Supply Chain Sustainability School, achieving a Silver Status which is a substantial improvement from the previous year.
Our stakeholders
Section 172 of the Companies Act now requires us to report each year on the steps taken in fulfilling various obligations towards our stakeholders. We have listed below various stakeholders, and the responsibilities we have towards them.
Employees
One of the most important classes of stakeholder is our employees. We have always ensured that employee health and safety is at the forefront of everything we do. The company has a long-term strategy in place to continue to invest and attract experienced people at all levels of the organisation.
Community
Engagement with the local community is deemed vital to the company. An example of this, during the Covid-19 lockdown, the company donated much needed PPE to Ealing Hospital, West London.
Clients
The main focus of the company is servicing our wide range of clients. During the year we performed high quality work for a range of new and ongoing clients. The quality of both our service and our client is of paramount importance and forms the strong foundation for our company.
OLIVER CONNELL AND SON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Shareholders
Shareholders expect annual dividend income and growth in the company net assets. Robustness in social responsibility, especially more recently regarding environmental issues are increasingly important considerations for the company. We have reported separately in this report on sustainability issues.
Suppliers and Subcontractors
We look to actively engage with the above, both regarding performance and payment terms. We recognise the importance of this to our company and also to our suppliers and subcontractors.
J Connell
Director
21 November 2023
OLIVER CONNELL AND SON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Results and dividends
The results for the year are set out on page 11.
Interim dividends were paid amounting to £2,540,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G Connell
(Resigned 9 December 2022)
J Connell
P Connell
T Connell
P Conneely
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Auditor
In accordance with the company's articles, a resolution proposing that Evans Mockler Limited be reappointed as auditor of the company will be put at a General Meeting.
Streamlined Energy and Carbon Reporting
To ensure that the correct processes are followed the “Encord Construction C02e Measurement Protocol” is referred to by the company. This allows the company to access comprehensive global standards to measure and manage greenhouse gas (GHG) emissions and comply with the Companies Act 2006 (Strategic and Directors Reports) regulations 2013, and with streamlined Energy and Carbon Reporting Regulations (SECR) 2019.
Sources of Emission
Scope 1 – These are relevant to the company's direct emissions derived from operation sources. The company's Scope 1 items have been indicated in line with the GHG protocol which includes transportation of materials and products. In simplistic terms, this is based on fuel usage from the company's fleet of vehicles, plant and means of delivery from the company's plant yard in Perivale.
Scope 2 – These are indirect emissions from the use of electricity. For the purpose of this report, emission data has been collated from the purchased electricity consumed at the company's Head Office at Zanrose House and the Plant Yard at the same address.
The company does not report on Scope 3 Emissions at present.
OLIVER CONNELL AND SON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
Identifying Emission sources
Energy consumption associated with scope 1 and 2 greenhouse gas emissions are measured and reported in line with SECR reporting requirements. Where available, energy use is captured directly (e.g. KWh of electricity) or otherwise it is converted from available units to energy units using government conversion factors (e.g. for diesel).
Emission Reporting
In accordance with the Paris Agreement, the company measures and reports emissions arising from the seven main greenhouse gases that contribute to climate change namely carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3).
The effect of these is reported in a single figure – Carbon dioxide equivalent (CO2e). This figure represents their combined Global Warming Potential.
The company's associated greenhouse gas emissions have been converted into CO2e using the UK Governments Conversion Factors 2022 from litres of fuel used.
Energy Efficient Action
The Scope 1 and 2 intensity metric is greenhouse gas normalised by turnover – tCO2e per £1 million turnover. This is seen as an industry benchmark as this is commonly used within housebuilding financial reporting.
Due to the large number of projects and clients at any one time, the company will be reporting by turnover.
Summary in table below.
Table
| | | |
| | | |
Aggregate of energy consumption in the year | | |
Energy Efficiency Action
One of the most pressing sustainability issues in society now is climate change. This is no different for construction or the company. We realise we play a large role within the industry and can influence change. Throughout 2023 we have continued to improve various actions implemented in 2022 to help reduce our carbon emissions. Now by measuring our Carbon footprint we can quantify our efforts and reset benchmarks for 2024.
We can’t do this by ourselves and ensure our values and strategy are shared amongst our supply chain. Our supply chain is handpicked and vetted prior to working with the company, which assists us in the delivery of our brand values, caring how our work impacts the environment.
The company has implemented various programs to reduce our emissions from our operational activities. This is centralised in decarbonising our plant, equipment, fleet and fuel sources.
OLIVER CONNELL AND SON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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 directors' report.
On behalf of the board
J Connell
Director
21 November 2023
OLIVER CONNELL AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLIVER CONNELL AND SON LIMITED
- 8 -
Opinion
We have audited the financial statements of Oliver Connell and Son Limited (the 'company') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
OLIVER CONNELL AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OLIVER CONNELL AND SON LIMITED
- 9 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, 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 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's 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 financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors (as required by auditing standards).
we had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
with the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors.
we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
we addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Our audit procedures were designed to respond to 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
OLIVER CONNELL AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OLIVER CONNELL AND SON LIMITED
- 10 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's 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.
Simon Toghill
Senior Statutory Auditor
For and on behalf of Evans Mockler Limited
21 November 2023
Chartered Certified Accountants
Statutory Auditor
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
OLIVER CONNELL AND SON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
142,032,240
116,687,292
Cost of sales
(125,896,699)
(109,090,073)
Gross profit
16,135,541
7,597,219
Administrative expenses
(5,288,657)
(4,448,598)
Operating profit
4
10,846,884
3,148,621
Interest receivable and similar income
8
71,247
156
Interest payable and similar expenses
9
(286,196)
(184,033)
Profit before taxation
10,631,935
2,964,744
Tax on profit
10
(2,316,145)
(466,387)
Profit for the financial year
8,315,790
2,498,357
The profit and loss account has been prepared on the basis that all operations are continuing operations.
OLIVER CONNELL AND SON LIMITED
BALANCE SHEET
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,376,424
5,829,819
Current assets
Stocks
13
203,286
243,942
Debtors
14
26,863,307
24,450,323
Cash at bank and in hand
17,470,488
13,543,773
44,537,081
38,238,038
Creditors: amounts falling due within one year
15
(25,469,824)
(22,828,856)
Net current assets
19,067,257
15,409,182
Total assets less current liabilities
27,443,681
21,239,001
Creditors: amounts falling due after more than one year
16
(3,705,652)
(3,396,707)
Provisions for liabilities
Deferred tax liability
17
1,369,945
(1,369,945)
-
Net assets
22,368,084
17,842,294
Capital and reserves
Called up share capital
19
23,125
25,000
Capital redemption reserve
19
1,875
Profit and loss reserves
22,343,084
17,817,294
Total equity
22,368,084
17,842,294
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
J Connell
Director
Company registration number 01168783 (England and Wales)
OLIVER CONNELL AND SON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
25,000
15,798,937
15,823,937
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
2,498,357
2,498,357
Dividends
11
-
-
(480,000)
(480,000)
Balance at 30 June 2022
25,000
17,817,294
17,842,294
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
8,315,790
8,315,790
Dividends
11
-
-
(2,540,000)
(2,540,000)
Own shares acquired
19
(1,875)
1,875
(1,250,000)
(1,250,000)
Balance at 30 June 2023
23,125
1,875
22,343,084
22,368,084
OLIVER CONNELL AND SON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
14,229,697
4,076,244
Interest paid
(286,196)
(184,033)
Income taxes paid
(896,660)
(736,521)
Net cash inflow from operating activities
13,046,841
3,155,690
Investing activities
Purchase of tangible fixed assets
(1,380,346)
(189,075)
Proceeds from disposal of tangible fixed assets
76,702
113,800
Other investments and loans made
(473,614)
Interest received
71,247
156
Net cash used in investing activities
(1,706,011)
(75,119)
Financing activities
Purchase of own shares
(1,250,000)
Proceeds from borrowings
-
2,641,665
Repayment of bank loans
(1,333,333)
(1,333,333)
Payment of hire purchase obligations
(2,290,782)
(1,682,696)
Dividends paid
(2,540,000)
(480,000)
Net cash used in financing activities
(7,414,115)
(854,364)
Net increase in cash and cash equivalents
3,926,715
2,226,207
Cash and cash equivalents at beginning of year
13,543,773
11,317,566
Cash and cash equivalents at end of year
17,470,488
13,543,773
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information
Oliver Connell and Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Zanrose House, Perivale Industrial Estate, Horsenden Lane South, South Greenford, UB6 7RH.
1.1
Accounting convention
These financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue is defined as the value of goods and services rendered excluding discounts and VAT and is recognised as follows:
Contract accounting
Revenue comprises the fair value of construction carried out in the year, based on an internal assessment of work carried out. Once the outcome of a construction contract can be estimated reliably, profit is recognised in the Statement of comprehensive income on a stage of contract completion basis by reference to the costs incurred to date. Losses expected in bringing a contract to completion are recognised immediately in the Statement of comprehensive income as soon as they are forecast. Amounts recoverable on long term contracts, included within debtors, represent revenue, less progress payments received. Where progress payments exceed revenue, the excess is shown as amounts payable on long term contracts within current liabilities.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on cost straight line basis
Office equipment
33% on cost straight line basis
Motor vehicles
25% on cost straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.8
Cash at bank and in hand
Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
1.14
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Performance of long-term contracts
Recognised amounts on construction contract revenues and related receivables reflect the directors' best estimate of long-term contracts outcome and stage of completion. This includes the assessment of the profitability of the long-term contracts. Costs to complete and contract profitability are subject to significant estimation and uncertainty.
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Construction contracts (UK)
142,032,240
116,687,292
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
697,293
515,145
Depreciation of tangible fixed assets held under hire purchase
1,326,909
1,213,013
Profit on disposal of tangible fixed assets
(73,063)
(50,104)
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
33,000
28,000
For other services
All other non-audit services
35,500
27,250
For services in respect of associated pension schemes
All other non-audit services
-
1,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office and management
42
44
Site workers
44
25
Total
86
69
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
5,384,985
3,881,651
Social security costs
613,186
422,005
Pension costs
75,956
65,012
6,074,127
4,368,668
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
381,407
325,800
Company pension contributions to defined contribution schemes
4,097
4,529
385,504
330,329
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
147,500
130,000
Company pension contributions to defined contribution schemes
1,321
1,338
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
62,633
156
Other interest income
8,614
Total income
71,247
156
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
62,633
156
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
48,060
49,433
Other finance costs:
Interest on hire purchase contracts
224,590
125,345
Other interest
13,546
9,255
286,196
184,033
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,278,678
466,387
Adjustments in respect of prior periods
(332,478)
Total current tax
946,200
466,387
Deferred tax
Origination and reversal of timing differences
1,369,945
Total tax charge
2,316,145
466,387
The rate of corporation tax rate increased during the year from 19% to 25%.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
10,631,935
2,964,744
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
2,020,068
563,301
Tax effect of expenses that are not deductible in determining taxable profit
49,878
36,196
Adjustments in respect of prior years
(332,478)
Research and development tax credit
(100,000)
(100,000)
Capital allowances for the year in excess of depreciation
(791,890)
(33,110)
Effect of change in corporation tax rate
100,622
Deferred tax
1,369,945
Taxation charge for the year
2,316,145
466,387
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
11
Dividends
2023
2022
£
£
Interim paid
2,540,000
480,000
12
Tangible fixed assets
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
14,504,792
850,487
15,355,279
Additions
4,563,696
10,750
4,574,446
Disposals
(244,500)
(17,467)
(261,967)
At 30 June 2023
18,823,988
10,750
833,020
19,667,758
Depreciation and impairment
At 1 July 2022
9,088,203
437,257
9,525,460
Depreciation charged in the year
1,854,264
591
169,347
2,024,202
Eliminated in respect of disposals
(244,500)
(13,828)
(258,328)
At 30 June 2023
10,697,967
591
592,776
11,291,334
Carrying amount
At 30 June 2023
8,126,021
10,159
240,244
8,376,424
At 30 June 2022
5,416,589
413,230
5,829,819
The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts:
2023
2022
£
£
Plant and equipment
5,838,251
4,353,169
Motor vehicles
215,668
345,079
6,053,919
4,698,248
13
Stocks
2023
2022
£
£
Raw materials and consumables
203,286
243,942
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,981,502
4,655,063
Gross amounts owed by contract customers
17,277,407
18,366,329
Other debtors
1,935,783
902,045
Prepayments and accrued income
668,615
526,886
26,863,307
24,450,323
15
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,333,333
Obligations under hire purchase contracts
2,245,402
1,651,029
Trade creditors
15,227,425
15,011,573
Corporation tax
921,503
871,963
Other taxation and social security
269,047
180,771
Other creditors
250,000
Accruals and deferred income
6,806,447
3,530,187
25,469,824
22,828,856
Bank loans are secured by a fixed and floating charge over the assets of the company.
Obligations under hire purchase contracts are secured by a fixed charge over the specific assets of the company.
16
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under hire purchase contracts
3,705,652
3,396,707
Obligations under hire purchase contracts are secured by a fixed charge over the specific assets of the company.
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,369,945
-
2023
Movements in the year:
£
Liability at 1 July 2022
-
Charge to profit or loss
1,369,945
Liability at 30 June 2023
1,369,945
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,956
65,012
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
25,000
-
25,000
A Ordinary shares of £1 each
17,500
-
17,500
-
B Ordinary shares of £1 each
5,625
-
5,625
-
23,125
25,000
23,125
25,000
During the year 25,000 Ordinary shares of £1 each were re-designated as 17,500 A Ordinary shares of £1 each, and 7,500 B Ordinary share of £1 each.
On 9 December 2022 the company agreed to purchase 7,500 B Ordinary shares for a total consideration of £5,000,000. The purchase will be made in four separate tranches out of distributable reserves of the company. The company purchased the first tranche of shares, 1,875 B Ordinary shares, during the year for £1,250,000, The 1,875 B Ordinary shares were subsequently cancelled, thus creating a capital redemption reserve. The additional three tranches, each for the same number of shares and consideration, will be purchased in subsequent accounting periods, contingent on the company having sufficient distributable reserves.
20
Related party transactions
Transactions with related parties
2023
2022
£
£
Services received from entities under common control
180,000
180,000
21
Directors' transactions
Dividends totalling £2,365,780 (2022 - £480,000) were paid in the year in respect of shares held by the company's directors.
The following directors had interest-bearing loans during the year. The movements on the loans during the year were as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
J Connell -
2.25
-
155,000
2,868
157,868
P Connell -
2.25
-
150,000
2,868
152,868
T Connell -
2.25
-
160,000
2,877
162,877
-
465,000
8,613
473,613
The outstanding balances were repaid in full within nine months of the year end.
OLIVER CONNELL AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
22
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
8,315,790
2,498,357
Adjustments for:
Taxation charged
2,316,145
466,387
Finance costs
286,196
184,033
Investment income
(71,247)
(156)
Gain on disposal of tangible fixed assets
(73,063)
(50,104)
Depreciation and impairment of tangible fixed assets
2,024,202
1,728,158
Movements in working capital:
Decrease in stocks
40,656
10,201
(Increase)/decrease in debtors
(1,939,370)
5,119,425
Increase/(decrease) in creditors
3,330,388
(5,880,057)
Cash generated from operations
14,229,697
4,076,244
23
Analysis of changes in net funds
1 July 2022
Cash flows
New hire purchase agreements
30 June 2023
£
£
£
£
Cash at bank and in hand
13,543,773
3,926,715
-
17,470,488
Borrowings excluding overdrafts
(1,333,333)
1,333,333
-
-
Obligations under hire purchase
(5,047,736)
2,290,782
(3,194,100)
(5,951,054)
7,162,704
7,550,830
(3,194,100)
11,519,434
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