Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetrue2022-04-01falseNo description of principal activity1610The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02918225 2022-04-01 2023-03-31 02918225 2021-04-01 2022-03-31 02918225 2023-03-31 02918225 2022-03-31 02918225 2022-04-01 02918225 c:Director1 2022-04-01 2023-03-31 02918225 c:RegisteredOffice 2022-04-01 2023-03-31 02918225 d:Buildings 2022-04-01 2023-03-31 02918225 d:Buildings 2023-03-31 02918225 d:Buildings 2022-03-31 02918225 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02918225 d:PlantMachinery 2022-04-01 2023-03-31 02918225 d:PlantMachinery 2023-03-31 02918225 d:PlantMachinery 2022-03-31 02918225 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02918225 d:MotorVehicles 2022-04-01 2023-03-31 02918225 d:MotorVehicles 2023-03-31 02918225 d:MotorVehicles 2022-03-31 02918225 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02918225 d:FurnitureFittings 2022-04-01 2023-03-31 02918225 d:FurnitureFittings 2023-03-31 02918225 d:FurnitureFittings 2022-03-31 02918225 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02918225 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02918225 d:CurrentFinancialInstruments 2023-03-31 02918225 d:CurrentFinancialInstruments 2022-03-31 02918225 d:Non-currentFinancialInstruments 2023-03-31 02918225 d:Non-currentFinancialInstruments 2022-03-31 02918225 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02918225 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02918225 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02918225 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02918225 d:ShareCapital 2023-03-31 02918225 d:ShareCapital 2022-03-31 02918225 d:RevaluationReserve 2023-03-31 02918225 d:RevaluationReserve 2022-03-31 02918225 d:RetainedEarningsAccumulatedLosses 2023-03-31 02918225 d:RetainedEarningsAccumulatedLosses 2022-03-31 02918225 c:FRS102 2022-04-01 2023-03-31 02918225 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02918225 c:FullAccounts 2022-04-01 2023-03-31 02918225 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02918225 2 2022-04-01 2023-03-31 02918225 5 2022-04-01 2023-03-31 02918225 6 2022-04-01 2023-03-31 02918225 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 02918225 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-03-31 02918225 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 02918225 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 02918225 d:LeasedAssetsHeldAsLessee 2023-03-31 02918225 d:LeasedAssetsHeldAsLessee 2022-03-31 iso4217:GBP xbrli:pure
Company registration number: 02918225







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


HOARE CONSTRUCTION GROUP LIMITED






































img2040.png                        

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
COMPANY INFORMATION


Director
J P F Hoare 




Registered number
02918225



Registered office
Unit 1
River Rise

Titchfield Lane

Fareham

Hampshire

PO15 6DZ




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


HOARE CONSTRUCTION GROUP LIMITED
REGISTERED NUMBER:02918225



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,534,312
4,672,798

Investments
 5 
102
102

  
5,534,414
4,672,900

Current assets
  

Stocks
  
2,316,931
2,316,931

Debtors: amounts falling due after more than one year
 6 
140,181
147,673

Debtors: amounts falling due within one year
 6 
1,208,460
408,727

Cash at bank and in hand
  
53,003
44,266

  
3,718,575
2,917,597

Creditors: amounts falling due within one year
 7 
(4,964,760)
(3,427,582)

Net current liabilities
  
 
 
(1,246,185)
 
 
(509,985)

Total assets less current liabilities
  
4,288,229
4,162,915

Creditors: amounts falling due after more than one year
 8 
(2,130,881)
(2,030,736)

Provisions for liabilities
  

Deferred tax
  
(249,838)
(249,838)

  
 
 
(249,838)
 
 
(249,838)

Net assets
  
1,907,510
1,882,341

Page 1

 


HOARE CONSTRUCTION GROUP LIMITED
REGISTERED NUMBER:02918225


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
501,214
501,214

Revaluation reserve
  
1,777,987
1,777,987

Profit and loss account
  
(371,691)
(396,860)

  
1,907,510
1,882,341


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






J P F Hoare
Director

Date: 28 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Hoare Construction Group Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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 profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
Reducing balance - 10%
Motor vehicles
-
Reducing balance - 10%
Fixtures and fittings
-
Reducing balance - 15%

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.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 6

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 7

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 8

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 10).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
4,217,846
140,820
457,593
29,901
4,846,160


Additions
8,700
757,096
240,984
-
1,006,780


Disposals
-
-
(128,697)
-
(128,697)



At 31 March 2023

4,226,546
897,916
569,880
29,901
5,724,243



Depreciation


At 1 April 2022
-
35,413
122,389
15,560
173,362


Charge for the year on owned assets
-
14,741
41,312
2,151
58,204


Disposals
-
-
(41,635)
-
(41,635)



At 31 March 2023

-
50,154
122,066
17,711
189,931



Net book value



At 31 March 2023
4,226,546
847,762
447,814
12,190
5,534,312



At 31 March 2022
4,217,846
105,407
335,204
14,341
4,672,798

In March 2023 Hoare Construction Group acquired assets from the liquidators of South Coast Skips Limited amounting to £791,096 after grossing up for finance costs taken over of £333,146. These assets were valued close to the year end and have therfore not been depreciated in this financial year.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
480,688
68,796

Motor vehicles
352,591
323,345

833,279
392,141

Page 9

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
102



At 31 March 2023
102





6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
140,181
147,673

140,181
147,673


2023
2022
£
£

Due within one year

Trade debtors
853,269
283,867

Amounts owed by group undertakings
570
570

Other debtors
164,621
64,010

Prepayments and accrued income
190,000
60,280

1,208,460
408,727


Page 10

 


HOARE CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,210,000
1,210,000

Trade creditors
418,920
515,293

Amounts owed to group undertakings
284,759
289,670

Amounts owed to associates
518,012
321,193

Other taxation and social security
14,625
113,336

Obligations under finance lease and hire purchase contracts
572,919
96,251

Other creditors
1,921,867
867,209

Accruals and deferred income
23,658
14,630

4,964,760
3,427,582


Bank loans are secured against the freehold property and all of the remaining assets of the company by way of fixed and floating charges.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,888,164
1,898,168

Net obligations under finance leases and hire purchase contracts
242,717
132,568

2,130,881
2,030,736


Bank loans are secured against the freehold property and all of the remaining assets of the company by way of fixed and floating charges.
 


9.


Related party transactions

During the year the company acquired some of the assets at a value of £791,096 and took over the finance costs of a number of assets amounting to £333,146, from South Coast Skips Limited which is in liquidation.  South coast skips limited was formerly under comon control.

Page 11