Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-292022-05-312023-03-29752022-04-01The principal activity of the copmany continued to be the provision of construction services.false43falsefalse 03757739 2022-04-01 2023-03-29 03757739 2021-04-01 2022-03-31 03757739 2023-03-29 03757739 2022-03-31 03757739 2021-04-01 03757739 1 2022-04-01 2023-03-29 03757739 1 2021-04-01 2022-03-31 03757739 5 2022-04-01 2023-03-29 03757739 5 2021-04-01 2022-03-31 03757739 d:Director1 2022-04-01 2023-03-29 03757739 d:Director2 2022-04-01 2023-03-29 03757739 d:Director3 2022-04-01 2023-03-29 03757739 d:Director3 2023-03-29 03757739 d:RegisteredOffice 2022-04-01 2023-03-29 03757739 e:MotorVehicles 2022-04-01 2023-03-29 03757739 e:MotorVehicles 2023-03-29 03757739 e:MotorVehicles 2022-03-31 03757739 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-04-01 2023-03-29 03757739 e:OfficeEquipment 2022-04-01 2023-03-29 03757739 e:OfficeEquipment 2023-03-29 03757739 e:OfficeEquipment 2022-03-31 03757739 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-04-01 2023-03-29 03757739 e:OwnedOrFreeholdAssets 2022-04-01 2023-03-29 03757739 e:CurrentFinancialInstruments 2023-03-29 03757739 e:CurrentFinancialInstruments 2022-03-31 03757739 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-29 03757739 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 03757739 e:ReportableOperatingSegment1 2022-04-01 2023-03-29 03757739 e:ReportableOperatingSegment1 2021-04-01 2022-03-31 03757739 e:UKTax 2022-04-01 2023-03-29 03757739 e:UKTax 2021-04-01 2022-03-31 03757739 e:ShareCapital 2022-04-01 2023-03-29 03757739 e:ShareCapital 2023-03-29 03757739 e:ShareCapital 2021-04-01 2022-03-31 03757739 e:ShareCapital 2022-03-31 03757739 e:ShareCapital 2021-04-01 03757739 e:CapitalRedemptionReserve 2022-04-01 2023-03-29 03757739 e:CapitalRedemptionReserve 2023-03-29 03757739 e:CapitalRedemptionReserve 2021-04-01 2022-03-31 03757739 e:CapitalRedemptionReserve 2022-03-31 03757739 e:CapitalRedemptionReserve 2021-04-01 03757739 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-29 03757739 e:RetainedEarningsAccumulatedLosses 2023-03-29 03757739 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 03757739 e:RetainedEarningsAccumulatedLosses 2022-03-31 03757739 e:RetainedEarningsAccumulatedLosses 2021-04-01 03757739 e:TaxLossesCarry-forwardsDeferredTax 2023-03-29 03757739 e:TaxLossesCarry-forwardsDeferredTax 2022-03-31 03757739 e:OtherDeferredTax 2023-03-29 03757739 e:OtherDeferredTax 2022-03-31 03757739 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-29 03757739 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-29 03757739 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 03757739 d:OrdinaryShareClass1 2022-04-01 2023-03-29 03757739 d:OrdinaryShareClass1 2023-03-29 03757739 d:OrdinaryShareClass1 2022-03-31 03757739 d:FRS102 2022-04-01 2023-03-29 03757739 d:Audited 2022-04-01 2023-03-29 03757739 d:FullAccounts 2022-04-01 2023-03-29 03757739 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03757739










WESTGREEN CONSTRUCTION LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

 
WESTGREEN CONSTRUCTION LIMITED
 
 
COMPANY INFORMATION


Directors
J P Gilsenan 
C P Grace 




Registered number
03757739



Registered office
7-12 Tavistock Square
Lynton House

London

WC1H 9BQ




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

Becket House

36 Old Jewry

London




Accountants
Elman Wall Limited
8th Floor

Becket House

36 Old Jewry

London





 
WESTGREEN CONSTRUCTION LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Profit and Loss Account
9
Statement of Financial Position
10
Statement of Changes in Equity
11 - 12
Notes to the Financial Statements
13 - 27


 
WESTGREEN CONSTRUCTION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 MARCH 2023

Introduction
 
The directors present there strategic report for the year ended 31st March 2023.

Business review
 
The Company’s activities are focussed on the expert delivery of exceptional spaces for discerning clients within the high end segments of the residential, retail, restaurant, arts and commercial office sectors. Our projects are typically located in London and the home counties, although we do venture throughout the UK and internationally for valued clients with interesting opportunities.
 
Our carefully assembled team holds a hard-earned, specialist understanding of each sector within which we operate. 
 
The sustained delivery of outstanding quality and service levels, coupled with forging client, supply-chain and consultant relationships alike is a business priority. 
 
We are experiencing high levels of new business enquiries and are largely selecting to engage with two-stage and negotiated opportunities that complement our business plan and risk profiling strategies. 
 
The Company’s culture is dedicated to achieving the highest standards of health and safety, with continuous improvement and innovation at the forefront of our objectives. 
 
Group cash reserves increased by over £2m (25%) in the period and these are anticipated to remain at good levels to suitably provide for operational needs.  
 
During the accounting period the Company experienced continued controlled growth and achieved sales of £46m, as well as strong profitability. Testament to our reputation and focus & investment in client relationships, our senior leadership team and wider team, secured sales and pipeline sales for the forthcoming financial years ending March 2024 and 2025 will realise further controlled growth and profitability. 
 
In addition to the aforementioned investments, a number of strategic objectives were implemented in the period - this included the promotion of Chris Grace to the post of Managing Director, following 14 years of service, with founder John Gilsenan stepping into the role of Chief Executive Officer. The focused growth of our Special Projects & Aftercare department. We moved to a new larger London office space to accommodate our growing team. Our accounting and document management systems have been bolstered with the purchase of more sophisticated operating platforms. 
 
We are well-poised to continue to meet business plan objectives for the foreseeable future.

Page 1

 
WESTGREEN CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023

Principal risks and uncertainties
 
 The Company is exposed to the below-noted salient risks and uncertainties:
 
1. The non-conversion of limited appointments such as Pre-Construction Services Agreements and Letters of Intent into full building contracts, resulting in anticipated sales being lost
 
2. The incurrence of non-recoverable delays resulting in financial losses
 
3. Client default in respect of payment 
 
4. Breach of health and safety legislation and or statutory obligations resulting in financial losses and reputational damage 
 
5. The loss of key team members 
 
6. Price increases impacting upon profitability
 
7. Economic downturn 
 
Whilst the above are recognised as risks and uncertainties, the Director’s actively manage the same to prevent and or minimise any adverse effects. 
 

Financial key performance indicators
 
 The Company’s sales have increased in the period from £27.1m to £46m providing for a 70% increase. 
 
Total Gross Profitability has also increased to £4.3m and this, equating to 9.4% of sales.  
 
Operating profit is stated in the sum of £739k, equating to 1.6% of sales. 
 
Administrative costs have increased by 11% to an amount of £3.60m at around 8% of sales. 
  
We continue to strive to optimise returns from increased sales, controlled growth and well managed cost and risk profiles. 
  
Cash reserves are stated at £2.79m. 
 


This report was approved by the board on 22 December 2023 and signed on its behalf.



C P Grace
Director

Page 2

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 MARCH 2023

The directors present their report and the financial statements for the year ended 29 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 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 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £621,198 (2022 - £545,200).

There was dividends paid in the year amounting to £3,500,000 (2022 : £nil)

Directors

The directors who served during the year were:

J P Gilsenan 
C P Grace 
R Stockwell (resigned 31 May 2022)

Future developments

See strategic report.

Page 3

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 December 2023 and signed on its behalf.
 





C P Grace
Director

Page 4

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN CONSTRUCTION LIMITED
 

Opinion


We have audited the financial statements of Westgreen Construction Limited (the 'Company') for the year ended 29 March 2023, which comprise the Profit and Loss Account, the Statement of Financial Position, the 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 Company's affairs as at 29 March 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.


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 Company 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 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.


Page 5

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN CONSTRUCTION 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 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.


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 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.


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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN CONSTRUCTION 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 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:

- Enquiry of management and those charged with governance around actual and potential litigation and
claims;
- Enquiry of management and those charged with governance to identify any instances of non-compliance
with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant


The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including
financial reporting legislation (including related companies legislation), distributable profits legislation and
taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our
procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance the
imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering and employment law compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation. 
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.


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
Page 7

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN CONSTRUCTION LIMITED (CONTINUED)


Auditors' Report.


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.





Karanjit Gill (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
Becket House
36 Old Jewry
London

22 December 2023
Page 8

 
WESTGREEN CONSTRUCTION LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
46,003,388
27,125,636

Cost of sales
  
(41,661,556)
(23,213,080)

Gross profit
  
4,341,832
3,912,556

Administrative expenses
  
(3,601,937)
(3,231,432)

Other operating income
 5 
-
2,092

Operating profit
 6 
739,895
683,216

Interest payable and similar expenses
 10 
-
(20)

Profit before tax
  
739,895
683,196

Tax on profit
 11 
(118,697)
(137,996)

Profit for the financial year
  
621,198
545,200

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
WESTGREEN CONSTRUCTION LIMITED
REGISTERED NUMBER: 03757739

STATEMENT OF FINANCIAL POSITION
AS AT 29 MARCH 2023

29 March
31 March
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
40,640
39,819

  
40,640
39,819

Current assets
  

Debtors
 14 
13,232,566
8,016,497

Cash at bank and in hand
 15 
2,796,824
5,251,879

  
16,029,390
13,268,376

Creditors: amounts falling due within one year
 16 
(14,719,649)
(8,198,368)

Net current assets
  
 
 
1,309,741
 
 
5,070,008

Total assets less current liabilities
  
1,350,381
5,109,827

Provisions for liabilities
  

Deferred tax
 17 
-
(1,156)

Other provisions
 18 
(690,446)
(1,542,127)

  
 
 
(690,446)
 
 
(1,543,283)

Pension liability/asset
  
10,441
(17,366)

Net assets
  
670,376
3,549,178


Capital and reserves
  

Called up share capital 
  
500
500

Capital redemption reserve
 20 
834
834

Profit and loss account
 20 
669,042
3,547,844

  
670,376
3,549,178


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2023.




C P Grace
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
WESTGREEN CONSTRUCTION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
500
834
3,547,844
3,549,178


Comprehensive income for the year

Profit for the year

-
-
621,198
621,198


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
621,198
621,198


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,500,000)
(3,500,000)


Total transactions with owners
-
-
(3,500,000)
(3,500,000)


At 29 March 2023
500
834
669,042
670,376


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
WESTGREEN CONSTRUCTION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2021
500
834
3,002,644
3,003,978


Comprehensive income for the year

Profit for the year

-
-
545,200
545,200
Total comprehensive income for the year
-
-
545,200
545,200


Total transactions with owners
-
-
-
-


At 31 March 2022
500
834
3,547,844
3,549,178


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

1.


General information

Westgreen Construction Limited is a private limited company by shares incorporated in england and Wales. The registered office is 55 Whitfield Street, London, W1T 4AH.
The principal activity of the company is the provision of construction services.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

 Going concern basis

The directors consider it appropriate to prepare the financial statements on a going concern basis. The directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

Page 13

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

2.Accounting policies (continued)

  
2.3

Exemptions for qualifying entities under FRS 102

The company has taken advantage of the following disclosure exemptions in preparing these
financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland":
      - the requirements of Section 7 Statement of Cash Flows;
      - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
      - the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21
and 26.23.
This information is included in the consolidated financial statements of Westgreen Holdings Limited as at 31st March 2023 and these financial statements may be obtained from Companies House, 4 Abbey Orchard Street, London, SW1P 2HT.
As the consolidated financial statements of Westgreen Holdings Limited include the equivalent disclosures, the Company has also taken the exemptions under FRS 102 available in respect of the following disclosures:
The disclosures required by FRS102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.
The Company proposes to continue to adopt the reduced disclosure framework of FRS 102 in its next financial statements.
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed.

 
2.4

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for construction services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 
2.5

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.

Page 14

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

2.Accounting policies (continued)

  
2.6

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. 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. Variations in contract work, claims and provisions 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 costs are recognised as expenses in the period in which they incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

 
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.

Page 15

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

2.Accounting policies (continued)

 
2.8

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.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of Financial Position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 16

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

2.Accounting policies (continued)

 
2.9

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.

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

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

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligationat the reporting end date, taking into accountthe risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Profit and Loss Account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 18

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

 
2.16

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.


Judgments in applying accounting policies 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Accrued income
The company includes an adjustment to turnover in the accounts based on the stage of completion of each contract. When calculating the accrued income, management takes into accountamounts recoverable on contracts, accruals and provisions with regards to claims.
Provisions
Provisions are created against individual contracts where additional costs are expected from a past event. Calculation of provisions require a degree of estimation.

Page 19

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

4.


Turnover

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


2023
2022
£
£

Construction services
46,003,388
27,125,636

46,003,388
27,125,636


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
-
2,092

-
2,092



6.


Operating profit

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

2023
2022
£
£

Other operating lease rentals
563,062
327,965

Depreciation of owned tangible assets
11,157
13,273


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,000
20,475

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 20

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
6,109,397
3,388,914

Social security costs
740,724
406,788

Cost of defined contribution scheme
149,046
99,559

6,999,167
3,895,261


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


        2023
        2022
            No.
            No.







Employees
75
43


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
465,744
478,100

Company contributions to defined contribution pension schemes
21,900
27,250

487,644
505,350


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £221,216 (2022 - £237,600).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,500 (2022 - £10,000).


10.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
-
20

-
20

Page 21

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
182,348
137,996


182,348
137,996


Total current tax
182,348
137,996

Deferred tax


Origination and reversal of timing differences
(63,651)
-

Total deferred tax
(63,651)
-


Taxation on profit on ordinary activities
118,697
137,996

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 ) 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
739,895
683,196


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
140,580
-

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,928
11,757

Capital allowances for year in excess of depreciation
-
(3,925)

Utilisation of tax losses
-
18,408

Other timing differences leading to an increase (decrease) in taxation
(1,154)
129,807

Adjustment to tax charge in respect of previous periods - deferred tax
(28,497)
(11,212)

Remeasurement of deferred tax for changes in tax rates
(8,160)
(6,839)

Total tax charge for the year
118,697
137,996

Page 22

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred
tax assets and liabilities have therefore been remeasured at 25%.


12.


Dividends

29 March
31 March
2023
2022
£
£


Dividends analysis
3,500,000
-

3,500,000
-


13.


Tangible fixed assets







Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
49,100
5,322
54,422


Additions
-
11,978
11,978



At 29 March 2023

49,100
17,300
66,400



Depreciation


At 1 April 2022
12,275
2,328
14,603


Charge for the year on owned assets
9,206
1,951
11,157



At 29 March 2023

21,481
4,279
25,760



Net book value



At 29 March 2023
27,619
13,021
40,640



At 31 March 2022
36,825
2,994
39,819

Page 23

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

14.


Debtors


29 March
31 March
2023
2022
£
£



Trade debtors
2,354,300
1,759,420

Amounts owed by group undertakings
1,000,000
-

Other debtors
5,007
24,698

Prepayments and accrued income
3,371,869
946,784

Amounts recoverable on long term contracts
6,438,895
5,285,595

Deferred taxation
62,495
-

13,232,566
8,016,497



15.


Cash and cash equivalents

29 March
31 March
2023
2022
£
£

Cash at bank and in hand
2,796,824
5,251,879

2,796,824
5,251,879



16.


Creditors: Amounts falling due within one year

29 March
31 March
2023
2022
£
£

Trade creditors
3,361,638
1,987,126

Corporation tax
277,134
165,808

Other taxation and social security
786,221
737,816

Other creditors
1,837,196
1,225,838

Accruals and deferred income
8,457,460
4,081,780

14,719,649
8,198,368


Page 24

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

17.


Deferred taxation






2023


£






At beginning of year
(1,156)


Charged to profit or loss
63,651



At end of year
62,495

The deferred taxation balance is made up as follows:

29 March
31 March
2023
2022
£
£


Tax losses carried forward
(1,156)
(1,156)

Deferred Tax movement
63,651
-

62,495
(1,156)

Page 25

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

18.


Provisions






Provision on loss making contracts

£





At 1 April 2022
1,542,127


Charged to profit or loss
(851,681)



At 29 March 2023
690,446

Other provisions relate to estimated costs that it is probable the company will pay in relation to its contracts, but which have not yet been confirmed.


19.


Share capital

29 March
31 March
2023
2022
£
£
Allotted, called up and fully paid



500 (2022 - 500) Ordinary shares of £1.00 each
500
500



20.


Reserves

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £149,046 (2022 - £99,560. Contributions totalling £10,441 (2022 - £17,366) were payable to the fund at the reporting date and are included in creditors.


22.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.

Page 26

 
WESTGREEN CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023

23.


Related party transactions

During the year the company paid rent amounting to £27,000 (2022: £27,000) to S Gilsenan, a former shareholder of the company and direct familial relation of J P Gilsenan, for the use of a property owned by S Gilsenan for storage.
During the year the company incured some cost and refunds which resulted in a net position of a refund due to the deposits from authorities and utilities of £34,677 (2022: £32,273 costs) in respect of construction services provided on properties owned privately by J P Gilsenan and his family. The company has recognised accrued income in total of £2,462,861 (2022: £2,270,438) in respect of these services which is included within gross amounts due from contract customers reported in debtors. Post year end J P Gilsenan paid £2,462,861 in respect of the amount owed.
J P Gilsenan is a designated member of Westgreen Property investment LLP. During the year, the company credited Westgreen Property Investment LLP £Nil (2022: £610,755) for construction services carried out on properties held by Westgreen Property Investment LLP.   


24.


Controlling party

The immediate parent company is Westgreen Holdings Limited, a company registered in England and Wales. The ultimate controlling party is J P Gilsenan.
Westgreen Holdings Limited is the parent of the smallest and largest group to consolidate these financial statements.
Copies of the consolidated financial statements of Westgreen Holdings Limited may be obtained from Companies House. 

Page 27