Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
The directors present their strategic report for the year ended 31 July 2023.
The principal activities continue to be that of Groundworks, Infrastructure and Civil Engineering, working primarily in the house building sector.
Turnover has increased by 1.2% (increase 2022 - 10.4%), and the gross profit margin has increased slightly from 22.0% to 24.3%. The operating profit margin has decreased slightly from 11.5% to 10%. During the year labour and material costs have been subject to increases, largely because of a general shortage of skilled workers in the sector and inflationary pressures. To date the effects of this have been mitigated by requesting shorter fixed priced periods from our clients and increasing tender prices, but in the medium term it will be more difficult to maintain current profit levels. However, the Company has increased shareholders' funds by £4.6 million to £30.8 million and this, together with a strong forward order book, puts the Company in a good position to cope with any future volatility in the economy and the housing market. The business is always looking to the future and in October 2023 completed the build of a new office and plant yard.
The profit for the year, after taxation, has decreased from £8,867,785 to £7,818,327.
Management continually monitors the key risks facing the Company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.
The principal risks and uncertainties facing the Company are as follows: Economic downturn The Company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining. Competitor pressure The market in which the Company operates is considered to be competitive, and therefore competitor pressure could result in losing sales to key competitors. The Company manages this risk by providing quality services and maintaining strong relationships with its key customers. Fluctuations in the UK property market The Company's business is largely focused in the residential sector. There are a number of factors beyond the Company's control that could adversely affect the residential construction market and the number of homes being built. This risk is managed by ensuring a strong capital base coupled with a flexible labour force that can respond to market fluctuations.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Availability of materials, subcontractors and suppliers
The Company's business is dependent upon the availability of materials and the availability, competence and consistency of subcontractors and skilled labour. An increase in the cost of materials could adversely affect the Company's margins, while a decrease in availability could lead to projects being delayed. At the same time, such changes could affect the Company's ability to submit appropriate tenders at the appropriate price level. However, competitors will be similarly affected, and the Company’s strong relationships with customers and strong financial base should enable this risk to be mitigated. Ability to recruit and retain key personnel The Company's success depends on its ability to recruit, retain and motivate high-quality senior management and other personnel with extensive experience and knowledge of the construction industry. Steps taken to manage and mitigate this risk are detailed in our Section 172 Statement. Contractual risk The Company works under a number of contract forms subject to sector and client. The contracts may be very complex, have effect over a long period of time and be subject to terms which may be regarded as onerous. We therefore assess each contract prior to commencement to agree content and mitigate risk. Our long-term relationships and familiarity with most contract types are significant factors in managing this risk.
The following financial key performance indicators are discussed in detail in the “Business Review” section of this report:
Turnover growth Gross profit margin Net profit margin Shareholders funds Our non financial key performance indicators are: Environmental We, as a building and civil engineering contractor, recognise our responsibility to protect the environment. Our commitment to this objective is demonstrated by proactively adopting the following principles: • Comply with relevant legislation, client and other requirements that apply to all our work activities as a minimum. • Communicate with all parties involved to ensure minimal environmental impact and provide, where possible, environmental enhancement. • Identify and evaluate the environmental aspects of all projects which the Company undertake. There were no incidents during the current or previous period indicating that the Company remains compliant and competent. Health and safety We are committed to ensuring the health, safety and welfare of its employees and that of other persons who may be affected by our activities. A safety advisor is directly employed to ensure our compliance with statutory regulations and to promote a culture of safety first within the organisation. All employees are provided with information, instruction and training as necessary to enable the safe performance of work activities. Employees are consulted on all matters that affect their health, safety and welfare. There were no major incidents during the current or previous periods. External audits show that the Company remains compliant and competent.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Training
A training database is utilised to ensure that all employee’s training needs are met and updated as necessary. We are committed to the CSCS card scheme and currently 98% of all employees have a CSCS/CPCS card, or both. All of our Contracts Managers have the SMSTS qualification, and a number of our supervisors have the SSSTS qualification. All our supervisors hold a CSCS supervisors’ card.
The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') applying to periods beginning on or after January 2019, require directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of the Company under S172. This S172 statement explains how Buxted Construction Limited directors have;
1) engaged with employees, suppliers, customers and others: and 2) had regard to employee interests, the need to foster the Company's business relationships with suppliers, customers and other, and the effect of that regards, including on the principal decisions taken by the Company during the financial year. The S172 statement focuses on matters of strategic importance to Buxted Construction Limited, and the level of information disclosed is consistent with the size and complexity of the business. General confirmation of directors' duties When making decisions, each director ensures that he acts in a way he considers, in good faith, would most likely promote the Company's success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to. Section 172(1)(A) "The likely consequences of any decision in the long term" The directors understand the business and the evolving environment in which they operate, including the challenges of delivering high quality projects within a cost budget plan. The strategy set by the Board is intended to strengthen our position as a leading construction Company while keeping safety and social responsibility fundamental to our business approach. Section 172(1)(B) "The interests of the company's employees" The directors recognise that Buxted Construction Limited's employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the directors' factor the implications of decisions on employees and the wider workforce, where relevant and feasible. Section 172(1)(C) "The need to foster the company's business relationships with suppliers, customers and others" Delivering our strategy requires strong mutually beneficial relationships with customers and suppliers. Buxted Construction Limited seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into and remain in such relationships which are reviewed and approved periodically. Section 172(1)(D) "The impact of the company's operations on the community and the environment" This aspect is inherent in our strategic ambitions, most notably a review of the significant effects of operations on the environment. The review covers the direct and indirect effect, short, medium and long term, permanent and temporary effects of operations. Section 172(1)(E) "The desirability of the company maintaining a reputation of high standards of business conduct" The Company is proud of its status as a preferred supplier and the Board monitors compliance and operating practices to ensure that this is maintained. Section 172(1)(F) "The need to act fairly as between members of the company" After weighing up all relevant factors, the directors consider which course of action best enables delivery of our strategy through the long term, taking in to account the impact on stakeholders. In doing so, the directors act fairly between the Company's members but are not required to balance the Company interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
From the perspective of the directors, as a result of the Company structure, the matters that the directors are responsible for considering under section 172 have been considered to an appropriate extent. The directors have considered relevant matters where appropriate, to the extent necessary for an understanding of the development, performance and position of the Company.
The Company operates a treasury function which is responsible for managing the liquidity and interest rate risks associated with the Company's activities.
The principal risks to which the Company is exposed are market risk including interest rate, credit and liquidity risk. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Investments of cash surpluses and borrowings are made through banks and companies approved by the board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for bad and doubtful debts. Liquidity risk Liquidity risk arises from the Company's management of working capital and finance charges. The Company policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances to meet expected requirements based on weekly and monthly Forecasts. Fair values of financial assets and liabilities The directors consider that the carrying values of all the Company's financial assets and liabilities approximate their fair values as at the balance sheet date.
This report was reviewed by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
The directors present their report and the financial statements of the company for the year ended 31 July 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements of the company in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements of the company for each financial year. Under that law the directors have elected to prepare the financial statements of the company 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 of the company 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 of the Company, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 of the company 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 of the company 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.
The profit for the year, after taxation, amounted to 7,818,327 (2022 - £8,867,785).
During the period under review the directors recommended dividends of £60 per share (2022 - £60).
The directors who served during the year were:
With the recent increase in interest rates added to inflationary pressures we are expecting a slow down in the number of houses built this year. As a result of this we would expect turnover to decrease through to July 2024. We have positioned ourselves to be able to react should the market be worse than expected, however with strong underlying demand for housing within the UK we expect this cycle to change over the longer turn.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Like all companies, we rely on our staff and operatives to deliver the good service that our clients require.
We aim to provide a supportive working environment where all staff are treated with respect in order that we can attract and retain the best available personnel in the industry. We have a committed and loyal workforce and enjoy a very low turnover of staff.
The directors consider the principles of equality and diversity to be extremely important. All applications for jobs are considered fully based on the skills required to carry out the job, irrespective of sex, sexual orientation, race, colour, age, disability, nationality or marital/civil partnership status.
Full consideration is given to the diverse needs of our employees and potential recruits.
Giving things back to our local and wider communities remains a core value for our business. Our CSR covers our relationships with charities, our employees' quality of life and their environment.
We donate a considerable percentage of our profits to local charities and good causes as well as national and international charities. We carry out, attend and support numerous events throughout the year and intend to continue this support in the future.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
As permitted by Paragraph 1A of Schedule 7 to the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 1 to 4. These matters relate to the review and analysis of the business during the year.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED
We have audited the financial statements of Buxted Construction Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED)
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.
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were the most significant including:
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK tax legislation;
−UK health and safety legislation; and
−General Data Protection Regulations
∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
−Identifying and assessing how the design effectiveness of controls management has in place to prevent and detect fraud;
−Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
−Challenging assumptions and judgements made by management in its significant accounting estimates; and
−Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
−The application of inappropriate judgements or estimation to manipulate the Company's financial position, particularly with regard to potential management bias in accounting for long term contracts;
−Posting of unusual journals and complex transactions;
−The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests; and
−The existence of assets on sites which may be susceptible to misappropriation.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED)
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
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STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 28 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Buxted Construction Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. The principal place of business is: Buxted House, London Road, West Kingsdown, Sevenoaks TN15 6AR.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The performance obligations and transaction price are determined within contracts between the customer and the Company. Each contract has one performance obligation, the provision of specific construction activities for residential developments. Contract modifications are added to existing contracts when they are extensions to the original contracts. The revenue is recognised over time as the Company's performance of its obligations creates or enhances an asset that the customer controls. Payment of the transaction price is typically due in a number of stage payments throughout the term of the contract. Turnover is recognised over the period of the contract by reference to the stage of completion. The stage of completion is measured by reference to the valuation of the work completed as a percentage of the total contract value. Contract costs are recognised as expenses when they are incurred. When it is probable that total costs will exceed total contract revenue the expected loss is recognised immediately.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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:
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.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Statement of comprehensive income 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 Statement of comprehensive income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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.
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.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and judgements; Recoverability of debt and contract assets As part of the process of gaining new business it is necessary to carry out checks on the organisation for which the Company will carry out work. The value of the individual contracts is substantial, and the risk of default is always present, so the estimates made of non recoverability of the debt and expected credit losses by the directors is critical. Profitability of contracts Individual contracts are negotiated so as to provide a reasonable return to the Company. The calculation of the margin to be achieved and the pricing set by the directors is of paramount importance to the success of the Company. The directors make an accounting estimate which is an assessment on the profitability and margin of contracts.
The turnover and profit before taxation is attributable to the one principal activity of the Company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
12.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
The 2023 valuations were made by R. M. Ruthven and Belvoir Agents, on an open market value for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Revaluation reserve
Other reserve
Profit and loss account
The ultimate controlling party is R. M. Ruthven.
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