Registered number:
FOR THE YEAR ENDED 31 MAY 2023
Whitings LLP
Chartered Accountants & Business Advisers
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY
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CLARET CIVIL ENGINEERING LIMITED
COMPANY INFORMATION
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CLARET CIVIL ENGINEERING LIMITED
CONTENTS
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CLARET CIVIL ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
The directors present their strategic report for the year ended 31 May 2023.
The directors are pleased with the performance of the company.
Turnover increased by 34% in the period. The company continued to navigate a changing economic climate and faced challenges due to the cost of living crisis such as increased direct costs. However, the company maintained its ability to react to changes as they arose remaining profitable throughout the year. The directors are continuing to streamline the business, including continued investment in technology and innovative solutions. During the year the company has also invested heavily in plant and equipment, in order to facilitate continued expansion and growth. Given the factors referred to above the directors are pleased with the performance of the company and the profit before tax reported. This profit together with consistent careful cash flow management leaves the company in a good position at the end of the reporting period with strong cash balances. The company has an excellent forward order book, and the directors are confident that they can build on the strong foundation created and continue to enjoy working with a number of blue-chip clients. The company continues to work towards a sustainable future as they develop new technology and are involved in several initiatives to form sound workforce resilience. These include our significant involvement and leadership within the following further education programmes: Apprenticeships, T Levels, and Training School alongside our clients. Promotion and celebration of good practice, development and progression is key to our business and we thank our staff for another successful year.
The commercial environment is expected to remain competitive, particularly in respect of client affordability challenges and the imminent commencement of new investment cycles within the water industry. However the directors remain confident of delivering against the company’s growth objective.
The directors recognise the need to ensure the ready availability of suitably skilled resources to underpin the delivery capability of the business and will look to facilitate adequate development pathways for individuals within the company and for those who arrive with us. The company is exposed to credit risk which is mitigated through careful management including credit checks in respect of new clients and the setting of credit limits.
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CLARET CIVIL ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
The company’s key performance indicators are turnover, gross profit margin and operating profit.
Turnover increased during the period by 34%, compared with the previous year. The gross profit for the year saw an increase from £4,883,728 to £5,784,269 in this reporting period, and operating profit remained strong. Future development strategy The company will be continuing to invest in technology, innovation equipment, all leading to greener solutions reducing Carbon impact.
This report was approved by the board and signed on its behalf.
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CLARET CIVIL ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
The directors present their report and the financial statements for the year ended 31 May 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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 £994,777 (2022 - £1,212,058).
The directors who served during the year were:
Future developments are included in the Strategic Report.
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CLARET CIVIL ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
There have been no significant events affecting the Company since the year end.
The auditors, Whitings LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CLARET CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLARET CIVIL ENGINEERING LIMITED
We have audited the financial statements of Claret Civil Engineering Limited (the 'Company') for the year ended 31 May 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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.
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CLARET CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLARET CIVIL ENGINEERING LIMITED (CONTINUED)
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.
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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CLARET CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLARET CIVIL ENGINEERING 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.
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 around actual and potential litigation and claims;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias.
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.
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CLARET CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLARET CIVIL ENGINEERING LIMITED (CONTINUED)
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
Greenwood House
Greenwood Court
Skyliner Way
Suffolk
IP32 7GY
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CLARET CIVIL ENGINEERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
REGISTERED NUMBER: 02988261
BALANCE SHEET
AS AT 31 MAY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 26 form part of these financial statements.
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CLARET CIVIL ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Claret Civil Engineering Limited is a private company limited by shares and is incorporated in England and Wales.
The address of its registered office is Old Mission House, St Botolph's Lane, Bury St Edmunds, Suffolk, IP33 2AX. The company provides civil engineering services.
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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.
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets:- The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Valuation of amounts recoverable on contracts:- The directors review ongoing contracts at the balance sheet date and use experience and relevant knowledge to assess profits to be recognised when assessing the amounts recoverable on contracts. Impairment of debtors:- The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, its financial circumstances, the ageing profile of debtors and historical experience.
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
12.Taxation (continued)
The main rate of UK corporation tax increased from 19% to a rate between 19% and 25% with effect from 1 April 2023. The corporation tax charge for the year has been calculated at these rates. The deferred tax liability has been provided at 25%.
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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CLARET CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Capital redemption reserve
Profit and loss account
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 £147,649 (2022 - £120,442). Contributions totalling £17,271 (2022 - £15,227) were payable to the fund at the balance sheet date.
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