Registration number:
Creagh Concrete Products Limited
for the Year Ended 30 September 2023
Creagh Concrete Products Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Creagh Concrete Products Limited
Company Information
Directors |
Mr Seamus McKeague Mr Gerard McKeague Mr Patrick McKeague Mrs Lorna McMullan Mr William Doherty Mr James McKeague Mr Eunan Rafferty Mr Terence Rosbotham Mrs Catherine Keenan Mr Mark Magill Mr Mark Gilliland Mr Henry Doherty |
Company secretary |
Mrs Catherine Keenan |
Registered office |
|
Solicitors |
|
Auditors |
|
Creagh Concrete Products Limited
Strategic Report for the Year Ended 30 September 2023
The directors present their strategic report for the year ended 30 September 2023.
Principal activity
Established in 1976, the group has grown to become one of the largest and most innovative purveyors of concrete products for a diverse range of market sectors throughout the UK and Ireland.
The group has evolved from a regional product supplier to a national specialist sub-contractor to some of the largest commercial and residential construction companies in the UK, providing a holistic service of engineering design, manufacture, delivery and installation of structural, flooring, façade and other concrete products.
Fair review of the business
The group's results represent a significant improvement in financial performance.
Whilst turnover levels showed a modest increase from £113m in 2022 to £116m, the significant statistic is an increase in profit before tax from £0.5m in 2022 to £5.0m. This dramatic improvement derived from procedures implemented in the previous year to improve cost control, productivity and contract risk assessment and management resulting in a more stringent approach to selecting new contracts.
The results for the year ended 30 September 2023 record a profit after tax of £4,193,415 (2022 - £379,843).
The group's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£'m |
115.99 |
113.04 |
Gross profit |
£'m |
43.97 |
41.30 |
Gross margin |
% |
37.91 |
36.53 |
EBITDA |
£'m |
9.05 |
4.05 |
Profit before tax |
£'m |
5.03 |
0.50 |
Current assets as a percentage of current liabilities |
% |
111.65 |
90.51 |
Principal risks and uncertainties
The group’s operations expose it to a variety of business and financial risks. The group has in place a risk management programme that seeks to limit adverse effects on its financial performance. The principal risks and uncertainties affecting the group are considered to relate to competition from national and local competitors, products' liability, contracts' pricing and performance, health and safety, as well as unprecedented raw material and energy price increases. The group continually reviews its financial position to ensure there are sufficient resources and access to working capital facilities in order to meet current and potential future financial demands, and is committed to a safe working environment managed through strong promotion of a health and safety culture, well-defined health and safety policies and procedures, and regular onsite inspections.
Financial instruments
Objectives and policies
The group's operations expose it to a variety of financial risks that include price, credit, foreign exchange risk, interest rate risk and liquidity and cash flow risk. The group has in place a risk management programme that seeks to limit adverse effects on its financial performance.
Creagh Concrete Products Limited
Strategic Report for the Year Ended 30 September 2023 (continued)
Price risk, credit risk, foreign exchange risk, interest rate risk and liquidity risk and cash flow risk
Price risk
The group is exposed to certain commodity price risks as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.
Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made, together with credit insurance cover on certain debts. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.
Foreign exchange risk
The operations of the group are mainly in the United Kingdom, and as a result its direct exposure to foreign exchange risk is limited.
Interest rate risk
The group is exposed to interest rate movements on its bank loans with variable interest rates. These are monitored by the directors.
Liquidity and cash flow risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for its operations and planned expansions. Long term debt finance renewal is well progressed but not completed at this date. The director's are confident that this will be resolved in the incoming months.
Section 172(1) statement
The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the group for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to:
a) the likely consequence of any decision in the long term
b) the interest of the group's employees
c) the need to foster the group's business relationships with suppliers, customers and others
d) the impact of the group's operations on the community and the environment
e) the desirability of the group maintaining a reputation for high standards of business conduct
f) the need to act fairly as between members of the group.
The Directors have had regard to the matters set out in sections 172(1)(a)-(f) when discharging their section 172 duties.
The Board are the custodians of the group, with a responsibility to create and sustain long-term value for shareholders and stakeholders by directing the affairs of the group and meeting its legitimate interests. Under this guiding principle, the Board are committed to ensure that our group values of customer-focus, respect, expertise, accountability, genuine and helpful (CREAGH) are upheld at all times, thereby maintaining our competitive advantage and protecting long-term value. In fulfilling the Board’s principal responsibility, our business strategy is reviewed on an ongoing basis and annual business operating plans are reviewed and approved by the Board to ensure alignment with the vision, aims and objectives of the group.
Creagh Concrete Products Limited
Strategic Report for the Year Ended 30 September 2023 (continued)
Engagement with employees
The Board understands the importance of our employees to the long-term success and sustainability of the group, and has invested in a Skills Growth Programme (SGP) and operation of several group academies to nurture and develop CAD, site management, leadership and other specific skills.
Engagement with suppliers, customers and other relationships
The Board understands that the impact of our operations is measured not just in the quality of products manufactured, delivered and installed, but in the longer-term impact on the environment, communities and people. The Board are cognisant of the effect our operations have upon local communities and we aim to make a positive contribution to those local communities through the use, where possible, of local labour and materials and supply chain partners, supporting local educational initiatives and encouraging our employees to be active and positive participants in their local communities. The Board believes that working in partnership with customers, suppliers, subcontractors and other partners in a more sustainable way enables us to find practical, safer methods of operating which will deliver improved performance and best value.
Approved and authorised by the
......................................... |
Creagh Concrete Products Limited
Directors' Report for the Year Ended 30 September 2023
The directors present their report and the consolidated financial statements for the year ended 30 September 2023.
Results and dividends
The group has reported a comprehensive profit of £4,193,415 for the year ended 30 September 2023. The directors do not recommend a dividend for the year. Retained earnings carried forward are £13.81m (2022 - £9.62m).
Directors of the group
The directors who held office during the year were as follows:
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.
Employee involvement
Consultation with employees has continued at all levels, with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
Creagh Concrete Products Limited
Directors' Report for the Year Ended 30 September 2023 (continued)
Environmental report
Emissions and energy consumption
Creagh Concrete Products Limited meets the qualifying criteria for ‘large’ unquoted companies under the Companies (Director’s Report) and LLP (Energy and Carbon Report) Regulations 2018.
For the reporting period, 1 October 2022 to 30 September 2023, the group’s energy consumption and associated carbon emissions have been assessed for all UK operations in accordance with UK Government Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting (SECR) guidance, March 2019. The operational boundary includes all minimum SECR requirements for large unquoted companies, namely UK electricity, gas and transport fuels for which the group is responsible, plus diesel, kerosene and waste wood. The methodology used to calculate carbon emissions is the WBCSD/WRI Greenhouse Gas Protocol: a corporate accounting standard: revised edition. UK Government greenhouse gas emissions conversion factors for 2023 have been applied and an operational control approach has been taken. Scope 2 emissions from purchased electricity have been calculated using the location-based approach.
The group's total energy consumption for the year ended 30 September 2023 within the SECR operational boundary is 39,601,204 kWh, which compares to 42,548,970 kWh total energy consumption for the previous year ended 30 September 2022.
The total carbon emissions for the year ended 30 September 2023 associated with the reported energy use are 9,685.9 tonnes CO2e, compared to 10,573.5 tonnes CO2e in the previous reporting period. The table below presents the breakdown by scope.
Summary of greenhouse gas emissions and energy consumption for the year ended 30 September 2023:
Scope and description |
Metric |
2023 |
2022 |
Scope 1 - Emissions |
tCO2e |
|
|
Scope 2 - Emissions (location-based) |
tCO2e |
|
|
Scope 3 - Leased assets and business travel where responsible for fuel |
tCO2e |
|
|
Intensity ratio
|
The group has undertaken a range of energy efficiency actions during the year. These include:
• Introduction of energy efficient loading shovels and excavators.
• Improved out of hours equipment switch-off
• Upgraded power factor correction equipment
• A new air compressor
• Reduced compressed air leakage
• Upgrade of lighting to LED
• Installation of lagging on steam pipework
• Upgrade to energy efficient motors and air conditioning equipment
• Continuing the move to automatic transmission vehicles in the HGV fleet.
Creagh Concrete Products Limited
Directors' Report for the Year Ended 30 September 2023 (continued)
Future developments
The performance in this financial year demonstrates significant improvement on the prior year. The directors are confident that the measures they have taken will ensure the continuing trajectory of increasing profitability in the future. Since the balance sheet date, the group's financial performance indicators continue to be positive.
The group has a strong order book and is working closely with all its stakeholders, including customers, supply chain and employees to deliver Creagh’s Strategic Vision.
The group refinanced its borrowings and secured increased finance facilities with new partners. These new facilities provide a strong foundation to support the working capital needs of the business and fund anticipated future growth.
Despite the economic head winds, the group's penetration within core markets for RapidRes and Spantherm demonstrate continued growth in the UK and Ireland. The contracted order book for 2024/25 and beyond is reassuring.
A strategy of selective bidding will be continued with a focus on its sectoral areas of expertise. With this approach, and taking cognisance of the uncertain economic environment, the group's expectations are for controlled growth in profitability.
Research and development
The group has continued to pursue research and development initiatives throughout the period, investing in, for example, innovative mix developments and developing new technologies to appreciably improve engineering and production processes.
Going concern
The group’s business activities and its financial position are described in the Strategic Report.
The group continually reviews its financial position to ensure there are sufficient resources and access to working capital facilities in order to meet current and potential future financial demands. Taking into consideration the ongoing contracts with customers and suppliers across different geographic areas and market sectors, the directors believe the group is able to manage its business risks successfully. The ongoing performance of the business after the balance sheet date has reinforced confidence in achieving its financial objectives.
The directors recognise that the current economic conditions globally reduces business activity and confidence. However in contrast, demand within the group's markets continues to be strong and the group's order book is robust.
After making enquiries, the directors are confident that the group has adequate resources in place, with sufficient headroom, for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Creagh Concrete Products Limited
Directors' Report for the Year Ended 30 September 2023 (continued)
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of McKeague Morgan & Company as auditors of the group is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
Creagh Concrete Products Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and 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; and |
• |
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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Creagh Concrete Products Limited
Independent Auditor's Report to the Members of Creagh Concrete Products Limited
Opinion
We have audited the financial statements of Creagh Concrete Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2023 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Creagh Concrete Products Limited
Independent Auditor's Report to the Members of Creagh Concrete Products Limited (continued)
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and 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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 Statement of Directors' Responsibilities [set out on page 9], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
On the basis of our understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. We also considered the principal laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, FRS 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the relevant UK tax compliance regulations.
• |
We made enquiries of management to understand how the company is complying with its legal and regulatory obligations. |
• |
We read the board minutes to determine whether any fraud or non-compliance had been identified by the company. |
Creagh Concrete Products Limited
Independent Auditor's Report to the Members of Creagh Concrete Products Limited (continued)
• |
We evaluated the susceptibility of the financial statements to material misstatement and discussed with management the areas where we believed risk of fraud may be higher and what procedures are in place to prevent or detect fraud or non-compliance. |
• |
We reviewed manual journal entries for any unusual postings. |
• |
We performed tests in areas where significant accounting estimates and judgements are made to assess their reasonableness. |
There are inherent limitations in the audit procedures described above. The further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Furthermore, the risk of material misstatement due to fraud is higher than the risk of material misstatement due to error, as fraud may involve deliberate concealment. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
27 College Gardens
BT9 6BS
Creagh Concrete Products Limited
Consolidated Profit and Loss Account
For the Year Ended 30 September 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
Creagh Concrete Products Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 30 September 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Creagh Concrete Products Limited
(Registration number: NI010644)
Consolidated Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,888 |
3,040 |
|
Capital redemption reserve |
392 |
240 |
|
Revaluation reserve |
4,801,982 |
4,801,982 |
|
Retained earnings |
13,811,346 |
9,617,932 |
|
Equity attributable to owners of the company |
18,616,608 |
14,423,194 |
|
Shareholders' funds |
18,616,608 |
14,423,194 |
Approved and authorised by the
......................................... |
Creagh Concrete Products Limited
(Registration number: NI010644)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,888 |
3,040 |
|
Capital redemption reserve |
392 |
240 |
|
Revaluation reserve |
4,801,982 |
4,801,982 |
|
Retained earnings |
13,971,560 |
9,699,972 |
|
Shareholders' funds |
18,776,822 |
14,505,234 |
The company made a profit after tax for the financial year of £4,271,589 (2022 - profit of £461,883).
Approved and authorised by the
......................................... |
Creagh Concrete Products Limited
Consolidated Statement of Changes in Equity
For the Year Ended 30 September 2023
Equity attributable to the parent company
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 October 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Purchase of own share capital |
(152) |
152 |
- |
(1) |
(1) |
At 30 September 2023 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 October 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
At 30 September 2022 |
|
|
|
|
|
Creagh Concrete Products Limited
Statement of Changes in Equity
For the Year Ended 30 September 2023
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 October 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Purchase of own share capital |
(152) |
152 |
- |
(1) |
(1) |
At 30 September 2023 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 October 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
At 30 September 2022 |
|
|
|
|
|
Creagh Concrete Products Limited
Consolidated Statement of Cash Flows
For the Year Ended 30 September 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease in trade debtors |
|
|
|
Decrease/(increase) in other debtors and prepayments |
350,018 |
(590,891) |
|
Decrease in trade creditors |
( |
( |
|
Increase/(decrease) in other creditors and accruals |
593,910 |
(184,430) |
|
(Decrease)/increase in provisions |
( |
|
|
(Decrease)/increase in deferred income, including government grants |
( |
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Proceeds from disposal of investments in joint ventures and associates |
- |
|
|
Net cash flows from investing activities |
( |
( |
Creagh Concrete Products Limited
Consolidated Statement of Cash Flows
For the Year Ended 30 September 2023 (continued)
Note |
2023 |
2022 |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments for purchase of own shares |
( |
- |
|
Repayment of bank borrowing |
( |
( |
|
Increase in utilisation of invoice discounting facility |
114,718 |
613,399 |
|
Proceeds from other borrowing draw downs |
- |
|
|
Repayment of other borrowing |
( |
( |
|
Proceeds from hire purchase contract draw downs |
1,868,360 |
770,528 |
|
Payments to finance lease creditors |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 October |
( |
( |
|
Cash and cash equivalents at 30 September |
3,518,852 |
(2,503,583) |
Creagh Concrete Products Limited
Statement of Cash Flows
For the Year Ended 30 September 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
(168,498) |
(30,718) |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease in trade debtors |
|
|
|
Decrease/(increase) in other debtors and prepayments |
350,018 |
(590,891) |
|
Decrease in trade creditors |
( |
( |
|
Increase in other creditors and accruals |
176,595 |
776,860 |
|
(Decrease)/increase in provisions |
( |
|
|
(Decrease)/increase in deferred income, including government grants |
( |
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Proceeds from disposal of investments in joint ventures and associates |
- |
|
|
Net cash flows from investing activities |
( |
( |
Creagh Concrete Products Limited
Statement of Cash Flows
For the Year Ended 30 September 2023 (continued)
Note |
2023 |
2022 |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments for purchase of own shares |
( |
- |
|
Repayment of bank borrowing |
( |
( |
|
Increase in utilisation of invoice discounting facility |
114,718 |
613,399 |
|
Proceeds from other borrowing draw downs |
- |
|
|
Repayment of other borrowing |
( |
( |
|
Proceeds from hire purchase contract draw downs |
1,868,360 |
770,528 |
|
Payments to finance lease creditors |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 October |
( |
( |
|
Cash and cash equivalents at 30 September |
3,518,850 |
(2,503,585) |
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2023.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The group made a profit of £5,028,681 before tax for the year. Since the year end the group continues to be profitable and significant profits are forecast for the remainder of the year.
At the year end the group had net assets of £18,616,608 (2022 - £14,423,194) and net current assets of £3,587,328 (2022 - net current liabilities of £3,736,229). The group obtained new finance facilities on 6 November 2023 which has provided additional headroom to manage the group's working capital requirements.
In the preparation of its financial projections the directors have considered the uncertainties presented by a difficult economic and business environment and remain confident about future trading outcomes. However there can be no certainty that the results will be as forecast.
Taking all matters into consideration, the directors consider that the group has sufficient cash and liquidity to meet its obligations as they fall due for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Contract revenue recognition
Contract revenue is measured by reference to the stage of completion of the contract at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold buildings |
2.5%-10% straight line |
Leasehold buildings |
5%-10% straight line |
Quarries |
10%-15% straight line |
Plant and machinery |
5%-25% straight line |
Commercial vehicles |
20%-25% straight line |
Motor vehicles |
20%-25% straight line |
Furniture, fittings and equipment |
5%-33% straight line |
Investment property
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
The liquor licence is carried at cost less any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Liquor licence |
Not amortised |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These 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 revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Useful economic life of tangible fixed 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 reassessed 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.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
3 |
Judgements and key sources of estimation uncertainty (continued) |
Amounts recoverable under contracts provision
The company considers the recoverability of the amounts receivable and the associated provisioning required. When calculating the provision, management considers the nature and condition of the works carried out.
Inventory provision
The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
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, the ageing profile of debtors and historical experience.
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Construction and concrete products |
|
|
Restaurant and bar |
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
|
|
The analysis of the government grants receivable by the group for the year is as follows:
2023 |
2022 |
|
Research and Development Expenditure Credit (RDEC) |
1,020,320 |
645,042 |
Other government grants |
197,392 |
14,000 |
1,217,712 |
659,042 |
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2023 |
2022 |
|
Gain on disposal of property, plant and equipment |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Exceptional item - legal proceedings costs |
297,691 |
250,000 |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
9 |
Staff costs (continued) |
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
Sales |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration (including social security and benefits in kind) |
|
|
Contributions paid to money purchase schemes |
|
|
1,330,258 |
1,236,840 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
51,500 |
43,500 |
Other fees to auditors |
||
All other non-audit services |
|
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
- |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
( |
Increase from effect of tax incentives |
|
|
Deferred tax expense from unrecognised tax loss or credit |
|
- |
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Tax increase from effect of unrelieved tax losses carried forward |
|
|
Total tax charge |
|
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
12 |
Taxation (continued) |
Deferred tax
Group
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Difference between accumulated depreciation and capital allowances |
- |
|
- |
|
Company
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Difference between accumulated depreciation and capital allowances |
- |
|
- |
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Intangible assets |
Group
Licenses |
Total |
|
Cost or valuation |
||
At 1 October 2022 |
|
|
At 30 September 2023 |
|
|
Carrying amount |
||
At 30 September 2023 |
|
|
At 30 September 2022 |
|
|
Company
Licenses |
Total |
|
Cost or valuation |
||
At 1 October 2022 |
|
|
At 30 September 2023 |
|
|
Carrying amount |
||
At 30 September 2023 |
|
|
At 30 September 2022 |
|
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Tangible assets |
Group
Freehold land and buildings |
Long leasehold land and buildings |
Short leasehold land and buildings |
Quarries |
Plant and machinery |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||||||
At 1 October 2022 |
|
|
|
|
|
|
|
|
Additions |
|
- |
- |
|
|
|
|
|
Disposals |
- |
- |
- |
- |
( |
- |
( |
( |
At 30 September 2023 |
|
|
|
|
|
|
|
|
Depreciation |
||||||||
At 1 October 2022 |
|
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
- |
( |
( |
At 30 September 2023 |
|
|
|
|
|
|
|
|
Carrying amount |
||||||||
At 30 September 2023 |
|
|
|
|
|
|
|
|
At 30 September 2022 |
|
|
|
|
|
|
|
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
14 |
Tangible assets (continued) |
Revaluation
The fair value of the group's freehold land and buildings, long leasehold land and buildings and quarry land were revalued in the 2021 year by professional independent valuers, Colliers, Knight Frank and Innes England.
Had these classes of assets been measured on a historical cost basis, the carrying amount would have been:
2023 |
2022 |
|
Freehold land and buildings |
7,851,167 |
8,200,985 |
Long leasehold land and buildings |
736,427 |
825,695 |
Quarries |
1,876,661 |
1,163,701 |
10,464,255 |
10,190,381 |
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Plant and machinery |
2,744,719 |
2,077,346 |
Motor vehicles |
826,182 |
849,724 |
3,570,901 |
2,927,070 |
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
14 |
Tangible assets (continued) |
Company
Freehold land and buildings |
Long leasehold land and buildings |
Short leasehold land and buildings |
Quarries |
Plant and machinery |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||||||
At 1 October 2022 |
|
|
|
|
|
|
|
|
Additions |
|
- |
- |
|
|
|
|
|
Disposals |
- |
- |
- |
- |
( |
- |
( |
( |
At 30 September 2023 |
|
|
|
|
|
|
|
|
Depreciation |
||||||||
At 1 October 2022 |
|
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
- |
( |
( |
At 30 September 2023 |
|
|
|
|
|
|
|
|
Carrying amount |
||||||||
At 30 September 2023 |
|
|
|
|
|
|
|
|
At 30 September 2022 |
|
|
|
|
|
|
|
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
14 |
Tangible assets (continued) |
Revaluation
The fair value of the company's freehold land and buildings, long leasehold land and buildings and quarry land were revalued in the 2021 year by professional independent valuers, Colliers, Knight Frank and Innes England.
Had these classes of assets been measured on a historical cost basis, the carrying amount would have been:
2023 |
2022 |
|
Freehold land and buildings |
6,889,635 |
7,239,453 |
Long leasehold land and buildings |
736,427 |
825,695 |
Quarries |
1,876,661 |
1,163,701 |
9,502,723 |
9,228,849 |
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Plant and machinery |
2,744,719 |
2,077,346 |
Motor vehicles |
826,182 |
849,724 |
3,570,901 |
2,927,070 |
Investment properties |
Group
2023 |
|
At 1 October |
|
At 30 September |
|
There has been no valuation of investment property by an independent valuer.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
15 |
Investment properties (continued) |
Company
2023 |
|
At 1 October |
|
At 30 September |
|
There has been no valuation of investment property by an independent valuer.
Investments |
Group
Details of undertakings
Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows (direct investment *):
Undertaking |
Registered office |
Principal activity |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
||||
Subsidiary undertakings |
|||||
|
38 Blackpark Road, Toomebridge, Co Antrim, BT41 3SL |
Commercial property investment |
|
|
|
Northern Ireland |
|||||
|
38 Blackpark Road, Toomebridge, Co Antrim, BT41 3SL |
Dormant company |
|
|
|
Northern Ireland |
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
16 |
Investments (continued) |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 October 2022 |
|
Carrying amount |
|
At 30 September 2023 |
|
At 30 September 2022 |
|
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Raw materials and consumables |
|
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
|
|
|
Debtors |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Gross amount due from customers for contract work |
|
|
|
|
|
|
|
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash at bank |
|
|
|
|
Bank overdrafts |
- |
( |
- |
( |
Cash and cash equivalents in statement of cash flows |
3,518,852 |
(2,503,582) |
3,518,850 |
(2,503,584) |
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts due to related parties |
- |
- |
|
|
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
Other payables |
|
|
|
|
|
Accruals |
|
|
|
|
|
Deferred income |
|
|
|
|
|
Loans from directors |
156,500 |
166,500 |
156,500 |
166,500 |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
|
Deferred income |
|
|
|
|
|
Other payables |
|
- |
|
- |
|
7,017,227 |
3,391,506 |
7,017,227 |
1,739,001 |
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Provisions for liabilities |
Group
Legal proceedings |
Deferred tax |
Total |
|
At 1 October 2022 |
|
- |
|
Additional provisions |
- |
|
|
Provisions used |
( |
- |
( |
At 30 September 2023 |
- |
|
|
|
Company
Legal proceedings |
Deferred tax |
Total |
|
At 1 October 2022 |
|
- |
|
Additional provisions |
- |
|
|
Provisions used |
( |
- |
( |
At 30 September 2023 |
- |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2,280 |
|
2,280 |
|
|
608 |
|
760 |
|
|
|
|
Reserves |
Group
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the group
Profit and loss account
This reserve records the retained earnings held by the group. This reserve is distributable in full.
Revaluation reserve
This reserve records the cumulative effect of property, plant and equipment revaluations. This reserve is non-distributable.
Company
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company
Profit and loss account
This reserve records the retained earnings held by the company. This reserve is distributable in full.
Revaluation reserve
This reserve records the cumulative effect of property, plant and equipment revaluations. This reserve is non-distributable.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
|
|
Hire purchase contracts |
|
|
|
|
Other borrowings |
- |
|
- |
- |
|
|
|
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
|
|
Bank overdrafts |
- |
|
- |
|
Invoice discounting |
2,183,755 |
2,069,037 |
2,183,755 |
2,069,037 |
Hire purchase contracts |
|
|
|
|
Other borrowings |
|
|
- |
- |
|
|
|
|
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
25 |
Loans and borrowings (continued) |
Post year end refinancing arrangements
The bank borrowings, invoice discounting facility and other borrowings that were in place at 30 September 2023 were replaced on 6 November 2023.
The non-current bank borrowings relates to the capital amount repayable on the renewed facilities falling due in more than one year.
Group and Company
A new term loan of £5,000,000, denominated in sterling, was arranged post year end. The loan is subject to a nominal interest rate of 5% above the Bank of England Base Rate and the final instalment is due in October 2033.
The company has provided a fixed charge over its freehold property and quarry lands and a floating charge over all assets and undertakings.
The company is due to make monthly capital repayments of £41,667 plus interest.
A replacement invoice discounting facility, denominated in sterling, was also arranged post year end. The new invoice discounting facility is subject to a nominal interest rate of 3.5% above the Bank of England Base Rate on its variable outstanding balance.
Amounts advanced under the invoice discounting arrangements are secured by an equitable assignment of book debts.
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Related party transactions |
Group
Loans to related parties
2023 |
Key management |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2022 |
Key management |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Terms of loans to related parties
Loans from related parties
2023 |
Key management |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2022 |
Key management |
Total |
At start of period |
- |
- |
Advanced |
|
|
At end of period |
|
|
|
Terms of loans from related parties
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
26 |
Related party transactions (continued) |
Company
Loans to related parties
2023 |
Key management |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2022 |
Key management |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Terms of loans to related parties
Loans from related parties
2023 |
Key management |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2022 |
Key management |
Total |
Advanced |
|
|
At end of period |
|
|
|
Terms of loans from related parties
Creagh Concrete Products Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)
Parent and ultimate parent undertaking |
The ultimate controlling parties are Messrs Gerard, Seamus and Patrick McKeague who beneficially own 100% of the ordinary A shares.