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COMPANY REGISTRATION NUMBER: 09343354
LTJMB Holdings Limited
Financial Statements
30 September 2023
LTJMB Holdings Limited
Financial Statements
Year ended 30 September 2023
Contents
Pages
Officers and professional advisers
1
Strategic report
2
Directors' report
3 to 4
Independent auditor's report to the members
5 to 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15 to 25
LTJMB Holdings Limited
Officers and Professional Advisers
The board of directors
Mr P A Hayes
Mr J R Hutchinson
Mr R Webster
Registered office
Unit 1
Borders Industrial Park
River Lane
Saltney
Chester
Flintshire
CH4 8RJ
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
BSN Associates Limited
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
LTJMB Holdings Limited
Strategic Report
Year ended 30 September 2023
The principal activity of the parent company was that of managing its subsidiary undertaking Geotechnics Limited. The main activity of the group throughout the period was the provision of specialist investigation, analytical and advisory services in geotechnical engineering, and geoenvironmental and allied disciplines. The directors are pleased with the performance of the group in the year. The subsidiary company has continued to perform well in current trading conditions. The directors consider the group's results for this period and the financial position at the year end to be satisfactory. The directors measure the group's financial performance against certain key performance indicators (KPIs). These KPIs include growth in turnover, gross profit margin, operating profit and statistical analysis, which are measured against break even levels. The directors are satisfied with the results achieved in the period. The directors continues to be optimistic about the group's long term future performance and remain focussed on continuing to maximise the business opportunities arising by exploiting its breadth of expertise.
This report was approved by the board of directors on 8 March 2024 and signed on behalf of the board by:
Mr P A Hayes
Director
Registered office:
Unit 1
Borders Industrial Park
River Lane
Saltney
Chester
Flintshire
CH4 8RJ
LTJMB Holdings Limited
Directors' Report
Year ended 30 September 2023
The directors present their report and the financial statements of the group for the year ended 30 September 2023 .
Directors
The directors who served the company during the year were as follows:
Mr P A Hayes
Mr J R Hutchinson
Mr R Webster
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The directors are confident about the future and the continued success of the group. They expect that the group will continue to be profitable with the level of turnover increasing.
Research and development
The group has been involved with the development of in situ testing techniques which have required research into new procedures, processes, and methodologies. The group is also actively involved in geotechnical project management software development, and these activities together constitute research and development.
Disclosure of information in the strategic report
The strategic report is detailed on page 2 of the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. A resolution to reappoint BSN Associates Limited as auditors will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board of directors on 8 March 2024 and signed on behalf of the board by:
Mr P A Hayes
Director
Registered office:
Unit 1
Borders Industrial Park
River Lane
Saltney
Chester
Flintshire
CH4 8RJ
LTJMB Holdings Limited
Independent Auditor's Report to the Members of LTJMB Holdings Limited
Year ended 30 September 2023
Opinion
We have audited the financial statements of LTJMB Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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 of 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; - 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's 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 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 group's or the parent 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept 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 directors' responsibilities statement, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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. 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: We have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Philippa Miller-Hawkes BA CA
(Senior Statutory Auditor)
For and on behalf of
BSN Associates Limited
Chartered accountants & statutory auditor
BSN Associates Limited
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
8 March 2024
LTJMB Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 30 September 2023
2023
2022
Note
£
£
Turnover
4
10,400,111
10,460,800
Cost of sales
7,492,002
7,666,680
-------------
-------------
Gross profit
2,908,109
2,794,120
Administrative expenses
2,399,389
2,354,663
Other operating income
5
8,487
------------
------------
Operating profit
6
517,207
439,457
Other interest receivable and similar income
9
10,260
1,600
Interest payable and similar expenses
10
38,462
26,130
------------
------------
Profit before taxation
489,005
414,927
Tax on profit
11
111,823
66,674
---------
---------
Profit for the financial year and total comprehensive income
377,182
348,253
---------
---------
All the activities of the group are from continuing operations.
LTJMB Holdings Limited
Consolidated Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
14
574,948
634,768
Current assets
Debtors
16
2,459,047
2,359,053
Cash at bank and in hand
1,607,566
1,599,107
------------
------------
4,066,613
3,958,160
Creditors: amounts falling due within one year
17
1,845,645
1,760,651
------------
------------
Net current assets
2,220,968
2,197,509
------------
------------
Total assets less current liabilities
2,795,916
2,832,277
Creditors: amounts falling due after more than one year
18
253,388
371,864
Provisions
Taxation including deferred tax
20
57,918
49,652
------------
------------
Net assets
2,484,610
2,410,761
------------
------------
Capital and reserves
Called up share capital
25
26
29
Capital redemption reserve
26
74
71
Profit and loss account
26
2,484,510
2,410,661
------------
------------
Shareholders funds
2,484,610
2,410,761
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 8 March 2024 , and are signed on behalf of the board by:
Mr P A Hayes
Director
Company registration number: 09343354
LTJMB Holdings Limited
Company Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Investments
15
1,005,015
1,005,015
------------
------------
Total assets less current liabilities
1,005,015
1,005,015
------------
------------
Capital and reserves
Called up share capital
25
26
29
Capital redemption reserve
26
74
71
Profit and loss account
26
1,004,915
1,004,915
------------
------------
Shareholders funds
1,005,015
1,005,015
------------
------------
The profit for the financial year of the parent company was £ 303,333 (2022: £ 762,375 ).
These financial statements were approved by the board of directors and authorised for issue on 8 March 2024 , and are signed on behalf of the board by:
Mr P A Hayes
Director
Company registration number: 09343354
LTJMB Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 30 September 2023
Called up share capital
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
At 1 October 2021
80
20
2,824,783
2,824,883
Profit for the year
348,253
348,253
----
----
------------
------------
Total comprehensive income for the year
348,253
348,253
Dividends paid and payable
12
( 12,375)
( 12,375)
Redemption of shares
( 51)
51
( 750,000)
( 750,000)
----
----
------------
------------
Total investments by and distributions to owners
( 51)
51
( 762,375)
( 762,375)
At 30 September 2022
29
71
2,410,661
2,410,761
Profit for the year
377,182
377,182
----
----
------------
------------
Total comprehensive income for the year
377,182
377,182
Dividends paid and payable
12
( 52,248)
( 52,248)
Redemption of shares
( 3)
3
( 251,085)
( 251,085)
----
----
---------
---------
Total investments by and distributions to owners
( 3)
3
( 303,333)
( 303,333)
----
----
------------
------------
At 30 September 2023
26
74
2,484,510
2,484,610
----
----
------------
------------
LTJMB Holdings Limited
Company Statement of Changes in Equity
Year ended 30 September 2023
Called up share capital
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
At 1 October 2021
80
20
1,004,915
1,005,015
Profit for the year
762,375
762,375
----
----
------------
------------
Total comprehensive income for the year
762,375
762,375
Dividends paid and payable
12
( 12,375)
( 12,375)
Redemption of shares
( 51)
51
( 750,000)
( 750,000)
----
----
------------
------------
Total investments by and distributions to owners
( 51)
51
( 762,375)
( 762,375)
At 30 September 2022
29
71
1,004,915
1,005,015
Profit for the year
303,333
303,333
----
----
------------
------------
Total comprehensive income for the year
303,333
303,333
Dividends paid and payable
12
( 52,248)
( 52,248)
Redemption of shares
( 3)
3
( 251,085)
( 251,085)
----
----
---------
---------
Total investments by and distributions to owners
( 3)
3
( 303,333)
( 303,333)
----
----
------------
------------
At 30 September 2023
26
74
1,004,915
1,005,015
----
----
------------
------------
LTJMB Holdings Limited
Consolidated Statement of Cash Flows
Year ended 30 September 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
377,182
348,253
Adjustments for:
Depreciation of tangible assets
126,165
103,281
Government grant income
( 8,487)
Other interest receivable and similar income
( 10,260)
( 1,600)
Interest payable and similar expenses
38,462
26,130
Loss on disposal of tangible assets
6,537
Tax on profit
111,823
66,674
Accrued expenses/(income)
234,545
( 355,993)
Changes in:
Trade and other debtors
( 349,361)
246,649
Trade and other creditors
123,693
( 157,293)
---------
---------
Cash generated from operations
650,299
276,101
Interest paid
( 38,462)
( 26,130)
Interest received
10,260
1,600
Tax paid
( 45,883)
( 179,688)
---------
---------
Net cash from operating activities
576,214
71,883
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 76,555)
( 134,916)
Proceeds from sale of tangible assets
3,673
---------
---------
Net cash used in investing activities
( 72,882)
( 134,916)
---------
---------
Cash flows from financing activities
Purchase of own shares
( 251,085)
( 750,000)
Repayments of borrowings
( 195,091)
( 97,954)
Government grant income
8,487
Payments of finance lease liabilities
( 4,936)
( 411)
Dividends paid
( 52,248)
( 12,375)
---------
---------
Net cash used in financing activities
( 494,873)
( 860,740)
---------
---------
Net increase/(decrease) in cash and cash equivalents
8,459
( 923,773)
Cash and cash equivalents at beginning of year
1,599,107
2,522,880
------------
------------
Cash and cash equivalents at end of year
1,607,566
1,599,107
------------
------------
LTJMB Holdings Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The registered office is: Unit 1 Borders Industrial Park River Lane Saltney Chester Flintshire CH4 8RJ The principal activity of the group during the year was to provide specialist investigation, analytical and advisory services in geographical engineering, and geoenvironmental and allied disciplines.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced in the year,exclusive of Value Added Tax, subject to the policy below with regard to ongoing project work at a period end. With regard to ongoing project work, management will assess at a period end the level of cost and work performed against an agreed scope of work with a client and then estimate an amount of accrued income based on the recoverability of costs incurred plus a margin. This represents an accounting estimate and is included in other debtors. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction 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 it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Negative Goodwill
-
In full on acquisition
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
4% - 10% Straight line
Laboratory Equipment
-
10% - 25% Straight line
Tenant's improvements
-
10% straight line
Motor Vehicles
-
25% straight line
Office Equipment
-
25 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
The company makes contributions to a number of stakeholder defined contribution pension schemes, the assets of which are held separately from the assets of the company. The pension cost charge represents contributions payable to the schemes. The company's liability is limited to the amount of the contribution.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
10,400,111
10,460,800
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Government grant income
8,487
-------
----
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
126,165
103,281
Loss on disposal of tangible assets
6,537
Impairment of trade debtors
(31)
Auditors fee - audit of the financial statements
16,650
16,408
Auditors fee - other non audit costs
3,600
3,548
Operating lease rentals
802,011
392,695
---------
---------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
16
20
Engineers
60
52
Laboratory technicians
16
23
----
----
92
95
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,933,934
2,935,287
Social security costs
290,877
298,283
Other pension costs
120,378
120,507
------------
------------
3,345,189
3,354,077
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
177,257
325,846
Excess retirement benefits of directors and past directors
8,414
24,138
---------
---------
185,671
349,984
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
5
5
----
----
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
54,970
101,252
Company contributions to defined contribution pension plans
1,911
12,774
--------
---------
56,881
114,026
--------
---------
9. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
10,260
1,600
--------
-------
10. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
29,484
19,490
Other interest payable and similar charges
8,978
6,640
--------
--------
38,462
26,130
--------
--------
11. Tax on profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
120,944
63,270
Adjustments in respect of prior periods
( 17,387)
( 10,862)
---------
--------
Total current tax
103,557
52,408
---------
--------
Deferred tax:
Origination and reversal of timing differences
8,266
14,266
---------
--------
Tax on profit
111,823
66,674
---------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 22.01 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
489,005
414,927
---------
---------
Profit on ordinary activities by rate of tax
107,621
78,836
Adjustment to tax charge in respect of prior periods
( 17,387)
( 10,862)
Effect of expenses not deductible for tax purposes
21,588
( 1,300)
Rounding on tax charge
1
---------
---------
Tax on profit
111,823
66,674
---------
---------
12. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
52,248
12,375
--------
--------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
( 682,334)
---------
Amortisation
At 1 October 2022 and 30 September 2023
( 682,334)
---------
Carrying amount
At 1 October 2022 and 30 September 2023
---------
At 30 September 2022
---------
The company has no intangible assets.
14. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2022
453,381
197,413
207,385
34,075
744,325
1,636,579
Additions
18,354
13,400
44,801
76,555
Disposals
( 48,554)
( 14,036)
( 62,590)
---------
---------
---------
--------
---------
------------
At 30 Sep 2023
453,381
215,767
158,831
47,475
775,090
1,650,544
---------
---------
---------
--------
---------
------------
Depreciation
At 1 Oct 2022
111,436
94,477
137,444
4,725
653,729
1,001,811
Charge for the year
19,363
36,716
13,884
8,798
47,404
126,165
Disposals
( 38,521)
( 13,859)
( 52,380)
---------
---------
---------
--------
---------
------------
At 30 Sep 2023
130,799
131,193
112,807
13,523
687,274
1,075,596
---------
---------
---------
--------
---------
------------
Carrying amount
At 30 Sep 2023
322,582
84,574
46,024
33,952
87,816
574,948
---------
---------
---------
--------
---------
------------
At 30 Sep 2022
341,945
102,936
69,941
29,350
90,596
634,768
---------
---------
---------
--------
---------
------------
The company has no tangible assets.
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 October 2022 and 30 September 2023
1,005,015
------------
Impairment
At 1 October 2022 and 30 September 2023
------------
Carrying amount
At 1 October 2022 and 30 September 2023
1,005,015
------------
At 30 September 2022
1,005,015
------------
Group investments
The parent company and the group own 100% of the issued ordinary share capital of all of the companies listed below. All companies are registered in England and Wales and have been dormant throughout the current and preceding year.
Geotechnics Limited
Geotechnics Environmental Limited
Geotechnics Consulting Limited
Geotechnics Special Projects Limited
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Geotechnics Limited
Ordinary
100
Geotechnics Special Projects Limited
Ordinary
100
Geotechnics Consultancy Limited
Ordinary
100
Geotechnics Enviromental Limited
Ordinary
100
16. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
1,942,993
1,590,320
Prepayments and accrued income
516,054
768,733
------------
------------
----
----
2,459,047
2,359,053
------------
------------
----
----
17. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
36,449
110,406
Trade creditors
1,027,856
1,000,035
Accruals and deferred income
290,507
284,132
Corporation tax
120,944
63,270
Social security and other taxes
364,953
278,674
Obligations under finance leases and hire purchase contracts
4,936
4,936
Other creditors
19,198
------------
------------
----
----
1,845,645
1,760,651
------------
------------
----
----
The hire purchase contracts included above are secured over the company assets to which they relate.
18. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
230,382
351,516
Accruals and deferred income
7,594
Obligations under finance leases and hire purchase contracts
15,412
20,348
---------
---------
----
----
253,388
371,864
---------
---------
----
----
The bank loans and overdrafts include an amount of Nil (2022: £Nil) which is due in more than five years. Interest on the loan is charged at 3.75% above Barclays Bank PLC base rate and is secured against the land and buildings of the company. The loan is repayable in instalments comprising of capital and interest. The hire purchase contracts included above are secured over the company assets to which they relate.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
4,936
4,936
Later than 1 year and not later than 5 years
15,412
20,348
--------
--------
----
----
20,348
25,284
--------
--------
----
----
20. Provisions
Group
Deferred tax (note 21)
£
At 1 October 2022
49,652
Additions
8,266
--------
At 30 September 2023
57,918
--------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 20)
57,918
49,652
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
57,918
49,652
--------
--------
----
----
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 111,964 (2022: £ 96,369 ).
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in creditors:
Deferred government grants due within one year
5,360
Deferred government grants due after more than one year
7,594
--------
----
----
----
12,954
--------
----
----
----
Recognised in other operating income:
Government grants recognised directly in income
8,487
-------
----
----
----
24. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets that are debt instruments measured at amortised cost
Group
2023
2022
£
£
Other debtors
2,318,238
2,162,425
------------
------------
Financial liabilities measured at amortised cost
Group
2023
2022
£
£
Bank loans and overdrafts
266,831
461,922
Trade creditors
1,027,856
1,000,035
------------
------------
1,294,687
1,461,957
------------
------------
25. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
26
26
29
29
----
----
----
----
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Oct 2022
Cash flows
At 30 Sep 2023
£
£
£
Cash at bank and in hand
1,599,107
8,459
1,607,566
Debt due within one year
(115,342)
73,957
(41,385)
Debt due after one year
(371,864)
126,070
(245,794)
------------
---------
------------
1,111,901
208,486
1,320,387
------------
---------
------------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
299,418
109,228
Later than 1 year and not later than 5 years
490,593
187,617
Later than 5 years
12,000
32,301
---------
---------
----
----
802,011
329,146
---------
---------
----
----
29. Controlling party
The group was under the control of Mr P Hayes, Mr J Hutchinson and Mr R Webster during the current year and Mr J M Booth who was a director and majority shareholder during the prior year.