Company registration number SC141875 (Scotland)
HADDEN CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
HADDEN CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Scott N Hadden
Anne M Nicol
Stephen J Lynas
Robert D Cobban
Michael Callaghan
(Appointed 1 April 2023)
Secretary
Anne M Nicol
Company number
SC141875
Registered office
1 Maidenplain Place
Aberuthven
AUCHTERARDER
PH3 1EL
Auditor
MMG Archbold Limited
15 High Street
CRIEFF
PH7 3HU
Bankers
Bank of Scotland
1 Galvelmore Street
CRIEFF
PH7 4DN
Solicitors
J M & J Mailer
2A King Street
STIRLING
FK8 1BA
HADDEN CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
HADDEN CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present the strategic report for the year ended 31 March 2023.
Review of the business
The results for the year and the financial position at the year-end were broadly in line with expectations and were very much in line with the results achieved in the previous year to March 2022. The aftershock of the pandemic continued to affect the business in terms of slippage in programmes (both on site and in preconstruction stage) and reduced planned spend by our public sector clients due to Government budget constraints. In addition to this we continued to face unprecedented and sustained periods of hyper-inflation in the prices for construction raw materials and energy. Despite these challenges we still returned turnover and profit to pre-pandemic levels, demonstrating the efficiency and profit-making attributes of the business and our valued staff and supply chains.
Our aim is to present a balanced and comprehensive review of the development and performance of our business during the reported year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks, challenges, opportunities and uncertainties we face.
The company's core business remains as the construction, refurbishment and planned maintenance of major public sector and commercial buildings and the development and construction of speculative housing for sale, together with new affordable housing for the public sector. The majority of our turnover in construction continues to be derived from Framework projects, two stage tendering and partnership working which allow us to negotiate better terms in relation to pricing and programme risk. Over the year we have won new Framework opportunities and successfully renewed others. We of course cannot rely solely on this and therefore we actively pursue further development opportunities for our Homes Division by acquiring sites for planned development in Angus and East Lothian for late 2023 / early 2024. Our Estimating Department continues to price projects at a volume consistent with the last 24 months with strong opportunities arising in different markets such as education, healthcare and retail. RAAC structural remedial work and energy efficiency retrofit projects are a growing sector for the business going forward.
We continually look for operational efficiencies and productivity improvements across the business with effective use of our ongoing investment in processes, Quality Management, strong Health and Safety and Project Management software.
We remain committed to our corporate responsibility to reduce our environmental footprint, working closely with our partners to integrate sustainability in all areas of our business.
Principal risks and uncertainties
The risks facing the company are those for the construction industry generally, such as ongoing price inflation for our materials; labour and skills shortage and the ongoing impact of budget restrictions following the pandemic. Other risks affecting the business include upward pressure on wages and salaries due to the cost-of-living crisis, rising utility costs following Russia’s invasion of Ukraine, increasing regulatory burdens on construction and UK interest rate rises, adversely affecting activity across the industry.
Controlled growth and the ability to flex our company size to reflect trade volumes is critical to successfully maintaining control of our overheads and outgoings whilst at the same time protecting our forecast margin.
Development and performance
We consider that the financial position of the company at the year-end is healthy and reserves remain positive with a strong forward order book across a wide range of project sectors.
Key performance indicators
Turnover has decreased by 6.5%, however an increase in gross profit percentage from 12.94% to 13.1%. After taxation, reserves have increased by £230,473. Return on capital employed was 6.5% (2022 – 17.25%). This is calculated as profit/(loss) after tax divided by net assets.
HADDEN CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Financial risk management objectives and strategies
The company’s operations expose it to a variety of risks that include price risk and credit risk. The company’s profitability is affected by price fluctuations in raw materials and labour used in the construction of its products. The company continually monitors the price and availability of materials and labour and, where possible, agrees prices annually with suppliers.
The Company’s financial assets are its cash and trade debtors. All cash is held with financial institutions with high credit ratings therefore the credit risk on liquid funds is limited. The company’s credit risk is primarily attributable to its trade debtors. The company contracts with a combination of public sector bodies and private commercial institutions on its various projects. To mitigate the risk of default of any of its customers, the company reviews cash balances due on a weekly basis as part of updating its cash flow forecast.
The company’s Managing Director Steven Brady resigned on 15 February 2024 and the impact of his departure has been minimised by the return of the company’s former Managing Director and current chairman, Scott Hadden, to the role.
Anne M Nicol
Director
29 March 2024
HADDEN CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company is that of construction in the commercial and industrial sectors along with the construction of new residential property.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Scott N Hadden
Anne M Nicol
Stephen J Lynas
Steven Brady
(Resigned 15 February 2024)
Robert D Cobban
Craig Armit
(Resigned 27 January 2023)
Paul Shankland
(Resigned 13 January 2023)
Michael Callaghan
(Appointed 1 April 2023)
Results and dividends
The results for the year are set out on page 8.
The results for the year are considered satisfactory. The directors did not pay dividends in the year (2022 - 0)
Market value of land and buildings
Full disclosure of all matters relating to fixed assets is set out in the notes to the financial statements.
Future developments
The company aims to maintain its position of strength within the public sector, while actively pursuing any opportunities that arise from the Government's plans to encourage private sector investment in housing and other activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Anne M Nicol
Director
29 March 2024
HADDEN CONSTRUCTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
The directors are responsible 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements 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.
HADDEN CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HADDEN CONSTRUCTION LIMITED
- 5 -
Opinion
We have audited the financial statements of Hadden Construction Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 company 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
Based on our audit procedures and the information gathered during our examination, the financial statements have been prepared on a going concern basis. However, we draw attention to Note 1.1 to the financial statements, which describes the existence of a material uncertainty related to working capital cash flow.
The directors are in the process of securing further contracts and negotiating with existing contracts to address the material uncertainty and support the entity’s ability to continue as a going concern.
While we have obtained sufficient appropriate audit evidence regarding the entity's ability to continue as a going concern, the outcome of the material uncertainty casts significant doubt on the entity's ability to operate without interruption. Therefore, the financial statements may not be indicative of the entity's financial position and results of operations should the material uncertainty materialise adversely.
In forming our conclusion, we have considered the implications of the material uncertainty on the entity's ability to continue as a going concern. However, our opinion is not modified in respect of this matter.
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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
HADDEN CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HADDEN CONSTRUCTION LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 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'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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
HADDEN CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HADDEN CONSTRUCTION LIMITED
- 7 -
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates;
We identified the laws and regulations applicable to the company through discussions with management and through our own knowledge of the industry.
We enquired with management about their own identification and assessment of the risk of irregularities;
We considered the opportunities that may exist within the organisation for fraud and identified the greatest risk in relation to revenue recognition, valuation of work in progress and management override of internal controls. Our audit procedures to respond to these risks included, but were not limited to;
Reviewing the financial statement disclosure and testing of financial statement balances to supporting documentation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries with management, review of meeting minutes and inspecting legal correspondence;
We communicated relevant identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to any indications of fraud or non-compliance throughout the audit.
We performed analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatements due to fraud;
Testing journal entries to identify unusual transactions and evaluated the underlying rationale;
Evaluating evidence of any bias by the directors that may represent a material misstatement by comparing accounting estimates such as work in progress and accruals to the underlying supporting documentation and assessing the rationale applied,
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to a material misstatement in the financial statements or non-compliance with regulation. As a result of these, we considered the opportunities that may exist within the organisation for fraud and audit procedures were designed in response to the risks identified, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve, for example, forgery, deliberate concealment, or collusion.
As part of an audit in accordance with ISAs (UK), professional judgement was exercised, and professional scepticisms was maintained throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Klarrisa Robertson FCCA
Senior Statutory Auditor
For and on behalf of MMG Archbold Limited
29 March 2024
Chartered Accountants
Statutory Auditor
15 High Street
CRIEFF
PH7 3HU
HADDEN CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
30,245,088
32,344,399
Cost of sales
(26,263,821)
(28,158,447)
Gross profit
3,981,267
4,185,952
Administrative expenses
(3,674,071)
(3,569,626)
Other operating income
36,753
128,658
Operating profit
4
343,949
744,984
Interest receivable and similar income
7
892
925
Interest payable and similar expenses
8
(84,338)
(62,090)
Profit before taxation
260,503
683,819
Tax on profit
9
(30,030)
(77,537)
Profit for the financial year
230,473
606,282
Other comprehensive income
Revaluation of tangible fixed assets
(40,000)
Total comprehensive income for the year
230,473
566,282
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
HADDEN CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,324,690
1,423,592
Current assets
Debtors falling due after more than one year
12
45,000
Debtors falling due within one year
12
9,294,351
8,382,667
Cash at bank and in hand
265,438
1,198,750
9,559,789
9,626,417
Creditors: amounts falling due within one year
13
(6,434,425)
(6,238,237)
Net current assets
3,125,364
3,388,180
Total assets less current liabilities
4,450,054
4,811,772
Creditors: amounts falling due after more than one year
14
(862,183)
(1,243,285)
Provisions for liabilities
Provisions
17
75,452
286,541
(75,452)
(286,541)
Net assets
3,512,419
3,281,946
Capital and reserves
Called up share capital
19
8,085
8,085
Share premium account
63,755
63,755
Revaluation reserve
110,270
110,270
Capital redemption reserve
3,700
3,700
Profit and loss reserves
3,326,609
3,096,136
Total equity
3,512,419
3,281,946
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 29 March 2024 and are signed on its behalf by:
Scott N Hadden
Director
Company registration number SC141875 (Scotland)
HADDEN CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 April 2021
8,085
63,755
150,270
3,700
2,489,854
2,715,664
Year ended 31 March 2022:
Profit
-
-
-
-
606,282
606,282
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(40,000)
-
-
(40,000)
Total comprehensive income
-
-
(40,000)
-
606,282
566,282
Balance at 31 March 2022
8,085
63,755
110,270
3,700
3,096,136
3,281,946
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
-
230,473
230,473
Balance at 31 March 2023
8,085
63,755
110,270
3,700
3,326,609
3,512,419
HADDEN CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(1,245,914)
(444,353)
Interest paid
(84,338)
(62,090)
Income taxes refunded/(paid)
176,222
(12,626)
Net cash outflow from operating activities
(1,154,030)
(519,069)
Investing activities
Purchase of tangible fixed assets
(7,345)
(17,284)
Proceeds from disposal of tangible fixed assets
33,651
30,735
Proceeds from disposal of associates
140,987
161,851
Interest received
892
925
Net cash generated from investing activities
168,185
176,227
Financing activities
Repayment of bank loans
(344,004)
(295,005)
Payment of finance leases obligations
(66,145)
(88,703)
Net cash used in financing activities
(410,149)
(383,708)
Net decrease in cash and cash equivalents
(1,395,994)
(726,550)
Cash and cash equivalents at beginning of year
1,198,750
1,925,300
Cash and cash equivalents at end of year
(197,244)
1,198,750
Relating to:
Cash at bank and in hand
265,438
1,198,750
Bank overdrafts included in creditors payable within one year
(462,682)
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
1
Accounting policies
Company information
Hadden Construction Limited is a private company limited by shares incorporated in Scotland. The registered office is 1 Maidenplain Place, Aberuthven, AUCHTERARDER, PH3 1EL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of a material uncertainty as a result of pressures on working capital which may cause doubt on the company's ability to continue as a going concern. The directors have assessed the situation and are putting measures in place to ease pressure on the company's working capital. Due to a combination of a period of rapidly rising interest rates in 2023, high inflation in the double-digits and a cost of living crisis around energy bills, various contracts were delayed which was impossible to predict, however these contracts have now commenced. The impact of these delays put pressure on working capital resources however the Directors have taken steps to address these challenges and believe the business is well placed to grow in 2024.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Heritable property
nil
Plant and machinery
20% per annum reducing balance
Fixtures, fittings and equipment
15% per annum reducing balance
Computer equipment
33% per annum reducing balance
Motor vehicles
25% per annum reducing balance
The directors have not provided a charge for depreciation on heritable property as they consider that its value remains at least equal to the valuation supplied in October 2021 by Graham + Sibbald.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
2
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. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Work in progress
The Company's work in progress is calculated using valuations prepared by independent third party Quantity Surveyors. The valuations are based on the percentage on each property completion stage at the year end.
If there are significant movements in UK house prices or development costs, beyond management's reasonably possible expectations, then impairments of work in progress may be necessary.
Provisions
The Company carries a provision of £75,452 (2022 - £286,541) based on management's best estimates of the expected loss on an onerous contract.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sales
30,245,088
32,344,399
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
30,245,088
32,344,399
2023
2022
£
£
Other revenue
Interest income
892
925
Grants received
28,095
128,658
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(28,095)
(128,658)
Fees payable to the company's auditor for the audit of the company's financial statements
12,676
11,500
Depreciation of owned tangible fixed assets
19,604
16,350
Depreciation of tangible fixed assets held under finance leases
41,032
68,432
Loss/(profit) on disposal of tangible fixed assets
11,961
(10,154)
Impairment of stocks recognised or reversed
(230,579)
Operating lease charges
56,942
50,624
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Site workers
44
46
Office and management
43
44
Total
86
90
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,371,504
4,152,583
Social security costs
457,957
422,713
Pension costs
198,266
163,783
5,027,727
4,739,079
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
728,433
690,414
Company pension contributions to defined contribution schemes
72,838
41,691
801,271
732,105
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
134,234
131,010
Company pension contributions to defined contribution schemes
11,480
11,172
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
892
82
Other interest income
843
Total income
892
925
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
892
82
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
73,193
56,836
Other finance costs:
Interest on finance leases and hire purchase contracts
2,874
3,245
Other interest
8,271
2,009
84,338
62,090
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
30,030
77,537
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
260,503
683,819
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
49,496
129,926
Tax effect of utilisation of tax losses not previously recognised
(26,789)
(36,486)
Permanent capital allowances in excess of depreciation
7,323
(14,094)
Other permanent differences
(1,809)
Taxation charge for the year
30,030
77,537
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
10
Impairments
Reversals of previous impairment losses have been recognised in profit or loss as follows:
The Company recognised an impairment reversal related to a specific contract item due to the development interest associated with the land on which it is situated.
The impairment reversal resulted from a reassessment of the recoverable amount of the item, which was previously impaired due to abnormal rectification costs. Subsequent to the impairment, the Company identified development opportunities related to the land on which the land is located, leading to an increase in its recoverable amount.
The reversal of impairment is directly attributable to the Company's updated assessment of the future economic benefits associated with the development interest in the land. Management has reassessed the recoverable amount based on the latest information available regarding the potential development plans, market conditions, and other relevant factors.
It is important to note that the impairment reversal does not result in the carrying amount of the inventory item exceeding its original cost. The reversal is recognised to the extent that it does not exceed the carrying amount that would have been determined, had no impairment been recognised previously.
2023
2022
Notes
£
£
In respect of:
Stocks
230,579
Recognised in:
Cost of sales
230,579
-
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
11
Tangible fixed assets
Heritable property
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2022
1,160,000
308,820
60,806
117,691
505,596
2,152,913
Additions
3,745
3,600
7,345
Disposals
(103,980)
(103,980)
At 31 March 2023
1,160,000
312,565
60,806
121,291
401,616
2,056,278
Depreciation and impairment
At 1 April 2022
280,912
47,696
109,524
291,188
729,320
Depreciation charged in the year
6,330
1,966
3,883
48,457
60,636
Eliminated in respect of disposals
(58,368)
(58,368)
At 31 March 2023
287,242
49,662
113,407
281,277
731,588
Carrying amount
At 31 March 2023
1,160,000
25,323
11,144
7,884
120,339
1,324,690
At 31 March 2022
1,160,000
27,907
13,110
8,167
214,408
1,423,592
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Tangible fixed assets
(Continued)
- 22 -
The carrying value of land and buildings comprises:
2023
2022
£
£
Freehold
1,160,000
1,160,000
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
123,095
205,297
Depreciation charge for the year in respect of leased assets
41,032
68,432
A revaluation of the freehold property, on the basis of open market value, was undertaken on 12 October 2021 by Graham + Sibbald, Chartered Surveyors. No further addition to the revaluation was considered appropriate in the year under review. No provision has been made in the accounts for the liability to corporation tax that would arise if the property was disposed of at the revalued amount. Land valued at £50,000 is included within land and buildings.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
1,155,031
1,155,031
Accumulated depreciation
-
-
Carrying value
1,155,031
1,155,031
Freehold land and buildings with a carrying amount of £1,160,000 (2022 - £1,160,000) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
544,157
594,206
Gross amounts owed by contract customers
6,769,249
5,781,355
Corporation tax recoverable
146,047
Amounts owed by group undertakings
1,843,115
1,755,611
Amounts owed by undertakings in which the company has a participating interest
10,536
Other debtors
59,665
31,735
Prepayments and accrued income
78,165
63,177
9,294,351
8,382,667
2023
2022
Amounts falling due after more than one year:
£
£
Gross amounts owed by contract customers
45,000
Total debtors
9,294,351
8,427,667
13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
849,296
386,614
Obligations under finance leases
16
27,826
56,873
Trade creditors
1,261,706
1,498,878
Corporation tax
60,205
Other taxation and social security
274,439
372,686
Other creditors
88,221
84,633
Accruals and deferred income
3,872,732
3,838,553
6,434,425
6,238,237
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
859,373
1,203,377
Obligations under finance leases
16
2,810
39,908
862,183
1,243,285
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Creditors: amounts falling due after more than one year
(Continued)
- 24 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
139,612
155,611
15
Loans and overdrafts
2023
2022
£
£
Bank loans
1,245,987
1,589,991
Bank overdrafts
462,682
1,708,669
1,589,991
Payable within one year
849,296
386,614
Payable after one year
859,373
1,203,377
The long-term loans are secured by a bond and floating charge over the assets of the company and a standard security over land southeast of A824 at Maindenplain House, Aberuthven and over Rawes Farm Steading, Longforgan and over unit 2-3 Aberuthven Enterprise Park, Auchterarder and over subjects on southwest side, Constarry Road, Kilsyth, Glasgow, G65 9HF.
The bank loan is due to expire on 30 March 2026 and 16 July 2035 and carries an interest rates of 3.2155% and 3.3% above base rate, respectively per annum.
CBIL borrowings are due to expire on 14 May 2026 and 17 December 2024 and carries an interest rate of 3.3% above base rate and 5.0%, respectively per annum.
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
27,826
56,873
In two to five years
2,810
39,908
30,636
96,781
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
17
Provisions for liabilities
2023
2022
£
£
Provisions
75,452
286,541
Movements on provisions:
Provisions
£
At 1 April 2022
286,541
Release of provision
(211,089)
At 31 March 2023
75,452
In accordance with the requirements of Section 21 of FRS102 the company has made a total provision of £75,452 (2022 - £286,541) in respect of a long term contract which is deemed to be onerous.
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
198,266
163,783
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
8,085 Ordinary shares of £1 each
8,085
8,085
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
40,109
47,483
Between two and five years
42,981
70,339
83,090
117,822
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
801,504
732,104
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Arch Homes Ltd, a company controlled by two of the directors, was granted a loan facility of £5,277 (2022: £4,774) which remains outstanding at the end of the year.
Hadden Construction Limited received a final distribution from Coalsnaughton NHT 2012 LLP, amounting to £160,000 was recevied in the year. The distribution repaid the long term loan to the partnership of £10,536, the balance remaining balance of interest of £1,225 and a further loan balance of £7,226.
HG Abernethy Ltd, a company controlled by Scott Hadden, director, was granted a loan facility of £54,362 (2022: £2,226) which remains outstanding at the end of the year. During the year, payments of £1,680,120 (2022: £946,394) were received in relation to services rendered.
Glenluie Green Ltd, a company controlled by Scott Hadden, director, was granted a loan facility of £26 (2022: £13) which remains outstanding at the end of the year. During the year, payments of £1,358,492 (2022: £1,492,301) were received in relation to services rendered.
Hadden Construction Limited is engaged in a property construction project on behalf of Director, Scott Hadden. Payments on account amount to £755,000 and the balance is included within Debtors, Amounts owed by contract customers.
HADDEN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
22
Controlling party
The parent undertaking of the group for which group financial statements are drawn up and of which the company is a member is Hadden Construction Holdings Limited, registered in Scotland.
Copies of the final statements of Hadden Construction Holdings Limited can be obtained from the Registrar, Companies House, 139 Fountainbridge, Edinburgh, EH3 9FF.
23
Cash absorbed by operations
2023
2022
£
£
Profit for the year after tax
230,473
606,282
Adjustments for:
Taxation charged
30,030
77,537
Finance costs
84,338
62,090
Investment income
(892)
(925)
(Gain)/loss on disposal of associates
(140,987)
(89,196)
Loss/(gain) on disposal of tangible fixed assets
11,961
(10,154)
Depreciation and impairment of tangible fixed assets
60,636
84,782
Decrease in provisions
(211,089)
(83,178)
Movements in working capital:
Increase in debtors
(1,012,732)
(876,352)
Decrease in creditors
(297,652)
(215,239)
Cash absorbed by operations
(1,245,914)
(444,353)
24
Analysis of changes in net debt
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,198,750
(933,312)
265,438
Bank overdrafts
(462,682)
(462,682)
1,198,750
(1,395,994)
(197,244)
Borrowings excluding overdrafts
(1,589,991)
344,004
(1,245,987)
Obligations under finance leases
(96,781)
66,145
(30,636)
(488,022)
(985,845)
(1,473,867)
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