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Company registration number: 02898593







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023


BUXTED CONSTRUCTION LIMITED






































                        

 


BUXTED CONSTRUCTION LIMITED
 


 
COMPANY INFORMATION


Directors
P. R. Dennison 
J. N. Hanifin 
J. P. Hanifin 
M. M. Paparozzi 
R. M. Ruthven 




Company secretary
J. S. Ruthven



Registered number
02898593



Registered office
Lower Lowlands Farm
Shepherds Hill

Buxted

Nr Uckfield

East Sussex

TN22 4PX




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


BUXTED CONSTRUCTION LIMITED
 



CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Analysis of net debt
16
Notes to the financial statements
17 - 28

 


BUXTED CONSTRUCTION LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Introduction
 
The directors present their strategic report for the year ended 31 July 2023.

Review of Business
 
The principal activities continue to be that of Groundworks, Infrastructure and Civil Engineering, working primarily in the house building sector.
Turnover has increased by 1.2% (increase 2022 - 10.4%), and the gross profit margin has increased slightly from 22.0% to 24.3%. The operating profit margin has decreased slightly from 11.5% to 10%.
During the year labour and material costs have been subject to increases, largely because of a general shortage of skilled workers in the sector and inflationary pressures. To date the effects of this have been mitigated by requesting shorter fixed priced periods from our clients and increasing tender prices, but in the medium term it will be more difficult to maintain current profit levels.
However, the Company has increased shareholders' funds by £4.6 million to £30.8 million and this, together with a strong forward order book, puts the Company in a good position to cope with any future volatility in the economy and the housing market.
The business is always looking to the future and in October 2023 completed the build of a new office and plant yard.

Results and Dividends

The profit for the year, after taxation, has decreased from £8,867,785 to £7,818,327.
 
Principal Risks and Uncertainties
 
Management continually monitors the key risks facing the Company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.
The principal risks and uncertainties facing the Company are as follows:
Economic downturn
The Company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining.
Competitor pressure
The market in which the Company operates is considered to be competitive, and therefore competitor pressure could result in losing sales to key competitors. The Company manages this risk by providing quality services and maintaining strong relationships with its key customers.
                                                                                                          
Fluctuations in the UK property market
The Company's business is largely focused in the residential sector. There are a number of factors beyond the Company's control that could adversely affect the residential construction market and the number of homes being built. This risk is managed by ensuring a strong capital base coupled with a flexible labour force that can respond to market fluctuations.
 
Page 1

 


BUXTED CONSTRUCTION LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Availability of materials, subcontractors and suppliers
The Company's business is dependent upon the availability of materials and the availability, competence and consistency of subcontractors and skilled labour. An increase in the cost of materials could adversely affect the Company's margins, while  a decrease in availability could lead to projects being delayed. At the same time, such changes could affect the Company's ability to submit appropriate tenders at the appropriate price level. However, competitors will be similarly affected, and the Company’s strong relationships with customers and strong financial base should enable this risk  to be mitigated.
Ability to recruit and retain key personnel
The Company's success depends on its ability to recruit, retain and motivate high-quality senior management and other personnel with extensive experience and knowledge of the construction industry. Steps taken to manage and mitigate this risk are detailed in our Section 172 Statement.
Contractual risk
The Company works under a number of contract forms subject to sector and client. The contracts may be very complex, have effect over a long period of time and be subject to terms which may be regarded as onerous. We therefore assess  each contract prior to commencement to agree content and mitigate risk. Our long-term relationships and familiarity with most contract types are significant factors in managing this risk.

Key Performance Indicators
 
The following financial key performance indicators are discussed in detail in the “Business Review” section of this report:
Turnover growth
Gross profit margin
Net profit margin
Shareholders funds
Our non financial key performance indicators are:
Environmental
We, as a building and civil engineering contractor, recognise our responsibility to protect the environment. Our commitment to this objective is demonstrated by proactively adopting the following principles:
       • Comply with relevant legislation, client and other requirements that apply to all our work activities as a minimum.
       • Communicate with all parties involved to ensure minimal environmental impact and provide, where possible,
            environmental enhancement.
       • Identify and evaluate the environmental aspects of all projects which the Company undertake.
There were no incidents during the current or previous period indicating that the Company remains compliant and competent.
Health and safety
We are committed to ensuring the health, safety and welfare of its employees and that of other persons who may be  affected by our activities. A safety advisor is directly employed to ensure our compliance with statutory regulations and to promote a culture of safety first within the organisation.
All employees are provided with information, instruction and training as necessary to enable the safe performance of work activities. Employees are consulted on all matters that affect their health, safety and welfare.
There were no major incidents during the current or previous periods. External audits show that the Company remains compliant and competent.


 
Page 2

 


BUXTED CONSTRUCTION LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Training
A training database is utilised to ensure that all employee’s training needs are met and updated as necessary.
We are committed to the CSCS card scheme and currently 98% of all employees have a CSCS/CPCS card, or both. All of our Contracts Managers have the SMSTS qualification, and a number of our supervisors have the SSSTS qualification. All our supervisors hold a CSCS supervisors’ card.

Section 172(1) Statement
 
The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') applying to periods beginning on or after January 2019, require directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of the Company under S172. This S172 statement explains how Buxted Construction Limited directors have;
1) engaged with employees, suppliers, customers and others: and
2) had regard to employee interests, the need to foster the Company's business relationships with suppliers, customers and other, and the effect of that regards, including on the principal decisions taken by the Company during the financial year.
The S172 statement focuses on matters of strategic importance to Buxted Construction Limited, and the level of information disclosed is consistent with the size and complexity of the business.
General confirmation of directors' duties
When making decisions, each director ensures that he acts in a way he considers, in good faith, would most likely promote the Company's success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to.
Section 172(1)(A) "The likely consequences of any decision in the long term"
The directors understand the business and the evolving environment in which they operate, including the challenges of delivering high quality projects within a cost budget plan. The strategy set by the Board is intended to strengthen our position as a leading construction Company while keeping safety and social responsibility fundamental to our business approach.
Section 172(1)(B) "The interests of the company's employees"
The directors recognise that Buxted Construction Limited's employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the directors' factor the implications of decisions on employees and the wider workforce, where relevant and feasible.
Section 172(1)(C) "The need to foster the company's business relationships with suppliers, customers and others"
Delivering our strategy requires strong mutually beneficial relationships with customers and suppliers. Buxted Construction Limited seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into and remain in such relationships which are reviewed and approved periodically.
Section 172(1)(D) "The impact of the company's operations on the community and the environment"
This aspect is inherent in our strategic ambitions, most notably a review of the significant effects of operations on the environment. The review covers the direct and indirect effect, short, medium and long term, permanent and temporary effects of operations.
Section 172(1)(E) "The desirability of the company maintaining a reputation of high standards of business conduct"
The Company is proud of its status as a preferred supplier and the Board monitors compliance and operating practices to ensure that this is maintained.
Section 172(1)(F) "The need to act fairly as between members of the company"
After weighing up all relevant factors, the directors consider which course of action best enables delivery of our strategy through the long term, taking in to account the impact on stakeholders. In doing so, the directors act fairly between the Company's members but are not required to balance the Company interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.

Page 3

 


BUXTED CONSTRUCTION LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

From the perspective of the directors, as a result of the Company structure, the matters that the directors are responsible for considering under section 172 have been considered to an appropriate extent. The directors have considered relevant matters where appropriate, to the extent necessary for an understanding of the development, performance and position of the Company.

Financial Risk Management

The Company operates a treasury function which is responsible for managing the liquidity and interest rate risks associated with the Company's activities.
The principal risks to which the Company is exposed are market risk including interest rate, credit and liquidity risk. 
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
Investments of cash surpluses and borrowings are made through banks and companies approved by the board.
All customers who wish to trade on credit terms are subject to credit verification procedures.
Trade debtors are reviewed on a regular basis and provision is made for bad and doubtful debts.
Liquidity risk
Liquidity risk arises from the Company's management of working capital and finance charges.
The Company policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due.
To achieve this aim, it seeks to maintain cash balances to meet expected requirements based on weekly and monthly Forecasts.
Fair values of financial assets and liabilities
The directors consider that the carrying values of all the Company's financial assets and liabilities approximate their fair values as at the balance sheet date.


This report was reviewed by the board and signed on its behalf.



J. N. Hanifin
Director

Date: 12 January 2024
Page 4

 


BUXTED CONSTRUCTION LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements of the company for the year ended 31 July 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements of the company in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements of the company for each financial year. Under that law the directors have elected to prepare the financial statements of the company in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements of the company unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements of the Company, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements of the company on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements of the company comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to  7,818,327 (2022 - £8,867,785).

During the period under review the directors recommended dividends of £60 per share (2022 - £60).

Directors

The directors who served during the year were:

P. R. Dennison 
J. N. Hanifin 
J. P. Hanifin 
M. M. Paparozzi 
R. M. Ruthven 

Political donations and expenditure

The Company has not made any political donations during the current or previous period.

Future developments

With the recent increase in interest rates added to inflationary pressures we are expecting a slow down in the number of houses built this year. As a result of this we would expect turnover to decrease through to July 2024. We have positioned ourselves to be able to react should the market be worse than expected, however with strong underlying demand for housing within the UK we expect this cycle to change over the longer turn.

Page 5

 


BUXTED CONSTRUCTION LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Employee involvement

Like all companies, we rely on our staff and operatives to deliver the good service that our clients require.
We aim to provide a supportive working environment where all staff are treated with respect in order that we can attract and retain the best available personnel in the industry.
We have a committed and loyal workforce and enjoy a very low turnover of staff.

Equality and diversity

The directors consider the principles of equality and diversity to be extremely important. All applications for jobs are considered fully based on the skills required to carry out the job, irrespective of sex, sexual orientation, race, colour, age, disability, nationality or marital/civil partnership status.
Full consideration is given to the diverse needs of our employees and potential recruits.

Corporate social responsibility

Giving things back to our local and wider communities remains a core value for our business. Our CSR covers our relationships with charities, our employees' quality of life and their environment.
We donate a considerable percentage of our profits to local charities and good causes as well as national and international charities.
We carry out, attend and support numerous events throughout the year and intend to continue this support in the future.

Greenhouse gas emissions, energy consumption and energy efficiency action








Emissions of CO2 equivalent

2023
2022
  Metric tonnes
  Metric tonnes
Scope 1 - direct emissions

Gas oil combustion

8,051

6,691

Fuel consumed for transport

1,532

1,680

Total direct emissions


9,583

8,371

Scope 2 - indirect emissions

Electricity purchased

23

23

Scope 3 - other indirect emissions

Fuel consumed for transport not owned by Buxted Construction Ltd and electricity T&D


72

111

Total gross emissions


9,678

8,505

Intensity ratio tCO2e per £M turnover

61

90


Page 6

 


BUXTED CONSTRUCTION LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Matters covered in the Strategic report

As permitted by Paragraph 1A of Schedule 7 to the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 1 to 4. These matters relate to the review and analysis of the business during the year.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





J. N. Hanifin
Director

Date: 12 January 2024

Lower Lowlands Farm
Shepherds Hill
Buxted
Nr Uckfield
East Sussex
TN22 4PX
Page 7

 


BUXTED CONSTRUCTION LIMITED
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED

Opinion


We have audited the financial statements of Buxted Construction Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 July 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.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 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 Auditors' report thereon. The directors are responsible for the other information contained within the annual reportOur 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.
 





Page 8

 


BUXTED CONSTRUCTION LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED)

Opinion 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 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 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 set out on page 5, 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.

































Page 9

 


BUXTED CONSTRUCTION LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED)

Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 


The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were the most significant including:
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK tax legislation;
UK health and safety legislation; and
General Data Protection Regulations

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated            our inquiries through our review of board minutes.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing how the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Company's financial position, particularly with regard to potential management bias in accounting for long term contracts;
Posting of unusual journals and complex transactions;
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests; and
The existence of assets on sites which may be susceptible to misappropriation.


 
Page 10

 


BUXTED CONSTRUCTION LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUXTED CONSTRUCTION LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

12 January 2024
Page 11

 


BUXTED CONSTRUCTION LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
96,205,348
95,046,210

Cost of sales
  
(72,843,607)
(74,109,572)

Gross profit
  
23,361,741
20,936,638

Administrative expenses
  
(13,836,493)
(10,071,445)

Other operating income
 5 
58,952
56,423

Operating profit
 6 
9,584,200
10,921,616

Fair value gains / (losses) on investment property
  
-
82,141

Interest receivable and similar income
 10 
151,867
10,069

Interest payable and similar expenses
 11 
-
(370)

Profit before tax
  
9,736,067
11,013,456

Tax on profit
 12 
(1,917,740)
(2,145,671)

Profit for the financial year
  
7,818,327
8,867,785

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 28 form part of these financial statements.
Page 12

 


BUXTED CONSTRUCTION LIMITED
REGISTERED NUMBER:02898593



STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
13,700,831
8,434,511

Investment property
 15 
2,448,000
2,448,000

  
16,148,831
10,882,511

Current assets
  

Debtors: amounts falling due within one year
 16 
14,439,002
15,590,150

Cash at bank and in hand
  
45,191,002
42,944,390

  
59,630,004
58,534,540

Creditors: amounts falling due within one year
 17 
(43,388,421)
(42,172,913)

Net current assets
  
 
 
16,241,583
 
 
16,361,627

Total assets less current liabilities
  
32,390,414
27,244,138

Provisions for liabilities
  

Deferred tax
 18 
(1,594,140)
(1,026,191)

  
 
 
(1,594,140)
 
 
(1,026,191)

Net assets
  
30,796,274
26,217,947


Capital and reserves
  

Called up share capital 
 19 
54,000
54,000

Revaluation reserve
 20 
26,170
26,170

Other reserves
 20 
633,942
633,942

Profit and loss account
 20 
30,082,162
25,503,835

  
30,796,274
26,217,947


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J. N. Hanifin
Director

Date: 12 January 2024

The notes on pages 17 to 28 form part of these financial statements.
Page 13

 


BUXTED CONSTRUCTION LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Revaluation reserve
Fair value reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 August 2021
54,000
26,170
560,748
19,949,244
20,590,162


Comprehensive income for the year

Profit for the year
-
-
-
8,867,785
8,867,785
Total comprehensive income for the year
-
-
-
8,867,785
8,867,785


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(3,240,000)
(3,240,000)

Transfer to/from profit and loss account
-
-
73,194
(73,194)
-


Total transactions with owners
-
-
73,194
(3,313,194)
(3,240,000)



At 1 August 2022
54,000
26,170
633,942
25,503,835
26,217,947


Comprehensive income for the year

Profit for the year
-
-
-
7,818,327
7,818,327
Total comprehensive income for the year
-
-
-
7,818,327
7,818,327


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(3,240,000)
(3,240,000)


Total transactions with owners
-
-
-
(3,240,000)
(3,240,000)


At 31 July 2023
54,000
26,170
633,942
30,082,162
30,796,274


The notes on pages 17 to 28 form part of these financial statements.
Page 14

 


BUXTED CONSTRUCTION LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
7,818,327
8,867,785

Adjustments for:

Depreciation of tangible assets
2,209,074
1,605,937

Profit on disposal of tangible assets
(99,821)
(209,265)

Interest paid
-
370

Interest received
(151,867)
(10,069)

Taxation charge
1,917,740
2,145,671

Decrease in debtors
1,151,148
1,706,988

Increase/(decrease) in creditors
1,590,717
(6,071,854)

Net fair value gains recognised in P&L
-
(82,141)

Corporation tax (paid)
(1,725,000)
(1,935,999)

Net cash generated from operating activities

12,710,318
6,017,423


Cash flows from investing activities

Purchase of intangible fixed assets
-
(4,270,821)

Purchase of tangible fixed assets
(7,552,303)
-

Sale of tangible fixed assets
176,730
375,431

Sale of investment properties
-
329,141

Interest received
151,867
10,069

Net cash from investing activities

(7,223,706)
(3,556,180)

Cash flows from financing activities

Dividends paid
(3,240,000)
(3,240,000)

Interest paid
-
(370)

Net cash used in financing activities
(3,240,000)
(3,240,370)

Net increase/(decrease) in cash and cash equivalents
2,246,612
(779,127)

Cash and cash equivalents at beginning of year
42,944,390
43,723,517

Cash and cash equivalents at the end of year
45,191,002
42,944,390


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
45,191,002
42,944,390

45,191,002
42,944,390


The notes on pages 17 to 28 form part of these financial statements.

Page 15

 


BUXTED CONSTRUCTION LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023




At 1 August 2022
Cash flows
At 31 July 2023
£

£

£

Cash at bank and in hand

42,944,390

2,246,612

45,191,002


42,944,390
2,246,612
45,191,002

The notes on pages 17 to 28 form part of these financial statements.
Page 16

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Buxted Construction Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. The principal place of business is: Buxted House, London Road, West Kingsdown, Sevenoaks TN15 6AR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover, which excludes value added tax, comprises value of work executed during the year on construction contracts based on monthly valuations.
The performance obligations and transaction price are determined within contracts between the customer and the Company. Each contract has one performance obligation, the provision of specific construction activities for residential developments. Contract modifications are added to existing contracts when they are extensions to the original contracts. The revenue is recognised over time as the Company's performance of its obligations creates or enhances an asset that the customer controls. Payment of the transaction price is typically due in a number of stage payments throughout the term of the contract.
Turnover is recognised over the period of the contract by reference to the stage of completion. The stage of completion is measured by reference to the valuation of the work completed as a percentage of the total contract value.
Contract costs are recognised as expenses when they are incurred. When it is probable that total costs will exceed total contract revenue the expected loss is recognised immediately.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 18

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
on reducing balance
Motor vehicles
-
33%
on reducing balance
Fixtures and fittings
-
25%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

 
2.10

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at
the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the
arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt
deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the
financial asset or liability is measured, initially at the present value of future cash flows discounted at a market
rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan
from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
 
at fair value with changes recognised in the Statement of comprehensive income if the shares are
        publicly traded or their fair value can otherwise be measured reliably;
 
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in the Statement of comprehensive income.

Page 19

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between
an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position
when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.
However, the nature of estimation means that the actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and judgements;
Recoverability of debt and contract assets
As part of the process of gaining new business it is necessary to carry out checks on the organisation for which the Company will carry out work. The value of the individual contracts is substantial, and the risk of default is always present, so the estimates made of non recoverability of the debt and expected credit losses by the directors is critical.
Profitability of contracts
Individual contracts are negotiated so as to provide a reasonable return to the Company. The calculation of the margin to be achieved and the pricing set by the directors is of paramount importance to the success of the Company. The directors make an accounting estimate which is an assessment on the profitability and margin of contracts.


4.


Turnover

The turnover and profit before taxation is attributable to the one principal activity of the Company.

All turnover arose within the United Kingdom.

Page 20

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Other operating income

2023
2022
£
£

Net rents receivable
58,952
56,423

58,952
56,423



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Hire of plant and machinery
11,511,611
12,500,187

Other operating lease rentals
193,249
172,551

Depreciation - owned assets
2,209,074
1,605,937

Profit on disposal of fixed assets
(99,821)
(201,062)


7.


Auditors' remuneration

2023
2022
£
£

Auditors' remuneration
36,840
29,610





Fees payable to the Company's auditor and its associates in respect of:


Audit of financial statements
29,835
24,850

Accounts preparation
3,055
2,775

Corporation tax compliance
3,950
3,030

36,840
30,655

Page 21

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
13,471,522
10,456,308

Social security costs
1,772,688
1,371,215

Cost of defined contribution scheme
243,507
180,687

15,487,717
12,008,210


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
93
93


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
7,256,656
4,631,950

Company contributions to defined contribution pension schemes
20,150
12,867

7,276,806
4,644,817


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £2,289,047 (2022 - £1,366,775).


10.


Interest receivable

2023
2022
£
£


Deposit account interest receivable
151,867
10,069

151,867
10,069

Page 22

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
370

-
370


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,542,907
1,565,181

Adjustments in respect of previous periods
(193,116)
1,722


1,349,791
1,566,903


Total current tax
1,349,791
1,566,903

Deferred tax


Origination and reversal of timing differences
567,949
560,391

Capital gains and losses
-
19,806

Adjustments in respect of prior periods
-
(1,429)

Total deferred tax
567,949
578,768


Taxation on profit on ordinary activities
1,917,740
2,145,671
Page 23

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - higher than) the standard rate of corporation tax 21.01% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
9,736,067
11,013,456


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.01% (2022 - 19%)
2,045,108
2,092,557

Effects of:


Expenses not deductible for tax purposes
104,755
86,254

Capital allowances for year in excess of depreciation
(136,198)
(170,618)

Adjustments to tax charge in respect of prior periods
(193,116)
291

Non-taxable income
-
(17,670)

Chargeable gains (losses)
-
15,609

Remeasurement of deferred tax for changes in tax rates
97,191
139,248

Total tax charge for the year
1,917,740
2,145,671


13.


Dividends

2023
2022
£
£


Ordinary shares of £1 each
3,240,000
3,240,000

Page 24

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
2,330,252
12,434,099
2,155,688
53,017
16,973,056


Additions
3,595,055
3,798,611
158,637
-
7,552,303


Disposals
-
(882,946)
(186,980)
-
(1,069,926)



At 31 July 2023

5,925,307
15,349,764
2,127,345
53,017
23,455,433



Depreciation


At 1 August 2022
-
7,168,011
1,317,517
53,017
8,538,545


Charge for the year on owned assets
-
1,909,965
299,109
-
2,209,074


Disposals
-
(848,472)
(144,545)
-
(993,017)



At 31 July 2023

-
8,229,504
1,472,081
53,017
9,754,602



Net book value



At 31 July 2023
5,925,307
7,120,260
655,264
-
13,700,831



At 31 July 2022
2,330,252
5,266,088
838,171
-
8,434,511

Included in cost or valuation of land and buildings is £5,925,307 (2022 - £2,330,252) which is not depreciated.

Page 25

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

15.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
2,448,000



At 31 July 2023
2,448,000

The 2023 valuations were made by R. M. Ruthven and Belvoir Agents, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Cost
2,012,938
2,012,938


16.


Debtors

2023
2022
£
£


Trade debtors
4,046,597
3,473,536

Other debtors
2,776,423
2,598,503

Prepayments and accrued income
447,544
406,523

Amounts recoverable on long term contracts
7,168,438
9,111,588

14,439,002
15,590,150


Page 26

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
32,290,096
31,353,600

Trade creditors
6,364,306
6,399,714

Corporation tax
21,296
396,505

Other taxation and social security
3,809,453
3,498,064

Other creditors
244,150
42,472

Accruals and deferred income
659,120
482,558

43,388,421
42,172,913


Included within other creditors are £311 (2022 - £15,069) of outstanding pension contributions to defined pension schemes.


18.


Deferred taxation




2023


£






At beginning of year
(1,026,191)


Charged to profit or loss
(567,949)



At end of year
(1,594,140)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,448,085)
(883,969)

Tax losses carried forward
78
3,911

Capital gains
(146,133)
(146,133)

(1,594,140)
(1,026,191)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



54,000 (2022 - 54,000) Ordinary shares of £1.00 each
54,000
54,000


Page 27

 


BUXTED CONSTRUCTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

20.


Reserves

Revaluation reserve

This reserve records the value of the investment freehold fair value movements recognised directly in reserves.

Other reserve

This reserve records the investment property fair value movements on assets recognised in the profit and loss.

Profit and loss account

This reserve records retained earnings and accumulated losses.


21.


Capital commitments


At 31 July 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
3,007,927

-
3,007,927


22.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
30,385
23,611

30,385
23,611


23.


Related party transactions

During the year, total dividends of £3,240,000 (2022 - £3,240,000) were paid to the directors.
At the balance sheet date the Company was owed £441,510 
(2022 - £433,419) by Buxted Homes Plc, a company in which four of the directors have a controlling interest.
At the year end, the Company owed balances totaling £496 (2022 - £496) to its directors in respect to unpaid dividends. No interest was accruing on these balances, and they have been settled post year end. 


24.


Controlling party

The ultimate controlling party is R. M. Ruthven.
 
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