Company registration number 04623948 (England and Wales)
HOWARD HOLDINGS (ANGLIA) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
HOWARD HOLDINGS (ANGLIA) LTD
COMPANY INFORMATION
Directors
Mr G L Howard
Mr M S Howard
Secretary
Mr G L Howard
Company number
04623948
Registered office
Third Floor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
HOWARD HOLDINGS (ANGLIA) LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
11
Company statement of changes in equity
10
Group statement of cash flows
13
Company statement of cash flows
12
Notes to the financial statements
14 - 31
HOWARD HOLDINGS (ANGLIA) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 September 2023.

Review of the business

The turnover for the year remained stable continuing to show a good resurgence of the business coming from the pandemic. The company has continued to work as a subcontractor to major construction companies in Suffolk which has been the core business activity for the year.

 

The market continues to return to more normal levels of activity following the frenetic post pandemic period. The company has benefitted from a solid financial position, enabling competition for larger and lengthier contracts, closer to home, having travelled further afield in previous years.

 

Our client base remains solid and is currently expanding, as do the opportunities for work within our chosen area of operation.

 

Relations with our clients are strong and coupled with excellent negotiated payment terms and financial management, enable the company to plan sensible and risk reduced growth within the industry.

 

The company maintains and continues to enhance a reputation as one of the regions premier ground work and civil engineering contractors with our clients and local authority representatives, enabling the opportunity to compete for future projects.

 

Due to the company’s strong position, working capital is financed through retained earnings and credit and cash flow risks are managed through strict credit control procedures.

 

Being aware of credit limits with each of our clients, based on longstanding payment history, the risk of poor payment is minimised significantly.

Principal risks and uncertainties

The company naturally faces a number of commercial and business risks. The directors have established policies and procedures to manage and mitigate these risks. They are also closely involved in the day to day running of the business.

 

The company operates a system to close management control over contracts and maintains sound credit control to minimise the likelihood of contract losses, claims and bad debts as far as possible. The exposure of the company to liquidity and cash flow risk is considered by the directors to be low, with no reliance on external funding.

Financial key performance indicators

The directors manage individual contract performance on a regular basis against agreed costings. This process is aimed at maximising profitability whilst remaining competitive. Overall, the company achieved a gross profit margin of 20.86%. an operating profit margin of 10.16% is a significant improvement from prior year and in accordance with the directors' expectations.

By order of the board

Mr G L Howard
Secretary
6 February 2024
HOWARD HOLDINGS (ANGLIA) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2023.

Principal activities

The principal activity of the group continued to be that of groundworks and construction.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G L Howard
Mr M S Howard
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, Ensors Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
Mr G L Howard
Secretary
6 February 2024
HOWARD HOLDINGS (ANGLIA) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HOWARD HOLDINGS (ANGLIA) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOWARD HOLDINGS (ANGLIA) LTD
- 4 -
Opinion

We have audited the financial statements of Howard Holdings (Anglia) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 FRS 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HOWARD HOLDINGS (ANGLIA) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOWARD HOLDINGS (ANGLIA) LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition and management override of systems and control.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

HOWARD HOLDINGS (ANGLIA) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOWARD HOLDINGS (ANGLIA) LTD
- 6 -

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
26 February 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
HOWARD HOLDINGS (ANGLIA) LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
18,738,633
23,415,551
Cost of sales
(14,828,855)
(19,343,325)
Gross profit
3,909,778
4,072,226
Administrative expenses
(2,013,727)
(1,670,528)
Other operating income
6,503
2,722
Operating profit
5
1,902,554
2,404,420
Interest receivable and similar income
7
59,479
8,086
Interest payable and similar expenses
8
(50,863)
(25,785)
Fair value gains and losses on investment properties
12
-
0
80,000
Profit before taxation
1,911,170
2,466,721
Tax on profit
9
(457,420)
(370,526)
Profit for the financial year
1,453,750
2,096,195
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

HOWARD HOLDINGS (ANGLIA) LTD
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
2023-09-30
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,435,127
1,405,572
Investment property
12
1,137,962
1,137,962
2,573,089
2,543,534
Current assets
Stocks
15
610,439
782,816
Debtors
16
3,620,165
6,121,690
Cash at bank and in hand
3,896,961
3,373,207
8,127,565
10,277,713
Creditors: amounts falling due within one year
17
(1,817,698)
(5,011,030)
Net current assets
6,309,867
5,266,683
Total assets less current liabilities
8,882,956
7,810,217
Creditors: amounts falling due after more than one year
18
(180,956)
(625,693)
Provisions for liabilities
Deferred tax liability
21
214,633
150,907
(214,633)
(150,907)
Net assets
8,487,367
7,033,617
Capital and reserves
Called up share capital
23
600
600
Capital redemption reserve
300
300
Profit and loss reserves
8,486,467
7,032,717
Total equity
8,487,367
7,033,617

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on
6 February 2024
06 February 2024
and are signed on its behalf by:
2024-02-06
Mr G L Howard
Mr M S Howard
Director
Director
Company registration number 04623948 (England and Wales)
HOWARD HOLDINGS (ANGLIA) LTD
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
31,133
36,627
Investment property
12
1,137,962
1,137,962
Investments
13
450,100
450,100
1,619,195
1,624,689
Current assets
Debtors
16
1,320,720
912,751
Cash at bank and in hand
2,900,002
2,092,263
4,220,722
3,005,014
Creditors: amounts falling due within one year
17
(219,124)
(27,307)
Net current assets
4,001,598
2,977,707
Total assets less current liabilities
5,620,793
4,602,396
Creditors: amounts falling due after more than one year
18
-
(338,903)
Provisions for liabilities
Deferred tax liability
21
11,830
-
0
(11,830)
-
Net assets
5,608,963
4,263,493
Capital and reserves
Called up share capital
23
600
600
Capital redemption reserve
300
300
Profit and loss reserves
5,608,063
4,262,593
Total equity
5,608,963
4,263,493

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,345,471 (2022 - £599,271 profit).

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 6 February 2024 and are signed on its behalf by:
Mr G L Howard
Mr M S Howard
Director
Director
Company registration number 04623948 (England and Wales)
HOWARD HOLDINGS (ANGLIA) LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
600
300
4,163,322
4,164,222
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
599,271
599,271
Dividends
10
-
-
(500,000)
(500,000)
Balance at 30 September 2022
600
300
4,262,593
4,263,493
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
1,345,470
1,345,470
Balance at 30 September 2023
600
300
5,608,063
5,608,963
HOWARD HOLDINGS (ANGLIA) LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
600
300
4,734,999
4,735,899
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
2,096,195
2,096,195
Dividends
10
-
-
(500,000)
(500,000)
Capital Contribution
-
-
701,523
701,523
Balance at 30 September 2022
600
300
7,032,717
7,033,617
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
1,453,750
1,453,750
Balance at 30 September 2023
600
300
8,486,467
8,487,367
HOWARD HOLDINGS (ANGLIA) LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(192,842)
1,204,764
Interest paid
(17,992)
(12,745)
Income taxes paid
(18,037)
(3,723)
Net cash (outflow)/inflow from operating activities
(228,871)
1,188,296
Investing activities
Purchase of tangible fixed assets
-
0
(41,270)
Proceeds from disposal of tangible fixed assets
-
0
197,118
Purchase of investment property
-
0
(257,962)
Interest received
19,014
8,086
Dividends received
1,320,124
521,777
Other income received from investments
40,465
-
0
Net cash generated from investing activities
1,379,603
427,749
Financing activities
Repayment of bank loans
(342,993)
162,381
Dividends paid to equity shareholders
-
(500,000)
Net cash used in financing activities
(342,993)
(337,619)
Net increase in cash and cash equivalents
807,739
1,278,426
Cash and cash equivalents at beginning of year
2,092,263
813,837
Cash and cash equivalents at end of year
2,900,002
2,092,263
HOWARD HOLDINGS (ANGLIA) LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,665,362
2,400,865
Interest paid
(50,863)
(25,785)
Income taxes paid
(530,685)
(111,803)
Net cash inflow from operating activities
1,083,814
2,263,277
Investing activities
Purchase of tangible fixed assets
(257,386)
(1,247,458)
Proceeds from disposal of tangible fixed assets
-
195,490
Purchase of investment property
-
(257,962)
Interest received
19,014
8,086
Other income received from investments
40,465
-
0
Net cash used in investing activities
(197,907)
(1,301,844)
Financing activities
Assets acquired through capital contribution
-
701,523
Repayment of bank loans
(342,993)
162,381
Payment of finance leases obligations
(19,160)
328,017
Dividends paid to equity shareholders
-
0
(500,000)
Net cash (used in)/generated from financing activities
(362,153)
691,921
Net increase in cash and cash equivalents
523,754
1,653,354
Cash and cash equivalents at beginning of year
3,373,207
1,719,853
Cash and cash equivalents at end of year
3,896,961
3,373,207
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
1
Accounting policies
Company information

Howard Holdings (Anglia) Ltd (“the company”) is a private limited company incorporated in England and Wales. The registered office is Third Floor, Connexions, 159 Princes Street, Ipswich, Suffolk, IP1 1QJ. The company registration number is 04623948.

 

The group consists of Howard Holdings (Anglia) Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK” (“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 investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Howard Holdings (Anglia) Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

Revenue from contracts for the provision of 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 are recoverable.

1.5
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.

HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -

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:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Office equipment
15% reducing balance

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 recognised in the income statement.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
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 statement of financial position 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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

 

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 applies a valuation to its work in progress based on the level of completion of the contract and in accordance with the price that was agreed at the outset. All valuations are performed by qualified surveyors who are best placed in judging the level of completion for all individual contract works. Management also recognise accruals for all known costs incurred not billed at the date of the valuations.

HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 20 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Groundworks and construction
18,702,598
23,381,851
Rental income
36,035
33,700
18,738,633
23,415,551
2023
2022
£
£
Other significant revenue
Interest income
19,014
8,086
Income from insurance claims
-
37
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,850
6,180
Audit of the financial statements of the company's subsidiaries
14,100
10,110
19,950
16,290
For other services
Audit-related assurance services
1,134
1,050
Taxation compliance services
810
750
Other taxation services
5,443
5,040
All other non-audit services
33,707
23,438
41,094
30,278
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
227,831
26,227
Depreciation of tangible fixed assets held under finance leases
-
31,073
(Profit)/loss on disposal of tangible fixed assets
-
5,602
Operating lease charges
15,000
14,415
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Direct
55
60
-
-
Administrative
25
23
-
-
Directors
2
2
2
2
Total
82
85
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,029,116
4,362,206
-
0
-
0
Social security costs
437,944
518,731
-
-
Pension costs
165,330
138,915
-
0
-
0
4,632,390
5,019,852
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
575
Other interest income
19,014
7,511
Total interest revenue
19,014
8,086
Income from fixed asset investments
Income from other fixed asset investments
40,465
-
0
Total income
59,479
8,086
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
575
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,992
12,745
Other interest on financial liabilities
2,674
-
20,666
12,745
Other finance costs:
Interest on finance leases and hire purchase contracts
28,504
4,398
Other interest
1,693
8,642
Total finance costs
50,863
25,785
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
396,903
364,488
Tax relating to prior year adjustments recognised in profit or loss
(3,209)
(96,876)
Total current tax
393,694
267,612
Deferred tax
Origination and reversal of timing differences
63,726
102,914
Total tax charge
457,420
370,526
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
9
Taxation
(Continued)
- 23 -

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
1,911,170
2,466,721
Expected tax charge based on the standard rate of corporation tax in the UK of 22.01% (2022: 19.00%)
420,649
468,677
Tax effect of expenses that are not deductible in determining taxable profit
(143,577)
1,279
Tax effect of income not taxable in determining taxable profit
-
0
(1,547)
Adjustments in respect of prior years
45,014
(96,876)
Permanent capital allowances in excess of depreciation
9,524
(25,470)
Other non-reversing timing differences
-
0
2,189
Other permanent differences
(4)
24,611
Under/(over) provided in prior years
-
0
(974)
Deferred tax adjustments in respect of prior years
125,814
(1,363)
Taxation charge
457,420
370,526
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
-
500,000
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 24 -
11
Tangible fixed assets
Group
Plant and machinery
Fixtures, fittings & equipment
Office equipment
Total
£
£
£
£
Cost
At 1 October 2022
1,455,801
55,027
153,392
1,664,220
Additions
237,079
16,287
4,020
257,386
At 30 September 2023
1,692,880
71,314
157,412
1,921,606
Depreciation and impairment
At 1 October 2022
119,393
33,441
105,814
258,648
Depreciation charged in the year
216,484
3,960
7,387
227,831
At 30 September 2023
335,877
37,401
113,201
486,479
Carrying amount
At 30 September 2023
1,357,003
33,913
44,211
1,435,127
At 30 September 2022
1,336,408
21,586
47,578
1,405,572
Company
Plant and machinery
£
Cost
At 1 October 2022 and 30 September 2023
41,270
Depreciation and impairment
At 1 October 2022
4,643
Depreciation charged in the year
5,494
At 30 September 2023
10,137
Carrying amount
At 30 September 2023
31,133
At 30 September 2022
36,627
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 October 2022 and 30 September 2023
1,137,962
1,137,962

Investment property comprises of residential freehold land and buildings. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30 September 2023 by the directors as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
450,100
450,100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022 and 30 September 2023
450,100
Carrying amount
At 30 September 2023
450,100
At 30 September 2022
450,100
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Howard Construction (Anglia) Limited
United Kingdom
Ordinary
100.00
Howard Plant Limited
United Kingdom
Ordinary
100.00

The registered office of the company's subsidiaries is Third Floor, Connexions, 159 Princes Street, Ipswich, Suffolk, IP1 1QJ.

HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 26 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
610,439
782,816
-
-

Costs of stocks recognised as an expense in the year amounted to £5,134,665 (2022: £6,655,135).

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,741,909
5,117,399
-
0
-
0
Amounts owed by group undertakings
(711,117)
-
-
502,768
Other debtors
1,449,398
871,024
1,320,720
409,983
Prepayments and accrued income
139,975
133,267
-
0
-
0
3,620,165
6,121,690
1,320,720
912,751
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
-
0
4,090
-
0
4,090
Obligations under finance leases
20
231,056
144,382
-
0
-
0
Trade creditors
1,321,644
3,543,384
-
0
-
0
Amounts owed to group undertakings
(711,117)
-
0
213,117
-
0
Corporation tax payable
132,979
269,970
157
18,037
Other taxation and social security
118,646
137,540
-
-
Other creditors
150,834
154,359
-
0
-
0
Accruals and deferred income
573,656
757,305
5,850
5,180
1,817,698
5,011,030
219,124
27,307
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
338,903
-
0
338,903
Obligations under finance leases
20
180,956
286,790
-
0
-
0
180,956
625,693
-
338,903
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 27 -
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
342,993
-
0
342,993
Payable within one year
-
0
4,090
-
0
4,090
Payable after one year
-
0
338,903
-
0
338,903

The long-term loans are secured by fixed charges over the investment properties to which they relate.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
231,056
144,382
-
0
-
0
In two to five years
180,956
286,790
-
0
-
0
412,012
431,172
-
-

Finance lease payments represent rentals payable by the company or group 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 three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
214,633
150,907
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
11,830
-
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
21
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
150,907
-
Charge to profit or loss
63,726
11,830
Liability at 30 September 2023
214,633
11,830

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
165,330
138,915

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
600
600
600
600
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
25,103
19,999
-
-
Between two and five years
49,713
59,583
-
-
74,816
79,582
-
-
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 29 -
25
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
2023
2022
£
£
Group
Other related parties
-
799,430
Interest receivable
Hire of equipment
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
-
7,511
-
1,076,060

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
£
£
Group
Other related parties
-
30,209
26
Directors' transactions

As at 30 September 2023, the directors owed the company £3,429 (2022: £29,056) in regular pre-existing loans.

Dividends totalling £0 (2022 - £500,000) were paid in the year in respect of shares held by the company's directors.

 

HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 30 -
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,453,750
2,096,195
Adjustments for:
Taxation charged
457,420
370,526
Finance costs
50,863
25,785
Investment income
(59,479)
(8,086)
(Gain)/loss on disposal of tangible fixed assets
-
5,602
Fair value gain on investment properties
-
0
(80,000)
Depreciation and impairment of tangible fixed assets
227,831
57,300
Movements in working capital:
Decrease/(increase) in stocks
172,377
(325,802)
Decrease/(increase) in debtors
2,501,525
(954,777)
(Decrease)/increase in creditors
(3,138,925)
1,214,122
Cash generated from operations
1,665,362
2,400,865
28
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
1,345,470
599,271
Adjustments for:
Taxation charged
11,987
16,303
Finance costs
17,992
12,745
Investment income
(1,379,603)
(529,863)
(Gain)/loss on disposal of tangible fixed assets
-
2,882
Fair value gain on investment properties
-
0
(80,000)
Depreciation and impairment of tangible fixed assets
5,494
4,643
Movements in working capital:
(Increase)/decrease in debtors
(407,969)
1,178,353
Increase in creditors
213,787
430
Cash (absorbed by)/generated from operations
(192,842)
1,204,764
HOWARD HOLDINGS (ANGLIA) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 31 -
29
Analysis of changes in net funds - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
3,373,207
523,754
3,896,961
Borrowings excluding overdrafts
(342,993)
342,993
-
Obligations under finance leases
(431,172)
19,160
(412,012)
2,599,042
885,907
3,484,949
30
Analysis of changes in net funds - company
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
2,092,263
807,739
2,900,002
Borrowings excluding overdrafts
(342,993)
342,993
-
1,749,270
1,150,732
2,900,002
2023-09-302022-10-01falseCCH SoftwareCCH Accounts Production 2023.300Mr M S HowardMr M S HowardMr G L Howardfalse04623948bus:Consolidated2022-10-012023-09-30046239482022-10-012023-09-3004623948bus:CompanySecretaryDirector12022-10-012023-09-3004623948bus:Director12022-10-012023-09-3004623948bus:CompanySecretary12022-10-012023-09-3004623948bus:Director22022-10-012023-09-3004623948bus:RegisteredOffice2022-10-012023-09-30046239482023-09-3004623948bus:Consolidated2021-10-012022-09-30046239482021-10-012022-09-3004623948bus:Consolidated2023-09-3004623948bus:Consolidated2022-09-30046239482022-09-3004623948core:PlantMachinerybus:Consolidated2023-09-3004623948core:FurnitureFittingsbus:Consolidated2023-09-3004623948core:ComputerEquipmentbus:Consolidated2023-09-3004623948core:PlantMachinerybus:Consolidated2022-09-3004623948core:FurnitureFittingsbus:Consolidated2022-09-3004623948core:ComputerEquipmentbus:Consolidated2022-09-3004623948core:PlantMachinery2023-09-3004623948core:PlantMachinery2022-09-3004623948core:ShareCapitalbus:Consolidated2023-09-3004623948core:ShareCapitalbus:Consolidated2022-09-3004623948core:CapitalRedemptionReservebus:Consolidated2023-09-3004623948core:CapitalRedemptionReservebus:Consolidated2022-09-3004623948core:ShareCapital2023-09-3004623948core:ShareCapital2022-09-3004623948core:CapitalRedemptionReserve2023-09-3004623948core:CapitalRedemptionReserve2022-09-3004623948core:RetainedEarningsAccumulatedLosses2023-09-3004623948core:ShareCapital2021-09-3004623948core:CapitalRedemptionReserve2021-09-3004623948core:RetainedEarningsAccumulatedLosses2021-09-3004623948core:RetainedEarningsAccumulatedLosses2022-09-3004623948core:ShareCapitalbus:Consolidated2021-09-3004623948core:CapitalRedemptionReservebus:Consolidated2021-09-3004623948core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-09-3004623948core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-3004623948core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-30046239482021-09-3004623948bus:Consolidated2021-09-3004623948bus:Consolidated12022-10-012023-09-3004623948bus:Consolidated12021-10-012022-09-3004623948core:PlantMachinery2022-10-012023-09-3004623948core:FurnitureFittings2022-10-012023-09-3004623948core:ComputerEquipment2022-10-012023-09-3004623948bus:Consolidated22022-10-012023-09-3004623948core:UKTaxbus:Consolidated2022-10-012023-09-3004623948core:UKTaxbus:Consolidated2021-10-012022-09-3004623948bus:Consolidated22021-10-012022-09-3004623948core:PlantMachinerybus:Consolidated2022-09-3004623948core:FurnitureFittingsbus:Consolidated2022-09-3004623948core:ComputerEquipmentbus:Consolidated2022-09-3004623948bus:Consolidated2022-09-3004623948core:PlantMachinery2022-09-3004623948core:PlantMachinerybus:Consolidated2022-10-012023-09-3004623948core:FurnitureFittingsbus:Consolidated2022-10-012023-09-3004623948core:ComputerEquipmentbus:Consolidated2022-10-012023-09-300462394812022-10-012023-09-3004623948core:CurrentFinancialInstruments2023-09-3004623948core:CurrentFinancialInstruments2022-09-3004623948core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3004623948core:CurrentFinancialInstrumentsbus:Consolidated2022-09-3004623948core:WithinOneYearbus:Consolidated2023-09-3004623948core:WithinOneYearbus:Consolidated2022-09-3004623948core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3004623948core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3004623948core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-09-3004623948core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-09-3004623948core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3004623948core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3004623948core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-3004623948core:Non-currentFinancialInstrumentsbus:Consolidated2022-09-3004623948core:Non-currentFinancialInstruments2023-09-3004623948core:Non-currentFinancialInstruments2022-09-3004623948core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3004623948core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-09-3004623948core:WithinOneYear2023-09-3004623948core:WithinOneYear2022-09-3004623948core:BetweenTwoFiveYearsbus:Consolidated2023-09-3004623948core:BetweenTwoFiveYearsbus:Consolidated2022-09-3004623948core:BetweenTwoFiveYears2023-09-3004623948core:BetweenTwoFiveYears2022-09-3004623948bus:PrivateLimitedCompanyLtd2022-10-012023-09-3004623948bus:FRS1022022-10-012023-09-3004623948bus:Audited2022-10-012023-09-3004623948bus:ConsolidatedGroupCompanyAccounts2022-10-012023-09-3004623948bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP