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REGISTERED NUMBER: 01719445 (England and Wales)














L HEALY LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






L HEALY LIMITED (REGISTERED NUMBER: 01719445)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


L HEALY LIMITED

COMPANY INFORMATION
for the year ended 30 June 2023







DIRECTORS: L M Healy
Mrs P Healy
R Healy
P Healy
L Healy
W Healy





SECRETARY: L M Healy





REGISTERED OFFICE: 8 Merse Road
Redditch
West Midlands
B98 9HL





REGISTERED NUMBER: 01719445 (England and Wales)





AUDITORS: Equus Miller Limited
Chartered Certified Accountants
Statutory Auditors
Brook House
47 High Street
Henley in Arden
Warwickshire
B95 5AA

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

STRATEGIC REPORT
for the year ended 30 June 2023

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

L Healy Limited

The directors present their strategic report of the company for the year ended 30 June 2023.

L Healy Limited is a Midlands based company providing civil engineering to a significant number of developers across the United Kingdom.

REVIEW OF BUSINESS
The directors are pleased to report that despite a challenging marketplace, the continued commitment to the business from its directors and their dedicated team, has enabled the company to expand its share of the market, despite lower volume output within the housing sector overall.

The business has continued to invest in its asset base and quality control to ensure that it maintains its excellent reputation within the industry as evidenced by the repeat business from the most prestigious house builders across the midlands.

Key performance indicators

The directors monitor the company's performance during regular financial meetings using turnover and gross profit as key metrics.

The directors' "hands on approach" with the business ensures that the company is able to adapt to the changing marketplace and continues to deliver on its excellent reputation within a competitive industry. This hard work and dedication has enabled the company to enjoy further growth of 10% during 2023 on what was already a strong performance for the business in the previous year.

With regards to the company's gross margins, despite continuing inflationary pressures on materials throughout the year, the directors are pleased to report that the company's margins have increased in the current year to 9.2% compared with 8.6% in 2022.

Future developments

The directors continually consider risks and uncertainties relating to the UK economy and are mindful that interest rate rises continue to cause headwinds and uncertainty within the market.

Whilst house prices across the country have continued to reduce within the current year, the market continues to show resilience and despite a slight stall in the release of new sites in the latter half of 2023, there has been an exceptionally high demand for development within the first quarter of 2024 and the outlook for the coming year remains positive.

The company has an exceptionally strong order book and continues to be successful with new tenders ensuring that the business continues to flourish.

Health and safety remains a key focus of the directors who are committed to continuous investment into the company's employees providing ongoing training and development programs for the team.


L HEALY LIMITED (REGISTERED NUMBER: 01719445)

STRATEGIC REPORT
for the year ended 30 June 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks and uncertainty

The company's trading operations could be affected by a number of external factors that may pose a risk to its financial performance in the short, medium and long term which are: -

1. A significant downturn within the construction industry from external factors that are beyond the control of the company.

2. Uncapped price rises of general building materials resulted from supply and demand issues in particular as a result of continued global instability and conflict.

3. A change in Government following the imminent General Election which may result in a withdrawal of support for Stamp Duty Relief for first time buyers or changes to policies which support Housing Associations.

The directors continue to monitor the market conditions and meet regularly to discuss any foreseeable circumstances that may necessitate a change to the company's strategy in order to mitigate the business exposure to changes within the working environment.

ON BEHALF OF THE BOARD:





R Healy - Director


29 March 2024

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

REPORT OF THE DIRECTORS
for the year ended 30 June 2023

The directors present their report with the financial statements of the company for the year ended 30 June 2023.

DIVIDENDS
No dividends were paid during the year (2022- nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

L M Healy
Mrs P Healy
R Healy
P Healy
L Healy
W Healy

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R Healy - Director


29 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L HEALY LIMITED

Opinion
We have audited the financial statements of L Healy Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L HEALY LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors 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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management it's own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal control established to mitigate risks related to fraud or non compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations including fraud.

We focussed on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to Health and Safety regulations, UK tax legislation and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example minutes of meetings and representations of the board of Directors.

Our tests included agreeing the financial statements disclosure to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of key staff manipulation that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery , misrepresentions or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected within the financial statements, the less likely we are to become aware of it.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L HEALY LIMITED


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 a Report of the Auditors 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.




Deborah Jane Horsley FCCA (Senior Statutory Auditor)
for and on behalf of Equus Miller Limited
Chartered Certified Accountants
Statutory Auditors
Brook House
47 High Street
Henley in Arden
Warwickshire
B95 5AA

29 March 2024

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

INCOME STATEMENT
for the year ended 30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   

TURNOVER 4 32,902,126 29,913,402

Cost of sales 29,880,308 27,355,248
GROSS PROFIT 3,021,818 2,558,154

Administrative expenses 2,646,668 2,196,180
375,150 361,974

Other operating income 341,288 313,618
OPERATING PROFIT 6 716,438 675,592

Income from fixed asset investments 292 275
Interest receivable and similar income 142 -
434 275
716,872 675,867

Interest payable and similar expenses 7 163,799 68,391
PROFIT BEFORE TAXATION 553,073 607,476

Tax on profit 8 79,998 125,308
PROFIT FOR THE FINANCIAL YEAR 473,075 482,168

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

OTHER COMPREHENSIVE INCOME
for the year ended 30 June 2023

30/6/23 30/6/22
Notes £    £   

PROFIT FOR THE YEAR 473,075 482,168


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

473,075

482,168

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

BALANCE SHEET
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 512,198 473,793

CURRENT ASSETS
Stocks 10 124,215 85,310
Debtors 11 10,573,380 8,171,582
Investments 12 206 206
Cash at bank and in hand 171,903 767,325
10,869,704 9,024,423
CREDITORS
Amounts falling due within one year 13 8,686,683 6,677,608
NET CURRENT ASSETS 2,183,021 2,346,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,695,219

2,820,608

CREDITORS
Amounts falling due after more than one
year

14

1,734,662

2,333,126
NET ASSETS 960,557 487,482

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 960,457 487,382
SHAREHOLDERS' FUNDS 960,557 487,482

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





L Healy - Director


L HEALY LIMITED (REGISTERED NUMBER: 01719445)

STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 100 5,214 5,314

Changes in equity
Total comprehensive income - 482,168 482,168
Balance at 30 June 2022 100 487,382 487,482

Changes in equity
Total comprehensive income - 473,075 473,075
Balance at 30 June 2023 100 960,457 960,557

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2023

1. STATUTORY INFORMATION

L Healy 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 presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to quantity surveyors reports.

When the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Interest and dividends receivable

Interest income is recognised using the effective method and dividend income is recognised as the company's right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance

Stock
Stock is valued at the lower of cost and net realisable value.

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Retentions
It is the company's policy to absorb the cost of remedial work arising on contracts in the year in which they are incurred.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction cost. Subsequently, they are measured at fair value through the profit and loss if the shares are publicly traded or their value can otherwise be measured reliably. Other investments are measured at cost less impairment.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30/6/23 30/6/22
£    £   
Construction contracts 32,902,126 29,913,402
32,902,126 29,913,402

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

5. EMPLOYEES AND DIRECTORS
30/6/23 30/6/22
£    £   
Wages and salaries 12,847,023 11,490,269
Social security costs 91,927 56,331
Other pension costs 45,643 29,733
12,984,593 11,576,333

The average number of employees during the year was as follows:
30/6/23 30/6/22

Production staff 31 45
Office and management 14 12
45 57

30/6/23 30/6/22
£    £   
Directors' remuneration 679,200 412,574
Directors' pension contributions to money purchase schemes 16,000 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 -

Information regarding the highest paid director is as follows:
30/6/23 30/6/22
£    £   
Emoluments etc 169,800 104,417
Pension contributions to money purchase schemes 4,000 -

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/6/23 30/6/22
£    £   
Hire of plant and machinery 3,026,772 2,797,282
Depreciation - owned assets 88,046 87,626
Depreciation - assets on hire purchase contracts 76,698 64,369
Profit on disposal of fixed assets (20,074 ) (11,938 )
Auditors' remuneration 11,743 10,315

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/23 30/6/22
£    £   
Bank loan interest 152,522 58,303
Other interest 1,895 -
Hire purchase interest 9,382 10,088
163,799 68,391

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/23 30/6/22
£    £   
Current tax:
UK corporation tax 27 -

Deferred taxation 79,971 125,308
Tax on profit 79,998 125,308

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 341,621 81,255 1,143,913 1,566,789
Additions 78,726 7,074 143,534 229,334
Disposals - - (138,160 ) (138,160 )
At 30 June 2023 420,347 88,329 1,149,287 1,657,963
DEPRECIATION
At 1 July 2022 260,534 43,413 789,049 1,092,996
Charge for year 39,954 6,737 118,053 164,744
Eliminated on disposal - - (111,975 ) (111,975 )
At 30 June 2023 300,488 50,150 795,127 1,145,765
NET BOOK VALUE
At 30 June 2023 119,859 38,179 354,160 512,198
At 30 June 2022 81,087 37,842 354,864 473,793

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2022 - 443,377 443,377
Additions 43,179 143,534 186,713
Transfer to ownership - (175,964 ) (175,964 )
At 30 June 2023 43,179 410,947 454,126
DEPRECIATION
At 1 July 2022 - 250,271 250,271
Charge for year 10,795 65,903 76,698
Transfer to ownership - (102,948 ) (102,948 )
At 30 June 2023 10,795 213,226 224,021
NET BOOK VALUE
At 30 June 2023 32,384 197,721 230,105
At 30 June 2022 - 193,106 193,106

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

10. STOCKS
30/6/23 30/6/22
£    £   
Stocks 124,215 85,310

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Trade debtors 9,110,567 6,869,324
Amounts owed by group undertakings 457,278 325,529
Other debtors 4,748 4,748
VAT 488,136 427,925
Deferred tax asset 147,046 227,017
Prepayments and accrued income 365,605 317,039
10,573,380 8,171,582

Deferred tax asset
30/6/23 30/6/22
£    £   
Capital allowances in excess of depreciation (81,509 ) (43,522 )
Deferred tax assets 228,555 270,539
147,046 227,017

12. CURRENT ASSET INVESTMENTS
30/6/23 30/6/22
£    £   
Listed investments 206 206
Market value of listed investments at 30 June 2023 - £ 1,249 (2022 - £ 1,101 ).

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans and overdrafts (see note 15) 240,000 -
Hire purchase contracts (see note 16) 95,444 93,791
Trade creditors 4,924,240 4,059,091
Amounts owed to group undertakings 2,396,712 1,845,592
Amounts owed to associates 90,000 -
Corporation tax payable 27 -
Social security & other taxes 284,709 213,126
Other creditors 2,636 -
Directors' loan accounts 314,050 253,258
Accrued expenses 338,865 212,750
8,686,683 6,677,608

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans (see note 15) 1,632,691 2,279,291
Hire purchase contracts (see note 16) 101,971 53,835
1,734,662 2,333,126

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

15. LOANS

An analysis of the maturity of loans is given below:

30/6/23 30/6/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 240,000 -

Amounts falling due between one and two years:
Bank loans - 1-2 years 240,000 226,301

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,392,691 2,052,990

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30/6/23 30/6/22
£    £   
Gross obligations repayable:
Within one year 105,033 100,952
Between one and five years 112,412 59,075
217,445 160,027

Finance charges repayable:
Within one year 9,589 7,161
Between one and five years 10,441 5,240
20,030 12,401

Net obligations repayable:
Within one year 95,444 93,791
Between one and five years 101,971 53,835
197,415 147,626

17. SECURED DEBTS

The following secured debts are included within creditors:

30/6/23 30/6/22
£    £   
Bank loans 1,872,691 2,279,291
Hire purchase contracts 197,415 147,626
2,070,106 2,426,917

Security is offered by way of a debenture over the assets of the group.

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
100 Ordinary £1 100 100

19. RESERVES
Retained
earnings
£   

At 1 July 2022 487,382
Profit for the year 473,075
At 30 June 2023 960,457

20. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of L Healy Holdings Limited.

The company recognises Healy Group Limited as its ultimate parent company.

21. OTHER FINANCIAL COMMITMENTS

There is an unlimited inter-company guarantee in place between Waylaid Limited, L Healy Limited, L Healy Holdings Limited and Healy Group Limited.

The total financial commitments, guarantees and contingencies undertaken on behalf of Waylaid Limited which are subject to inter-company guarantee and not included in the balance sheet of L Healy Limited amount to £1,670,445 (2022 £1,057,695).

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

30/6/23 30/6/22
£    £   
L M Healy and Mrs P Healy
Balance outstanding at start of year (71,441 ) (28,368 )
Amounts advanced (131,750 ) 90,552
Amounts repaid 85,528 (133,625 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (117,663 ) (71,441 )

G Tongue
Balance outstanding at start of year 2,315 (4,010 )
Amounts advanced - 6,325
Amounts repaid - -
Amounts written off - -
Amounts waived (2,315 ) -
Balance outstanding at end of year - 2,315

L HEALY LIMITED (REGISTERED NUMBER: 01719445)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

P Healy
Balance outstanding at start of year (98 ) 7,710
Amounts advanced - 9,192
Amounts repaid 98 (17,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (98 )

Where Directors have received advances during the year, these are repayable on demand and have been subjected to HMRC's official rate of interest in use at that time.

With regards to Mr G Tongue, the £2,315 remains due to the company and has been transferred to other debtors as he is no longer a director of the company.

23. ULTIMATE HOLDING COMPANY

The ultimate holding company is Healy Group Limited. The registered office and place of business of Healy Group Limited is 8 Merse Road, Redditch, West Midlands, B98 9HL. .