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Registered number: 04480588










HAZELL AND JEFFERIES (TARMAC) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023



 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

COMPANY INFORMATION


Director
R E Hazell 




Company secretary
F J Hazell



Registered number
04480588



Registered office
Mount Pleasant Farm
Coombe End

Whitchurch Hill

Pangbourne

Berkshire

RG8 7TB




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

CONTENTS



Page
Group strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 7
Consolidated profit and loss account
8
Consolidated balance sheet
9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Consolidated analysis of net debt
14
Notes to the financial statements
15 - 24


 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

BUSINESS REVIEW
 
The results for the year and the financial position of the group are shown in the annexed financial statements.
Given the straightforward nature of the business, the director is of the opinion that analysis using Key Performance Indicators is not necessary for an understanding of the development, performance or position of the group.
The director considers that the results for the year are satisfactory and anticipates that the group will continue to trade successfully for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The group focuses on retaining and increasing its customer base by providing a high level of service and maintaining strong relationships with key customers and suppliers.
The main financial risks arising from the group's activities are price risk, credit risk and liquidity risk. These are monitored by the director and were not considered to be significant at the balance sheet date.
The director monitors price risk and considers that there are no significant associated risks.
The group's policy in respect of credit risk is to require appropriate credit checks on potential customers before sales are made and to monitor payments against contractual agreements for existing customers.
The group's policy in respect of liquidity risk is to maintain readily accessible bank deposit accounts to ensure the group has sufficient funds for operations.

FINANCIAL KEY PERFORMANCE INDICATORS
 
Turnover, margin and net profit are the main measures used to monitor the performance of the group.


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



R E Hazell
Director
Date: 24 July 2024

Page 1

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The director presents his report and the financial statements for the year ended 31 October 2023.

DIRECTOR

The director who served during the year was:

R E Hazell 

DIRECTOR'S RESPONSIBILITIES STATEMENT

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

 In preparing these financial statements, the director is required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITIES

The principal activity of the company in the year under review was that of a holding company. The principal
activity of the subsidiary company in the year under review was that of tarmac contracting.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,596,650 (2022 - £2,059,348).

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

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

AUDITOR

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

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



R E Hazell
Director
Date: 24 July 2024

Page 3

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELL AND JEFFERIES (TARMAC) LIMITED
 

Opinion


We have audited the financial statements of Hazell and Jefferies (Tarmac) Limited (the 'parent Company') and its subsidiary (the 'Group') for the year ended 31 October 2023, which comprise the Group Profit and loss account, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 October 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 4

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELL AND JEFFERIES (TARMAC) LIMITED (CONTINUED)


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 director is 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of the director
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELL AND JEFFERIES (TARMAC) LIMITED (CONTINUED)


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 Group financial statements.

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

Enquiry of management and those charged with governance around actual and potential   litigation and claims; 
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations; 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 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.


Page 6

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELL AND JEFFERIES (TARMAC) LIMITED (CONTINUED)





Alexander Peal BSc(Hons) FCA DChA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

26 July 2024
Page 7

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
 £
£

  

Turnover
 3 
23,021,534
20,860,695

Cost of sales
  
(19,695,604)
(17,081,313)

Gross profit
  
3,325,930
3,779,382

Administrative expenses
  
(1,669,547)
(1,448,803)

Other operating income
 4 
88,082
247,440

Operating profit
  
1,744,465
2,578,019

Interest receivable and similar income
  
85,050
8,507

Interest payable and similar expenses
 7 
(15,459)
(11,422)

Profit before taxation
  
1,814,056
2,575,104

Tax on profit
 8 
(217,406)
(515,756)

Profit for the financial year
  
1,596,650
2,059,348

  

  

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

The notes on pages 15 to 24 form part of these financial statements.



Page 8

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
REGISTERED NUMBER: 04480588

CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
21,601,581
16,074,807

  
21,601,581
16,074,807

Current assets
  

Debtors: amounts falling due within one year
 11 
7,526,091
3,215,423

Cash at bank and in hand
 12 
1,596,940
10,271,793

  
9,123,031
13,487,216

Creditors: amounts falling due within one year
 13 
(1,335,930)
(1,992,709)

Net current assets
  
 
 
7,787,101
 
 
11,494,507

Total assets less current liabilities
  
29,388,682
27,569,314

Provisions for liabilities
  

Deferred taxation
 14 
(529,251)
(306,533)

  
 
 
(529,251)
 
 
(306,533)

Net assets
  
28,859,431
27,262,781


Capital and reserves
  

Called up share capital 
 15 
500
500

Capital redemption reserve
  
500
500

Profit and loss account
  
28,858,431
27,261,781

  
28,859,431
27,262,781


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


R E Hazell
Director
Date: 24 July 2024

The notes on pages 15 to 24 form part of these financial statements.

Page 9

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
REGISTERED NUMBER: 04480588

COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Fixed Asset Investments
 10 
1,000
1,000

  
1,000
1,000

  

Creditors: amounts falling due within one year
 13 
(3,784)
(3,784)

Net current liabilities
  
 
 
(3,784)
 
 
(3,784)

Total assets less current liabilities
  
(2,784)
(2,784)

  

  

Net liabilities
  
(2,784)
(2,784)


Capital and reserves
  

Called up share capital 
 15 
500
500

Capital redemption reserve
  
500
500

Profit and loss account
  
(3,784)
(3,784)

  
(2,784)
(2,784)


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


R E Hazell
Director
Date: 24 July 2024

The notes on pages 15 to 24 form part of these financial statements.

Page 10

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 November 2022
500
500
27,261,781
27,262,781
27,262,781



Profit for the year
-
-
1,596,650
1,596,650
1,596,650


At 31 October 2023
500
500
28,858,431
28,859,431
28,859,431


The notes on pages 15 to 24 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 November 2021
500
500
25,202,433
25,203,433
25,203,433



Profit for the year
-
-
2,059,348
2,059,348
2,059,348


At 31 October 2022
500
500
27,261,781
27,262,781
27,262,781


The notes on pages 15 to 24 form part of these financial statements.

Page 11

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 November 2022
500
500
(3,784)
(2,784)




At 31 October 2023
500
500
(3,784)
(2,784)


The notes on pages 15 to 24 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 November 2021
500
500
(3,784)
(2,784)




At 31 October 2022
500
500
(3,784)
(2,784)


The notes on pages 15 to 24 form part of these financial statements.

Page 12

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,596,650
2,059,348

Adjustments for:

Depreciation of tangible assets
1,811,212
1,689,026

Loss on disposal of tangible assets
(50,700)
(87,408)

Interest paid
15,459
11,422

Interest received
(85,050)
(8,507)

Taxation charge
217,406
515,756

(Increase)/decrease in debtors
(4,016,439)
1,148,468

(Decrease) in creditors
(478,525)
(383,049)

Corporation tax (paid)
(467,171)
(257,589)

Net cash generated from operating activities

(1,457,158)
4,687,467


Cash flows from investing activities

Purchase of tangible fixed assets
(7,437,617)
(2,887,690)

Sale of tangible fixed assets
150,331
133,818

Interest received
85,050
8,507

Net cash from investing activities

(7,202,236)
(2,745,365)

Cash flows from financing activities

Interest paid
(15,459)
(11,422)

Net cash used in financing activities
(15,459)
(11,422)

Net (decrease)/increase in cash and cash equivalents
(8,674,853)
1,930,680

Cash and cash equivalents at beginning of year
10,271,793
8,341,113

Cash and cash equivalents at the end of year
1,596,940
10,271,793


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,596,940
10,271,793

1,596,940
10,271,793


The notes on pages 15 to 24 form part of these financial statements.

Page 13

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023




At 1 November 2022
Cash flows
At 31 October 2023
£

£

£

Cash at bank and in hand

10,271,793

(8,674,853)

1,596,940


10,271,793
(8,674,853)
1,596,940

The notes on pages 15 to 24 form part of these financial statements.

Page 14

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
1.2

Basis of consolidation

The financial statements consolidate the accounts of Hazell and Jefferies (Tarmac) Limited and its subsidiary undertaking, Hazell and Jefferies Limited, using the merger method of accounting.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 November 2014.

 
1.3

Turnover

Turnover comprises revenue recognised by the group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised on the supply or delivery of goods or services to customers.

Page 15

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

1.Accounting policies (continued)

 
1.4

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

 
1.5

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings
-
5% straight line
Plant & machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
25% straight line

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

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

 
1.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 16

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

1.Accounting policies (continued)

 
1.7

Debtors

Trade and other debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

 
1.8

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

 
1.9

Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods and services it must provide. 


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.  The following have had the most significant effect on amounts recognised in the financial statements.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.
Bad debt provisions
Provisions are estimated by the group in respect of specific debts based upon the age of the debt and knowledge of known issues.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Tarmac contracting
16,957,717
15,655,357

Skip hire
6,063,817
5,205,338

23,021,534
20,860,695


All turnover arose within the United Kingdom.

Page 17

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

4.


Other operating income

2023
2022
£
£

Ground rent receivable
86,529
64,274

Insurance claims receivable
1,553
183,166

88,082
247,440



5.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,257,612
4,186,457
-
-

Social security costs
442,015
468,246
-
-

Cost of defined contribution scheme
48,855
43,295
-
-

4,748,482
4,697,998
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
1
1



Administration
13
14
-
-



Contracting
86
85
-
-

101
101
1
1


6.


Director's remuneration

2023
2022
£
£

Director's emoluments
44,478
45,645


All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals, including employer national insurance and pension contributions is £563,036 (2022: £492,719).

Page 18

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

7.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
6,000

Other interest payable
15,459
5,422

15,459
11,422


8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
195,546
347,786

Adjustments in respect of previous periods
(200,858)
506


(5,312)
348,292


Total current tax
(5,312)
348,292

Deferred tax


Origination and reversal of timing differences
222,718
153,527

Adjustments in respect of prior periods
-
13,937

Total deferred tax
222,718
167,464


Taxation on profit on ordinary activities
217,406
515,756
Page 19

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is ***select*** (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,814,056
2,575,104


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.5% (2022 - 19%)
411,641
489,270

Effects of:


Expenses not deductible for tax purposes
4,825
6,322

Capital allowances for year in excess of depreciation
(21,015)
(40,764)

Adjustments to tax charge in respect of prior periods
(200,158)
12,504

Movements in deferred tax not recognised
-
10,833

Remeasurement of deferred tax for changes in tax rates
22,113
37,591

Total tax charge for the year
217,406
515,756


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


Page 20

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

9.


Tangible fixed assets

Group






Short term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
12,905,383
7,773,396
8,347,064
193,523
29,219,366


Additions
5,181,908
928,809
1,316,400
10,500
7,437,617


Disposals
-
(113,667)
(275,666)
-
(389,333)



At 31 October 2023

18,087,291
8,588,538
9,387,798
204,023
36,267,650



Depreciation


At 1 November 2022
258,296
6,156,341
6,567,288
162,634
13,144,559


Charge for the year
61,473
709,076
1,029,075
11,588
1,811,212


Disposals
-
(27,434)
(262,268)
-
(289,702)



At 31 October 2023

319,769
6,837,983
7,334,095
174,222
14,666,069



Net book value



At 31 October 2023
17,767,522
1,750,555
2,053,703
29,801
21,601,581



At 31 October 2022
12,647,087
1,617,055
1,779,776
30,889
16,074,807




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
17,767,522
12,647,087

17,767,522
12,647,087


Page 21

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

10.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
1,000



At 31 October 2023
1,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Hazell and Jefferies Limited
Tarmac contracting
Ordinary £1
100%

The aggregate of the share capital and reserves as at 31 October 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit

Hazell and Jefferies Limited

29,095,243
1,828,678


11.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,821,015
2,766,642
-
-

Other debtors
847,892
193,951
-
-

Prepayments and accrued income
3,857,184
254,830
-
-

7,526,091
3,215,423
-
-


Page 22

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

12.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,596,940
10,271,793
-
-

1,596,940
10,271,793
-
-



13.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,057,371
1,032,543
-
-

Amounts owed to group undertakings
-
-
3,784
3,784

Corporation tax
-
349,860
-
-

Other taxation and social security
113,738
97,238
-
-

Other creditors
2,846
363,990
-
-

Accruals and deferred income
161,975
149,078
-
-

1,335,930
1,992,709
3,784
3,784



14.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(306,533)
(139,069)


Charged to profit and loss account
(222,718)
(167,464)



At end of year
(529,251)
(306,533)

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(529,865)
(307,139)

Short term timing differences
614
606

(529,251)
(306,533)

Page 23

 
HAZELL AND JEFFERIES (TARMAC) LIMITED
 

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

15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500 (2022 - 500) Ordinary shares of £1 each
500
500



16.


Capital commitments




At 31 October 2023 the Group had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
179,731
795,000

179,731
795,000


17.


Related party transactions

The group is controlled by R E Hazell by virtue of his shareholdings.
During the year £Nil (2022: £Nil) of R E Hazell's salary was recharged to Hazell and Jefferies Farms Limited, a company related by common control. At the balance sheet date, Hazell and Jefferies Farms Limited owed £95,481 (2022: £45,216) to the group.
During the year, Hartslock LLP, a LLP related by common control, charged the group rent of £Nil (2022: £Nil) in respect of properties held by the LLP and used by the group. The amounts charged to the group were based on market value. During the year, the group charged staff salaries of £16,539 (2022: £Nil) to the LLP. The group was recharged £352,146 (2022: £73,343) during the year by Harstlock LLP. At the balance sheet date Hartslock LLP owed £436,619 to (2022: £67,933 by) the group. 

Page 24