Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01false112falsefalsefalsebuilding contractors121 00822836 2022-11-01 2023-10-31 00822836 2021-11-01 2022-10-31 00822836 2023-10-31 00822836 2022-10-31 00822836 2021-11-01 00822836 1 2022-11-01 2023-10-31 00822836 1 2021-11-01 2022-10-31 00822836 4 2022-11-01 2023-10-31 00822836 4 2021-11-01 2022-10-31 00822836 5 2022-11-01 2023-10-31 00822836 5 2021-11-01 2022-10-31 00822836 d:CompanySecretary1 2022-11-01 2023-10-31 00822836 d:Director1 2022-11-01 2023-10-31 00822836 d:Director1 2023-10-31 00822836 d:Director2 2022-11-01 2023-10-31 00822836 d:Director3 2022-11-01 2023-10-31 00822836 d:Director4 2022-11-01 2023-10-31 00822836 d:Director5 2022-11-01 2023-10-31 00822836 d:Director6 2022-11-01 2023-10-31 00822836 d:Director6 2023-10-31 00822836 d:Director7 2022-11-01 2023-10-31 00822836 d:Director7 2023-10-31 00822836 d:Director8 2022-11-01 2023-10-31 00822836 d:Director8 2023-10-31 00822836 d:RegisteredOffice 2022-11-01 2023-10-31 00822836 e:PlantMachinery 2022-11-01 2023-10-31 00822836 e:PlantMachinery 2023-10-31 00822836 e:PlantMachinery 2022-10-31 00822836 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 00822836 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 00822836 e:MotorVehicles 2022-11-01 2023-10-31 00822836 e:MotorVehicles 2023-10-31 00822836 e:MotorVehicles 2022-10-31 00822836 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 00822836 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 00822836 e:FurnitureFittings 2022-11-01 2023-10-31 00822836 e:FurnitureFittings 2023-10-31 00822836 e:FurnitureFittings 2022-10-31 00822836 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 00822836 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 00822836 e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 00822836 e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 00822836 e:CurrentFinancialInstruments 2023-10-31 00822836 e:CurrentFinancialInstruments 2022-10-31 00822836 e:Non-currentFinancialInstruments 2023-10-31 00822836 e:Non-currentFinancialInstruments 2022-10-31 00822836 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 00822836 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-31 00822836 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 00822836 e:Non-currentFinancialInstruments e:AfterOneYear 2022-10-31 00822836 e:UKTax 2022-11-01 2023-10-31 00822836 e:UKTax 2021-11-01 2022-10-31 00822836 e:ShareCapital 2023-10-31 00822836 e:ShareCapital 2022-10-31 00822836 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 00822836 e:RetainedEarningsAccumulatedLosses 2023-10-31 00822836 e:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 00822836 e:RetainedEarningsAccumulatedLosses 2022-10-31 00822836 e:RetainedEarningsAccumulatedLosses 2021-11-01 00822836 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-10-31 00822836 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 00822836 e:FinancialAssetsAmortisedCost 2023-10-31 00822836 e:FinancialAssetsAmortisedCost 2022-10-31 00822836 e:FinancialLiabilitiesAmortisedCost 2023-10-31 00822836 e:FinancialLiabilitiesAmortisedCost 2022-10-31 00822836 d:OrdinaryShareClass1 2022-11-01 2023-10-31 00822836 d:OrdinaryShareClass1 2023-10-31 00822836 d:OrdinaryShareClass1 2022-10-31 00822836 d:OrdinaryShareClass2 2022-11-01 2023-10-31 00822836 d:OrdinaryShareClass2 2023-10-31 00822836 d:OrdinaryShareClass2 2022-10-31 00822836 d:OrdinaryShareClass3 2022-11-01 2023-10-31 00822836 d:OrdinaryShareClass3 2023-10-31 00822836 d:OrdinaryShareClass3 2022-10-31 00822836 d:OrdinaryShareClass4 2022-11-01 2023-10-31 00822836 d:OrdinaryShareClass4 2023-10-31 00822836 d:OrdinaryShareClass4 2022-10-31 00822836 d:FRS102 2022-11-01 2023-10-31 00822836 d:Audited 2022-11-01 2023-10-31 00822836 d:FullAccounts 2022-11-01 2023-10-31 00822836 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 00822836 e:WithinOneYear 2023-10-31 00822836 e:WithinOneYear 2022-10-31 00822836 e:BetweenOneFiveYears 2023-10-31 00822836 e:BetweenOneFiveYears 2022-10-31 00822836 e:HirePurchaseContracts e:WithinOneYear 2023-10-31 00822836 e:HirePurchaseContracts e:WithinOneYear 2022-10-31 00822836 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-10-31 00822836 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-10-31 00822836 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 00822836 e:AcceleratedTaxDepreciationDeferredTax 2022-10-31 00822836 2 2022-11-01 2023-10-31 00822836 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-10-31 00822836 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-10-31 00822836 e:LeasedAssetsHeldAsLessee 2023-10-31 00822836 e:LeasedAssetsHeldAsLessee 2022-10-31 00822836 f:PoundSterling 2022-11-01 2023-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00822836









R. MOULDING & CO. (SALISBURY) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
COMPANY INFORMATION


Directors
R Moulding (resigned 31 January 2024)
W A Moulding 
R T Moulding 
J Moulding 
B Moulding 
R G Begg (resigned 30 June 2023)
J Emden (appointed 30 June 2023)
S Gibbs (appointed 1 March 2024)




Company secretary
W A Moulding



Registered number
00822836



Registered office
St Mary's House
Netherhampton

Salisbury

Wiltshire

SP2 8PU




Independent auditors
Clifford Fry & Co LLP

St Mary's House

Netherhampton

Salisbury

Wiltshire

SP2 8PU





 
R. MOULDING & CO. (SALISBURY) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Balance Sheet
10
Statement of Cash Flows
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 27


 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Vision
 
As a company R. Moulding & Co. (Salisbury) Limited remain focused on our vision of providing quality building solutions.
 

Organisational Structure and Governance
 
The Board, consisting of three working directors, convenes on a bi-annual basis and includes the review of the governance process, risk register and business continuity. In addition, weekly meetings are held with the senior leadership team which includes representation from Operations, Finance and Human Resources.
 

Review of the Business
 
The ongoing impact of the uncertain UK economic forecasts continue to be a consideration in the operation of the business.  In particular the volatility of supply chain and pricing, whilst returning to a more stable basis, has impacted the results for the year.
The increase in the number of projects in the year along with resilient pricing structures have protected the business and resulted in an increase in the annual turnover from £25.3m in the prior year to £29.9m (an increase of 18%).
The Gross Profit Margin of 19% showed a increase against the previous year of 18%, the net profit before taxation of the Company is £2.5m which is a 8% return on the overall revenue.
 

Future Developments
 
Continued focus on appropriate cost structures and efficiencies remain the focus of the business to build on the strong foundations in place.  The current flow of enquiries and projects provides confidence that the Company will continue to be successful in 2024.
 

Page 1

 
R. MOULDING & CO. (SALISBURY) LIMITED
 

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

Operational Risk
 
Quality of Service:
The Company has vast experience of providing services to the Building Sector through robust procedure and operational systems which are reviewed on a regular basis as part of the internal assurance process. We constantly strive to improve the quality of our overall procedures and continue to invest to achieve this.
The Market Place:
There remains uncertainty relating to inflation and interest rates which has impacted the wider building trade sector. Whilst we have seen a small impact on the nature of enquiries received as a result of these uncertainties, the current enquiries provide confidence that for the foreseeable future the demand for high quality & specialist building work will remain buoyant.
The directors, based on current enquiry levels and knowledge of the market, are confident that the opportunities for new projects remain high and that the Company continues to be in a strong and stable position to take advantage of the future potential in the market place.
Quality of Staff:
Our team remain our priority and we continue to provide appropriate training and appraisal to ensure that we maintain the highest quality of service to our customers, whilst fully supporting our team to meet their potential and grow with the business.


This report was approved by the board on 12 July 2024 and signed on its behalf.





................................................
R T Moulding
Director

Page 2

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,899,828 (2022 - £958,944).

The directors have declared a final dividend of £179,000 (2022 - £202,000).

Directors

The directors who served during the year and their interests in the Company's issued share capital were:

Ordinary shares
of £1 each
Ordinary A shares
of £1 each
Ordinary B shares
of £1 each

31/10/23

1/11/22


31/10/23

1/11/22


31/10/23

1/11/22


R Moulding (resigned 31 January 2024)
-
-
-
-
-
-
W A Moulding 
8,100
8,100
-
-
-
-
R T Moulding 
-
-
9,900
9,900
-
-
J Moulding 
-
-
-
-
290
290
B Moulding 
-
-
-
-
290
290
R G Begg (resigned 30 June 2023)
-
-
-
-
-
-
J Emden (appointed 30 June 2023)
-
-
-
-
-
-
Page 3

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


Deferred shares
of £1 each

31/10/23

1/11/22


R Moulding (resigned 31 January 2024)
-
-
W A Moulding 
250
-
R T Moulding 
250
-
J Moulding 
-
-
B Moulding 
-
-
R G Begg (resigned 30 June 2023)
-
500
J Emden (appointed 30 June 2023)
-
-

Future developments

The Company continues to trade successfully and have no plans to materially change its operation in the foreseeable future.

Disclosure of information to auditors

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

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

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsClifford Fry & Co LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 12 July 2024 and signed on its behalf.
 





................................................
R T Moulding
Director

Page 4

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. MOULDING & CO. (SALISBURY) LIMITED
 

Opinion


We have audited the financial statements of R. Moulding & Co. (Salisbury) Limited (the 'Company') for the year ended 31 October 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 October 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 5

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. MOULDING & CO. (SALISBURY) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. MOULDING & CO. (SALISBURY) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company, including
obtaining details on how they identify and comply with laws and regulations and whether they were aware of any
non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any
actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or noncompliance with laws and regulations.
We designed audit procedures to respond to the risk, 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, intentional misrepresentations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit
recognition.
We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included
agreeing the financial statement disclosures to underlying supporting documentation, performing analytical
procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement
due to fraud and enquiries with management.
As in all our audits, we also addressed the risk of management override of internal controls, including testing
journals and evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.
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 occuring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 7

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. MOULDING & CO. (SALISBURY) LIMITED (CONTINUED)


Use of our report
 

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






S M Allenby FCA (Senior Statutory Auditor)
  
for and on behalf of
Clifford Fry & Co LLP (Statutory Auditors)
 
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU

12 July 2024
Page 8

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
29,928,152
25,336,454

Cost of sales
  
(24,185,599)
(20,759,583)

Gross profit
  
5,742,553
4,576,871

Distribution costs
  
(787,778)
(929,528)

Administrative expenses
  
(2,567,384)
(2,452,772)

Other operating income
 5 
62,726
39,727

Operating profit
 6 
2,450,117
1,234,298

Interest receivable and similar income
 10 
11,764
2,017

Interest payable and similar expenses
 11 
(12,089)
(21,344)

Profit before tax
  
2,449,792
1,214,971

Tax on profit
 12 
(549,964)
(256,027)

Profit after tax
  
1,899,828
958,944

  

  

Retained earnings at the beginning of the year
  
5,062,252
4,305,308

Profit for the year
  
1,899,828
958,944

Dividends declared and paid
 13 
(179,000)
(202,000)

Retained earnings at the end of the year
  
6,783,080
5,062,252
The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
R. MOULDING & CO. (SALISBURY) LIMITED
REGISTERED NUMBER: 00822836

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
563,248
588,082

  
563,248
588,082

Current assets
  

Stocks
 15 
1,341,270
1,325,449

Debtors: amounts falling due within one year
 16 
6,342,492
5,764,473

Cash at bank and in hand
 17 
2,555,191
1,167,019

  
10,238,953
8,256,941

Creditors: amounts falling due within one year
 18 
(3,832,491)
(3,550,437)

Net current assets
  
 
 
6,406,462
 
 
4,706,504

Total assets less current liabilities
  
6,969,710
5,294,586

Creditors: amounts falling due after more than one year
 19 
(47,203)
(76,025)

Provisions for liabilities
  

Deferred tax
 22 
(120,347)
(137,229)

  
 
 
(120,347)
 
 
(137,229)

Net assets
  
6,802,160
5,081,332


Capital and reserves
  

Called up share capital 
 23 
19,080
19,080

Profit and loss account
 24 
6,783,080
5,062,252

  
6,802,160
5,081,332


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 July 2024.




................................................
W A Moulding
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
R. MOULDING & CO. (SALISBURY) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,899,828
958,944

Adjustments for:

Depreciation of tangible assets
178,798
185,951

Loss on disposal of tangible assets
6,616
(4,623)

Government grants
-
(964)

Interest paid
12,089
21,344

Interest received
(11,764)
(2,017)

Taxation charge
549,964
256,027

(Increase)/decrease in stocks
(15,821)
5,920

(Increase) in debtors
(578,342)
(1,275,904)

(Decrease)/increase in creditors
(66,364)
1,185,899

Corporation tax (paid)
(225,169)
(173,937)

Net cash generated from operating activities

1,749,835
1,156,640


Cash flows from investing activities

Purchase of tangible fixed assets
(169,381)
(171,351)

Sale of tangible fixed assets
8,801
13,790

Government grants received
-
964

Interest received
11,764
2,017

HP interest paid
(11,772)
(13,051)

Net cash from investing activities

(160,588)
(167,631)

Cash flows from financing activities

Repayment of loans
-
(285,000)

Repayment of/new finance leases
(21,758)
(72,668)

Dividends paid
(179,000)
(202,000)

Interest paid
(317)
(8,293)

Net cash used in financing activities
(201,075)
(567,961)

Net increase in cash and cash equivalents
1,388,172
421,048

Cash and cash equivalents at beginning of year
1,167,019
745,971

Cash and cash equivalents at the end of year
2,555,191
1,167,019


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,555,191
1,167,019

2,555,191
1,167,019


Page 11

 
R. MOULDING & CO. (SALISBURY) LIMITED
 

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

1,167,019

1,388,172

2,555,191

Debt due within 1 year

(118,276)

26,936

(91,340)

Finance leases

(144,061)

21,758

(122,303)


904,682
1,436,866
2,341,548

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The Company was incorporated in England and Wales and is a private company limited by share capital. The principal place of business is Ryeville, Warminster Road, South Newton, Salisbury, SP2 0QW. The principal activity of the Company is that of building and contracting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The financial statements are presented in Sterling (£).

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

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Interest income

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

Page 13

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

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

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.8

Tangible fixed assets

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

Page 14

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

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

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

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

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 16

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not believe that the financial statements are materially impacted by their use of judgements.


4.


Turnover

The whole of the turnover is attributable to building and contracting services.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
52,317
38,763

Government grants receivable
-
964

Sundry income
10,409
-

62,726
39,727


Page 17

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
144,727
136,528


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,750
19,925

8.


Employees

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


2023
2022
£
£

Wages and salaries
4,716,505
3,893,806

Social security costs
482,452
414,868

Cost of defined contribution scheme
196,852
224,858

5,395,809
4,533,532


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


        2023
        2022
            No.
            No.







Employees
121
112

Page 18

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
171,813
134,273

Company contributions to defined contribution pension schemes
70,669
115,460

242,482
249,733


During the year retirement benefits were accruing to 5 directors (2022 - 5) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
11,764
2,017

11,764
2,017


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
317
8,293

Finance leases and hire purchase contracts
11,772
13,051

12,089
21,344


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
566,846
225,169


Deferred tax


Origination and reversal of timing differences
(16,882)
30,858


Taxation on profit on ordinary activities
549,964
256,027
Page 19

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of19% to 31 March 2023 and 25% from 1 April 2023  (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,449,792
1,214,971


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
465,460
230,844

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
903

Capital allowances for year in excess of depreciation
15,207
(6,578)

Adjustments to tax rate during the year
86,179
-

Deferred tax
(16,882)
30,858

Total tax charge for the year
549,964
256,027


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Ordinary shares
53,000
93,000


Deferred shares
50,000
75,000


Ordinary B shares
76,000
34,000

179,000
202,000

Page 20

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

14.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2022
402,061
1,240,802
34,060
1,676,923


Additions
66,572
94,805
8,004
169,381


Disposals
(12,250)
(24,045)
(3,020)
(39,315)



At 31 October 2023

456,383
1,311,562
39,044
1,806,989



Depreciation


At 1 November 2022
261,968
804,019
22,854
1,088,841


Charge for the year on owned assets
63,998
82,826
2,844
149,668


Charge for the year on financed assets
-
29,130
-
29,130


Disposals
(11,305)
(10,801)
(1,792)
(23,898)



At 31 October 2023

314,661
905,174
23,906
1,243,741



Net book value



At 31 October 2023
141,722
406,388
15,138
563,248



At 31 October 2022
140,093
436,783
11,206
588,082

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
145,378
248,484

145,378
248,484

Page 21

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

15.


Stocks

2023
2022
£
£

Raw materials and consumables
47,016
31,195

Development properties
1,294,254
1,294,254

1,341,270
1,325,449



16.


Debtors

2023
2022
£
£


Trade debtors
1,468,390
1,275,228

Other debtors
400,879
-

Prepayments and accrued income
62,258
37,385

Amounts recoverable on long term contracts
4,410,965
4,451,860

6,342,492
5,764,473



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,555,191
1,167,019

2,555,191
1,167,019


Page 22

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,853,524
2,158,962

Corporation tax
566,523
225,169

Other taxation and social security
590,863
494,981

Obligations under finance lease and hire purchase contracts
75,100
68,036

Other creditors
193,648
180,074

Accruals and deferred income
552,833
423,215

3,832,491
3,550,437


The following liabilities were secured:

2023
2022
£
£



Hire purchase contracts
75,100
68,036

75,100
68,036

Details of security provided:

The obligations under hire purchase and finance lease are secured on the assets concerned.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
47,203
76,025

47,203
76,025


The following liabilities were secured:

2023
2022
£
£


Hire purchase contracts
47,203
76,025

Details of security provided:

The obligations under hire purchase and finance lease are secured on the assets concerned.

Page 23

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
75,100
68,036

Between 1-5 years
47,203
76,025

122,303
144,061


21.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,555,191
1,167,019

Financial assets that are debt instruments measured at amortised cost
1,869,269
1,275,228

4,424,460
2,442,247


Financial liabilities


Financial liabilities measured at amortised cost
(2,508,665)
(2,643,975)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Financial assets that are debt instruments measured at amortised cost comprise trade and other receivables.


Financial liabilities measured at amortised cost comprise trade and other payables.


22.


Deferred taxation




2023


£






At beginning of year
(137,229)


Charged to profit or loss
16,882



At end of year
(120,347)

Page 24

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
22.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(120,347)
(137,229)

(120,347)
(137,229)

Page 25

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

23.


Share capital

2023
2022
£
£
Authorised



13,100 (2022 - 13,100) Ordinary shares of £1 each
13,100
13,100
1,000 (2022 - 1,000) Deferred shares of £1 each
1,000
1,000
1,000 (2022 - 1,000) Ordinary B shares of £1 each
1,000
1,000
9,900 (2022 - 9,900) Ordinary A shares of £1 each
9,900
9,900

25,000

25,000

Allotted, called up and fully paid



8,100 (2022 - 8,100) Ordinary shares of £1 each
8,100
8,100
500 (2022 - 500) Deferred shares of £1 each
500
500
580 (2022 - 580) Ordinary B shares of £1 each
580
580
9,900 (2022 - 9,900) Ordinary A shares of £1 each
9,900
9,900

19,080

19,080



24.


Reserves

Profit and loss account

Includes all current and prior period profits and losses.


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £126,852 (2022- £109,398). Contributions of £26,846 (2022 - £24,926) were outstanding at the balance sheet date.


26.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
49,833
42,293

Later than 1 year and not later than 5 years
57,198
61,721

107,031
104,014

Page 26

 
R. MOULDING & CO. (SALISBURY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

27.


Related party transactions

The directors, W A Moulding, R T Moulding and R Moulding, rent the land and buildings from which the Company operates to the Company. The charge for the year was £93,025 (2022 - £95,496). The Company also paid rent of £8,250 (2022 - £nil) to The Moulding Family Gifting Trust. No amounts were outstanding at the year end.
During the year, the directors, W A Moulding and R T Moulding purchased goods and services from the Company amounting to £422 (2022 - £2,205) and £20,462 (2022 - £66,797) respectively. The Moulding Family Gifting Trust also purchased goods and services from the Company amounting to £68,779 (2022 - £nil). These transactions took place at arms length with the following balances due to the Company at the year end: R T Moulding £24,554 (2022 - £65,297) and The Moulding Family Gifting Trust £82,534 (2022 - £nil). 
During the year, the Company paid referral fees of £222,500 (2022 - £422,500) to Country House Building Consultants Limited, a company in which R T Moulding is the director and shareholder. The Company also made loans with Country House Building Consultants Limited of £400,000. At the end of the year £400,000 was owed to the Company (2022 - £334,800 owed by the Company).
 


28.


Controlling party

The Company is controlled by the director, R T Moulding, by virtue of his shareholding as descried in the directors' report.

 
Page 27