Company registration number 01024603 (England and Wales)
T.RICHARD JONES (BETWS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
T.RICHARD JONES (BETWS) LIMITED
COMPANY INFORMATION
Directors
Mr D H Jones
Mr O H Jones
Mr J R Jones
Mr R Llewellyn
Secretary
Mr O H Jones
Company number
01024603
Registered office
Betws Industrial Park
Foundry Road
Betws
Ammanford
Dyfed
United Kingdom
SA18 2LS
Auditor
Azets Audit Services
Charter Court
Phoenix Way Enterprise Park
Swansea
United Kingdom
SA7 9FS
T.RICHARD JONES (BETWS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 26
T.RICHARD JONES (BETWS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -
The directors present their strategic report for the year ended 31 July 2023.
Review of the business and future strategy
The business was started in 1935 by Mr T Richard Jones and was incorporated in 1971 as T.Richard Jones (Betws) Limited. When Mr T Richard Jones retired, the business was carried on by his two sons, Huw and David. The company is currently run by the third generation of the Jones family, Dafydd, Owain and John plus the only non family director, Richard Llewellyn.
The Company’s headquarters are located in Ammanford but contracts with both public and private sector clients throughout South Wales.
Its main activities are the construction and development of commercial, industrial and residential property and civil engineering. In addition, it has a Waste Management division, operates a Haulage and Plant Hire division and has a Fabrication and Joinery division all geared up to support the construction activities.
The Company enjoys a number of competitive advantages, including strong brand recognition in its heartland trading region which enables the Company to obtain a number of high value contracts and maintain strong trading results in recent years. During 2023, turnover increased by 0.5% to £28,133,393. The margins achieved on delivering the fixed price sales contracts awarded in recent periods have been significantly impacted by global events, initially the effects of the Covid-19 restrictions and then by supply chain issues and price inflation on materials. During 2022 these increases in costs of contract delivery exceeded the costings which were utilised when reaching the original fixed price contract agreements and the result was that only marginal gross profits were achieved in that financial year of £310,053 (gross margin: 1.1%). In 2023, whilst results have still been impacted by on-going cost pressures, action taken on pricing of newer contracts awarded thas seen an increase in gross profits achieved to £2,403,590 (gross margin: 8.5%). Moving into 2024, the company order book is strong and with cost pressures being built into our future pricing strategy, profitability is forecast.
The asset register maintained by the Company is an important aspect of the business and the strategy is to proactively enhance and maintain its plant and machinery to facilitate the continued expansion of the Company’s activities. Total assets less current liabilities at the end of the year are £7,652,836 (2022: £7,419,373), and with a strong liquidity ratio at the year end of 1.71 (2022: 1.52), the company is well placed to continue the undertaking of large contracts and fund further acquisitions should such opportunities arise.
As a family run business our approach is personal and our ambitions are client led. Our advertised statement…"Building On A Firm Foundation”… reflects our history of stability and consistency in the past and our aspirations for the future. Our workload is testament to our business ethos as the majority of our work is from repeat custom. Undoubtedly the commitment and enthusiasm displayed by all our staff has contributed significantly to our success and we thank them all for their continued efforts. Our focus for the future is to maintain this culture of continuous development to the benefit of our customers, our Company and our employees.
Key Performance Indicators
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Profit/(Loss) before tax % | | |
Environmental matters
The company recognises the importance of its environmental responsibilities and accepts that concern for the environment and all employees is an integral and fundamental part of its corporate business strategy. The company monitors its impact on the environment and endeavours to design and implement policies and processes to reduce any damage that might be caused by the company's activities. Initiatives include the safe disposal of commercial waste, the minimisation of waste going to landfill, reducing energy consumption and the use of renewable natural resources where possible.
T.RICHARD JONES (BETWS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Principal risks and uncertainties
The principal risk facing the Company is the strength of the UK economy, which in recent periods and on-going has been impacted by Covid-19, the decision to leave the UK and the costs of living crisis, all of which can impact on the necessity and desire for continued new build projects. The Company's performance is heavily influenced by the competition it faces in acquiring new contracts. Given the company's growing and excellent reputation to date, it has developed successful relationships within the region, which, in conjunction with a strong order book which extends beyond 12 months, to an extent mitigates against such risks.
Financial risk management objectives and policies
The Company operates a number of risk management policies designed to minimise its exposure to financial risk including key financial controls and targets implemented on every project which are reviewed monthly by the board to ensure that risk is mitigated and opportunities explored fully.
Liquidity and cash flow risk
The Company produces detailed management accounts and forecasts, which enable the directors to monitor the cash position and to ensure that there is sufficient liquidity and cash flow to minimise the risk of the Company being unable to pay its debts as they fall due.
Interest rate risk
The Company utilises a number of financial instruments including hire purchase contracts and finance lease obligations in order to finance its operations. The primary risk faced by the Company as a result of its use of these financial instruments is interest rate risk. The Company's hire purchase and finance lease borrowings, which are issued at fixed rates, expose the Company to fair value interest rate risk. These fixed rate borrowings arise on the acquisition of the Company's larger plant, machinery and vehicle purchases. As before, the directors actively manage this risk through prudent use of the Company's cash reserves, considering whether each acquisition should be financed or purchased outright.
Credit risk
The Company operates a number of policies and controls to minimise credit risk. All customers are subject to a detailed credit review prior to any terms being agreed. Directors must authorise any larger value contracts and the Company will only conduct business with customers deemed to be credit-worthy.
Price risk
The Company actively manages price risk by agreeing terms with suppliers prior to entering into any transactions with customers. However, on-going cost pressures in the market and supply chain issues in recent periods increase risk in this area.
The directors have prepared updated and sensitised forecasts for the coming year and have taken steps to ensure the company has sufficient funding to bridge the period of disruption and to manage the company’s cash flow requirements as appropriate during this period of uncertainty, thus enabling the company to meet its obligations as they fall due.
Mr O H Jones
Director
30 July 2024
T.RICHARD JONES (BETWS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 July 2023.
Principal activities
The principal activity of the company continued to be that of building contractors and plant hire operators.
Results and dividends
The results for the year are set out on page 8.
Final dividends were paid during the year amounting to £17,600 (2022: £17,600).
Directors
The company is a wholly owned subsidiary and the interests of the group directors are disclosed in the financial statements of the parent company.
Mr D H Jones
Mr O H Jones
Mr H Jones
(Resigned 29 November 2023)
Mr J R Jones
Mr R Llewellyn
Mr D Jones
(Resigned 31 May 2023)
Future developments
The review of the business and future strategy for the company is set out in the strategic report.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
The company meets its day to day working capital requirements from its cash reserves and banking facilities. At the date of signing the financial statements, whilst challenging market conditions remain, the company has returned to running under more normal operating conditions and is reporting results more in line with expected new budgeted levels. The company's forecasts and projections show that the company will generate positive future cashflows for a period of at least 12 months from the date these financial statements are signed, thus enabling the company to meet its obligations as they fall due from existing facilities.
The directors have considered the impact on the forecast cashflows of further disruption to its customer base or supply chain. The directors have a reasonable expectation that within the scenarios reviewed the company will be able to continue to operate. However, the extent of any future impact of global events is unclear and it is difficult to evaluate all the potential implications on the company’s trade, customers, suppliers and the wider economy.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
T.RICHARD JONES (BETWS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr O H Jones
Director
30 July 2024
T.RICHARD JONES (BETWS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF T.RICHARD JONES (BETWS) LIMITED
- 5 -
Opinion
We have audited the financial statements of T.Richard Jones (Betws) Limited (the 'company') for the year ended 31 July 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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.
T.RICHARD JONES (BETWS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF T.RICHARD JONES (BETWS) LIMITED
- 6 -
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 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, 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
T.RICHARD JONES (BETWS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF T.RICHARD JONES (BETWS) LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and 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 indicators of potential bias.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Paul Bowden
Senior Statutory Auditor
For and on behalf of Azets Audit Services
30 July 2024
Chartered Accountants
Statutory Auditor
Charter Court
Phoenix Way Enterprise Park
Swansea
United Kingdom
SA7 9FS
T.RICHARD JONES (BETWS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
28,133,393
27,987,115
Cost of sales
(25,729,803)
(27,677,062)
Gross profit
2,403,590
310,053
Administrative expenses
(1,978,594)
(1,647,305)
Other operating income
127,488
220,883
Operating profit/(loss)
4
552,484
(1,116,369)
Interest receivable and similar income
7
55,601
6,659
Interest payable and similar expenses
8
(35,903)
(28,983)
Profit/(loss) before taxation
572,182
(1,138,693)
Tax on profit/(loss)
9
(173,029)
1,370
Profit/(loss) for the financial year
399,153
(1,137,323)
Other comprehensive income
Actuarial gain on defined benefit pension schemes
355,000
998,000
Tax relating to other comprehensive income
(34,430)
(135,800)
Total comprehensive income for the year
719,723
(275,123)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
T.RICHARD JONES (BETWS) LIMITED
BALANCE SHEET
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,078,459
3,330,182
Investment property
11
191,600
191,600
Investments
12
15,000
15,000
3,285,059
3,536,782
Current assets
Stocks
13
1,550,718
1,557,266
Debtors
15
7,342,388
8,791,029
Cash at bank and in hand
1,596,386
1,064,729
10,489,492
11,413,024
Creditors: amounts falling due within one year
16
(6,121,715)
(7,530,433)
Net current assets
4,367,777
3,882,591
Total assets less current liabilities
7,652,836
7,419,373
Creditors: amounts falling due after more than one year
17
(44,654)
(104,694)
Provisions for liabilities
Deferred tax liability
19
247,508
297,128
(247,508)
(297,128)
Net assets excluding pension liability
7,360,674
7,017,551
Defined benefit pension liability
21
(563,000)
(922,000)
Net assets
6,797,674
6,095,551
Capital and reserves
Called up share capital
22
500
500
Profit and loss reserves
6,797,174
6,095,051
Total equity
6,797,674
6,095,551
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr O H Jones
Director
Company Registration No. 01024603
T.RICHARD JONES (BETWS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2021
500
6,387,774
6,388,274
Year ended 31 July 2022:
Loss for the year
-
(1,137,323)
(1,137,323)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
998,000
998,000
Tax relating to other comprehensive income
-
(135,800)
(135,800)
Total comprehensive income for the year
-
(275,123)
(275,123)
Dividends
-
(17,600)
(17,600)
Balance at 31 July 2022
500
6,095,051
6,095,551
Year ended 31 July 2023:
Profit for the year
-
399,153
399,153
Other comprehensive income:
Actuarial gains on defined benefit plans
-
355,000
355,000
Tax relating to other comprehensive income
-
(34,430)
(34,430)
Total comprehensive income for the year
-
719,723
719,723
Dividends
-
(17,600)
(17,600)
Balance at 31 July 2023
500
6,797,174
6,797,674
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 11 -
1
Accounting policies
Company information
T.Richard Jones (Betws) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betws Industrial Park, Foundry Road, Betws, Ammanford, Dyfed, United Kingdom, SA18 2LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ - Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues' - Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ - Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of T.R.J. Holdings Limited. These consolidated financial statements are available from its registered office, Betws Industrial Park, Foundry Road, Ammanford, Carmarthenshire, SA18 2LS.
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumestrue that the company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
The company meets its day to day working capital requirements from its cash reserves and banking facilities. At the date of signing the financial statements, whilst challenging market conditions remain, the company has returned to running under more normal operating conditions and is reporting results more in line with expected new budgeted levels. The company's forecasts and projections show that the company will generate positive future cashflows for a period of at least 12 months from the date these financial statements are signed, thus enabling the company to meet its obligations as they fall due from existing facilities.
The directors have considered the impact on the forecast cashflows of further disruption to its customer base or supply chain. The directors have a reasonable expectation that within the scenarios reviewed the company will be able to continue to operate. However, the extent of any future impact of global events is unclear and it is difficult to evaluate all the potential implications on the company’s trade, customers, suppliers and the wider economy.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year for construction and building services provided, exclusive of Value Added Tax.
Revenue from contracts for the provision of construction services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
0% - 2%
Plant, machinery and vehicles
10%
Fixtures, fittings & equipment
10% - 20%
Motor vehicles
20%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 13 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks represent land, materials and construction consumables which are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 14 -
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 15 -
1.11
Retirement benefits
The company operates a defined contribution scheme for certain employees and directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
The company also operates a defined benefit scheme for certain employees and directors, although this scheme was closed to new members on 30 June 2002. For the defined benefit scheme, an independent actuary completes a valuation every three years, and in accordance with their recommendations, contributions are paid to the scheme so as to secure the benefits as set out in the rules. The operating and financing costs of the scheme are recognised in the profit and loss account. The shortfall in the fair value of the plan assets as compared to the benefit obligation, adjusted for any unrecognised actuarial gains or losses, is provided in full in the balance sheet. The assets of the scheme are held separately from those of the company.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 16 -
1.13
Government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and depending on the nature of the expenditure they are either credited to the profit and loss account over the estimated useful life of the asset or, in the case of investment properties, carried forward until all relevant terms and conditions have been fully satisfied.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Amounts recoverable on contracts
During the year and at the balance sheet date the company task in house experienced quantity surveyors with quantifying the amounts recoverable on each contract in progress. Cost of work done to date including materials, subcontractors and staff is taking into consideration before arriving at a valuation by reference to the stage of completion. The company include provisions in their valuations for unforeseen costs based on their risk and likelihood of them occurring.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Contracting and Development Work
28,133,393
27,987,115
2023
2022
£
£
Turnover analysed by geographical market
UK
28,133,393
27,987,115
2023
2022
£
£
Other revenue
Interest income
55,601
6,659
Grants received
53,664
124,692
Rental income arising from investment properties
59,752
48,088
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 17 -
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Government grants
(53,664)
(124,692)
Fees payable to the company's auditor for the audit of the company's financial statements
32,000
25,000
Depreciation of owned tangible fixed assets
400,214
441,647
Depreciation of tangible fixed assets held under finance leases
69,406
39,232
Profit on disposal of tangible fixed assets
(80,992)
(15,450)
Operating lease charges
130,734
126,345
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
All Staff
170
190
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,778,079
5,273,052
Social security costs
425,750
472,927
Pension costs
207,218
178,040
5,411,047
5,924,019
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
194,459
190,553
Company pension contributions to defined contribution schemes
69,311
11,697
263,770
202,250
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).
The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2022 - 2).
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 18 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
55,601
6,659
8
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
9,366
3,983
Net interest on the net defined benefit liability
18,000
25,000
Other interest
8,537
35,903
28,983
9
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(121,434)
Deferred tax
Origination and reversal of timing differences
173,029
80,784
Adjustment in respect of prior periods
39,280
Total deferred tax
173,029
120,064
Total tax charge/(credit)
173,029
(1,370)
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
9
Taxation
(Continued)
- 19 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
572,182
(1,138,693)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
108,715
(216,352)
Tax effect of expenses that are not deductible in determining taxable profit
28,203
18,228
Tax effect of income not taxable in determining taxable profit
(1,491)
Effect of change in corporation tax rate
37,841
(65,853)
Land remediation claim
(268)
Enhanced capital allowances
(239)
(10,142)
Origination and reversal of timing differences
355,171
Tax adjustments in respect of prior years
(82,154)
Taxation charge/(credit) for the year
173,029
(1,370)
In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
34,430
135,800
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 20 -
10
Tangible fixed assets
Land and buildings Freehold
Plant, machinery and vehicles
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
1,708,834
3,706,581
740,211
2,174,800
8,330,426
Additions
212,244
5,653
217,897
Disposals
(409,882)
(54,089)
(440,611)
(904,582)
At 31 July 2023
1,708,834
3,508,943
691,775
1,734,189
7,643,741
Depreciation and impairment
At 1 August 2022
136,577
2,493,144
574,517
1,796,006
5,000,244
Depreciation charged in the year
5,473
284,525
35,768
143,854
469,620
Eliminated in respect of disposals
(409,882)
(54,089)
(440,611)
(904,582)
At 31 July 2023
142,050
2,367,787
556,196
1,499,249
4,565,282
Carrying amount
At 31 July 2023
1,566,784
1,141,156
135,579
234,940
3,078,459
At 31 July 2022
1,572,257
1,213,437
165,694
378,794
3,330,182
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
258,939
128,628
11
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
191,600
All investment properties were valued by director Mr D H Jones based on their original cost, which in the opinion of Mr D H Jones was not materially different to their current market values.
12
Fixed asset investments
2023
2022
£
£
Unlisted investments
15,000
15,000
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 21 -
13
Stocks
2023
2022
£
£
Raw materials
80,942
87,490
Redevelopment land buildings
1,469,776
1,469,776
1,550,718
1,557,266
14
Construction contracts
2023
2022
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
2,131,460
2,355,835
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,302,401
2,477,471
Gross amounts owed by contract customers
2,131,460
2,355,835
Corporation tax recoverable
260,362
469,750
Other debtors
2,188,264
2,350,247
Prepayments and accrued income
72,831
355,546
6,955,318
8,008,849
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
69,139
207,170
Deferred tax asset (note 19)
317,931
575,010
387,070
782,180
Total debtors
7,342,388
8,791,029
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 22 -
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
18
69,288
60,476
Trade creditors
2,967,004
3,119,485
Taxation and social security
729,217
922,511
Deferred income
20
838,970
409,320
Other creditors
284,298
250,578
Accruals and deferred income
1,232,938
2,768,063
6,121,715
7,530,433
Included in other creditors are amounts owed to the directors of £188,160 (2022: £149,578). These amounts are unsecured, incur interest at 3.75% per annum, and no fixed terms for repayment.
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
18
39,761
61,699
Other borrowings
4,893
42,995
44,654
104,694
Other borrowings consists of amounts owed to the spouses of directors Mr H Jones and Mr D Jones. These amounts are unsecured and incur interest at 3.75% per annum.
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
69,288
60,476
In two to five years
39,761
61,699
109,049
122,175
Obligations under hire purchase agreements are secured against the assets to which they relate.
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2-4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 23 -
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
247,508
297,128
-
-
Tax losses
-
-
177,181
344,510
Retirement benefit obligations
-
-
140,750
230,500
247,508
297,128
317,931
575,010
2023
Movements in the year:
£
Asset at 1 August 2022
(277,882)
Charge to profit or loss
173,029
Charge to other comprehensive income
34,430
Asset at 31 July 2023
(70,423)
The deferred tax asset set out above in respect of tax losses is expected to reverse after more than 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
20
Deferred income
2023
2022
£
£
Arising from payments received on account
838,970
409,320
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
207,218
178,040
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
21
Retirement benefit schemes
(Continued)
- 24 -
Defined benefit schemes
The company previously operated a defined benefit scheme, which is now closed to new members. With effect from 1 July 2002 the defined contribution stakeholder pension plan was established and in-service members ceased to accrue benefits within the defined benefit section, although such members' pension benefits remain linked to their final salary at retirement and their length of service before 1 July 2002.
The disclosures outlined in this note refer only to the defined benefit section of the scheme, unless otherwise stated.
The last full actuarial valuation of the scheme was carried out by a qualified independent actuary as at 31 July 2021. The contributions made by the company during the year totalled £22,000 (2022: £0), net of administration charges.
The company expects to contribute £264,000 to its defined benefit pension scheme in the year ending 31 July 2024.
2023
2022
Key assumptions
%
%
Discount rate
5.3
3.5
Expected rate of increase of pensions in payment
3.1
3.1
Inflation
3.2
3.2
Mortality assumptions
2023
2022
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
21.6
20.8
- Females
24.1
22.8
Retiring in 20 years
- Males
23.5
22.1
- Females
26.1
24.3
2023
2022
Amounts recognised in the profit and loss account
£
£
Net interest on net defined benefit liability/(asset)
18,000
25,000
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
21
Retirement benefit schemes
(Continued)
- 25 -
2023
2022
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
(162,000)
1,003,000
Less: calculated interest element
190,000
105,000
Return on scheme assets excluding interest income
28,000
1,108,000
Actuarial changes related to obligations
(383,000)
(2,106,000)
Total costs/(income)
(355,000)
(998,000)
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2023
2022
£
£
Present value of defined benefit obligations
5,544,000
6,095,000
Fair value of plan assets
(4,981,000)
(5,173,000)
Deficit in scheme
563,000
922,000
2023
Movements in the present value of defined benefit obligations
£
Liabilities at 1 August 2022
6,095,000
Benefits paid
(376,000)
Actuarial gains and losses
(383,000)
Interest cost
208,000
At 31 July 2023
5,544,000
The defined benefit obligations arise from plans which are wholly unfunded.
2023
Movements in the fair value of plan assets
£
Fair value of assets at 1 August 2022
5,173,000
Interest income
190,000
Return on plan assets (excluding amounts included in net interest)
(28,000)
Benefits paid
(376,000)
Contributions by the employer
22,000
At 31 July 2023
4,981,000
The actual return on plan assets was £(162,000) (2022: £1,003,000).
T.RICHARD JONES (BETWS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
21
Retirement benefit schemes
(Continued)
- 26 -
2023
2022
Fair value of plan assets at the reporting period end
£
£
Equity instruments
1,861,000
2,682,000
Property
34,000
-
Bonds
718,000
1,089,000
Insured pensions
1,805,000
1,133,000
Cash
563,000
269,000
4,981,000
5,173,000
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
23
Related party transactions
Transactions with related parties
As at 31 July 2023, £976,636 (2022: £973,000) was receivable from companies related by virtue of common shareholders. These amounts are interest free, unsecured, with no fixed terms for repayment and are disclosed within debtors due within one year.
24
Ultimate controlling party
The ultimate parent company is TRJ CYF LTD, a company incorporated in England and Wales. The registered office is Foundry Road, Betws, Ammanford, SA18 2LS.
The parent company prepares consolidated group accounts in which this company is included, copies of which are available to the public and can be obtained from the registered office address stated above.
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