Company registration number 12918864 (England and Wales)
TRIAGG CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TRIAGG CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
David Malcolm Dawe
David John Foster
Thomas Bell
Andrew Philip Maidment
Secretary
Zoe Walsh
Company number
12918864
Registered office
Triagg House Soho Mill Cottage
Town Lane
Wooburn Green
Buckinghamshire
HP10 0PD
Auditor
Haines Watts High Wycombe Limited
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
TRIAGG CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
TRIAGG CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Introduction

TriAgg Construction Limited delivers first class civil engineering projects, focusing on overall solutions for hard and soft landscaping. This includes carriageways and car parks, structure foundations, all associated works and disciplines, including footways, play areas both hard and soft, sustainable drainage, solutions (SUDS), retaining walls, asphalt surfacing, specialist resin surfaces, fencing, lighting, CCTV, access control, entrance/security buildings or pods, and anything required to complete and fully satisfy the project needs. TriAgg always offer cutting edge sustainable design solutions and products from the outset, We believe that it is more important than ever that TriAgg build for the future.

TriAgg is focused upon commercial and domestic projects which includes new construction, however TriAgg  also specialise in repair, replacement and upgrading of infrastructure that has reached the end of its serviceable life cycle, or is being re-purposed for a new life cycle. TriAgg strive to 'Value Engineer' all projects to create maximum client value, whilst minimising environmental impact. We regularly offer cutting-edge 'fit for purpose' alternatives to rigid designs, in discussion and collaboration with the customer and advisers, thereby often giving the customer, consultants and designers large savings in terms of both money and construction time.

Health and Safety

TriAgg fully consider the importance of health and safety in the work place. TriAgg management systems are designed to improve business performance, through innovative design and practices, while at all times considering human welfare. Many practical measures including project modelling and full risk assessments are undertaken to ensure that the company’s activities and products do not put at risk customers, employees, contractors or equipment. TriAgg strive to engage a large regular workforce of direct employees in order that in-built good practise and safety awareness is maximised.

Environment

TriAgg believes it has a responsibility to achieve good practice and will continue to strive for improvement with regard to environmental impact, in an industry inherently beset with consumption of virgin resources. Efficient and effective use of resources makes sound commercial sense. TriAgg has the appropriate environmental policies, endorses EV charging technology, innovative design and delivery using recycled, or partly re-cycled materials wherever possible. Where found to be absolutely necessary, we ensure that any material taken from site is entered into the re-cycling chain by our specialist operator partners.

Fair review of the business

TriAgg has organically grown throughout the year, with a resulting healthy margin combined with strict overhead management, leading to good returns. This clearly demonstrates the value of all major investors and shareholders actively working within the business, and TriAgg not having to pander to the whims or requirements of non-involved external investors, or parent companies. The key asset of TriAgg is our directly employed, experienced, skilled and continuously trained management and works teams. All TriAgg employees are instructed and encouraged to listen to, engage, and act upon client needs and expectations to deliver all projects on time, fully working, and to realistic cost budgets. TriAgg are heavily supported by a select number of commercially strong supply chain partner suppliers and sub-contractors who are regularly engaged by us, and therefore already know our demanding standards with regard to quality and time, and are more than happy to contribute to the overall client experience. New partners are continuously sought, trained, and introduced in order to continuously grow and strengthen our armoury. The TriAgg business is fit and agile, and therefore able to adapt rapidly to changing market conditions or project opportunities. TriAgg are progressive, future looking, diverse, inclusive, and certainly do not dwell on the past; while at the same time TriAgg employs our extensive experience at all opportunities. It is TriAgg policy to invest heavily in own plant and vehicles, thereby giving our workforce the best equipment to achieve the best results, with familiar machines. In this way, TriAgg avoids the foibles of the rental market, whilst still maintaining a list of trusted supply chain partners who support our extensive fleet when workload or specialist requirements dictate.

TRIAGG CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Corporate and social responsibility

Employees

Employees are key recruitment to achieving TriAgg business objectives. TriAgg has established policies for diverse and inclusive recruiting, training and development. TriAgg is committed to achieving the best, and therefore excellent health and safety, welfare and protection standards for employees in their working environment. TriAgg employees are well rewarded, and this ensures that we recruit, maintain and enjoy the best, in order to pass on the best to our valued customers. After a year of service, all employees are entitled to enrol into the Companies Employee share ownership scheme, and gain the benefit of private medical cover for their whole family. These benefits are designed to ensure employee loyalty, commitment to the brand and its services, and obviously to continually attract new talent. TriAgg is a fully integrated team of professional members, weaker links when they occur are identified and educated or dealt with. All TriAgg team players are encouraged to be continuously on the lookout for new quality team players. TriAgg are totally opposed to employee churn, and strive to give our customers familiar faces to deal with from project to project, whilst still developing talent at all levels. We are finding that ‘word of mouth’ and ‘personal relationships’ have far greater success in quality recruitment than costly HR professionals simply serving as ‘heads’ to the table.

Principle risks and uncertainties

Economic risks

The key factors facing TriAgg include:

Increased interest rates and inflation having an adverse impact on our market, and market forces potentially putting customers into cash difficulties.

Increased raw material, energy and other commodities impacting on our business, our suppliers and customer.

Increased wages or infrastructure costs impacting adversely on the competitiveness of the company, its suppliers and customers.

TriAgg has no cash borrowings. It is seen as an imperative to grow and maintain a healthy cash base to sustainably fund all operations. All adverse factors are in some way mitigated and managed by our short contract lead-in and turnaround periods. This means that changing costs are immediately factored in to the tendering process. TriAgg, by current business model, are not tied into long term fixed priced contracts which can prove extremely costly in uncharted times. This outlook allows TriAgg to explore future business opportunities, whilst being aware of, and dealing with risks in advance, rather than with often costly hindsight.

TriAgg risks are managed through the use of alternative competitive sourcing of products and services coupled with strict financial controls. TriAgg has a programme of preventative maintenance, and inspection for all of our plant and equipment. TriAgg regularly review all operations, with suggestions, comments and initiative sought from every level of the cohesive business, and acted upon for the benefit of all.

 

Competition risk

TriAgg manage competition risk through close attention to customer service levels and strategic alliances. As professionals with long histories in the marketplace, TriAgg directors and staff are passionate about the 'business in hand', and as such will not be distracted by external or potentially damaging alternative or subversive forces.

Financial Risk management

TriAgg has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk. TriAgg insures itself for credit risks with an industry specialist partner, and predominantly operates within this insurance cover.

Legislative risks

TriAgg closely monitors changes in legislation to ensure compliance at all levels. Similar to economic risk, rapid turnaround ensures any additional costs due to legislation are immediately included into the estimating and pricing process. TriAgg retain High Level third party Accountancy and Legal professionals, in order to be engaged at the earliest time when required, without suffering the overhead of under-used full time employees.

TRIAGG CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Weather risks

Bad weather at times within the TriAgg operational area is inevitable. Periods of bad weather can disrupt our ability to work and therefore could potentially reduce our sales and profits. However, UK climate tends to be similar from year to year, and the overall effect of the changing seasons and weather patterns is already firmly embedded into TriAggs DNA, costings and budgets.

Key Performance indicators

TriAgg consider that our key performance indicators are those that communicate the financial performance and strength of the companyTriAgg KPI's are being responsible turnover, gross profit, overhead management, and strict cash management. During the year the turnover was £24m and gross profit was £7.9m. Following our initial rapid rise to medium sized company, we have consolidated nicely in this past year, and we expect the flattened growth curve to continue as we further consolidate our position in the market. TriAgg standards are 'set-in-stone'. TriAgg will not compromise on quality of anything simply to attain short term, un-sustainable profit or growth. TriAgg is a quality operation from bottom to top, and it is our intention to remain that way for decades to come.

 

Future Developments

TriAgg will encourage sustainability and diversity in the UK construction industry through progressive, reliable and collaborative operations and organic growth. TriAgg will continue to grow, with further investments in technology, plant, people, and opportunities. TriAgg will continue to extend our ever increasing and highly able and supportive supply chain partners.

TriAgg will invest in organic growth by recruiting high quality people that have the skills and make investments as funds allow to take the business forward. TriAgg will continually upskill our highly valued team for their personal benefit and that of the business, and our customers.

TriAgg will continue to seek new opportunities and partnerships within, and allied to its current disciplines. TriAgg will also look to expand the portfolio with the introduction of new associated products, services, and offerings, which are continually sought from whatever source is discovered. 

TriAgg is risk averse, and fully aware of its financial strengths and stability. TriAgg will not drift into areas where it does not have the required expertise and skill set.

TriAgg will continue to keep its eyes wide open for new innovations to encompass within our already wide catalogue of knowledge and skills.

TriAgg look forward to reporting upon the next challenging, and hopefully rewarding trading year.

TriAgg thank you for taking the time to read this report.

 

 

 

 

On behalf of the board

David Malcolm Dawe
Director
1 August 2024
TRIAGG CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is to build civil engineering projects, including car parks, new access paths, drainage solutions and asphalt surfacing.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £209,000. The directors do not recommend payment of a final dividend.

Directors

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

David Malcolm Dawe
David John Foster
Thomas Bell
Andrew Philip Maidment
Auditor

The auditor, Haines Watts High Wycombe Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the 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.

Medium-sized companies exemption

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

On behalf of the board
David Malcolm Dawe
Director
1 August 2024
TRIAGG CONSTRUCTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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:

 

 

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.

TRIAGG CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRIAGG CONSTRUCTION LIMITED
- 6 -
Opinion

We have audited the financial statements of TriAgg Construction Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The 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:

TRIAGG CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRIAGG CONSTRUCTION LIMITED (CONTINUED)
- 7 -
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:

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.

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.

Explanation as to extent to which the audit was considered capable of detecting irregularities, including fraud

During the audit we identify and assess the risk of material misstatements of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

TRIAGG CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRIAGG CONSTRUCTION LIMITED (CONTINUED)
- 8 -

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

 

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risks that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Kapil Davda (Senior Statutory Auditor)
For and on behalf of Haines Watts High Wycombe Limited
1 August 2024
Chartered Accountants
Statutory Auditor
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
TRIAGG CONSTRUCTION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
24,034,570
19,137,048
Cost of sales
(16,113,752)
(13,114,355)
Gross profit
7,920,818
6,022,693
Administrative expenses
(4,715,605)
(3,717,370)
Operating profit
4
3,205,213
2,305,323
Interest payable and similar expenses
7
(117,164)
(106,459)
Profit before taxation
3,088,049
2,198,864
Tax on profit
8
(851,335)
(370,111)
Profit for the financial year
2,236,714
1,828,753
TRIAGG CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Profit for the year
2,236,714
1,828,753
Other comprehensive income
-
-
Total comprehensive income for the year
2,236,714
1,828,753
TRIAGG CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,021,235
2,998,689
Investments
11
1
1
4,021,236
2,998,690
Current assets
Stocks
13
22,000
22,000
Debtors
14
4,142,312
2,604,717
Cash at bank and in hand
3,353,076
1,667,798
7,517,388
4,294,515
Creditors: amounts falling due within one year
15
(4,926,750)
(2,542,877)
Net current assets
2,590,638
1,751,638
Total assets less current liabilities
6,611,874
4,750,328
Creditors: amounts falling due after more than one year
16
(641,054)
(1,022,166)
Provisions for liabilities
Provisions
18
-
0
105,000
Deferred tax liability
19
934,814
618,500
(934,814)
(723,500)
Net assets
5,036,006
3,004,662
Capital and reserves
Called up share capital
22
200
200
Other reserves
21
3,630
-
0
Profit and loss reserves
5,032,176
3,004,462
Total equity
5,036,006
3,004,662

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

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
David Malcolm Dawe
Director
Company registration number 12918864 (England and Wales)
TRIAGG CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
200
-
1,211,598
1,211,798
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,828,753
1,828,753
Dividends
9
-
-
(35,889)
(35,889)
Balance at 31 March 2023
200
-
3,004,462
3,004,662
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
2,236,714
2,236,714
Dividends
9
-
-
(209,000)
(209,000)
Capital contribution
21
-
3,630
-
0
3,630
Balance at 31 March 2024
200
3,630
5,032,176
5,036,006
TRIAGG CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
4,074,479
3,005,923
Interest paid
(117,164)
(106,459)
Income taxes paid
(61,114)
(26,952)
Net cash inflow from operating activities
3,896,201
2,872,512
Investing activities
Purchase of tangible fixed assets
(1,842,190)
(2,129,949)
Proceeds from disposal of tangible fixed assets
-
0
38,999
Net cash used in investing activities
(1,842,190)
(2,090,950)
Financing activities
Net proceeds from new loans/(repayment of borrowings)
26,184
(463,978)
(Payment of finance leases obligations)/new leases
(185,917)
780,580
Dividends paid
(209,000)
(35,889)
Net cash (used in)/generated from financing activities
(368,733)
280,713
Net increase in cash and cash equivalents
1,685,278
1,062,275
Cash and cash equivalents at beginning of year
1,667,798
605,523
Cash and cash equivalents at end of year
3,353,076
1,667,798
TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

TriAgg Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Triagg House Soho Mill Cottage, Town Lane, Wooburn Green, HP10 0PD.

 

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.The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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
Turnover represents amounts receivable for services provided under contracts, net of VAT.

Contracts are assessed at the close of an accounting period to determine the stage of completion. Revenue earnt but not invoiced at the reporting date is included as accrued income on the Balance Sheet. Turnover and costs are then recognised in the Profit and Loss Account accordingly. Any loss making contracts are provided for, in full.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Profit and Loss account turnover and related costs as contract activity progresses.

Revenue from contracts for the provision of professional 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.

TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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:

Leasehold land and buildings
10% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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

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

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.

1.7
Work in Progress

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

TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.15
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.

TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
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.

 

The key sources of estimation uncertainty that have had the most significant effect on amounts recognised in the financial statements are outlined below:

 

Stage of completion estimation and sale provision

 

Management include a sale provision for contracts which, on balance, are determined as having probable additional costs due at a future date resulting from defects or necessary remedial work. This sale provision is reviewed continually during the year and constantly assessed for accuracy using management high level of expertise on which the best estimate is based. Each provision is made on a job-by-job basis.

 

There is significant estimation uncertainty over the sale provision because the outcome cannot be known at the time of estimating, as well as the wide range of possible outcomes.

 

Useful economic lives of tangible fixed assets

 

Estimations have been applied to determine the useful economic life and residual values of tangible fixed assets. The annual depreciation charge for tangible fixed assets is sensitive to changes in these variables. The useful economic lives and residual values are re-assessed annually and amended where necessary to reflect current estimates. The remaining useful economic life of the company's plant and equipment is considered a source of significant estimation uncertainty.

 

Bad debt provision

 

Management are required to estimate the recoverability of doubtful debts and assess the need to provision for bad debts. The recoverability of debts are assessed continually during the year based on customer communication and management experience. Where required, a bad debt provision is raised. Each provision is made on a debt-by-debt basis.

 

There is significant estimation uncertainty over the bad debt provision because the outcome cannot be known at the time of estimating, as well as the wide range of possible outcomes.

 

3
Turnover

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

2024
2023
£
£
Turnover analysed by class of business
Construction of civil engineering projects
24,034,570
19,137,048
TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,500
8,000
Depreciation of owned tangible fixed assets
134,441
112,359
Depreciation of tangible fixed assets held under finance leases
685,203
522,396
Profit on disposal of tangible fixed assets
-
(2,438)
Operating lease charges
47,039
29,881
5
Employees

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

2024
2023
Number
Number
67
52

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,298,525
5,005,277
Social security costs
219,408
189,663
Pension costs
176,172
105,452
6,694,105
5,300,392
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
394,433
335,000
Company pension contributions to defined contribution schemes
33,666
3,400
428,099
338,400
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
105,000
95,000
TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
117,164
106,459
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
534,268
60,361
Adjustments in respect of prior periods
753
-
0
Total current tax
535,021
60,361
Deferred tax
Origination and reversal of timing differences
316,314
309,750
Total tax charge
851,335
370,111

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,088,049
2,198,864
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
772,012
417,784
Tax effect of expenses that are not deductible in determining taxable profit
15,128
13,587
Tax effect of income not taxable in determining taxable profit
-
0
(464)
Permanent timing differences
(253,780)
(370,546)
Share based payment charge
908
-
0
Under provided in prior years
753
-
0
Deferred tax
316,314
309,750
Taxation charge for the year
851,335
370,111
9
Dividends
2024
2023
£
£
Interim paid
209,000
35,889
TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
10
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
288,727
2,737,074
44,075
33,529
705,637
3,809,042
Additions
24,566
1,475,863
5,335
9,852
326,574
1,842,190
At 31 March 2024
313,293
4,212,937
49,410
43,381
1,032,211
5,651,232
Depreciation and impairment
At 1 April 2023
32,216
630,855
6,193
16,030
125,059
810,353
Depreciation charged in the year
27,394
608,436
6,182
10,209
167,423
819,644
At 31 March 2024
59,610
1,239,291
12,375
26,239
292,482
1,629,997
Carrying amount
At 31 March 2024
253,683
2,973,646
37,035
17,142
739,729
4,021,235
At 31 March 2023
256,511
2,106,219
37,882
17,499
580,578
2,998,689

The net carrying value of Tangible Fixed Assets includes assets with a Net Book Value of £3,230,377 (2023: £2,544,235) which are held under hire purchase contracts.

 

 

11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
1
1
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Triagg Services Limited
England & Wales
Dormant Company
Ordinary
100.00
13
Stocks
2024
2023
£
£
Work in progress
22,000
22,000
TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,634,302
2,087,336
Amounts owed by group undertakings
20,823
45,975
Other debtors
631,666
358,983
Prepayments and accrued income
855,521
112,423
4,142,312
2,604,717
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
1,033,577
838,382
Other borrowings
35,887
9,703
Trade creditors
2,617,766
1,163,088
Corporation tax
534,268
60,361
Other taxation and social security
291,067
258,664
Deferred income
20
301,250
180,075
Other creditors
27,422
28,361
Accruals and deferred income
85,513
4,243
4,926,750
2,542,877
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
641,054
1,022,166

 

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,033,577
838,382
In two to five years
641,054
1,022,166
1,674,631
1,860,548

The above hire purchase contracts are secured on the assets concerned.

TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
18
Provisions for liabilities
2024
2023
£
£
Contract provisions
-
105,000
Movements on provisions:
Contract provisions
£
At 1 April 2023
105,000
Utilisation of provision
(105,000)
At 31 March 2024
-
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
934,814
618,500
2024
Movements in the year:
£
Liability at 1 April 2023
618,500
Charge to profit or loss
316,314
Liability at 31 March 2024
934,814
20
Deferred income
2024
2023
£
£
Deferred income
301,250
180,075
TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
21
Other reserves

The company participates in an employee share ownership plan, whereby employees are granted share options over shares in the immediate and ultimate parent company, TriAgg Group Holdings Limited.

 

Other reserves relates to a capital contribution made by TriAgg Group Holdings Limited in relation to this employee share ownership plan. This capital contribution of £3,630 (2023: £nil) reflects the share based payment expense associated with the plan for the year ended 31 March 2024.

 

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
176,172
105,452

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.

24
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
30,813
3,405
Between two and five years
52,331
-
0
83,144
3,405
25
Controlling Party

The immediate parent company is TriAgg Group Holdings Limited by virtue of its 100% shareholding in the company. TriAgg Group Holdings Limited is a company incorporated in England and Wales.

 

The ultimate controlling party are the directors of TriAgg Group Holdings Limited by virtue of their shareholding in the company.

TRIAGG CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,236,714
1,828,753
Adjustments for:
Taxation charged
851,335
370,111
Finance costs
117,164
106,459
Share option charge
3,630
-
0
Gain on disposal of tangible fixed assets
-
(2,438)
Depreciation and impairment of tangible fixed assets
819,644
634,755
(Decrease)/increase in provisions
(105,000)
80,000
Movements in working capital:
Increase in debtors
(1,537,595)
(475,866)
Increase in creditors
1,567,412
497,090
Increase/(decrease) in deferred income
121,175
(32,941)
Cash generated from operations
4,074,479
3,005,923
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