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Registered number: 01422905










WARBURTON BUILDING SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
WARBURTON BUILDING SERVICES LIMITED
 

COMPANY INFORMATION


Directors
R Bates 
P J Burt (resigned 19 March 2024)
J Carr 
J C  Warburton 
A C Hodgkins 
E S Davenall (appointed 18 December 2023)




Registered number
01422905



Registered office
Chandler House
Cumnor Road

Farmoor

Oxford

OX2 9NS




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
WARBURTON BUILDING SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Statement of Cash Flows
 
10 - 11
Analysis of Net Debt
 
12
Notes to the Financial Statements
 
13 - 26

 
WARBURTON BUILDING SERVICES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Business review
 
The principal activity of the company is the supply and installation of plumbing, heating and electrical engineering solutions.
The 2023 turnover of £19.5m compared favourably to £17.7m in 2022.
The Directors are confident that the business will trade profitably in 2024 although margins may be slightly reduced, as a result of a more competitive market place.
The company's key financial and other performance indicators during the year were as follows:

ole481e.png

Principal risks and uncertainties
The company is exposed to a variety of financial risks which result from its operating activities.
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of any allowance for doubtful debtors, estimated by the directors.
The company has no significant concentration of credit risk, with exposure spread over a large number customers. The company has adopted a strict credit vetting policy based on track record payment history an externally available credit data.
The company seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs and t invest cash assets safely and profitably.

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



J C  Warburton
Director

Date: 9 August 2024
Page 1

 
WARBURTON BUILDING SERVICES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors

The directors who served during the year were:

R Bates 
P J Burt (resigned 19 March 2024)
J Carr 
J C  Warburton 
A C Hodgkins
E S Davenall (appointed 18 December 2023)
 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £452,130 (2022 - £442,135).

Dividends of £310,000 (2022: £290,000) were paid during the year.

Future developments

For future developments, see the strategic report.

Page 2

 
WARBURTON BUILDING SERVICES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


Disclosure of information to auditor

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

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

Auditor

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

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





J C  Warburton
Director

Date: 9 August 2024
Page 3

 
WARBURTON BUILDING SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WARBURTON BUILDING SERVICES LIMITED
 

Opinion


We have audited the financial statements of Warburton Building Services Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


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.


Page 4

 
WARBURTON BUILDING SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WARBURTON BUILDING SERVICES LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.  

 
Page 5

 
WARBURTON BUILDING SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WARBURTON BUILDING SERVICES LIMITED (CONTINUED)



The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: 
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.   


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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

 
Date: 
12 August 2024
Page 6

 
WARBURTON BUILDING SERVICES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
19,533,424
17,717,953

Cost of sales
  
(15,503,852)
(13,845,556)

Gross profit
  
4,029,572
3,872,397

Administrative expenses
  
(3,453,821)
(3,241,587)

Fair value movements
  
(3,577)
(35,000)

Operating profit
 5 
572,174
595,810

Interest receivable and similar income
  
45,295
6,730

Interest payable and similar expenses
 9 
(40,334)
(37,545)

Profit before tax
  
577,135
564,995

Tax on profit
 10 
(125,005)
(122,860)

Profit for the financial year
  
452,130
442,135

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

The notes on pages 13 to 26 form part of these financial statements.
Page 7

 
WARBURTON BUILDING SERVICES LIMITED
REGISTERED NUMBER: 01422905

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,411,748
1,609,143

Current assets
  

Stocks
 13 
59,386
68,133

Debtors: amounts falling due after more than one year
 14 
304,640
151,655

Debtors: amounts falling due within one year
 14 
4,036,525
3,130,681

Current asset investments
 15 
286,923
290,500

Cash at bank and in hand
 16 
1,872,217
1,688,278

  
6,559,691
5,329,247

Creditors: amounts falling due within one year
 17 
(5,482,846)
(4,561,262)

Net current assets
  
 
 
1,076,845
 
 
767,985

Total assets less current liabilities
  
2,488,593
2,377,128

Creditors: amounts falling due after more than one year
 18 
(548,396)
(530,073)

Provisions for liabilities
  

Deferred tax
 21 
(348,519)
(397,507)

Net assets
  
1,591,678
1,449,548


Capital and reserves
  

Called up share capital 
 22 
3,914
3,914

Capital redemption reserve
 23 
1,086
1,086

Profit and loss account
 23 
1,586,678
1,444,548

  
1,591,678
1,449,548


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




J C  Warburton
Director

Date: 9 August 2024

The notes on pages 13 to 26 form part of these financial statements.
Page 8

 
WARBURTON BUILDING SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


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

£
£
£
£


At 1 December 2021
3,914
1,086
1,292,413
1,297,413



Profit for the year
-
-
442,135
442,135

Dividends: Equity capital
-
-
(290,000)
(290,000)



At 1 December 2022
3,914
1,086
1,444,548
1,449,548



Profit for the year
-
-
452,130
452,130

Dividends: Equity capital
-
-
(310,000)
(310,000)


At 30 November 2023
3,914
1,086
1,586,678
1,591,678


The notes on pages 13 to 26 form part of these financial statements.
Page 9

 
WARBURTON BUILDING SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
452,130
442,135

Adjustments for:

Depreciation of tangible assets
495,452
585,933

(Profit) on disposal of tangible assets
(189,186)
(156,433)

Interest paid
40,334
37,545

Interest received
(45,295)
(6,730)

Taxation charge
125,005
122,860

Decrease/(increase) in stocks
8,747
(3,915)

(Increase)/decrease in debtors
(1,134,898)
464,915

Increase in creditors
1,008,374
291,966

Net fair value losses recognised in P&L
3,577
35,000

Corporation tax (paid)
(15,524)
(217,595)

Net cash generated from operating activities

748,716
1,595,681


Cash flows from investing activities

Purchase of tangible fixed assets
(793,388)
(1,377,809)

Sale of tangible fixed assets
684,517
535,014

Interest received
45,295
6,730

HP interest paid
(40,334)
(37,545)

Net cash from investing activities

(103,910)
(873,610)

Cash flows from financing activities

Repayment of loans
(71,284)
(107,143)

(Repayment of)/new finance leases
75,470
272,925

Dividends paid
(310,000)
(290,000)

Net cash used in financing activities
(305,814)
(124,218)

Net increase in cash and cash equivalents
338,992
597,853

Cash and cash equivalents at beginning of year
1,533,279
935,426

Cash and cash equivalents at the end of year
1,872,271
1,533,279
Page 10

 
WARBURTON BUILDING SERVICES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022

£
£



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,872,271
1,688,278

Bank overdrafts
-
(154,999)

1,872,271
1,533,279


The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
WARBURTON BUILDING SERVICES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023




At 1 December 2022
Cash flows
At 30 November 2023
£

£

£

Cash at bank and in hand

1,688,278

183,939

1,872,217

Bank overdrafts

(154,999)

154,999

-

Debt due within 1 year

(72,015)

72,015

-

Finance leases

(780,847)

(75,470)

(856,317)


680,417
335,483
1,015,900

The notes on pages 13 to 26 form part of these financial statements.
Page 12

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Warburton Building Services Limited is a private company, limited by share capital and incorporated in England and Wales. The address of the registered office is Chandler House, Cumnor Road, Farmoor, Oxford, OX2 9NS.
The principal activity of the Company is the provision of building services. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Rendering of services

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

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 13

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Finance costs

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

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Current and deferred taxation

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

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

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

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

Page 14

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases..

Depreciation is provided on the following basis:

Plant and machinery
-
20-25% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
20% straight line

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

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

 
2.9

Stocks

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

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

 
2.10

Debtors

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

 
2.11

Cash and cash equivalents

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

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

 
2.12

Creditors

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

Page 15

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
 
2.14

 
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

 
2.15

Dividends

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

Page 16

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financia statements.
Revenue recognition
The key judgment made by management in respect of revenue is the point at which that revenue should be recognised. Management consider the underlying contract terms and conclude upon the most  appropriate point of the cycle at which to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer. 
Taxation
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax submissions. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.
Debtors
Accrued income in respect of the rendering of services is included in debtors at the balance sheet date. This balance is derived from an accounting estimate which represents a key source of estimation uncertainty. In making this estimate the directors consider the stage of completion of contracts and the likelihood that the Company will receive the consideration under the contract. 
Accrual for remedial works
The Company provides for estimated future costs to be incurred as remedial works on completed contracts, which is included within accruals. This provision is calculated on an annual basis.
Page 17

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Turnover

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


2023
2022
£
£

Rendering of services
19,533,424
17,717,953


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Defined contribution pension cost
327,511
149,562

Other operating lease rentals
56,500
65,833

Depreciation
495,452
585,933


6.


Auditor's remuneration

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


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
14,100
13,400

Fees payable to the Company's auditor in respect of:

Taxation compliance services
2,200
2,100
Page 18

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Employees

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


2023
2022
£
£

Wages and salaries
6,364,063
5,511,748

Social security costs
707,177
612,467

Cost of defined contribution scheme
103,191
149,562

7,174,431
6,273,777


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


        2023
        2022
            No.
            No.







Employees
140
132


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
488,850
395,138

Company contributions to defined contribution pension schemes
92,991
38,681

581,841
433,819


During the year retirement benefits were accruing to 6 directors (2022 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £145,165 (2022 - £149,633).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £37,321 (2022 - £37,321).


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,453
3,384

Finance leases and hire purchase contracts
38,881
34,161

40,334
37,545

Page 19

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
173,993
19,229


Total current tax
173,993
19,229

Deferred tax


Origination and reversal of timing differences
(48,988)
103,631

Total deferred tax
(48,988)
103,631


Taxation on profit on ordinary activities
125,005
122,860

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.01% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
577,135
564,995


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.01% (2022 - 19%)
132,804
107,349

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,937
23,194

Remeasurement of deferred tax for changes in tax rates
(3,897)
24,872

Fixed asset differences
(9,839)
(32,555)

Total tax charge for the year
125,005
122,860


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Dividends

2023
2022
£
£


Dividends to 'A' ordinary shareholders during the year
310,000
290,000


12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
59,886
2,698,918
140,483
2,899,287


Additions
8,513
768,157
16,718
793,388


Disposals
-
(937,583)
-
(937,583)



At 30 November 2023

68,399
2,529,492
157,201
2,755,092



Depreciation


At 1 December 2022
53,079
1,123,517
113,548
1,290,144


Charge for the year on owned assets
3,969
470,136
21,347
495,452


Disposals
-
(442,252)
-
(442,252)



At 30 November 2023

57,048
1,151,401
134,895
1,343,344



Net book value



At 30 November 2023
11,351
1,378,091
22,306
1,411,748



At 30 November 2022
6,807
1,575,401
26,935
1,609,143


13.


Stocks

2023
2022
£
£

Raw materials and consumables
59,386
68,133





 

Page 21

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Debtors

2023
2022
£
£

Due after more than one year

Trade debtors
304,640
151,655


2023
2022
£
£

Due within one year

Trade debtors
3,231,059
2,322,224

Other debtors
328,392
332,577

Prepayments and accrued income
477,074
475,880

4,036,525
3,130,681



15.


Current asset investments

2023
2022
£
£

Unlisted investments
286,923
290,500



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,872,217
1,688,278

Less: bank overdrafts
-
(154,999)

1,872,217
1,533,279


Page 22

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
154,999

Bank loans
-
71,428

Trade creditors
3,182,162
2,774,136

Corporation tax
82,400
-

Other taxation and social security
266,512
145,640

Obligations under finance lease and hire purchase contracts
307,921
250,774

Accruals and deferred income
1,643,851
1,164,285

5,482,846
4,561,262



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
548,396
530,073



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£



Within one year
307,921
250,554

Between 1-5 years
548,396
530,073

856,317
780,627

Obligations under finance leases are secured on the assets to which they relate.

Page 23

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

20.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,872,217
1,688,278

Financial assets that are debt instruments measured at amortised cost
3,651,044
2,825,685

5,523,261
4,513,963


Financial liabilities


Financial liabilities measured at amortised cost
(4,038,479)
(3,623,197)


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


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and staff, directors' and other loans.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and finance lease obligations.


21.


Deferred taxation




2023


£






At beginning of year
(397,507)


Charged to profit or loss
48,988



At end of year
(348,519)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(348,519)
(397,507)

Page 24

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



783 (2022 - 783) Ordinary A shares of £1.00 each
783
783
3,131 (2022 - 3,131) Ordinary B shares of £1.00 each
3,131
3,131

3,914

3,914


The differenre classes of shares rank pari passu. There are no restrictions on the distribution of dividends on the repayment of capital.


23.


Reserves

Capital redemption reserve

The capital redemption reserve arose when the company repurchased it's own shares in 2008.

Profit and loss account

The profit and loss account represents accumulated profit for the year and prior years less dividends paid.


24.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.The pension cost charge represents contributions payable by the Comany to the fund and amounted to £103,191 (2022: £149,562). Contributions totaling £Nil (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
78,803
64,956

Later than 1 year and not later than 5 years
110,998
120,568

189,801
185,524

Page 25

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

26.


Related party transactions

During the year the company was charged rent of £56,500 (2022: £84,499) by a Pension Scheme of which two of the company's directors are trustees. No balance is outstanding at the year end (2022: £nil).
During the year the company received advances and made payments on behalf of a director totalling £358,428 (2022: £393,000), and received repayments of £310,000 (2022: £393,000). At the balance sheet date the amount due to the company from that director in respect of loans was £187,880 (2022: £139,452). 
The directors are considered to be the key management personnel.


27.


Controlling party

The company is controlled by J C Warburton who owns 100% of the called up share capital.

Page 26