Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
COMPANY INFORMATION
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CONISTON DARTFORD LIMITED
CONTENTS
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CONISTON DARTFORD LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors present their strategic report accompanying the financial statements for the year ended 30 November 2023.
We have listed the performance of the group companies below:
• Coniston Limited’s profit before tax for the year is £108k and its net assets stand at £818k; • Apollo Building Services Limited’s profit before tax for the year is £1.45m and its net assets stand at £2.4m; • Datum Design and Build Limited’s profit before tax for the year is £64k and its net assets stand at £302k; • Momentum Building Services Engineering Limited’s profit before tax for the year is £262k and its net liabilities stand at £59k; • Parkserve Solutions Limited’s profit before tax for the year is £190k and its net assets stand at £425k • Linqued Limited’s profit before tax for the period is £73k and its net liabilities stand at £244k, of which £180k are attributable to minorty interests. During what remains a difficult time for the construction industry, the directors are encouraged by the performance of all group companies. Turnover has increased by 21% during the year, and through an increase in the quality of the contracts undertaken and a tight control on overheads, the group has more than doubled its net profit margin, representing an increase of more than 150% on the pre-tax profit for the previous period. The group continues to expand its reach through the acquisition of a controlling interest in Linqed Ltd and through the formation of Coniston FM Ltd, a joint venture in which the group also has a controlling interest. This, together with the performance of the established companies give the directors confidence in the continued success of the group.
The business has identified a number of risks which are being closely monitored by the board, primarily:
Securing of Future Contracts: Whilst there are a number of new work opportunities available for tender, it is important to ensure the opportunities are correct for the business requirements and only entered into when risks have been fully evaluated, and on agreeable terms by all. Escalating Costs: Due to the uncertainty in the world environment, materials and labour are continuously subject to change. Whilst we have seen a stabilisation of these costs in recent months, this has to be closely monitored, especially in respect of fixed cost contracts and the long durations of higher value contracts. Sub-Contractor / Supply Chain We continue to monitor our competitors, and wider construction organisations who have suffered financial losses and administration, which has a wider impact on the industry and supply chain.
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CONISTON DARTFORD LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The key performance indicators monitored by the board are turnover, gross profit and overhead costs as detailed in the group profit and loss account.
Whilst the performance of these KPI's have not met expectation this year, the board remain confident the following years will show improvements, and this will continue to be monitored.
No other key performance indicators are used.
This report was approved by the board on 13 May 2024 and signed on its behalf.
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CONISTON DARTFORD 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.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The 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 the group and to 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £968,742 (2022 - loss £276,452).
Dividends of £685,597 (2022 - £528,046) were paid in the year. The directors do not recommend the payment of a final dividend (2022 - £Nil)
The directors who served during the year were:
The directors are always looking to improve the profitability of the group. They are looking to identifying niche markets that the group can add to the existing profile to enhance the services they provide to their customers.
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CONISTON DARTFORD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
There have been no significant events affecting the group since the year end.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 13 May 2024 and signed on its behalf.
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CONISTON DARTFORD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONISTON DARTFORD LIMITED
We have audited the financial statements of Coniston Dartford Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CONISTON DARTFORD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONISTON DARTFORD LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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CONISTON DARTFORD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONISTON DARTFORD LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identified the laws and regulations applicable to the group through discussion with directors and other management, and from our commercial knowledge and experience of the construction sector which the group operates in; • The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, are as follows; o Companies Act 2006 o FRS102 o Health and Safety legislation o Employment legislation o Tax legislation • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting relevant correspondence; and • Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulations were identified. The audit team remained alert to instances of noncompliance throughout the audit; We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: • Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; • Reviewing the financial statements and testing the disclosures against supporting documentation;
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CONISTON DARTFORD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONISTON DARTFORD LIMITED (CONTINUED)
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions; • Assessing whether judgement and assumptions made in determining significant accounting estimates, including amounts recoverable on long term contracts, work in progress and the useful economic lives of tangible fixed assets, were indicative of management bias; and • Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. The areas that we identified as being susceptible to misstatement through fraud were: • Management bias in the estimates and judgements made; • Management override of controls; and • Posting of unusual journals or transactions. 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Registered Auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
Date: 23 May 2024
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CONISTON DARTFORD LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
REGISTERED NUMBER: 08148515
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2024.
The notes on pages 17 to 37 form part of these financial statements.
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CONISTON DARTFORD LIMITED
REGISTERED NUMBER: 08148515
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2024.
The notes on pages 17 to 37 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022
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CONISTON DARTFORD LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022
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CONISTON DARTFORD LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Coniston Dartford Limited is a private company limited by shares, registered in England and Wales. The address of the registered office is Collingwood House, Schooner Court, Crossways, Dartford, Kent, DA2 6QQ. The group's principal activity during the year under review continued to be that of a building contractor on construction and civil engineering projects.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 30 November 2015.
The directors have concluded that there are no significant uncertainities that would impact the group's going concern status for the next 12 months. These financial statements have been prepared on a going concern basis.
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Revenue from a contract to provide property and civil engineering 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; • the costs incurred and the costs to complete the contract can be measured reliably; and • where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the expense recognised that are recoverable.
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line/reducing balance method.
Depreciation is provided on the following basis:
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.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Amounts recoverable on long-term contracts, which are included in debtors, are stated at net sales value of work done after provisions for contingencies and anticipated future losses on contacts, less amounts received as progress payments on account. Where such amounts have been received and exceed amounts recovered, the net amounts are included in creditors as payments on account.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are addressed below. Depreciation and residual values The directors have reviewed the asset live and associated residual values of all the fixed assets and have concluded the asset lives and residual values are appropriate. The actual lives of the assets and residual values are accessed annually and may vary depending ona anumber of factors. In re-assessing assets lives, factors such as technological innovations, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and project disposal values. Recoverability of Trade Debtors Trade and other debtors are recognised to the extent that they are judged recoverable. Provisions are made specifically against invoices where recoverability is uncertain. Management makes allowances for doubtful debts on an assessment of the recoverability of debtors. Work in progress (and Amounts recoverable on Long-term contracts) The group uses qualified third party quantity surveyors to value projects and calculate the amount that the company bill the client. If management disagree with the valuation from the surveyors, the valuation will be challenged and the client is only billed when the valuation has been agreed. All income and costs recorded on the surveyor's valuation which are not yet invoiced at the year end are provided for by means of an accrual. The directors are required to make an assessment with regard to the future costs the group is likely to incur so as to fulfil its obligation under contracts, including remedial work necessary to guarantee the release of retention balances. Only specific provisions against contracts where such a provision is required or where specific remedial work is required are recognised. No general provisions are recognised.
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The whole of the turnover is attributable to the principal activity of the group, being that of a building contractor on construction and civil engineering projects.
All turnover arose within the United Kingdom.
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
11.Taxation (continued)
The group has carried forward losses of £1,317,127 available to offset against its future trading profits.
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Page 29
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Page 30
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Page 31
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Page 33
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Page 34
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Share premium account
Capital redemption reserve
Profit and loss account
The group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the fund and amounted to £234,978 (2022 - £240,018).
Contributions totalling £20,682 (2022 - £16,812) were payable to the fund at the balance sheet date and are included in other creditors.
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CONISTON DARTFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
28.Related party transactions (continued)
The ultimate controlling party is Mr J P Rathbone through a majority shareholding.
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