REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PROCAST BUILDING CONTRACTORS LTD. |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PROCAST BUILDING CONTRACTORS LTD. |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
PROCAST BUILDING CONTRACTORS LTD. |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
24 Beresford Terrace |
Ayr |
KA7 2EG |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The Director presents his strategic report of the Company for the year ended 31st March 2024. |
OBJECTIVES |
The principal activity of the Company is in the multi trades facilities management sector specifically including: |
- Internal and external building refurbishments. |
- New build projects and extensions. |
- Multi trade works. |
- Energy efficiency services. |
- Renewables. |
The Company has built up a reliable workforce and supply chain in recent years and strives to make continual improvements to the business while delivering value to its customers. |
The Company prides itself on delivering service excellence and outstanding commercial performance to both public and private sectors while responding to the changing needs of clients and the markets in which they are active. Its impressive customer base continues to be developed through the approach of "Partnership built on trust". |
REVIEW OF BUSINESS |
The Company is particularly pleased to report that profit before taxation has increased to £1.5m. This is a 16% improvement from the prior year. This improvement is mainly due to the significant changes in management structure combined with increased focus on cost control and project delivery. |
Of particular note, are the industry successes with which the Company has been recently honoured: |
2024 |
Regional Energy Efficiency Awards |
o Insulation & Fabric Installer/Contractor of the Year - Winner |
o Large Scale Project of the Year - Highly Commended |
2023 |
Regional Energy Efficiency Awards |
o Insulation & Fabric Installer/Contractor of the Year - Winner |
o Large Scale Project of the Year - Winner |
National Energy Efficiency Awards |
o National Project Management Company of the Year |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties affecting the business are varied and include the following: |
- Material price increases: The Company has continued with its robust process of materials sourcing to ensure that the best available prices are secured along with any available incentives. |
- Labour supply shortages: Recent experience has identified labour shortages across the industry together with inflated costs. The Company believes that its own employees are treated fairly at all times with the result that it retains and develops a strong, dedicated and loyal workforce. |
- Cashflow risk: As with most entities, the Company is exposed to cashflow risk where expenditure can exceed cash receipts. This is compensated for by regular payment schedules being agreed with customers together with a 13 week rolling cash forecast which can identify potential problems before they crystalise and therefore allow remedial action to be taken ahead of time. |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
The key performance indicators include the monitoring of working capital and contract profit margins which are review each month against budget and forecast. |
Key performance indicators |
Year Ended 31st March 2024 |
Year Ended 31st March 2023 |
Increase/(decrease) |
£m | £m | £m |
Turnover | 34.4 | 28.4 | 6.0 |
Gross profit | 4.7 | 4.4 | 0.3 |
Gross profit % | 13.6% | 15.5% | (1.9%) |
EBITDA | 1.8 | 1.5 | 0.3 |
EBITDA % | 5.3% | 5.3% | - |
Profit (loss) before taxation |
1.5 |
1.3 |
0.2 |
Cash balance | 3.8 | 2.4 | 1.4 |
Net assets | 5.3 | 3.9 | 1.4 |
OUTLOOK |
Procast continues to develop as a brand and, through its continued growth, is in a position to secure and deliver larger and more profitable contracts. With the main focus being on direct awards rather than the more conventional tender process. The director believes that the company retains the professional expertise and financial stability to deliver these contracts and continue with its growth plans. |
ON BEHALF OF THE BOARD: |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his report with the financial statements of the company for the year ended 31 March 2024. |
DIVIDENDS |
During the year to 31 March 2024 each shareholder received a weekly dividend of £800. The director recommends a final dividend payment of £74,829 for the year to 31 March 2024. |
The total distribution of dividends for the period ended 31 March 2024 will be £158,029 (2023: £139,757). |
DIRECTOR |
POLITICAL DONATIONS AND EXPENDITURE |
During the year donations of £36,597 (2023: £13,132) were given to local community charities. None of the donations were of a political nature. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The previous auditors, Xeinadin Audit Limited, resigned as auditors during the year and were replaced with Stewart Gilmour & Co.. The auditors, Stewart Gilmour & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PROCAST BUILDING CONTRACTORS LTD. |
Opinion |
We have audited the financial statements of Procast Building Contractors Ltd. (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PROCAST BUILDING CONTRACTORS LTD. |
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 Report of the Director. |
We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PROCAST BUILDING CONTRACTORS LTD. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance we considered the following: |
- The nature of the company and the industry, the control environment including any performance targets from the parent company; and |
- Our enquiries of management about their identification and assessment of the risks of irregularities. |
Based on our understanding of the company and the sector we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to: |
- Regulations and legislation pertinent to the company's operations; and |
- UK tax legislation |
We considered the extent to which non-compliance might have a material impact on the financial statement. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to: |
- Posting inappropriate journal entries; and |
- Management bias in accounting estimates. |
Audit response to the risks identified; |
Our procedures to respond to the risks identified included the following: |
- Gaining an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- Enquiring of management, trustees and legal advisors concerning actual and potential litigation and claims; |
- Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; |
- In addressing the risk of fraud as a result of management override of controls, testing the appropriateness of journal entries and other adjustments; evaluating rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit. |
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 regulations. This risk increases the more the 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, collusions, omissions 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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PROCAST BUILDING CONTRACTORS LTD. |
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 a Report of the Auditors 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 |
24 Beresford Terrace |
Ayr |
KA7 2EG |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,333,496 | 1,247,079 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
1,623,296 | 1,393,560 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase and finance lease rental payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
3,752,326 |
Cash and cash equivalents at end of year | 2 | 3,833,113 | 2,431,989 |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 74,147 | 67,882 |
Finance income | (14,021 | ) | (5,220 | ) |
1,832,821 | 1,469,993 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 3,833,113 | 2,431,989 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,431,989 | 3,752,326 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,431,989 | 1,401,124 | 3,833,113 |
2,431,989 | 3,833,113 |
Debt |
Hire purchase and finance leases | (335,457 | ) | (256,916 | ) | (592,373 | ) |
Debts falling due within 1 year | (353,248 | ) | 276,602 | (76,646 | ) |
Debts falling due after 1 year | (111,914 | ) | 71,930 | (39,984 | ) |
(800,619 | ) | 91,616 | (709,003 | ) |
Total | 1,631,370 | 1,492,740 | 3,124,110 |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Procast Building Contractors Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These accounts have been prepared in sterling which is the functional currency and are rounded to the nearest £1. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its expected useful life or, if held under a finance lease, over the lease of the term, whichever is the shorter. |
Freehold property | - 2% on reducing balance |
Plant and machinery | - 25% on reducing balance |
Fixtures and fittings | - 20% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 33% on reducing balance |
The capitalisation policy limit is £1,000. |
In accordance with FR102 the freehold property has been revalued. No depreciation is provided in respect of these assets. |
The Companies Act 2006 required all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS102. The director considers that to depreciate them would not give a true and fair view, and that it is necessary to apply FRS102 in order to give a true and fair view. |
If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £27,930. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only has basic financial instruments. |
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. |
Short term trade creditors are measured at the transactions 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the director is 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 following judgements have had the most significant effect on amounts recognised in the financial statements: |
Depreciation - Fixed assets are depreciated over the useful life of the asset. The useful lives of fixed assets are based on the knowledge of senior management, with reference to assets expected useful life cycles. |
Property Valuation - The property is valued on a regular basis by a professional quantity surveyor however there is inevitably a degree of judgement involved in that the property is unique and value can only ultimately be tested reliably in the market itself. |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Average staff numbers |
2024 | 2023 |
£ | £ |
Director's remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Taxation compliance services |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
Hire purchase |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation | - | 113,161 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation | ( |
) | - | (180,000 | ) |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Final |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals |
Revaluations |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
Revaluation adjustments | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2024 | 482,161 | - | - |
Cost | 914,339 | 215,985 | 100,538 |
1,396,500 | 215,985 | 100,538 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2024 | - | - | 482,161 |
Cost | 899,478 | 173,585 | 2,303,925 |
899,478 | 173,585 | 2,786,086 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 405,285 | 334,504 |
Aggregate depreciation | 38,840 | 31,362 |
Value of land in freehold land and buildings | 509,054 | 509,054 |
Freehold property was valued on an open market basis on 31 March 2024 by Shepherd Chartered Surveyors . |
12. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
13. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by associates |
Other debtors |
R&D Tax claim | 494,605 | - |
Prepayments and accrued income |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | DEBTORS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by associates |
Aggregate amounts |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts and finance leases (see note 17) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 900,977 | 501,680 |
Other creditors |
Work in progress | - | 275,085 |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts and finance leases (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts | Finance leases |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
RBS Property Loan | 61,075 | 76,273 |
The bank holds security over the company premises at 31 Green Street, Strathaven, ML10 6LT. The director has also granted a personal guarantee for £20,000. |
19. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 245,807 | 151,548 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
PROCAST BUILDING CONTRACTORS LTD. (REGISTERED NUMBER: SC407400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 3,863,070 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation reserve | - | 113,161 | 113,161 |
At 31 March 2024 | 5,397,275 |
22. | RELATED PARTY DISCLOSURES |
The company made sales of £1,127,283 (2023: £610,503) to Procast Property Services Ltd, a company in which Derek Innes is a director. Purchases in the period amounted to £6,842,930 (2023: £4,741,473). At 31 March 2024, there was a net balance of £252,432 due to Procast Property Services Ltd (2023: £412,884). |
The company made sales of £295,694 (2023: £169,532) to Procast Energy Services Ltd, a company in which Derek Innes is a director. Purchases in the period amounted to £1,508,378 (2023: £3,188,269) from Procast Energy Services Ltd. At 31 March 2024, there was a balance of £353,950 due from Procast Energy Services Ltd (2023: £71,068 due from Procast Energy Services Ltd). |
The company made sales of £66,755 (2023: £nil) to Brimar Electrical Solutions, a company in which Derek Innes is a director. Purchases in the period amounted to £583,840 (2023: £nil). At 31 March 2024, there was a net balance of £82,758 (2023: £nil) due to Brimar Electrical Solutions. |
The company made sales of £10,831 (2023: £nil) to Thermsaver Holdings, a company in which Derek Innes is a director. Purchases in the period amounted to £336,637 (2023: £nil). At 31 March 2024, there was a net balance of £173,715 (2023: £nil) due to Thermsaver Holdings. |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is D D Innes. |
The ultimate controlling party is |