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REGISTERED NUMBER: 03993190 (England and Wales)









SOUTHERN PILING LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


SOUTHERN PILING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R D Francis
R W Francis
A G F Francis





SECRETARY: A G F Francis





REGISTERED OFFICE: Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY





REGISTERED NUMBER: 03993190 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


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

REVIEW OF BUSINESS
The performance of the business for the year ended 31 March 2024 has again been excellent, with profit after tax being £2.20mil (£2.19mil for 2023). Turnover has stayed consistent, increasing by 1% from £18.22mil in 2023 to £18.40mil in 2024. As well as increased turnover, total cost of sales has slightly improved with a decrease of 2% (2023: increase of 27%) from £13.78mil in 2023 to £13.52mil in 2024.

Overall, this has had a positive impact on gross profit resulting in an increase to £4.88mil (a gross profit margin of 26%) in 2024 from £4.45mil (a gross profit margin of 24%) in 2023. An increase of 10% (2023: 56%) in absolute terms.

The directors are pleased with the continued strong financial performance of the company in 2024, and believe the results are a clear demonstration of the underlying strength of the business, its employees and its customers.Economic conditions continue to be challenging heading into the new financial year as the directors look to build on a continued strong performance and are confident that the company will remain profitable and successful in the future. The directors are particularly mindful to the impact of a potential recession, especially in the housing market.

The company has continued to invest strongly in tangible fixed assets with additions in the year of £1.09mil (£1.48mil in 2023), leading to an increase in the carrying amount of £0.2mil (£0.7mil in 2023). Current assets have decreased by £1.09mil (increased by £1.60mil in 2023) due in part to investment in fixed assets and a return paid to shareholders during the year. Overall, the company's year-end gross assets of £10.13mil (2023: £11.00mil) have decreased slightly by £0.87mil. Since year-end liabilities remained largely similar at £2.68mil (£2.71mil for 2023), there has been a similar decrease in net assets at the year-end of £0.86mil, from £8.30mil for 2023 to £7.44mil for 2024.

The company continues to have strong liquidity, with net current assets at the year-end of £3.27mil (2023: £4.26mil).

Since the year-end, Mr R D Francis has resigned as the company's managing director, taking up appointment as the company's chairman, and is succeeded to the role by his son, Mr R W Francis.


SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
There is an adverse risk that the movement of material prices will increase cost of sales considerably for the company. However, given the company's recent performance, the directors are confident that this risk can be adequately managed and that the company will not suffer a significant ongoing impact to its performance.

All contracts are reviewed by a director on an individual basis, to ascertain the level of risk relating to the company. Any risk identified is built into the contract documents in favour of the company and bad or irrecoverable debts are rare; bad debts were £61k for 2024, being 0.33% of turnover against £123k in 2023 or 0.68% of turnover.

Financial risks are mitigated as all clients are credit checked and the data is monitored on a regular basis, as well as payment terms being altered by the company to suit the client's financial history.

The directors have not identified any other risks that will have a significant impact on the company.

PERFORMANCE MEASURES
To measure the performance of the company, the directors consider the following Key Performance Indicators:

2024 2023 % Change
Turnover 18,400,137 18,223,231 1%
Gross Profit 4,875,826 4,447,835 10%
Operating Profit 2,868,731 2,667,907 8%
Profit Before Tax 2,943,071 2,690,669 9%

ON BEHALF OF THE BOARD:





R D Francis - Director


14 August 2024

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of piling contractors to the construction industry.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £3,050,000 (2023: £666,522).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

R D Francis
R W Francis
A G F Francis

THIRD PARTY INDEMNITY PROVISION FOR DIRECTORS
There is a third party indemnity provision in place for the benefit of all directors of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




R D Francis - Director


14 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTHERN PILING LIMITED


Opinion
We have audited the financial statements of Southern Piling Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTHERN PILING LIMITED


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 Directors.

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 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 Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTHERN PILING LIMITED


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 responsive to those risks.

Audit approach to identifying and assessing potential risks related to irregularities
Our procedures for identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:


- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

- Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company.

The key laws and regulations we considered to have a direct effect on the financial statements included the Financial Reporting Standard FRS 102 "The Financial Reporting applicable in the UK and Republic of Ireland" and the Companies Act 2006, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Audit approach in response to identified risks
Our procedures to respond to risks identified included the following:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the entity is in compliance with such laws and regulations.

- Inspecting correspondence, if any, with the relevant licensing or regulatory authorities.

- Reviewing the financial statement disclosures and test to supporting documentation to assess compliance with reporting requirements.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business 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 indications of fraud or non-compliance with laws and regulations throughout the audit.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

Through these procedures, we have not become aware of any actual or suspected non-compliance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTHERN PILING LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. This is particularly true for those laws and regulations far removed from transactions reflected in the financial statements. As with any audit, there remained a higher risk of non-detection of irregularities that result from fraud, due to an implied intent behind this, than from those that result from error. As stated in the audit standards, we are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.




Daniel Chapman (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

15 August 2024

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3 18,400,137 18,223,231

Cost of sales 13,524,311 13,775,396
GROSS PROFIT 4,875,826 4,447,835

Administrative expenses 2,021,409 1,779,928
2,854,417 2,667,907

Other operating income 14,314 -
OPERATING PROFIT 5 2,868,731 2,667,907

Interest receivable and similar income 74,367 23,043
2,943,098 2,690,950

Interest payable and similar expenses 6 27 281
PROFIT BEFORE TAXATION 2,943,071 2,690,669

Tax on profit 7 743,855 503,561
PROFIT FOR THE FINANCIAL YEAR 2,199,216 2,187,108

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,199,216

2,187,108

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 5,014,093 4,800,653
5,014,093 4,800,653

CURRENT ASSETS
Stocks 11 75,000 -
Debtors 12 2,838,607 3,731,743
Cash at bank and in hand 2,201,326 2,469,736
5,114,933 6,201,479
CREDITORS
Amounts falling due within one year 13 1,839,936 1,943,326
NET CURRENT ASSETS 3,274,997 4,258,153
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,289,090

9,058,806

CREDITORS
Amounts falling due after more than one
year

14

(14,040

)

-

PROVISIONS FOR LIABILITIES 16 (830,700 ) (763,672 )
NET ASSETS 7,444,350 8,295,134

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 7,444,250 8,295,034
SHAREHOLDERS' FUNDS 7,444,350 8,295,134

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:




R D Francis - Director



R W Francis - Director


SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 6,774,448 6,774,548

Changes in equity
Dividends - (666,522 ) (666,522 )
Total comprehensive income - 2,187,108 2,187,108
Balance at 31 March 2023 100 8,295,034 8,295,134

Changes in equity
Dividends - (3,050,000 ) (3,050,000 )
Total comprehensive income - 2,199,216 2,199,216
Balance at 31 March 2024 100 7,444,250 7,444,350

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,147,490 3,606,526
Interest paid (27 ) (281 )
Tax paid (413,617 ) (110,069 )
Net cash from operating activities 3,733,846 3,496,176

Cash flows from investing activities
Purchase of tangible fixed assets (1,089,161 ) (1,479,696 )
Sale of tangible fixed assets 49,944 87,999
Interest received 74,367 23,043
Net cash from investing activities (964,850 ) (1,368,654 )

Cash flows from financing activities
Capital repayments in year (1,431 ) 1,431
Amount introduced by directors 3,505 -
Amount withdrawn by directors (5,080 ) (1,500 )
Government grants 15,600 -
Equity dividends paid (3,050,000 ) (666,522 )
Net cash from financing activities (3,037,406 ) (666,591 )

(Decrease)/increase in cash and cash equivalents (268,410 ) 1,460,931
Cash and cash equivalents at beginning
of year

2

2,469,736

1,008,805

Cash and cash equivalents at end of
year

2

2,201,326

2,469,736

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 2,943,071 2,690,669
Depreciation charges 853,007 723,520
Profit on disposal of fixed assets (27,230 ) (67,528 )
Government grants (780 ) -
Finance costs 27 281
Finance income (74,367 ) (23,043 )
3,693,728 3,323,899
Increase in stocks (75,000 ) -
Decrease/(increase) in trade and other debtors 865,173 (282,676 )
(Decrease)/increase in trade and other creditors (336,411 ) 565,303
Cash generated from operations 4,147,490 3,606,526

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 2,201,326 2,469,736
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 2,469,736 1,008,805


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 2,469,736 (268,410 ) 2,201,326
2,469,736 (268,410 ) 2,201,326
Debt
Finance leases (1,431 ) 1,431 -
(1,431 ) 1,431 -
Total 2,468,305 (266,979 ) 2,201,326

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Southern Piling Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the Company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates
In the application of the company's accounting policies, which are described below, management are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based in historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

There are no key sources of estimation uncertainty or key areas of judgement that have a significant effect on the amounts recognised in the financial statements.

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Turnover
Revenue is measured at fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Revenue is shown net of value added tax and is reduced for customer rebates and other similar allowances.

Revenue is attributable to piling services in the construction industry. When an outcome of a construction contract can be estimated reliably, the company's preferred method of revenue recognition is the output method in which revenue is recognised based on the units of work performed and the price allocated thereto. This method is applied provided that the progress of the work performed can be measured based on the contract and during the contract's performance. Under this output method the units of work completed under each contract are measured and the corresponding output is recognised as revenue. Where it is not practicable to apply this 'units of production' output method, the 'percentage of completion' input method is used instead. Under this input method costs are recognised as incurred and revenue is recognised based on the proportion of total costs at the reporting date to the estimated total costs of the contract.

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties.

The company does not expect to have any contracts where the period between the transfer of the promised services to the customer and payment by the customer exceeds one year. As a consequence, the company does not adjust its transaction price for the time value of money.

Interest received is recognised using the effective interest method.

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.

Goodwill, acquired in 2001, was considered to have a finite estimated useful life of ten years and was amortised on a systematic basis over its expected life. It has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heavy plant and machinery - 15% on reducing balance
Plant and machinery - 50% on cost and 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 5% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation less accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

At each balance sheet date, the company reviews the carrying amount of it's tangible fixed assets to determine whether there is any indication that items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Freehold property acquired in 2017 and land acquired in 2020 is being held at historic cost in accordance with FRS 102. Depreciation is not charged on land and buildings. This represents a departure from the Companies Act requirements concerning the depreciation of fixed assets, however the directors consider that the adoption of this policy is necessary to give a true and fair view.

Government grants
Government grants are recognised only where it is reasonably certain that the entity will comply with the conditions attached to the grant. Grants are recognised as income over the period necessary to match them with related costs for which they are intended to compensate. Grants are not recognised in equity.

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 18,400,137 18,223,231
18,400,137 18,223,231

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,860,876 3,444,027
Social security costs 447,306 417,533
Other pension costs 120,564 82,071
4,428,746 3,943,631

The average number of employees during the year was as follows:
2024 2023

Management and administration 12 11
Yard and site operatives 52 50
64 61

2024 2023
£    £   
Directors' remuneration 287,029 257,792
Directors' pension contributions to money purchase schemes 24,000 -

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 207,000 183,000
Pension contributions to money purchase schemes 24,000 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 853,007 723,520
Profit on disposal of fixed assets (27,230 ) (67,528 )
Auditors' remuneration 20,175 8,500
Other non- audit services 9,475 8,389

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other Interest 27 281

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 677,131 257,066
Adjustment in respect of
earlier years (304 ) -
Total current tax 676,827 257,066

Deferred tax 67,028 246,495
Tax on profit 743,855 503,561

UK corporation tax has been charged at 25% (2023 - 19%).

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,943,071 2,690,669
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

735,768

511,227

Effects of:
Expenses not deductible for tax purposes 5,464 2,468
Income not taxable for tax purposes (195 ) -
Capital allowances in excess of depreciation - (10,134 )
Depreciation in excess of capital allowances 2,184 -
Adjustments to tax charge in respect of previous periods (304 ) -
Short term timing differences 938 -

Total tax charge 743,855 503,561

8. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 3,050,000 666,522

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 34,000
AMORTISATION
At 1 April 2023
and 31 March 2024 34,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS
Heavy
Freehold plant and Plant and
property machinery machinery
£    £    £   
COST
At 1 April 2023 1,479,098 4,062,429 1,627,322
Additions - 400,000 406,741
Disposals - - -
At 31 March 2024 1,479,098 4,462,429 2,034,063
DEPRECIATION
At 1 April 2023 - 1,921,602 823,089
Charge for year - 361,124 291,475
Eliminated on disposal - - -
At 31 March 2024 - 2,282,726 1,114,564
NET BOOK VALUE
At 31 March 2024 1,479,098 2,179,703 919,499
At 31 March 2023 1,479,098 2,140,827 804,233

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 24,760 1,043,615 60,342 8,297,566
Additions 39,000 243,420 - 1,089,161
Disposals - (173,912 ) - (173,912 )
At 31 March 2024 63,760 1,113,123 60,342 9,212,815
DEPRECIATION
At 1 April 2023 19,849 679,680 52,693 3,496,913
Charge for year 3,178 192,364 4,866 853,007
Eliminated on disposal - (151,198 ) - (151,198 )
At 31 March 2024 23,027 720,846 57,559 4,198,722
NET BOOK VALUE
At 31 March 2024 40,733 392,277 2,783 5,014,093
At 31 March 2023 4,911 363,935 7,649 4,800,653

11. STOCKS
2024 2023
£    £   
Work-in-progress 75,000 -

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,079,406 2,785,373
Directors' current accounts 1,050 3,505
Tax 814 26,322
VAT 275,671 505,755
Prepayments and accrued income 481,666 399,184
2,838,607 3,720,139

Amounts falling due after more than one year:
Other debtors - 11,604

Aggregate amounts 2,838,607 3,731,743

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) - 1,431
Trade creditors 1,194,756 1,701,968
Tax 237,702 -
Social security and other taxes 163,608 148,262
Other creditors 197,736 43,048
Directors' current accounts 1,824 5,854
Accrued expenses 43,530 42,763
Deferred government grants 780 -
1,839,936 1,943,326

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Deferred government grants 14,040 -

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year - 1,431

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. PROVISIONS FOR LIABILITIES

20242023

££
Deferred tax liability brought forward
Balance brought forward763,672517,177

Profit and loss charge
Accelerated capital allowances 67,028246,495
67,028246,495

Deferred tax liability carried forward
Accelerated capital allowances830,700763,672
Balance carried forward830,700763,672

For the year ended 31 March 2024 the deferred tax liability has been provided for at 25%, being the enacted tax rate for the periods after 1 April 2023.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
61 Ordinary £1 61 61
39 A Ordinary £1 39 39
100 100

Ordinary share rights
The company's ordinary shares each carry the right to one vote in any circumstances, and each share ranks pari passu with the Ordinary A shares.

The rate of dividend payable in respect of the Ordinary shares is determined by the Board of Directors in their absolute discretion from time to time.

Each ordinary share is entitled pari passu to participate in a distribution arising from a winding up of the company and no rights of redemption.

A Ordinary share rights
The company's A Ordinary shares each carry the right to one vote in any circumstances.

The rate of dividend payable in respect of the A Ordinary shares is determined by the Board of Directors in their absolute discretion from time to time.

Each A Ordinary share is entitled pari passu to participate in a distribution arising from a winding up of the company and no rights of redemption.

18. RESERVES

Retained earnings
Includes all current and prior periods retained profit and losses.

SOUTHERN PILING LIMITED (REGISTERED NUMBER: 03993190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


19. OTHER FINANCIAL COMMITMENTS

During the year the company committed to the purchase of new plant and equipment at a cost of £504,000. This commitment is expected to be settled in 2024.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
R D Francis
Balance outstanding at start of year 1,085 585
Amounts advanced 525 500
Amounts repaid (1,085 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 525 1,085

R W Francis
Balance outstanding at start of year 2,420 1,920
Amounts advanced 525 500
Amounts repaid (2,420 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 525 2,420

The loans are interest free and repayable on demand.

21. RELATED PARTY DISCLOSURES

During the year, the company declared and paid dividends totalling £3,050,000 (2023: £666,522) to the directors.

At the balance sheet date, an aggregate of £774 (2023: £2,349) was due to the directors. The balances are interest free and repayable on demand.

During the year, the company paid a salary of £76,250 (2023: £64,172) to a close family member of a director, who is an employee.

During the year, the company paid personal accountancy fees in aggregate of £1,575 (2023: £1,500) for the directors.

22. POST BALANCE SHEET EVENTS

The company declared and paid a dividend of £370,000 on 2 July 2024.