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Registered number: 03128029









KAMM CIVIL ENGINEERING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
KAMM CIVIL ENGINEERING LIMITED
 
 
COMPANY INFORMATION


Directors
Adam McCormack 
Keith McWilliams 




Company secretary
Keith McWilliams



Registered number
03128029



Registered office
Bridge House
21 West Street

Ringwood

Hampshire

BH24 1DY




Independent auditors
Clifford Fry & Co LLP

St Mary's House

Netherhampton

Salisbury

Wiltshire

SP2 8PU





 
KAMM CIVIL ENGINEERING LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 27


 
KAMM CIVIL ENGINEERING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Vision 
KAMM Civil Engineering Limited are focused on the provision of Quality Groundwork Solutions for our clients.

Organisational Structure and Governance 
The Board convenes on a quarterly basis. The Board consists of two working directors. Monthly meetings are held between the Directors and the Senior Management team, with representation from Sales, Operations and Finance. In addition, monthly Management meetings are held with  Management / Supervisory representation from every sector of the business, together with the full Senior Management team and the Directors.

Review of the Business 
We are proud to have received ISO Certificates of Registration in the following during this financial year :
ISO 9001:2015 Quality Management System
ISO 45001:2018   Occupational Health & Safety Management System
ISO 14001 :2015 Environmental Management System
The Directors express their thanks and congratulations to the staff who have worked so hard to achieve these goals. 
We are working towards the integration of the COINS Management System into the business, to both foster internal efficiency and integrate with our business partners.
Financial Key performance Indicators for the year ending November 2023
• Sales Growth 8% (2022 - 41%)
• Gross Profit Margin 15% (2022 - 16%)
• Overheads 5% (2022 - 5%)
• Operational Profit 11% (2022 - 12%)
• Net Current Assets £4m (2022 - £4m)

Future Developments 
We continue to invest in our management systems, our plant and vehicle fleet, and especially our workforce. Client repeat business continues to be a cornerstone of our success.

Operational Risk
In an improving economic outlook, and with favourable government housing policies, we see turnover stabilising or increasing over the next 12 months. Inclement weather patterns and demand-lead materials price inflation are potential risks to the business within the next year.

Quality of staff
We continue to prioritise best practice and continued development of skill levels amongst our team.  Regular appraisals are carried out, and we are pro-active in ensuring that our team are trained and qualified to meet the demands of their roles.
 

Page 1

 
KAMM CIVIL ENGINEERING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


This report was approved by the board on 20 August 2024 and signed on its behalf.




................................................
Keith McWilliams
Director
Page 2

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

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

Directors' responsibilities statement

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

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


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

make 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £5,380,664 (2022 - £5,397,868).

The directors have paid a final dividend of £5,120,835 (2022 - £3,781,633).

Directors

The directors who served during the year were:

Adam McCormack 
Keith McWilliams 

Future developments

The Company continues to trade successfully with no material future developments planned.

Disclosure of information to auditors

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

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

Page 3

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsClifford Fry & Co LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 August 2024 and signed on its behalf.
 





................................................
Keith McWilliams
Director

Page 4

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAMM CIVIL ENGINEERING LIMITED
 

Opinion


We have audited the financial statements of KAMM Civil Engineering Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 5

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAMM CIVIL ENGINEERING LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAMM CIVIL ENGINEERING LIMITED (CONTINUED)


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 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 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:

We gained an understanding of the legal and regulatory framework applicable to the Company, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, intentional misrepresentations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit
recognition.
We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included
agreeing the financial statement disclosures to underlying supporting documentation, performing analytical
procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement
due to fraud  and enquiries with management.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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 occuring 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.


Page 7

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAMM CIVIL ENGINEERING LIMITED (CONTINUED)


Use of our report
 

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






Simon Allenby FCA (Senior statutory auditor)
  
for and on behalf of
Clifford Fry & Co LLP (Statutory auditors)
 
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU

20 August 2024
Page 8

 
KAMM CIVIL ENGINEERING LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
67,038,655
62,089,033

Cost of sales
  
(56,746,413)
(51,931,915)

Gross profit
  
10,292,242
10,157,118

Administrative expenses
  
(3,349,794)
(3,151,609)

Other operating income
 5 
129,923
151,420

Operating profit
  
7,072,371
7,156,929

Interest payable and similar expenses
 9 
(19,464)
(21,658)

Profit before tax
  
7,052,907
7,135,271

Tax on profit
 10 
(1,672,243)
(1,737,403)

Profit after tax
  
5,380,664
5,397,868

  

  

Retained earnings at the beginning of the year
  
5,447,983
3,831,748

Profit for the year
  
5,380,664
5,397,868

Dividends declared and paid
 11 
(5,120,835)
(3,781,633)

Retained earnings at the end of the year
  
5,707,812
5,447,983

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
KAMM CIVIL ENGINEERING LIMITED
REGISTERED NUMBER: 03128029

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,227,602
862,302

  
1,227,602
862,302

Current assets
  

Stocks
 13 
88,848
66,180

Debtors: amounts falling due within one year
 14 
11,823,112
13,683,199

Cash at bank and in hand
 15 
570,703
894,791

  
12,482,663
14,644,170

Creditors: amounts falling due within one year
 16 
(7,976,424)
(10,011,094)

Net current assets
  
 
 
4,506,239
 
 
4,633,076

Total assets less current liabilities
  
5,733,841
5,495,378

Creditors: amounts falling due after more than one year
 17 
(10,533)
(23,798)

Provisions for liabilities
  

Deferred tax
 20 
(15,304)
(23,405)

  
 
 
(15,304)
 
 
(23,405)

Net assets
  
5,708,004
5,448,175


Capital and reserves
  

Called up share capital 
 21 
192
192

Profit and loss account
 22 
5,707,812
5,447,983

  
5,708,004
5,448,175


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.




................................................
Keith McWilliams
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
KAMM CIVIL ENGINEERING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,380,664
5,397,868

Adjustments for:

Depreciation of tangible assets
86,131
69,109

Loss on disposal of tangible assets
(57,688)
(77,968)

Interest paid
19,464
21,658

Taxation charge
1,672,243
1,737,403

(Increase) in stocks
(22,668)
(41,680)

Decrease/(increase) in debtors
1,492,537
(2,415,104)

(Decrease)/increase in creditors
(1,662,174)
1,967,735

Increase/(decrease)) in amounts owed to groups
-
(1,000,000)

Corporation tax (paid)
(1,680,430)
(678,371)

Net cash generated from operating activities

5,228,079
4,980,650


Cash flows from investing activities

Purchase of tangible fixed assets
(641,060)
(650,515)

Sale of tangible fixed assets
247,317
160,000

HP interest paid
(1,339)
(1,585)

Net cash from investing activities

(395,082)
(492,100)

Cash flows from financing activities

Repayment of/new finance leases
(18,125)
(57)

Dividends paid
(5,120,835)
(3,781,633)

Interest paid
(18,125)
(20,073)

Net cash used in financing activities
(5,157,085)
(3,801,763)

Net (decrease)/increase in cash and cash equivalents
(324,088)
686,787

Cash and cash equivalents at beginning of year
894,791
208,004

Cash and cash equivalents at the end of year
570,703
894,791


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
570,703
894,791

570,703
894,791


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
KAMM CIVIL ENGINEERING LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023




At 1 December 2022
Cash flows
At 30 November 2023
£

£

£

Cash at bank and in hand

894,791

(324,088)

570,703

Debt due within 1 year

(17,529)

(1,805)

(19,334)

Finance leases

(41,923)

18,125

(23,798)


835,339
(307,768)
527,571

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The Company is a private company limited by share capital and was incorporated and registered in England. The Company's registered office and principal place of business is Bridge House, 21 West Street, Ringwood, Hampshire, BH24 1DY. The principal activity of the Company is that of civil engineering.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The financial statements are presented in Sterling (£).

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

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Rendering of services

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

Page 13

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Finance costs

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

 
2.5

Pensions

Defined contribution pension plan

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

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

 
2.6

Current and deferred taxation

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

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

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

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

Page 14

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance

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

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

 
2.8

Stocks

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

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

 
2.9

Debtors

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

Page 15

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

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

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

 
2.11

Creditors

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

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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 Company'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 arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 payments 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.

Page 17

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.15

Dividends

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not believe that the financial statements are materially impacted by their use of
judgements.


4.


Turnover

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


2023
2022
£
£

Exterior building work
67,038,655
62,089,033

67,038,655
62,089,033


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Insurance claims receivable
11,905
-

Sundry income
118,018
151,420

129,923
151,420


Page 18

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
31,885
27,050

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


2023
2022
£
£

Wages and salaries
3,310,785
3,141,370

Social security costs
400,076
397,206

Cost of defined contribution scheme
141,002
118,739

3,851,863
3,657,315


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


        2023
        2022
            No.
            No.







Employees
65
62


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
89,430
75,000

Company contributions to defined contribution pension schemes
21,868
21,868

111,298
96,868


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

Page 19

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
1,339
1,585

Other interest payable
18,125
20,073

19,464
21,658


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,680,344
1,403,012

Adjustments in respect of previous periods
-
329,820


Total current tax
1,680,344
1,732,832

Deferred tax


Origination and reversal of timing differences
(8,101)
4,571


Taxation on profit on ordinary activities
1,672,243
1,737,403
Page 20

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.01% based on 19% to 31 March 2023 and 25% from 1 April 2023 (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
7,052,907
7,135,271


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.01% (2022 - 19%)
1,622,874
1,355,701

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
55,243
35,826

Capital allowances for year in excess of depreciation
2,160
11,485

Adjustments to tax charge in respect of prior periods
-
329,820

Other timing differences leading to an increase (decrease) in taxation
(8,101)
4,571

Rounding on effective tax rate
67
-

Total tax charge for the year
1,672,243
1,737,403


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Dividends on ordinary A shares
4,635,142
3,210,307


Dividends on ordinary C shares
66,893
255,219


Dividends on ordinary D shares
139,600
105,369


Dividends on ordinary E shares
139,600
105,369


Dividends on ordinary F shares
139,600
105,369

5,120,835
3,781,633

Page 21

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£
£



Cost 


At 1 December 2022
876,745
-
96,659
79,463
1,052,867


Additions
550,884
72,174
-
18,002
641,060


Disposals
(175,143)
(72,174)
-
(957)
(248,274)



At 30 November 2023

1,252,486
-
96,659
96,508
1,445,653



Depreciation


At 1 December 2022
98,946
-
50,922
40,697
190,565


Charge for the year on owned assets
60,577
-
11,434
14,120
86,131


Disposals
(57,990)
-
-
(655)
(58,645)



At 30 November 2023

101,533
-
62,356
54,162
218,051



Net book value



At 30 November 2023
1,150,953
-
34,303
42,346
1,227,602



At 30 November 2022
777,799
-
45,737
38,766
862,302

Page 22

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
34,303
45,737

34,303
45,737


13.


Stocks

2023
2022
£
£

Finished goods and goods for resale
88,848
66,180

88,848
66,180



14.


Debtors

2023
2022
£
£


Trade debtors
9,711,364
11,174,427

Other debtors
1,802,481
2,170,031

Prepayments and accrued income
248,573
310,091

Amounts recoverable on long term contracts
60,694
28,650

11,823,112
13,683,199



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
570,703
894,791

570,703
894,791


Page 23

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,365,015
6,640,268

Corporation tax
1,180,344
1,547,980

Other taxation and social security
129,093
109,750

Obligations under finance lease and hire purchase contracts
13,265
18,125

Other creditors
804,684
1,271,031

Accruals and deferred income
484,023
423,940

7,976,424
10,011,094


The following liabilities were secured:

2023
2022
£
£



Hire purchase contracts
13,265
18,125

13,265
18,125

Details of security provided:

The hire purchase contracts are secured on the assets concerned.


17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
10,533
23,798

10,533
23,798


The following liabilities were secured:

2023
2022
£
£



Hire purchase contracts
10,533
23,798

10,533
23,798

Details of security provided:

The hire purchase contracts are secured on the assets concerned.

Page 24

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
13,265
18,125

Between 1-5 years
10,533
23,798

23,798
41,923

Certain motor vehicles are held under hire purchase contracts. These liabilities are secured by the related assets. The contracts generally include a period of fixed payments and a purchase option at the end of the contract term.


19.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets
570,703
894,791

Financial assets that are debt instruments measured at amortised cost
10,957,068
12,644,285

11,527,771
13,539,076


Financial liabilities


Financial liabilities measured at amortised cost
(6,613,178)
(8,295,144)


Financial assets comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade and other receivables.


Financial liabilities measured at amortised cost comprise trade and other payables.
Page 25

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

20.


Deferred taxation




2023


£






At beginning of year
(23,405)


Reversal of timing differences
8,101



At end of year
(15,304)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(15,304)
(23,405)

(15,304)
(23,405)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



92 (2022 - 92) Ordinary A shares of £1 each
92
92
60 (2022 - 60) Ordinary B shares of £1 each
60
60
10 (2022 - 10) Ordinary C shares of £1 each
10
10
10 (2022 - 10) Ordinary D shares of £1 each
10
10
10 (2022 - 10) Ordinary E shares of £1 each
10
10
10 (2022 - 10) Ordinary F shares of £1 each
10
10

192

192



22.


Reserves

Profit and loss account

Includes all current and prior period profit and losses less distributions.

Page 26

 
KAMM CIVIL ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £141,002 (2022 - £118,739). Contributions totalling £19,334 (2022 - £17,529) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
2,605
2,942

Later than 1 year and not later than 5 years
4,493
3,112

7,098
6,054


25.


Related party transactions

During the year the Company made net loans of £6,300,000 (2022 - £5,900,000), net bank receipts/payments of £nil (2022 - £11,943), net sales of £964,612 (2022 - £933,642), net purchases of £2,925,601 (2022 - £2,544,586), paid dividends of £4,635,142 (2022 - £3,210,307), and paid rent, rates and utilities of £167,586 (2022 - £156,733) with its parent company, KAMM (Holdings) Limited. At the year end £nil (2022 - £nil) was owed to KAMM (Holdings) Limited.
The directors trade in a partnership known as KAMM Plant Hire (KPH). During the year the Company hired plant, vehicles and equipment from KPH to the value of £1,395,910 (2022 - £1,200,800). The Company paid rent to KPH of £nil (2022 - £9,100). The Company made net bank receipts/payments of £2,096 (2022 - £3,501) and made sales to KPH of £840,537 (2022 - £672,400). At the year end KPH owed the Company £nil (2022 - £nil). 
 


26.


Controlling party

The Company is a majority owned subsidiary of KAMM (Holdings) Limited. The ultimate controlling parties are the directors of the Company by virtue of their shareholding in KAMM (Holdings) Limited. The registered office of KAMM (Holdings) Limited is the same as the registered address for KAMM Civil Engineering Limited and group accounts can be obtained from there.

 
Page 27