FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
COMPANY INFORMATION
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JUBB CONSULTING ENGINEERS LIMITED
CONTENTS
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JUBB CONSULTING ENGINEERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors present their strategic report for Jubb Consulting Engineers Limited for the year ended 30 November 2023.
Overview
2023 was another very successful year. Despite a challenging economic environment and significant levels of investment in offices, technology, people and marketing we have successfully maintained pre-tax profits at levels similar to the previous year and significantly exceeded the expectations for the current financial year. Financial Performance The company reported a significant increase in turnover in 2023, rising by 15% from the previous year. Gross margins decreased from 51.9% to 48.2% reflecting sector wage inflation, whilst planned investment in business infrastructure and support services, resulted in an increase in central overheads. Despite inflationary pressures and infrastructure investment the business significantly outperformed its annual forecasts. Commitment to a Positive Work Experience “To be a great business to work for, and a great business to work with…” We remain totally dedicated to providing a positive and enriching work experience. This year, our efforts in fostering an inclusive, supportive, and engaging workplace culture have been recognized with several industry awards at a local and national level including :
∙SME of the Year and;
∙Employer of the Year: Acknowledging our overall excellent development and growth as an organisation.
∙Recruitment and Retention Leader: Highlighting our innovative and effective recruitment and retention strategies.
∙Best Place to Work: Celebrating our commitment to creating a work environment where employees feel valued and motivated.
Jubb’s commercial success is rooted in putting its people first, focusing on employing great people to do great work. Our five-year people strategy developed collaboratively with our business colleagues, focusses on developing rounded professionals with the personal and professional attributes to be successful in today’s working environment. Initiatives ranging from the roll-out of tailored programs alongside workshops and personal coaching are helping us to nurture the future leaders of our business and our sector. Listening to what our colleagues value led to the development and introduction of a range of enhanced maternity/paternity/adoption policies, unique flexible and hybrid working practices, an award-winning employee assistance programme, regular financial well-being clinics and much wider access to employee medical benefits.
These initiatives have upskilled our colleagues professional and technical skills whilst continuing to improve morale and resulting in a surveyed employee satisfaction rate of 97.5% and an “Excellent” net promotor score. Strategic Focus Our strategic focus remains on sustainable growth and continuous improvement in all aspects of our business operations. Key initiatives include:
∙Market growth: Increasing our presence in sectors identified of strategic importance to the continued growth of the business
∙Service Delivery: High quality and consistent service delivery focussed on exceeding client requirements and providing a positive experience of working with Jubb.
∙Operational Efficiency: Utilising the latest design technologies ensure the best client outcomes and improve productivity and profitability.
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JUBB CONSULTING ENGINEERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
∙Employee Engagement: Continuing to invest in our people, ensuring we attract, retain, and develop top talent.
Investment in Standards and Professional Development
As part of our commitment to maintaining the highest standards in our industry, we are actively working towards achieving compliance with ISO 19650, the international standard for managing information over the whole life cycle of a built asset using building information modelling (BIM). We have invested significantly in upskilling our BIM team and supporting their journey to being certified professionals under the ISO 19650 standard. This investment not only enhances our technical capabilities but also demonstrates our dedication to excellence and continuous improvement. Looking Ahead As we move into the next financial year, we are optimistic about the future. Our solid financial foundation, combined with our strategic initiatives, positions us well to capitalize on emerging opportunities and navigate potential challenges. We remain committed to delivering value to our stakeholders, fostering a positive work environment, and achieving sustainable growth. At the end of 2023 our orderbook reported that 65% of our targeted turnover for 2024 had already been secured. Trading performance in the first half of 2024 has been exceptionally strong with net income 7% ahead of 2023 and 4% ahead of target. Our orderbook has grown by 9% compared to the start of the year which provides confidence for the remainder of the financial year. The business retains a sharp focus across liquidity and working capital management. On 30th November the balance sheet reported the expected levels of liquidity. Pro-active and transparent debtor management practices continue to minimise the business exposure to bad debt and maintain a satisfactory flow of funds into the business.
The industry continues to experience Construction Cost and Pay inflation which continues to exert downward pressure on margins and profitability. Some parts of the business have seen delays in project commissioning due to regulatory, logistical or technical issues. This has, in some instances, disrupted workflow, deferred revenue recognition and impacted profitability.
Jubb’s ability to offer a diverse range of planning and design services, working across many different sectors continues to protect the business against over exposure to any specific sector, service discipline, client, or project providing some mitigation on the impacts of delays in project starts. Retaining a sharp focus on operational efficiency, project pricing and a clear understanding of project requirements has helped to protect profitability against the full impacts of the inflationary pressures. Attracting and retaining high calibre staff remains a vital component to the ongoing success of the business. We remain heavily focused on providing a positive work experience for all employees. Our work around talent recruitment and retention was recognised as described earlier in this report is further evidenced by exceptionally low staff turnover rates. Cashflow, debt management and liquidity issues continue to remain a key concern for our business. This combined with bureaucratic payment practices can present challenges to our business in terms of timely payment for services provided. This area continues to be pro-actively managed. We will continue to monitor this aspect of business operations taking prompt, proportionate, and pre-emptive action to continue to protect the commercial interests of the business
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JUBB CONSULTING ENGINEERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The business monitors its financial well-being using a range of metrics that provide a 360-degree view of the financial health of the business. These include monthly management information at branch, discipline, and sector level. The management information includes detailed information on gross margins, profit before tax, fee to labour ratios, and productivity/recoverability statistics. The business also closely monitors short and medium term cashflow requirements, debtor day tracking and has systems in place to monitor sector heat maps, value and volume of bidding activity and bid success rates.
The business is working towards the BIM standard ISO 19650, continues to hold ISO 9001 and 45001 as well as continuing to develop and use a range of non-financial internally and externally focused metrics and systems to ensure the standards of these accreditations continue to be met.
This report was approved by the board and signed on its behalf.
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JUBB CONSULTING ENGINEERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors present their report and the financial statements for the year ended 30 November 2023.
The profit for the year, after taxation, amounted to £1,232,947 (2022: £1,530,776).
Dividends of £1,000,000 (2022: £1,500,000) were paid to the holding company in the financial year.
The directors who served during the year were:
The business enjoyed a strong trading performance throughout 2023. At the end of 2023 our orderbook reported that 65% of our targeted turnover for 2024 had already been secured.
Trading performance in the first half of 2024 has been exceptionally strong with net income 7% ahead of 2023 and 4% ahead of target. Our orderbook has grown by 9% compared to the start of the year which provides confidence for the remainder of the financial year.
The business provides engineering design solutions to a wide range of clients and sectors. The nature of our work often requires the evolution of creative solutions that push the boundaries of conventional planning and design, to address specific technical or commercial problems presented by our lient's projects, whilst remaining compliant with indstry practices, codes and standards.
Due to the nature of some of the work undertaken by the business, a proportion of its expenditure qualifies for the Research and Develpoment tax credit.
There have been no significant events affecting the Company since the year end.
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JUBB CONSULTING ENGINEERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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JUBB CONSULTING ENGINEERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
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 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.
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JUBB CONSULTING ENGINEERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUBB CONSULTING ENGINEERS LIMITED
We have audited the financial statements of Jubb Consulting Engineers Limited (the 'company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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JUBB CONSULTING ENGINEERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUBB CONSULTING ENGINEERS LIMITED (CONTINUED)
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.
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.
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JUBB CONSULTING ENGINEERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUBB CONSULTING ENGINEERS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 have considered the nature of the industry and sector, control environment and business performance, key drivers for directors’ remuneration, bonus levels and performance targets;
∙We have considered the results of our enquiries of management about their own identification and assessment of the risks of irregularities
∙Any matters identified having obtained and reviewed the Group's documentation of their policies and procedures relating to:
°Identifying, evaluation 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;
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a results of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition including the assessment of long-term contract profit recognition.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to response to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection regulations, occupational health and safety regulations, employment legislation and legislation surrounding construction and traffic management.
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with procisions of relevant laws and regulations described as having direct effect on the financial statements;
∙Enquiring of management concerning actual and potential litigation and claims;
∙Reading minutes of Directors' meetings;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around year-end cut off and long-term contracts;
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of
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JUBB CONSULTING ENGINEERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUBB CONSULTING ENGINEERS LIMITED (CONTINUED)
journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of 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 risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throught the audit.
Our audit procedures were designed to respong to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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JUBB CONSULTING ENGINEERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
REGISTERED NUMBER:04080619
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 29 form part of these financial statements.
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JUBB CONSULTING ENGINEERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022
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JUBB CONSULTING ENGINEERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Jubb Consulting Engineers Limited (registered number 04080619) is a private company, limited by shares and incorporated in England and Wales. The registered office is 1 Ensign House, Parkway Court, Longbridge Road, Plymouth, Devon, PL6 8LR.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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:
GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of three years.
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis or using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (continued)
Functional and presentation currency
Transactions and balances
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (continued)
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The turnover and costs are recognised on a percentage complete basis. As such, judgements are applied to determine the stage of completion and anticipated profit margins on each project. Management seek to ensure the accuracy of these estimates through regular and focused project-by-project consultation with each of the project managers and close monitoring of actual contract performance.
Analysis of turnover by country of destination:
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
There were no factors that may affect future tax charges.
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Profit and loss account
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 £358,682 (2022: £247,368). Contributions totalling £40,841 (2022: £64,982) were payable to the fund at the reporting date.
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JUBB CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The parent undertaking is
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