Company registration number 07358379 (England and Wales)
NATIONWIDE CONCRETING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
NATIONWIDE CONCRETING LIMITED
COMPANY INFORMATION
Directors
Mr J P Pyatt
Mr Nicholas Healy
Company number
07358379
Registered office
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
Auditor
HJS Chartered Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
NATIONWIDE CONCRETING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
NATIONWIDE CONCRETING LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the period ended 31 December 2023.

Review of the business

We are pleased to report Nationwide Concreting Ltd has had another profitable year, despite the impact of the global pandemic. The key figures are as follows:-

 

- Turnover has increased by 76.57% on 2022.

 

- The gross profit percentage has increased from 14.65% in 2022 to 17.31% in 2023.

 

- The gross profit has increased by 108.62%.

 

- The profit before tax has increased by 441.65% and the profit after tax has increased by 323.26%.

 

The outlook for the future is optimistic, following the results from a year when there was a flat volume of industrial commercial units being developed within the market. The company managed its resources well within this environment. Commercial clients are now in the process of pushing works forward of which we are pleased to have secured a portion of this future works.

 

The company continues to invest in improving processes and systems, whilst also maintaining it’s expenditure on advertising to ensure continuing levels of business in the future. Investments were made in online databases, training, and new concrete technologies. As the industry evolves it is apparent we must too. The growth of demand for reducing carbon emissions throughout the build process has been an increasing opportunity for the business, utilising the new technologies and methods in house.

On behalf of the board

Mr J P Pyatt
Director
30 August 2024
NATIONWIDE CONCRETING LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the period ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of concrete contracting.

Results and dividends

The results for the period are set out on page 7.

Ordinary dividends were paid amounting to £1,300,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr J P Pyatt
Mr Nicholas Healy
Auditor

The Auditors HJS Accountants,, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J P Pyatt
Director
30 August 2024
NATIONWIDE CONCRETING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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.

NATIONWIDE CONCRETING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NATIONWIDE CONCRETING LIMITED
- 4 -
Opinion

We have audited the financial statements of Nationwide Concreting Limited (the 'company') for the period ended 31 December 2023 which comprise and notes to the financial statements, including 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:

 

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

NATIONWIDE CONCRETING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONWIDE CONCRETING LIMITED
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant construction authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.


Audit procedures performed by the audit engagement team included:

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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, forgery or intentional misrepresentations, or though collusion.

NATIONWIDE CONCRETING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONWIDE CONCRETING LIMITED
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's 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.

Angela Trainor
Senior Statutory Auditor
For and on behalf of HJS Chartered Accountants
30 August 2024
Chartered Accountants and Statutory Auditor
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
NATIONWIDE CONCRETING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
Period
Year
ended
ended
31 December
30 December
2023
2022
Notes
£
£
Turnover
3
32,500,086
18,405,960
Cost of sales
(26,874,991)
(15,709,661)
Gross profit
5,625,095
2,696,299
Administrative expenses
(2,929,430)
(2,040,408)
Operating profit
4
2,695,665
655,891
Interest receivable and similar income
7
7,440
308
Interest payable and similar expenses
8
(116,785)
(178,711)
Profit before taxation
2,586,320
477,488
Tax on profit
9
(548,615)
3,943
Profit for the financial period
2,037,705
481,431

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NATIONWIDE CONCRETING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
Period
Year
ended
ended
31 December
30 December
2023
2022
£
£
Profit for the period
2,037,705
481,431
Other comprehensive income
-
-
Total comprehensive income for the period
2,037,705
481,431
NATIONWIDE CONCRETING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
31 December 2023
30 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
187,022
117,692
Current assets
Stocks
12
16,932
325,442
Debtors
13
6,601,869
4,248,428
Cash at bank and in hand
972,126
255,633
7,590,927
4,829,503
Creditors: amounts falling due within one year
14
(5,190,968)
(2,962,788)
Net current assets
2,399,959
1,866,715
Total assets less current liabilities
2,586,981
1,984,407
Creditors: amounts falling due after more than one year
15
(297,131)
(441,968)
Provisions for liabilities
Deferred tax liability
17
34,549
24,843
(34,549)
(24,843)
Net assets
2,255,301
1,517,596
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
2,255,201
1,517,496
Total equity
2,255,301
1,517,596
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr J P Pyatt
Director
Company Registration No. 07358379
NATIONWIDE CONCRETING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 December 2021
100
1,102,065
1,102,165
Year ended 30 December 2022:
Profit and total comprehensive income for the year
-
481,431
481,431
Dividends
10
-
(66,000)
(66,000)
Balance at 30 December 2022
100
1,517,496
1,517,596
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
2,037,705
2,037,705
Dividends
10
-
(1,300,000)
(1,300,000)
Balance at 31 December 2023
100
2,255,201
2,255,301
NATIONWIDE CONCRETING LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
2,445,647
(192,463)
Interest paid
(116,785)
(178,711)
Income taxes paid
(71,133)
-
0
Net cash inflow/(outflow) from operating activities
2,257,729
(371,174)
Investing activities
Purchase of tangible fixed assets
(114,559)
(71,632)
Interest received
7,440
308
Net cash used in investing activities
(107,119)
(71,324)
Financing activities
Repayment of bank loans
(134,117)
293,894
Dividends paid
(1,300,000)
(66,000)
Net cash (used in)/generated from financing activities
(1,434,117)
227,894
Net increase/(decrease) in cash and cash equivalents
716,493
(214,604)
Cash and cash equivalents at beginning of period
255,633
470,237
Cash and cash equivalents at end of period
972,126
255,633
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Nationwide Concreting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.

1.1
Reporting period

During the financial year the reporting period for the company was extended by one day from 30 December to 31 December. The current year financial statements have been prepared for a period longer than one year and therefore are not entirely comparable to previous accounting periods.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, turnover is shown net of VAT and discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight line
Fixtures and fittings
25% Straight line
Motor vehicles
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales
32,500,086
18,405,960
2023
2022
£
£
Turnover analysed by geographical market
UK Sales
32,500,086
18,405,960
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 16 -
2023
2022
£
£
Other revenue
Interest income
7,440
308
4
Operating profit
2023
2022
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
-
0
Depreciation of owned tangible fixed assets
45,229
34,919
Operating lease charges
610,574
223,378
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
28
20

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,363,908
963,397
Social security costs
101,138
73,639
Pension costs
21,398
17,132
1,486,444
1,054,168
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
104,160
67,396
Company pension contributions to defined contribution schemes
1,321
1,321
105,481
68,717
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 17 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
7,440
308
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,440
308
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
100,237
178,711
Other finance costs:
Other interest
16,548
-
0
116,785
178,711
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
533,565
-
0
Adjustments in respect of prior periods
5,344
(24,773)
Total current tax
538,909
(24,773)
Deferred tax
Origination and reversal of timing differences
9,706
20,830
Total tax charge/(credit)
548,615
(3,943)
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 18 -

The actual charge/(credit) for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,586,320
477,488
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
607,785
90,723
Tax effect of expenses that are not deductible in determining taxable profit
21,560
10,548
Group relief
(50,862)
(63,044)
Permanent capital allowances in excess of depreciation
(28,500)
(18,443)
Research and development tax credit
(16,418)
(19,784)
Under/(over) provided in prior years
5,344
(24,773)
Deferred Tax
9,706
20,830
Taxation charge/(credit) for the period
548,615
(3,943)
10
Dividends
2023
2022
£
£
Interim paid
1,300,000
66,000
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 31 December 2022
317,198
25,461
98,521
441,180
Additions
103,916
3,858
6,785
114,559
At 31 December 2023
421,114
29,319
105,306
555,739
Depreciation and impairment
At 31 December 2022
206,200
18,767
98,521
323,488
Depreciation charged in the period
41,049
2,766
1,414
45,229
At 31 December 2023
247,249
21,533
99,935
368,717
Carrying amount
At 31 December 2023
173,865
7,786
5,371
187,022
At 30 December 2022
110,998
6,694
-
0
117,692
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 19 -
12
Stocks
2023
2022
£
£
Work in progress
-
312,807
Finished goods and goods for resale
16,932
12,635
16,932
325,442
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,141,141
2,141,398
Corporation tax recoverable
17,079
17,335
Amounts owed by group undertakings
412,273
843,064
Other debtors
584,116
133,566
Prepayments and accrued income
1,447,260
1,113,065
6,601,869
4,248,428
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
16
146,715
135,996
Trade creditors
3,299,319
2,051,386
Amounts owed to group undertakings
642,535
-
0
Corporation tax
513,544
46,024
Other taxation and social security
93,743
274,125
Other creditors
270,060
442,144
Accruals and deferred income
225,052
13,113
5,190,968
2,962,788
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
297,131
441,968
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 20 -
16
Loans and overdrafts
2023
2022
£
£
Bank loans
443,846
577,964
Payable within one year
146,715
135,996
Payable after one year
297,131
441,968
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
34,549
24,843
2023
Movements in the period:
£
Liability at 31 December 2022
24,843
Charge to profit or loss
9,706
Liability at 31 December 2023
34,549
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,398
17,132

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50
50
50
50
Ordinary A of £1 each
25
25
25
25
Ordinary B of £1 each
25
25
25
25
100
100
100
100
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 21 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
42,329
-
0
Between two and five years
158,733
-
0
201,062
-
0
21
Related party transactions
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
634,376
-
Entities under common control
86,273
-
Key management personnel
-
405,542

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
724,556
Entities under common control
412,273
118,508
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
21
Related party transactions
(Continued)
- 22 -
Other information

Nationwide Plant & Property Limited - Director is key management personnel

 

At the balance sheet date the company owed the above named company £86,273 (2022: £9,710 was owed by the above named company).

 

JP Group Enterprises Limited - Director is key management personnel

 

At the balance sheet date the company owed the above named company £634,376 (2022: £615,946 was owed by the above named company).

 

The New Wheel Inn Limited - Director is key management personnel

 

At the balance sheet date the above named company owed the company £412,273 (2022: £108,799).

22
Ultimate controlling party

The ultimate controlling party is JP Group Enterprises Limited, a company registered in England and Wales, by virtue of their 100% shareholding.

 

There is no Controlling party in JP Group Enterprises Limited.

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