Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01truetruefalsetruetruetrue7373truefalsefalse 04400298 2023-01-01 2023-12-31 04400298 2022-01-01 2022-12-31 04400298 2023-12-31 04400298 2022-12-31 04400298 2022-01-01 04400298 1 2023-01-01 2023-12-31 04400298 d:Director1 2023-01-01 2023-12-31 04400298 d:Director1 2023-12-31 04400298 d:Director2 2023-01-01 2023-12-31 04400298 d:Director3 2023-01-01 2023-12-31 04400298 d:Director4 2023-01-01 2023-12-31 04400298 d:Director4 2023-12-31 04400298 d:Director5 2023-01-01 2023-12-31 04400298 d:Director5 2023-12-31 04400298 d:Director6 2023-01-01 2023-12-31 04400298 d:Director6 2023-12-31 04400298 d:RegisteredOffice 2023-01-01 2023-12-31 04400298 c:FurnitureFittings 2023-01-01 2023-12-31 04400298 c:FurnitureFittings 2023-12-31 04400298 c:FurnitureFittings 2022-12-31 04400298 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04400298 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04400298 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04400298 c:Goodwill 2023-12-31 04400298 c:Goodwill 2022-12-31 04400298 c:CurrentFinancialInstruments 2023-12-31 04400298 c:CurrentFinancialInstruments 2022-12-31 04400298 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04400298 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04400298 c:ReportableOperatingSegment1 2023-01-01 2023-12-31 04400298 c:ReportableOperatingSegment1 2022-01-01 2022-12-31 04400298 e:UnitedKingdom 2023-01-01 2023-12-31 04400298 e:UnitedKingdom 2022-01-01 2022-12-31 04400298 e:RestEuropeOutsideUK 2023-01-01 2023-12-31 04400298 e:RestEuropeOutsideUK 2022-01-01 2022-12-31 04400298 e:RestWorldOutsideUK 2023-01-01 2023-12-31 04400298 e:RestWorldOutsideUK 2022-01-01 2022-12-31 04400298 c:UKTax 2023-01-01 2023-12-31 04400298 c:UKTax 2022-01-01 2022-12-31 04400298 c:ShareCapital 2023-12-31 04400298 c:ShareCapital 2022-12-31 04400298 c:ShareCapital 2022-01-01 04400298 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04400298 c:RetainedEarningsAccumulatedLosses 2023-12-31 04400298 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04400298 c:RetainedEarningsAccumulatedLosses 2022-12-31 04400298 c:RetainedEarningsAccumulatedLosses 2022-01-01 04400298 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04400298 d:OrdinaryShareClass1 2023-12-31 04400298 d:OrdinaryShareClass1 2022-12-31 04400298 d:FRS102 2023-01-01 2023-12-31 04400298 d:Audited 2023-01-01 2023-12-31 04400298 d:FullAccounts 2023-01-01 2023-12-31 04400298 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04400298 c:Subsidiary1 2023-01-01 2023-12-31 04400298 c:Subsidiary1 1 2023-01-01 2023-12-31 04400298 c:Subsidiary2 2023-01-01 2023-12-31 04400298 c:Subsidiary2 1 2023-01-01 2023-12-31 04400298 c:Subsidiary3 2023-01-01 2023-12-31 04400298 c:Subsidiary3 1 2023-01-01 2023-12-31 04400298 c:Subsidiary4 2023-01-01 2023-12-31 04400298 c:Subsidiary4 1 2023-01-01 2023-12-31 04400298 c:WithinOneYear 2023-12-31 04400298 c:WithinOneYear 2022-12-31 04400298 c:BetweenOneFiveYears 2023-12-31 04400298 c:BetweenOneFiveYears 2022-12-31 04400298 c:MoreThanFiveYears 2023-12-31 04400298 c:MoreThanFiveYears 2022-12-31 04400298 c:Goodwill c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04400298 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04400298 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04400298









HOULDER LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HOULDER LIMITED
 
 
COMPANY INFORMATION


Directors
R W A Hare 
S J Hill 
M E V Goalen 
J D Strachan 




Registered number
04400298



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditors
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
HOULDER LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 28


 
HOULDER LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
The directors report that the company made a profit after tax of £667,202 (2022 - £5,888,928). This result reflects a return to normal trading performance. 
Houlder continues to demonstrate strength in technical delivery and longstanding deep client relationships in all of its marine, defence and energy sectors.  
The board recognises that changes in Houlder’s key market sectors present significant opportunities for the business, particularly the need to rise to the challenges of a transition to a lower carbon world.

Principal risks and uncertainties
 
Strategic risks
Two themes prevail in the markets Houlder serves – the transition to low carbon energy production and the decarbonisation of shipping. Each gives rise to challenge and opportunity through which we support our clients with advisory, design and engineering and implementation services. The board continues to direct the development of our capabilities to address growing demand in offshore energy, marine and defence sectors.
All of those engaged in marine activity face significant challenges in the energy transition to net zero. This will impact new vessels and equipment and drive a need to retrofit clean technologies to existing assets. The board is focused on ensuring that the company’s activities evolve to help its clients meet these challenges.
Several adverse geopolitical factors which affected global trade and supply chains during 2023 persist into 2024 such as the war in Ukraine, rising energy prices and the insecurity of Red Sea shipping routes.  The economic environment is uncertain but Houlder expects to prove resilient despite these headwinds. Increased emphasis on energy security for example will help sustain investment in our key markets. For our clients, however, investment decisions are becoming increasingly complex in the face of market volatility from foreign exchange to commodity prices. 
We are confident, however, that we have the financial and operational strength to withstand the various challenges, support our clients through the crises and continue serving them, whilst pursuing our growth plans.
The company will continue to refine its operating model to keep risk and return at acceptable levels.

Financial risks
 
The company's sales and purchases are denominated mainly in GBP.
Liquidity and cash flow risk are managed through agreeing appropriate payment terms with clients and suppliers. 
Operational risks
Operational risks are mitigated by the company's commitment to quality assurance. Houlder is accredited to ISO 9001 and operates under a Business Quality Management System (BQMS).

Project risks
All hazards and risks are evaluated through the project and HSE functions within the company and mitigated using the group’s HSE management systems.

Page 1

 
HOULDER LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The directors actively review the monthly management accounts, forecasts, and cash levels as key indicators to monitor the performance of the company.

Other key performance indicators
 
The company’s BQMS helps formalise a culture of objective setting and performance measurement of a broad range of KPIs including health and safety.
Future developments
The directors continually strive to invest in safety, project management and product development to ensure that the highest level of service is provided to our clients.
Sustainability is at the heart of Houlder's business and accordingly the directors are taking steps to baseline and improve its Environmental, Social and Governance (ESG) performance. A plan is in place to chart a path to net zero carbon.


This report was approved by the board on 30 August 2024 and signed on its behalf.



R W A Hare
Director

Page 2

 
HOULDER LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 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 judgments 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.

Principal activity

The principal activity of Houlder Limited is the design, engineering and management of projects and the supply of equipment for its clients in the offshore oil & gas, marine, defence and offshore renewable energy industries.

Results and dividends

The profit for the year, after taxation, amounted to £667,202 (2022 - £5,888,928).

The directors do not recommend a final dividend.

Directors

The directors who served during the year were:

M J Hutton (Chairman and Non-Executive) (resigned 20 April 2023)
R W A Hare 
S J Hill 
S A Harris (resigned 20 April 2023)
M E V Goalen (appointed 20 April 2023)
J D Strachan (appointed 20 April 2023)

Page 3

 
HOULDER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Post balance sheet events

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

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 August 2024 and signed on its behalf.
 





R W A Hare
Director

Page 4

 
HOULDER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED
 

Opinion


We have audited the financial statements of Houlder Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 31 December 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

 
HOULDER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER 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 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.


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

 
HOULDER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks;
Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

Any instances of non-compliance with laws and regulations identified and communicated were considered in our audit approach. The most significant laws and regulations were determined as follows:
UK GAAP FRS 102 and Companies Act; and
Tax compliance regulations.

Additional audit procedures performed by the audit engagement team included:
Review of the financial statement disclosures and testing to supporting documentation;
Completion of disclosure checklists to identify areas of non-compliance.

The areas that we identified as being susceptible to material misstatement due to fraud were:
Revenue Recognition (including deferred income);
Management Override; and
Amounts Recoverable on Long Term Contracts

Audit procedures in response to the identified areas above:
Obtaining an understanding of the processes and controls around revenue recognition;
Substantively testing revenue via various testing including transactional and cut off;
Review and test amounts recoverable on long term contracts to the contract and revenue recognition points;
Evaluation of the appropriateness of the accounting policies;
Testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 
Page 7

 
HOULDER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 
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.


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.





Stuart Moon (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

 
Date: 
5 September 2024
Page 8

 
HOULDER LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
14,074,799
16,423,135

Cost of sales
  
(10,408,315)
(8,947,356)

Gross profit
  
3,666,484
7,475,779

Administrative expenses
  
(3,060,239)
(3,275,242)

Other operating income
 4 
7,541
1,731,136

Other operating charges
  
(397,417)
-

Operating profit
 5 
216,369
5,931,673

Employee benefit trust bonus
  
-
(426,489)

Interest receivable and similar income
 8 
177,575
1,285,111

Profit before tax
  
393,944
6,790,295

Tax on profit
 9 
273,258
(901,367)

Profit for the financial year
  
667,202
5,888,928

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

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
HOULDER LIMITED
REGISTERED NUMBER: 04400298

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
133,340
173,336

Tangible assets
 11 
74,112
80,315

Investments
 12 
102
102

  
207,554
253,753

Current assets
  

Stocks
 13 
-
11,970

Debtors: amounts falling due within one year
 14 
9,761,184
5,598,351

Cash at bank and in hand
 15 
718,939
5,727,387

  
10,480,123
11,337,708

Creditors: amounts falling due within one year
 16 
(2,382,265)
(3,953,251)

Net current assets
  
 
 
8,097,858
 
 
7,384,457

Total assets less current liabilities
  
8,305,412
7,638,210

  

Net assets
  
8,305,412
7,638,210


Capital and reserves
  

Called up share capital 
 17 
103,285
103,285

Profit and loss account
 18 
8,202,127
7,534,925

  
8,305,412
7,638,210


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.




R W A Hare
S J Hill
Director
Director

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
HOULDER LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
103,285
1,645,997
1,749,282


Comprehensive income for the year

Profit for the year
-
5,888,928
5,888,928



At 1 January 2023
103,285
7,534,925
7,638,210


Comprehensive income for the year

Profit for the year
-
667,202
667,202


At 31 December 2023
103,285
8,202,127
8,305,412


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Houlder Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its
registered office is Leytonstone House, 3 Hanbury Drive, London, E11 1GA.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

  
2.2

Consolidated financial statements

The company is itself a subsidiary company of CC223 Limited (incorporated in England and Wales) and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

 
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CC223 Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

Page 12

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


TURNOVER

Accounting Policy: Turnover on long term contracts
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company
and the turnover can be reliably measured and collection is probable. Turnover is measured as the fair
value of the consideration received or receivable, excluding discounts, rebates, value added tax and
other sales taxes.
Turnover on long term contracts is recognised according to the stage of completion at the period end
date by deferring or accruing amounts as necessary. The stage of completion is based upon a review of
the contract progress and proportion of the total estimated contract value of the costs after accruing for
work performed.
Critical accounting estimates and judgements: Contract revenues and costs
Where it is probable the total contract costs will exceed the contract revenues on a construction contract,
the expected loss is recognised as an expense immediately with a corresponding provision for the excess
costs in accruals. In making their assessment of the total contract costs the directors have considered the probable outcomes arising from potential contractual claims.
 


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


2023
2022
£
£

Turnover from long term contracts
14,074,799
16,423,135


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,487,492
9,552,927

Rest of Europe
689,871
1,302,478

Rest of the world
5,897,436
5,567,730

14,074,799
16,423,135



4.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
7,541
1,731,136


Other operating income relates to a further favourable settlement on legal action in a prior year.

Page 13

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


OPERATING PROFIT

Accounting Policy: Foreign exchange
The company's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the prevailing exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and loss account within 'administrative expenses'.
Accounting Policy: Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic life.


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

2023
2022
£
£

Auditor's remuneration
20,000
20,000

Exchange differences
25,911
(86,439)

Operating lease rentals: other operating leases
265,330
294,888

Depreciation of tangible fixed assets
50,149
33,465

Defined contribution pension cost
447,111
330,542

Profit on disposal of tangible fixed assets
-
(1,320)

Other operating charges
397,417
-

Amortisation of intangibles
39,996
26,664

Page 14

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


EMPLOYEES

Accounting Policy: Employees
The company provides a range of benefits to employees, including employee benefit trust membership, paid holiday arrangements and a defined contribution pension plan.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised  as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund.
(iii) Employee benefit trust bonus
The bonus is determined in relation to the results of the previous year and shown in the accounts inclusive of all related employer tax costs. No liability is recorded in the results for the year,  as the proposed amount for the current year requires Houlder Employee Benefit Trust EGM approval. The amount of the distribution is proportional to members’ salary periods in the financial year to  which it relates. The bonus is presented as a separate item after operating profit in the statement of comprehensive income in order to present the company's operational profitability on a consistent bas0is.
During the year an Employee benefit trust bonus of £Nil (2022 - £426,489) was paid.
(iv) Termination benefits
The company is committed, by legislation and/or contractual obligations, to make payments to  employees when the company terminates their employment. Such payments are termination benefits. Because termination benefits do not provide the company with future economic benefits, the company  recognises these as an expense in the profit and loss account immediately. The company will only recognise termination benefits as a liability and an expense when the company is demonstrably committed to terminate the employment of an employee or group of employees before the normal retirement date.


2023
2022
£
£



Wages and salaries
4,493,574
4,025,744

Social security costs
522,693
531,433

Other pension costs
447,111
330,542

5,463,378
4,887,719

The average monthly number of professional and administrative employees, including the directors, during the year was 73 (2022 - 73).

Page 15

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
617,348
524,732

Company contributions to defined contribution pension schemes
65,994
33,615


During the year retirement benefits were accruing to 5 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £155,201 (2022 - £170,866).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £20,051 (2022 - £11,936).


8.


INTEREST RECEIVABLE

Accounting Policy: Interest income
Interest income is recognised in profit or loss using the effective interest method.

2023
2022
£
£


Other interest receivable
177,575
1,285,111

Page 16

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


TAXATION

Accounting Policy: Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of
comprehensive income, 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.
Critical accounting estimates and judgements: Taxation
Management estimation is required to determine the amount of deferred tax assets that can be
recognised, based upon likely timing and level of future taxable profits together with an assessment of the
effect of future tax planning strategies.



2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
934,300

Adjustments in respect of previous periods
(273,258)
(32,933)



Taxation on (loss)/profit on ordinary activities
(273,258)
901,367
Page 17

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.TAXATION (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
393,944
6,790,295


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
92,656
1,290,156

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
70,921
498

Capital allowances for year in excess of depreciation
4,276
(7,807)

Tax rate changes
2,282
-

Adjustments to tax charge in respect of prior periods
(273,258)
(32,933)

Non-taxable income
(420)
(4,228)

Tax losses utilised
(169,715)
(344,319)

Total tax charge for the year
(273,258)
901,367


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 18

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


INTANGIBLE FIXED ASSETS

Accounting policy: 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.
Accounting policy: Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 January 2023
281,901
200,000
481,901



At 31 December 2023

281,901
200,000
481,901



Amortisation


At 1 January 2023
281,901
26,664
308,565


Charge for the year on owned assets
-
39,996
39,996



At 31 December 2023

281,901
66,660
348,561



Net book value



At 31 December 2023
-
133,340
133,340



At 31 December 2022
-
173,336
173,336



Page 19

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


TANGIBLE FIXED ASSETS

Accounting Policy: 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.
Costs incurred directly attributable to plant and equipment where construction is in progress are capitalised. No depreciation is charged on construction in progress. Upon completion the historic cost is transferred to plant and equipment. Cost includes all raw materials and consumables and the direct costs of construction including staff engaged directly in the construction.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Accounting Policy: Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
- Office Equipment - 3 to 10 years straight line.
- Plant & machinery - 2 to 4 years straight line.
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.
Critical accounting estimates and judgements: Useful economic lives
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.




Page 20

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           11.TANGIBLE FIXED ASSETS (continued)



Fixtures and fittings

£



COST


At 1 January 2023
842,277


Additions
43,946



At 31 December 2023

886,223



Depreciation


At 1 January 2023
761,962


Charge for the year on owned assets
50,149



At 31 December 2023

812,111



Net book value



At 31 December 2023
74,112



At 31 December 2022
80,315

Page 21

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


FIXED ASSET INVESTMENTS

Accounting Policy: Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.





Investments in subsidiary companies

£



COST OR VALUATION


At 1 January 2023
102



At 31 December 2023
102





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Houlder Americas Inc
Dormant
Ordinary
100%
Hart Fenton & Co Limited
Dormant
Ordinary
100%
Houlder Trusteeco Limited
Dormant
Ordinary
100%
Seaspeed Marine Consultancy Limited
Dormant
Ordinary
100%

Page 22

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


STOCK

Accounting Policy: Stock
Stock is 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, stock is 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.


2023
2022
£
£

Raw materials and consumables
-
11,970


Page 23

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


DEBTORS


Accounting Policy: Debtors
Short term debtors are measured at transaction price, less any impairment.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets like trade and other accounts receivable.
Debt instruments that are receivable within one year, typically receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be received.
Critical Accounting Estimates and Judgements: Impairment of Debtors
The management make an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, factors including the credit rating of the debtor, the ageing profile of debtors and historical experience are considered.
Critical Accounting Estimates and Judgements: Amounts Recoverable on Long Term Contracts
The company recognises amounts recoverable on long term contracts based upon estimation of the outcome based on estimated stage of completion, future cost and collectability of billings.
 
2023
2022
£
£

Debtors

Trade debtors
1,653,297
1,431,717

Amounts owed by group undertakings
6,359,111
29

Other debtors
281,628
2,247,798

Amounts recoverable on long-term contracts
1,467,148
1,918,807

9,761,184
5,598,351


Page 24

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


CASH AND CASH EQUIVALENTS

Accounting Policy: 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.


2023
2022
£
£

Cash at bank and in hand
718,939
5,727,387


Security
The company's bankers hold fixed and floating charges over the assets of the company. The amount secured in connection with the sales finance agreement is a debit balance of £2,235 (2022 -  debit balance of £8,017) and is included within other debtors.

Page 25

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


CREDITORS

Accounting Policy: Creditors
Short term creditors are measured at the transaction price.
The company only enters into basic financial instruments transactions that result in the recognition of liabilities like trade and other accounts payable, loans from banks and other third parties, loans to related parties.
Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Critical Accounting Estimates and Judgements: Deferred Income
The company defers income net of retentions based on amounts invoiced being in excess of the estimated stage of completion of amounts recoverable on long term contracts.

2023
2022
£
£

Trade creditors and deferred income
846,826
502,806

Amounts owed to group undertakings
325
325

Corporation tax
-
934,300

Other taxation and social security
347,341
311,735

Other creditors
181,923
640,915

Accruals
1,005,850
1,563,170

2,382,265
3,953,251



17.


SHARE CAPITAL

Accounting Policy: Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


2023
2022
£
£
Allotted, called up and fully paid



103,285 (2022 - 103,285) Ordinary shares of £1.00 each
103,285
103,285


Page 26

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


RESERVES

Profit and loss account

The Profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


19.


PENSION COMMITMENTS

Accounting Policy: Defined Contribution Pension Plans
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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund.
Defined Contribution Pension Plan
The pension cost represents contributions payable by the company to the fund and amounted to £447,111 (2022 - £330,542). Contributions totalling £57,082 (2022 - £35,402) were payable to the fund at the balance sheet date.


20.


COMMITMENTS UNDER OPERATING LEASES

Accounting Policy: Operating Leases
Leases that do not transfer all the risk and rewards of ownership are classified as operating leases. Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.


At 31 December 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
43,457
175,085

Later than 1 year and not later than 5 years
60,587
292,242

Later than 5 years
-
157,479

104,044
624,806


21.


RELATED PARTY TRANSACTIONS

Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS102 paragraph 33.1A. The group publishes consolidated accounts which are available from Companies House at https://www.gov.uk/government /organisations /companies-house.

Page 27

 
HOULDER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


POST BALANCE SHEET EVENTS

There have been no significant events, outside the ordinary course of business, affecting the Company since 31 December 2023.


23.


CONTROLLING PARTY

The company regards Houlder Engineering Group Limited as its ultimate controlling parent company. Houlder Engineering Group Limited is 100% owned by CC223 Limited.
CC223 Limited is the smallest and largest consolidation including the final results of Houlder Limited.

 
Page 28