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REGISTERED NUMBER: 05158885 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Sirius Civil Engineering Limited

Sirius Civil Engineering Limited (Registered number: 05158885)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Sirius Civil Engineering Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P E Kane
M J Powell
S Robinson





SECRETARY: S Robinson





REGISTERED OFFICE: Russel House
Mill Road
Langley Moor
Durham
DH7 8HJ





REGISTERED NUMBER: 05158885 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Sirius Civil Engineering Limited (Registered number: 05158885)

Strategic Report
for the Year Ended 31 December 2023

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

REVIEW OF BUSINESS
The Sirius Group strategy is to provide integrated enabling works solutions to the built environment. The unique combination of services offered by the wider group means Sirius has become well established as a full service provider offering multi-discipline contract works under one brand, often on a Design & Build basis.

Sirius Civil Engineering Limited is a contracting business specialising in the provision of primary infrastructure to new sites in the residential and commercial development sectors. This will typically include installation of roads and sewers to adoptable standards and construction of retaining structures.

The ability to deliver primary infrastructure in combination with initial earthworks or remediation works is a key differentiator for the business (in conjunction with Sirius Group companies) and can assist in delivering significant cost and programme savings for its clients.

The results for the year and the financial position of the company are set out on pages 9 to 19.

Key Performance Indicators:


2023 2022
£   's £   's
Turnover 18,512 31,945
Gross profit % 12.1% 6.6%



After an unprecedented year in 2022, turnover in 2023 was challenging at £18.5 million, which was reflective of a deterioration in macroeconomic conditions. Interest rates were at the highest levels since 2008 and a cost-of-living crisis fuelled by rising food and energy prices impacted demand in the private residential sector. With this backdrop, the response of our clients was to preserve cash and delay starting new sites. The reduced demand and uncertainty of start dates was particularly pronounced in the second half of the year and into the start of 2024. As we head into the second half of 2024 there are definite signs of recovery, inflation is nearing target and interest rates are on a downward trend bringing a renewed confidence to the sector. The group is in a strong position to benefit from this upturn with a strong balance sheet, cutting edge plant fleet and an experienced, skilled workforce.

The UK remains chronically short of new housing stock and so the long-term fundamentals of our key market remain strong. The new government recently announced their intention for planning reform to speed up and streamline the planning process which, if successful, should see this demand realised over the coming years.

Whilst our key market remains housebuilding, part of our strategic plan is a commitment to leverage the experience of the group into adjacent markets to introduce further diversification into our portfolio.

Employee Ownership
2023 was a key milestone in the history of the group. To coincide with the 20th Anniversary, the group transitioned to becoming a 100% Employee-Owned business on the 17th of October. Prior to the sale, Sirius Civil Engineering Limited was sold to Sirius Engineering Group Limited through a share to share exchange on 31st July 2023. The move to employee ownership allows for a long-term succession plan that secures the future of group into the hands of the people who have built it over the years. Sirius Founders and Directors will continue to work in Executive and Non-Executive roles alongside the Senior Leadership team, helping the staff and business develop and build on the successful foundation formed over the last 20 years.


Sirius Civil Engineering Limited (Registered number: 05158885)

Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company and how they may affect its performance, position or future prospects are set out below:

Health, Safety and Environmental
The Company are subject to health & safety and environmental risks, implicit in the work undertaken. The Board and business unit leads promote a strong health and safety culture underpinned by procedures that are continually assessed to ensure best practice. Ongoing health & safety training is provided to employees and maintained. The group employs 2 full time specialist employees and use external consultants where required to protect the health, safety and welfare of its employees and clients.

Financial Risk Management
In common with other businesses, the company aims to minimize financial risk wherever possible. The measures used include the preparation of budgets and forecasts, regular monitoring of actual performance against these forecasts and ensuring adequate sources of finance are in place to meet the requirement of the business.

The company's principal financial instruments comprise bank balances, hire purchase agreements, trade and subcontract creditors and trade debtors to raise funds for, and finance, the company's operations.

Credit Risk
Amounts receivable relate largely to applications on contracts across our stable customer base. The company has policies concerning credit offered to customers and regularly monitor amounts outstanding for both time and credit limit.

Liquidity Risk
Through negotiation with clients and suppliers we aim to manage our working capital and cash availability within certain limits. Forecasting is undertaken to ensure sufficient funds are available to meet amounts due.

The company has the support of Sirius Engineering Group Limited and will continue to do so for the next 12 months.

ON BEHALF OF THE BOARD:





S Robinson - Director


16 August 2024

Sirius Civil Engineering Limited (Registered number: 05158885)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Civil Engineering.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

P E Kane
M J Powell
S Robinson

Other changes in directors holding office are as follows:

P J Taylor - resigned 17 October 2023
D Mill - resigned 17 October 2023

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Sirius Civil Engineering Limited (Registered number: 05158885)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Robinson - Director


16 August 2024

Report of the Independent Auditors to the Members of
Sirius Civil Engineering Limited

Opinion
We have audited the financial statements of Sirius Civil Engineering Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Sirius Civil Engineering Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered 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 the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.


Report of the Independent Auditors to the Members of
Sirius Civil Engineering Limited


We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Challenging estimates and judgements made by management in their significant accounting estimates.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Dewing FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

2 September 2024

Sirius Civil Engineering Limited (Registered number: 05158885)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 18,512,085 31,945,144

Cost of sales 16,268,067 29,816,432
GROSS PROFIT 2,244,018 2,128,712

Administrative expenses 2,099,512 3,055,284
144,506 (926,572 )

Other operating income - 405,537
OPERATING PROFIT/(LOSS) 5 144,506 (521,035 )


Interest payable and similar expenses 6 56,574 27,846
PROFIT/(LOSS) BEFORE TAXATION 87,932 (548,881 )

Tax on profit/(loss) 7 335 -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

87,597

(548,881

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

87,597

(548,881

)

Sirius Civil Engineering Limited (Registered number: 05158885)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 9 5,769 5,769
Debtors 10 5,365,853 6,812,593
Cash at bank 1,331,737 671,004
6,703,359 7,489,366
CREDITORS
Amounts falling due within one year 11 4,870,045 5,410,316
NET CURRENT ASSETS 1,833,314 2,079,050
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,833,314

2,079,050

CREDITORS
Amounts falling due after more than one
year

12

83,334

416,667
NET ASSETS 1,749,980 1,662,383

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 1,749,880 1,662,283
SHAREHOLDERS' FUNDS 1,749,980 1,662,383

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





S Robinson - Director


Sirius Civil Engineering Limited (Registered number: 05158885)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 2,211,164 2,211,264

Changes in equity
Total comprehensive income - (548,881 ) (548,881 )
Balance at 31 December 2022 100 1,662,283 1,662,383

Changes in equity
Total comprehensive income - 87,597 87,597
Balance at 31 December 2023 100 1,749,880 1,749,980

Sirius Civil Engineering Limited (Registered number: 05158885)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. ACCOUNTING POLICIES

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

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Critical accounting judgements and key sources of estimation uncertainty
In the application of the companies accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The judgement (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is the stage of completion of contracts and revenue recognition.

The company undertakes a number of long term construction contracts. Accounting for these contracts requires a number of assumptions and estimates to be made in relation to the stage of completion and expected outcome of the contract. Each contract has an expected value and is costed appropriately to give an expected margin. Any future changes to estimates of contract revenue or contract costs resulting in a change to the estimated loss or profit of the contract is regularly reviewed by management to ensure accurate reporting of revenue recognition.

Turnover
Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover for the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. Stage of completion is measured by reference to the right to consideration in respect of performance of contractual obligations.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Sirius Civil Engineering Limited (Registered number: 05158885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated
impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts
Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing contracts, less payments on account received.

Debtors & creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Sirius Civil Engineering Limited (Registered number: 05158885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TURNOVER

The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Construction contracts 18,512,085 31,945,144
18,512,085 31,945,144

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,030,438 2,243,713
Social security costs 108,426 133,814
Other pension costs 60,307 94,330
2,199,171 2,471,857

The average number of employees during the year was as follows:
2023 2022

Site operatives 14 18
Engineers 25 22
Administrative staff 2 4
41 44

The average number of employees has been updated to reflect the wage costs transfers in the year between other companies under common control. Total cost transfers to the company from companies under common control amounted to £471,000 (2022 : £477,082). This equates to an increase in employee numbers of 9 in the year (2022 : 10).

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

2023 2022
£    £   
Plant and equipment hire 1,866,797 4,085,118
Depreciation - owned assets - 263
Auditors remuneration 23,700 14,000

Sirius Civil Engineering Limited (Registered number: 05158885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 6,423 -
Bank loan interest 39,035 26,642
Other interest 11,116 1,204
56,574 27,846

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Underprovision prior year 335 -
Tax on profit/(loss) 335 -

UK corporation tax has been charged at 23.50% (2022 - 19%).

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

2023 2022
£    £   
Profit/(loss) before tax 87,932 (548,881 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

20,664

(104,287

)

Effects of:
Expenses not deductible for tax purposes 2,113 3,500
Capital allowances in excess of depreciation (58 ) -
Utilisation of tax losses (17,088 ) -
Adjustments to tax charge in respect of previous periods 335 -
Research and development enhanced deduction - (71,191 )
Tax losses carried forward - 171,978
Movement on pension accrual (5,631 ) -
Total tax charge 335 -

Sirius Civil Engineering Limited (Registered number: 05158885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 2,220
DEPRECIATION
At 1 January 2023
and 31 December 2023 2,220
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

9. STOCKS
2023 2022
£    £   
Stocks of materials 5,769 5,769

10. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 100,813 16,271
Amounts owed by group undertakings 1,002 -
Amounts recoverable on contract 4,277,032 5,065,540
Other debtors 16,114 80,823
Taxation - 335
VAT 231,565 590,237
Prepayments 26,089 61,694
4,652,615 5,814,900

Amounts falling due after more than one year:
Amounts recoverable on contract 713,238 997,693

Aggregate amounts 5,365,853 6,812,593

Sirius Civil Engineering Limited (Registered number: 05158885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 333,333 333,333
Trade creditors 1,939,086 3,241,971
Amounts owed to group undertakings 1,255,588 -
Amounts owed to related parties - 255,450
Social security and other taxes 39,234 60,615
Other creditors 325,735 396,917
Payments on account 425,815 293,514
Accrued expenses 551,254 828,516
4,870,045 5,410,316

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 13) 83,334 416,667

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 333,333 333,333

Amounts falling due between one and two years:
Bank loans - 1-2 years 83,334 333,333

Amounts falling due between two and five years:
Bank loans - 2-5 years - 83,334

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 12,358 18,597
Between one and five years 43,220 16,312
55,578 34,909

15. SECURED DEBTS

Group banking facilities are secured by a debenture over the assets of the company.

The company also offers security to its bankers under cross guarantees with Sirius Engineering Group Ltd and its subsidiaries, and two other companies, related due to directors in common,

Sirius Civil Engineering Limited (Registered number: 05158885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

17. RESERVES
Retained
earnings
£   

At 1 January 2023 1,662,283
Profit for the year 87,597
At 31 December 2023 1,749,880

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss as they fall due. The charge for the year was £60,307 (2022 : £94,330). There were pension contributions totalling £7,501 outstanding at the year end (2022: £31,1475).

19. ULTIMATE PARENT COMPANY

The immediate parent company is Sirius Engineering Group Ltd which is owned by the Sirius Group Employee Ownership Trust. These financial statements are included in the consolidated financial statements of Sirius Engineering Group Ltd. The parent's registered office address is the same as Sirius Civil Engineering Ltd as detailed on the Company Information page.

20. RELATED PARTY DISCLOSURES

The total remuneration for key management personnel for the year totalled £Nil (2022 : £Nil).

During the year, a related party recharged £276,649 (2022: £935,547) for the provision of key management personnel services .

Other Related Parties - Common Control

During the year Sirius Civil Engineering Limited provided goods and services to related parties totalling £30,020 (2022 : £345,339 and in return received goods and services of £1,931,237 (2022: £3,252,753).

Wage costs totalling £274,750 (2022: £402,895) were recharged to the company by related parties,

As at 31 December 2023 the sum of £Nil was due from related parties (2022: £257,064).