Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
COMPANY INFORMATION
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HOULDER LIMITED
CONTENTS
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HOULDER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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.
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HOULDER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors actively review the monthly management accounts, forecasts, and cash levels as key indicators to monitor the performance of the company.
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 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.
The profit for the year, after taxation, amounted to £667,202 (2022 - £5,888,928).
The directors do not recommend a final dividend.
The directors who served during the year were:
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HOULDER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HOULDER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HOULDER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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HOULDER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
Date:
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HOULDER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
REGISTERED NUMBER: 04400298
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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HOULDER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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.
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.
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.
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.TAXATION (continued)
There were no factors that may affect future tax charges.
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.TANGIBLE FIXED ASSETS (continued)
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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.
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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