Company registration number 01632717 (England and Wales)
GEO HOULTON & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
GEO HOULTON & SONS LIMITED
COMPANY INFORMATION
Directors
R G Houlton
K W Knights
P S Dickerson
J I Craft
A M Kingston
N B Travis
P R Gibson
M B Johnson
Secretary
N B Travis
Company number
01632717
Registered office
Hyperion Street
Hull
HU9 1BD
Auditor
Fawley Judge & Easton
Chartered Certified Accountants
1 Parliament Street
Hull
East Yorkshire
HU1 2AS
GEO HOULTON & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
GEO HOULTON & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 29 April 2024.
REVIEW OF THE BUSINESS
The business is principally engaged in the provision of high quality, award-winning construction, building maintenance, fire protection and property development services within the Yorkshire and Lincolnshire areas. The group continues to focus on partnering established clients through negotiated construction projects, as well as opportunities afforded by large public sector frameworks to which it is appointed. The company also attracts a significant volume of tender enquiries attributable to recent performance and recommendation.
The broad mix of clients and projects reflects the company's ability to deliver ‘best in class’ results across a wide range of sectors. The company continues to substantially invest in training, systems and procedures, and clients recognise that our project teams provide an excellent level of service, contributing directly to the success of these investments.
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risk affecting the company is considered to relate to competition from regional and local builders. The restructuring of the business in May 2021 has effectively de-risked competition from national Tier 1 contractors. Other risks include local construction market conditions, including build cost inflation arising from recent worldwide events.
DEVELOPMENT AND PERFORMANCE DURING THE PERIOD
The company recorded an operating profit of £222,958 (2022/23 loss: (£452,358)) based upon an annual turnover of £25,569,299 (2022/23: £24,132,691).
Both the volume and the profitability of work won and delivered during 2023/24 increased in comparison with that of 2022/23.
In relation to turnover, the improvement in market sentiment seen during Spring of 2023, reported last year continued throughout 2023 and into 2024. As a result, the business saw an increase in the volume of work available to price and that, together with an improving win percentage, has produced a 6% increase in the group’s reported turnover as well as an increased pipeline of future work from new and existing clients, thereby providing a solid foundation for trading in 2024/25.
Along with market sentiment, the outlook on inflation also improved considerably during 2023/24. Although sadly, the war in Ukraine continues, the elevated materials price inflation seen during 2022/23 has now largely abated, enabling the business to tender for work more reliably and deliver the work won, with increased profitability. Furthermore, the impact, both financial and operational, of the 2021/22 corporate restructure and associated legacy contracts, has now been largely eliminated allowing management to focus more effectively on the efficient delivery of current work. Consequently, gross margins have increased significantly to 14.0% (2022/23: 11.8%).
Sound management, good cost control and improving efficiencies have limited any increase in indirect costs despite persistent earnings inflation.
The directors are therefore pleased to report a positive performance, especially following the losses of 2022/23 and are confident that with the work secured, our highly capable workforce, loyal customer base and supply chain, the business has a bright, prosperous future.
GOING CONCERN
The company's business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives, and its exposure to liquidity, price and credit risk are described in the Strategic report and Directors' report.
With improved trading seen in 2023/24 continuing into 2024/25 and a review of recent management accounts, together with corresponding cashflow and profit forecasts, we have concluded that the presumption of adopting the going concern basis in preparing the Annual Report and financial statements continues to be appropriate. In performing this assessment, the Directors have reviewed the company's cash flow forecasts for the next 12 months from the date of the approval of the financial statements, and they have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. The financial position will continue to be monitored very closely by Directors.
The strong performance seen in 2023/24 has continued into 2024/25 and the directors expect that, with the resources available to the business, the going concern assumption will continue to apply for the foreseeable future.
Regarding the company’s legacy defined benefit pension scheme, the previous actuarial triannual valuation of the Pension Scheme of 30 April 2023, reported a very substantial surplus and, although the 2023/24 pension valuation update reflected a reduction, the pension asset is still significant. Therefore the associated costs and their impact on the business are expected to be much lower in future than hitherto was the case.
GEO HOULTON & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 2 -
FINANCIAL RISK MANAGEMENT
The company's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk awareness program that seeks to understand the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.
Price risk
The company is not exposed to any significant price risk because before projects are undertaken price tenders from suppliers and sub-contractors are obtained. Sub-contractors are responsible for the materials used in their contracts with the company.
Credit risk
The company has implemented policies that require appropriate credit checks on potential customers and sub-contractors before contracts are entered into. A significant portion of the company's activities are with Governmental organisations and as such credit risks are minimised.
Liquidity risk
Debt is project based and is supported by charged assets.
Interest rate cash flow risk
The company considers the cash flow risk on a monthly basis and the costs associated thereto are not significant to the business.
FINANCIAL KEY PERFORMANCE INDICATORS
The directors of the company and the group manage the group's operations on a divisional basis. For this reason, the company's directors believe that analysis using key performance indicators for the company is not necessary or appropriate for an understanding of the development, performance or position of the business of the company. The shareholders have a good understanding of the progress and movement of the business.
The company constantly measures its performance through detailed periodic reviews of each ongoing contract, and by monthly management accounts and meetings.
P S Dickerson
Director
11 September 2024
GEO HOULTON & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 APRIL 2024
- 3 -
The directors present their annual report and financial statements for the year ended 29 April 2024.
Principal activities
The principal activity of the company continued to be that of a building contractor.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R G Houlton
K W Knights
P S Dickerson
J I Craft
A M Kingston
N B Travis
P R Gibson
M B Johnson
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
P S Dickerson
Director
11 September 2024
GEO HOULTON & SONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 APRIL 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
GEO HOULTON & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEO HOULTON & SONS LIMITED
- 5 -
Opinion
We have audited the financial statements of Geo Houlton & Sons Limited (the 'company') for the year ended 29 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 29 April 2024 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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.
GEO HOULTON & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEO HOULTON & SONS LIMITED
- 6 -
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 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
GEO HOULTON & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEO HOULTON & SONS LIMITED
- 7 -
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify and unusual or unexpected relationships;
tested journals entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.
Due to 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. This 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Jonathan Leathley (Senior Statutory Auditor)
For and on behalf of Fawley Judge & Easton
11 September 2024
Chartered Certified Accountants
Statutory Auditor
1 Parliament Street
Hull
East Yorkshire
HU1 2AS
GEO HOULTON & SONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
25,569,298
24,132,691
Cost of sales
(21,970,524)
(21,274,290)
Gross profit
3,598,774
2,858,401
Administrative expenses
(3,406,872)
(3,332,496)
Operating profit/(loss)
4
191,902
(474,095)
Interest receivable and similar income
8
122,000
50,000
Interest payable and similar expenses
9
(14,361)
-
Profit/(loss) before taxation
299,541
(424,095)
Tax on profit/(loss)
10
(33,997)
281,816
Profit/(loss) for the financial year
265,544
(142,279)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
GEO HOULTON & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 APRIL 2024
- 9 -
2024
2023
£
£
Profit/(loss) for the year
265,544
(142,279)
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
(917,000)
867,000
Tax relating to other comprehensive income
174,230
(164,730)
Other comprehensive income for the year
(742,770)
702,270
Total comprehensive income for the year
(477,226)
559,991
GEO HOULTON & SONS LIMITED
BALANCE SHEET
AS AT
29 APRIL 2024
29 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
299,436
285,383
Current assets
Stocks
13
14,130
24,566
Debtors
14
6,092,164
5,849,249
Cash at bank and in hand
1,782,006
395,007
7,888,300
6,268,822
Creditors: amounts falling due within one year
15
(6,413,004)
(4,933,010)
Net current assets
1,475,296
1,335,812
Total assets less current liabilities
1,774,732
1,621,195
Creditors: amounts falling due after more than one year
16
(94,559)
(106,111)
Provisions for liabilities
Deferred tax liability
18
369,159
511,844
(369,159)
(511,844)
Net assets excluding pension surplus
1,311,014
1,003,240
Defined benefit pension surplus
19
1,765,000
2,550,000
Net assets
3,076,014
3,553,240
Capital and reserves
Called up share capital
20
500,000
500,000
Profit and loss reserves
2,576,014
3,053,240
Total equity
3,076,014
3,553,240
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
P S Dickerson
A M Kingston
Director
Director
Company registration number 01632717 (England and Wales)
GEO HOULTON & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 30 April 2022
500,000
2,493,249
2,993,249
Year ended 29 April 2023:
Loss for the year
-
(142,279)
(142,279)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
867,000
867,000
Tax relating to other comprehensive income
-
(164,730)
(164,730)
Total comprehensive income for the year
559,991
559,991
Balance at 29 April 2023
500,000
3,053,240
3,553,240
Year ended 29 April 2024:
Profit for the year
-
265,544
265,544
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(917,000)
(917,000)
Tax relating to other comprehensive income
-
174,230
174,230
Total comprehensive income for the year
-
(477,226)
(477,226)
Balance at 29 April 2024
500,000
2,576,014
3,076,014
GEO HOULTON & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 APRIL 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
21
1,533,912
(1,309,239)
Interest paid
(14,361)
Income taxes (paid)/refunded
(2,452)
311,135
Net cash inflow/(outflow) from operating activities
1,517,099
(998,104)
Investing activities
Purchase of tangible fixed assets
(137,734)
(192,475)
Proceeds from disposal of tangible fixed assets
10,868
25,453
Net cash used in investing activities
(126,866)
(167,022)
Financing activities
Payment of finance leases obligations
(3,234)
69,084
Net cash (used in)/generated from financing activities
(3,234)
69,084
Net increase/(decrease) in cash and cash equivalents
1,386,999
(1,096,042)
Cash and cash equivalents at beginning of year
395,007
1,491,049
Cash and cash equivalents at end of year
1,782,006
395,007
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
- 13 -
1
Accounting policies
Company information
Geo Houlton & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hyperion Street, Hull, HU9 1BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10-33% on cost
Fixtures and fittings
10-33% on cost
Motor vehicles
20-33% on cost
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Expenditure on research and development is written off in the year in which it is incurred.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
25,569,298
24,132,691
2024
2023
£
£
Turnover analysed by geographical market
UK
25,569,298
24,132,691
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
13,000
Depreciation of owned tangible fixed assets
107,267
109,593
Profit on disposal of tangible fixed assets
(9,587)
(15,196)
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 19 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,000
13,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
82
78
Admin
42
41
Total
124
119
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,615,294
4,193,226
Social security costs
461,636
443,601
Pension costs
205,162
201,303
5,282,092
4,838,130
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
596,818
587,945
Company pension contributions to defined contribution schemes
77,331
78,692
674,149
666,637
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
111,943
111,943
Company pension contributions to defined contribution schemes
14,850
14,850
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 20 -
8
Interest receivable and similar income
2024
2023
£
£
Other Finance Income
Unwinding of discount on pension obligation
122000
50000
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
14,361
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(416)
Adjustments in respect of prior periods
(311,135)
Total current tax
(416)
(311,135)
Deferred tax
Origination and reversal of timing differences
34,413
29,319
Total tax charge/(credit)
33,997
(281,816)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
299,541
(424,095)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
56,913
(80,578)
Unutilised tax losses carried forward
(48,392)
80,578
Change in unrecognised deferred tax assets
(416)
Permanent capital allowances in excess of depreciation
25,892
29,319
Under/(over) provided in prior years
(311,135)
Taxation charge/(credit) for the year
33,997
(281,816)
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
10
Taxation
(Continued)
- 21 -
In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(174,230)
164,730
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 30 April 2023
886,276
599,142
663,426
2,148,844
Additions
66,846
16,183
55,044
138,073
Disposals
(44,930)
(13,323)
(58,253)
Transfers
4,191
(4,186)
5
At 29 April 2024
912,383
611,139
705,147
2,228,669
Depreciation and impairment
At 30 April 2023
793,081
578,649
491,731
1,863,461
Depreciation charged in the year
40,614
10,356
71,769
122,739
Eliminated in respect of disposals
(43,643)
(13,324)
(56,967)
At 29 April 2024
790,052
589,005
550,176
1,929,233
Carrying amount
At 29 April 2024
122,331
22,134
154,971
299,436
At 29 April 2023
93,195
20,493
171,695
285,383
12
Financial instruments
13
Stocks
2024
2023
£
£
Raw materials and consumables
14,130
24,566
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 22 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,371,124
2,776,905
Gross amounts owed by contract customers
1,623,419
1,162,485
Amounts owed by group undertakings
2,024,336
1,824,528
Prepayments and accrued income
73,285
85,331
6,092,164
5,849,249
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
48,365
40,047
Trade creditors
5,163,824
4,044,921
Taxation and social security
850,350
558,174
Other creditors
69,242
Accruals and deferred income
281,223
289,868
6,413,004
4,933,010
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
94,559
106,111
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
48,365
40,070
In two to five years
94,559
106,088
142,924
146,158
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 23 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
33,629
43,684
Retirement benefit obligations
335,530
468,160
369,159
511,844
2024
Movements in the year:
£
Liability at 30 April 2023
511,844
Credit to profit or loss
(142,685)
Liability at 29 April 2024
369,159
The expected net reversal of deferred tax assets and liabilities in the year to 29th April 2023 is £25,840. This is due to the reversal of accelerated capital allowances and other short term timing differences.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
205,162
201,303
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Defined benefit schemes
The company closed the staff defined benefit pension scheme, Geo Houlton & Sons (Holdings) Limited Pension and Assurance Scheme, which provided benefits based on final pensionable earnings on 31st March 2015
The assets of the scheme are held separately from those of the company, in an independently administered fund. The contributions are determined by the directors with due consideration being given to the advice of a qualified actuary. The contributions determined by the actuary are on the basis of triennial valuations using the projected unit method. The most recent formal valuation in respect of the staff scheme was at 30th April 2022.
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
19
Retirement benefit schemes
(Continued)
- 24 -
2024
2023
Key assumptions
%
%
Discount rate
5.25
4.8
Rate of inflation and pension increases
3.3
3.25
Statutory revaluation of leaver pensions
2.3
2.85
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
86.4
85.3
Retiring in 20 years
- Males
85.4
86.2
Amounts recognised in the profit and loss account
2024
2023
Costs/(income):
£
£
Net interest on net defined benefit liability/(asset)
778,000
1,370,000
Amounts recognised in other comprehensive income
2024
2023
Costs/(income):
£
£
Actual return on scheme assets
505,000
1,128,000
Less: calculated interest element
(505,000)
(1,128,000)
Return on scheme assets excluding interest income
-
-
Actuarial changes related to obligations
411,000
(1,995,000)
Other gains and losses
-
(292,000)
Total costs/(income)
411,000
(2,287,000)
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2024
2023
Liabilities/(assets):
£
£
Present value of defined benefit obligations
6,227,000
5,809,000
Fair value of plan assets
(7,992,000)
(8,359,000)
Surplus in scheme
(1,765,000)
(2,550,000)
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
19
Retirement benefit schemes
(Continued)
- 25 -
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 30 April 2023
5,809,000
Benefits paid
(266,000)
Actuarial gains and losses
411,000
Interest cost
273,000
At 29 April 2024
6,227,000
2024
The defined benefit obligations arise from plans funded as follows:
£
Wholly unfunded obligations
6,227,000
Wholly or partly funded obligations
-
6,227,000
2024
Movements in the fair value of plan assets
£
Fair value of assets at 30 April 2023
8,359,000
Interest income
(505,000)
Plan introductions, changes, curtailments and settlements
395,000
Benefits paid
(266,000)
Contributions by scheme members
9,000
At 29 April 2024
7,992,000
The actual return on plan assets was £505,000 (2023 - £1,128,000).
2024
2023
Fair value of plan assets
£
£
Equity instruments
3,195,000
3,560,934
Property
197,000
200,616
Bonds
4,141,000
3,268,369
Cash (Cash & Deposits)
440,000
1,304,004
Insured Pension Contracts
19,000
25,077
7,992,000
8,359,000
GEO HOULTON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 26 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
500,000
500,000
500,000
500,000
21
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit/(loss) for the year after tax
265,544
(142,279)
Adjustments for:
Taxation charged/(credited)
33,997
(281,816)
Finance costs
(107,639)
(50,000)
Gain on disposal of tangible fixed assets
(9,587)
(15,196)
Depreciation and impairment of tangible fixed assets
122,739
109,593
Pension scheme non-cash movement
(132,000)
(86,000)
Increase in provisions
122,000
50,000
Movements in working capital:
Decrease/(increase) in stocks
10,436
(4,754)
(Increase)/decrease in debtors
(242,915)
1,949,591
Increase/(decrease) in creditors
1,471,676
(2,838,378)
Cash generated from/(absorbed by) operations
1,534,251
(1,309,239)
Difference
(339)
-
Per cash flow statement page
1,533,912
(1,309,239)
22
Analysis of changes in net funds
30 April 2023
Cash flows
29 April 2024
£
£
£
Cash at bank and in hand
395,007
1,386,999
1,782,006
Obligations under finance leases
(146,158)
3,234
(142,924)
248,849
1,390,233
1,639,082
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