REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
THORP PRECAST LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
THORP PRECAST LIMITED |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
THORP PRECAST LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
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 Directors are pleased with the performance for the year. 2023 has delivered £37.8m in turnover. The company has continued to invest heavily in research and development during 2023. As a result, a gross profit rate of 41.8% has been achieved and net profit before tax is almost £7m. |
The strengthened capabilities during 2023 are set to continue with significant investment underway in 2024. |
Continued improvement and capital expenditure in the manufacturing process and maintaining strong relationships with its existing clients ensures a steady flow of repeat business. New opportunities are continually identified as are avenues for diversity. |
Health & Safety performance, profitability and working capital remain strong and are the key performance indicators. |
Principal risks and uncertainties |
The company derives its revenues from the UK construction market. Whilst the industry remains competitive the company looks to offer innovative solutions and spread its workload between large residential, commercial, public sector and retail projects. |
The company operates strong overall financial control and looks to minimise financial risk at all stages as a priority. The company continually tracks its cash flow with projections considered for 3-6 months in advance |
The current order book remains strong with contracts booked to ensure the factory is at capacity for approximately 9 - 12 months in advance. The level of enquiries and tenders being submitted remains at a healthy level and well spread between market sectors. |
The financial key performance indicators are turnover, gross margin and profit which are closely monitored year to year. |
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations. |
In respect of bank balances, liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities when funds are available. |
Trade debtors and related balances are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
On behalf of the board: |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
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 the manufacture of precast concrete products. |
Dividends |
The total distribution of dividends for the year ended 31 December 2023 is £6,000,000. |
Research and development |
As part of its ongoing contract work the company is continuing research and development activity e.g. into new forms of materials and processes and a method of tracking panels. |
Future developments |
The company continues to tender for all appropriate work and has some significant contracts in place for 2024 and 2025. |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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. |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Report of the Directors |
for the year ended 31 December 2023 |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Thorp Precast Limited |
Opinion |
We have audited the financial statements of Thorp Precast 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 |
Thorp Precast 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 three, 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: |
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls or other appropriate influence over the financial reporting process; |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; |
- We have tested all sales contracts in the year, ensuring they have led to sales in the financial statements as well as increasing the risk when testing trade debtors which have been agreed to after date cash; and |
- Assessing management estimates by evaluating the significant assumptions and the choice of data used, in particular with regard to anticipated costs to complete on contracts. |
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. 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. 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. |
Report of the Independent Auditors to the Members of |
Thorp Precast Limited |
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. |
for and on behalf of |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Statement of Comprehensive |
Income |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
6,830,834 | 4,049,178 |
Other operating income |
Operating profit | 5 |
Interest receivable and similar income |
6,978,524 | 4,083,858 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | 7 | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 |
Current assets |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 12 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 14 |
Net assets |
Capital and reserves |
Called up share capital | 15 |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Thorp Precast Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption 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. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
There are not considered to be any critical judgements in applying the company's accounting policies. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below. |
(i) Work in progress valuation |
The valuation of work in progress involves a number of estimates including costs to complete, anticipated gross profit and the analysis of costs between the different stages of delivery. |
(ii) Provisions |
Provision is made for remedial work. This provision requires management's best estimate of the costs that will be incurred based on contractual requirements. |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers and the value of work performed on long term contracts, including any attributable profit. |
The company classifies as long term contracts those which relate to the construction of a number of precast structures under one contract where the contract activity extends over more than one accounting period. The length of these contracts can exceed twelve months. Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to the value of work performed to date as a percentage of total value for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | Accounting policies - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. |
Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs. |
Amounts recoverable on long term contracts are stated at the net sales value of the work done after provision for contingencies and future losses on contracts less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
4. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration and support | 47 | 45 |
Production | 164 | 156 |
Sales, marketing and distribution | 10 | 9 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | Employees and directors - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | Operating profit |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Property rental |
6. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Other interest payable |
7. | Taxation |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
(Over)/under provision PY | 19,000 | (612 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
UK corporation tax has been charged at 23.52% (2022 - 19%). |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | Taxation - continued |
Reconciliation of total tax charge/(credit) 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 before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Tax relief claims | (1,114,576 | ) | (963,013 | ) |
Group relief | - | 17,886 |
Total tax charge/(credit) | 540,367 | (102,815 | ) |
Factors affecting future tax charges |
Future tax liabilities will be reduced by Research and Development and Patent Box claims. |
8. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | Tangible fixed assets |
Fixtures |
Improvements | Plant and | and | Motor |
to property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
10. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
Amounts recoverable on contracts | 644,612 | 1,160,541 |
11. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | - | 29,828 |
Tax |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Retentions |
Aggregate amounts |
Trade debtors are stated net of a provision of £174,538 (2022 - £174,538). |
12. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 1,783 | - |
Accruals and deferred income |
13. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
14. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
The net deferred tax liability expected to reverse in 2024 is £65,000. This primarily relates to the reversal of timing differences on capital allowances. |
15. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
A Ordinary | £1 | 36,000 | 36,000 |
136,000 | 136,000 |
All shares are entitled to dividends as declared for each class but A Ordinary shares are not entitled to vote and do not participate in any surplus. |
16. | Ultimate parent company |
Rudheath Construction Services Limited, a private limited company, is regarded by the directors as being the company's ultimate parent company. |
Rudheath Construction Services Limited is the sole parent company of the group of which the company is a member and for which group accounts are prepared. Copies of the group accounts are available from Apedale Road, Chesterton, Staffordshire ST5 6BN. |
17. | Capital commitments |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
18. | Directors' advances, credits and guarantees |
At 31 December 2023 the company owed £1,783 to the directors (2022 - £29,828 owed by the directors). |
Interest is charged on credit balances at 11% per annum and debit balances at 3.25% per annum. During the year interest charged by the company was £nil (2022 - £140) and interest charged to the company was £547 (2022 - £1,101). |
A director charged rent to the company of £31,242 (2022 - £31,242). |
THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
19. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
2023 | 2022 |
£ | £ |
Rent charged by the scheme | 257,427 | 255,000 |
20. | Ultimate controlling party |
The ultimate controlling party is |
21. | Pension scheme |
The company operates defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £493,953 (2022 - £403,723). |
Contributions totalling £164,993 (2022 - £142,713) were payable to the schemes at the year end and are included in creditors. |