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REGISTERED NUMBER: 04454574 (England and Wales)
















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for


RUDHEATH CONSTRUCTION
SERVICES LTD



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2023











Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

5




Consolidated Statement of Comprehensive Income

8




Consolidated Balance Sheet  

9




Company Balance Sheet  

10




Consolidated Statement of Changes in Equity  

11




Company Statement of Changes in Equity  

12




Consolidated Cash Flow Statement  

13




Notes to the Consolidated Cash Flow Statement

14




Notes to the Consolidated Financial Statements

15





RUDHEATH CONSTRUCTION



SERVICES LTD



Company Information

for the Year Ended 31 December 2023









Directors:

H R Thorp


J E Thorp







Secretary:

G Shaw







Registered office:

C/o Thorp Precast Limited


Apedale Road


Chesterton


Newcastle Under Lyme


Staffordshire


ST5 6BN







Registered number:

04454574 (England and Wales)







Auditors:

CLA Evelyn Partners Limited, Statutory Auditor


Northern Assurance Buildings


9-21 Princess Street


Manchester


M2 4DN



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Group Strategic Report

for the Year Ended 31 December 2023



The directors present their strategic report of the company and the group 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 group has continued to invest heavily in research and development during 2023. As a result, the gross profit rate of 43.7% has been achieved and net profit before tax is over £7.6m.


The growth and 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 group derives its revenues from the UK construction market. Whilst the industry remains competitive the group looks to offer innovative solutions and spread its workload between large residential, commercial, public sector and retail projects.


The group operates strong overall financial control and looks to minimise financial risk at all stages as a priority. The group 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 group'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:






H R Thorp - Director



30 July 2024



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Report of the Directors

for the Year Ended 31 December 2023



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


Principal activity

The principal activity of the group in the year under review was that of the manufacture of precast concrete products.

Dividends

The total distribution of dividends in the period under review was £6,000,000.


Research and development

The group is continuing research and development activity into new forms of materials and processes,  and a method of tracking panels.


Future developments

The group 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.


H R Thorp

J E Thorp


Statement of directors' responsibilities

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


On behalf of the board:






H R Thorp - Director



30 July 2024


Report of the Independent Auditors to the Members of

Rudheath Construction

Services Ltd



Opinion

We have audited the financial statements of Rudheath Construction Services Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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

Rudheath Construction

Services Ltd



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company 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 group's and the parent 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 group or the parent 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 inappropriate 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; 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

Rudheath Construction

Services Ltd



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.





Antony Sassen (Senior Statutory Auditor)

for and on behalf of CLA Evelyn Partners Limited, Statutory Auditor

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN


31 July 2024



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   



Turnover

37,789,156


26,486,180




Cost of sales

(21,264,359

)

(14,045,596

)


Gross profit

16,524,797


12,440,584




Administrative expenses

(9,056,869

)

(7,654,394

)


7,467,928


4,786,190




Other operating income

12,432


17,028



Operating profit

5

7,480,360


4,803,218




Interest receivable and similar income

143,391


18,567



7,623,751


4,821,785




Interest payable and similar expenses

6

(547

)

(140

)


Profit before taxation

7,623,204


4,821,645




Tax on profit

7

(636,622

)

(132,164

)


Profit for the financial year

6,986,582


4,689,481




Other comprehensive income

-


-



Total comprehensive income for the year

6,986,582


4,689,481




Profit attributable to:

Owners of the parent

6,986,582


4,689,481




Total comprehensive income attributable to:

Owners of the parent

6,986,582


4,689,481





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Consolidated Balance Sheet

31 December 2023



2023

2022



Notes

£   

£   

£   

£   


Fixed assets

Tangible assets

10

9,979,486


9,214,658



Investments

11

-


-



Investment property

12

-


-



9,979,486


9,214,658




Current assets

Stocks

13

1,404,750


1,771,215



Debtors

14

4,244,363


4,363,827



Cash at bank and in hand

7,687,625


6,333,047



13,336,738


12,468,089



Creditors

Amounts falling due within one year

15

4,107,341


3,577,916



Net current assets

9,229,397


8,890,173



Total assets less current liabilities

19,208,883


18,104,831




Provisions for liabilities

17

788,743


671,273



Net assets

18,420,140


17,433,558




Capital and reserves

Called up share capital

18

136,000


136,000



Other reserves

19

40,000


40,000



Retained earnings

19

18,244,140


17,257,558



Shareholders' funds

18,420,140


17,433,558




The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:






H R Thorp - Director




RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Company Balance Sheet

31 December 2023



2023

2022



Notes

£   

£   

£   

£   


Fixed assets

Tangible assets

10

2,651,871


2,221,280



Investments

11

96,000


96,000



Investment property

12

5,787,051


5,662,121



8,534,922


7,979,401




Current assets

Debtors

14

24,751


60,151



Cash at bank

586,464


100,987



611,215


161,138



Creditors

Amounts falling due within one year

15

2,423,527


2,104,337



Net current liabilities

(1,812,312

)

(1,943,199

)


Total assets less current liabilities

6,722,610


6,036,202




Provisions for liabilities

17

590,316


522,273



Net assets

6,132,294


5,513,929




Capital and reserves

Called up share capital

18

136,000


136,000



Other reserves

19

456,064


456,064



Retained earnings

19

5,540,230


4,921,865



Shareholders' funds

6,132,294


5,513,929




Company's profit for the financial year

6,618,365


3,543,193




The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:






H R Thorp - Director




RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Other


Total


capital


earnings


reserves


equity

£   

£   

£   

£   


Balance at 1 January 2022

136,000


15,568,077


40,000


15,744,077




Changes in equity

Dividends

-


(3,000,000

)

-


(3,000,000

)


Total comprehensive income

-


4,689,481


-


4,689,481



Balance at 31 December 2022

136,000


17,257,558


40,000


17,433,558




Changes in equity

Dividends

-


(6,000,000

)

-


(6,000,000

)


Total comprehensive income

-


6,986,582


-


6,986,582



Balance at 31 December 2023

136,000


18,244,140


40,000


18,420,140





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Company Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Other


Total


capital


earnings


reserves


equity

£   

£   

£   

£   


Balance at 1 January 2022

136,000


4,351,991


482,745


4,970,736




Changes in equity

Dividends

-


(3,000,000

)

-


(3,000,000

)


Total comprehensive income

-


3,569,874


(26,681

)

3,543,193



Balance at 31 December 2022

136,000


4,921,865


456,064


5,513,929




Changes in equity

Dividends

-


(6,000,000

)

-


(6,000,000

)


Total comprehensive income

-


6,618,365


-


6,618,365



Balance at 31 December 2023

136,000


5,540,230


456,064


6,132,294





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Consolidated Cash Flow Statement

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

9,080,811


7,547,981



Interest paid

(547

)

(140

)


Tax paid

190,195


648,666



Net cash from operating activities

9,270,459


8,196,507




Cash flows from investing activities

Purchase of tangible fixed assets

(2,192,940

)

(2,469,092

)


Sale of tangible fixed assets

102,055


73,246



Interest received

143,391


18,567



Net cash from investing activities

(1,947,494

)

(2,377,279

)



Cash flows from financing activities

Amount introduced by directors

31,613


24,250



Equity dividends paid

(6,000,000

)

(3,000,000

)


Net cash from financing activities

(5,968,387

)

(2,975,750

)



Increase in cash and cash equivalents

1,354,578


2,843,478



Cash and cash equivalents at beginning

of year

2

6,333,047


3,489,569




Cash and cash equivalents at end of year

2

7,687,625


6,333,047





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2023



1.

Reconciliation of profit before taxation to cash generated from operations


2023


2022

£   

£   



Profit before taxation

7,623,204


4,821,645




Depreciation charges

1,423,393


960,396




Profit on disposal of fixed assets

(97,338

)

(70,703

)



Finance costs

547


140




Finance income

(143,391

)

(18,567

)


8,806,415


5,692,911




Decrease/(increase) in stocks

366,465


(1,071,514

)



(Increase)/decrease in trade and other debtors

(106,687

)

5,960,020




Increase/(decrease) in trade and other creditors

14,618


(3,033,436

)



Cash generated from operations

9,080,811


7,547,981




2.

Cash and cash equivalents



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31/12/23


1/1/23

£   

£   



Cash and cash equivalents

7,687,625


6,333,047




Year ended 31 December 2022


31/12/22


1/1/22

£   

£   



Cash and cash equivalents

6,333,047


3,489,569





3.

Analysis of changes in net funds



At 1/1/23

Cash flow

At 31/12/23

£   

£   

£   



Net cash



Cash at bank and in hand

6,333,047


1,354,578


7,687,625



6,333,047


1,354,578


7,687,625




Total

6,333,047


1,354,578


7,687,625





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2023



1.

Statutory information



Rudheath Construction Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.


2.

Statement of compliance



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


3.

Accounting policies



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention.



The financial statements have been prepared on a going concern basis.



Basis of consolidation


The group financial statements consolidate the financial statements of the company and its subsidiary undertaking drawn up to 31 December 2023.



In October 2015 Rudheath Construction Services Limited became the parent company for the group. The introduction of the new holding company constituted a group reconstruction and has been accounted for using merger accounting principles.



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.



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



3.

Accounting policies - continued



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold property

-

2% straight line


Improvements to property

-

at varying rates on cost


Plant and machinery

-  

25% straight line and at varying rates on cost


Fixtures and fittings

-

33% straight line


Motor vehicles

-  

25% straight line and 20% straight line


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, which are included in debtors, 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 group 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 Consolidated 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.



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated 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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease on a straight line basis. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Investment property


Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is charged or credited to the profit and loss account as other operating income.



Although this accounting policy is in accordance with FRS 102 Section 1A it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.


4.

Employees and directors


2023


2022

£   

£   



Wages and salaries

9,082,067


7,970,116




Social security costs

963,309


875,152




Other pension costs

473,953


403,723



10,519,329


9,248,991





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



4.

Employees and directors - continued



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



221


210





The average number of employees by undertakings that were proportionately consolidated during the year was 221 (2022 - 210 ) .



2023


2022

£   

£   



Directors' remuneration

324,183


301,043





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

1


1





Information regarding the highest paid director is as follows:


2023


2022

£   

£   



Emoluments etc

302,675


283,043





Directors' remuneration is paid by the subsidiary company.


5.

Operating profit



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



2023


2022

£   

£   



Hire of plant and machinery

78,472


65,701




Depreciation - owned assets

1,423,395


960,396




Profit on disposal of fixed assets

(97,338

)

(70,703

)



Auditors' remuneration

24,200


29,000




Foreign exchange differences

2,914


(1,102

)



Property rental  

296,239


474,542





Auditors' remuneration includes £5,200 (2022 - £5,000) in respect of Rudheath Construction Services Limited.


6.

Interest payable and similar expenses



2023


2022

£   

£   



Other interest

547


140





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



7.

Taxation



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

519,001


(190,346

)



(Over)/under provision PY

151


(7,573

)



Total current tax

519,152


(197,919

)




Deferred tax

117,470


330,083




Tax on profit

636,622


132,164





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2023


2022

£   

£   



Profit before tax

7,623,204


4,821,645




Profit multiplied by the standard rate of corporation tax in the UK of

23.520 % (2022 - 19 %)  

1,792,978


916,113





Effects of:


Expenses not deductible for tax purposes

11,629


23,305




Capital allowances in excess of depreciation

(53,560

)

-




Depreciation in excess of capital allowances

-


163,331




Adjustments to tax charge in respect of previous periods

151


(7,572

)



Research and development and patent box claims  

(1,114,576

)

(963,013

)




Total tax charge

636,622


132,164





The overprovision of tax for prior years relates to successful Research and Development and Patent Box claims received in the year.



Factors affecting future tax charges


Future tax liabilities will be reduced by Research and Development claims and Patent Box claims.


8.

Individual statement of comprehensive income



As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.



9.

Dividends


2023


2022

£   

£   



Ordinary shares of £1 each


Interim

6,000,000


3,000,000





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



10.

Tangible fixed assets



Group


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



Cost


At 1 January 2023

5,094,883


2,301,885


6,713,616




Additions

124,930


183,536


1,842,226




Disposals

-


(8,465

)

(204,340

)



At 31 December 2023

5,219,813


2,476,956


8,351,502




Depreciation


At 1 January 2023

266,330


875,464


3,946,029




Charge for year

69,392


303,972


964,669




Eliminated on disposal

-


(7,141

)

(200,947

)



At 31 December 2023

335,722


1,172,295


4,709,751




Net book value


At 31 December 2023

4,884,091


1,304,661


3,641,751




At 31 December 2022

4,828,553


1,426,421


2,767,587





Fixtures



and


Motor



fittings


vehicles


Totals

£   

£   

£   



Cost


At 1 January 2023

395,618


149,245


14,655,247




Additions

42,248


-


2,192,940




Disposals

(82,870

)

-


(295,675

)



At 31 December 2023

354,996


149,245


16,552,512




Depreciation


At 1 January 2023

263,477


89,289


5,440,589




Charge for year

56,658


28,704


1,423,395




Eliminated on disposal

(82,870

)

-


(290,958

)



At 31 December 2023

237,265


117,993


6,573,026




Net book value


At 31 December 2023

117,731


31,252


9,979,486




At 31 December 2022

132,141


59,956


9,214,658





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



10.

Tangible fixed assets - continued



Company


Improvements



to


Plant and


Motor



property


machinery


vehicles


Totals

£   

£   

£   

£   



Cost


At 1 January 2023

265,645


4,000,914


88,500


4,355,059




Additions

-


1,221,008


-


1,221,008




Disposals

-


(15,953

)

-


(15,953

)



At 31 December 2023

265,645


5,205,969


88,500


5,560,114




Depreciation


At 1 January 2023

194,290


1,880,022


59,467


2,133,779




Charge for year

41,217


731,836


17,364


790,417




Eliminated on disposal

-


(15,953

)

-


(15,953

)



At 31 December 2023

235,507


2,595,905


76,831


2,908,243




Net book value


At 31 December 2023

30,138


2,610,064


11,669


2,651,871




At 31 December 2022

71,355


2,120,892


29,033


2,221,280




11.

Fixed asset investments



Company


Shares in


group


undertakings

£   



Cost


At 1 January 2023


and 31 December 2023

96,000




Net book value


At 31 December 2023

96,000




At 31 December 2022

96,000





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiary



Thorp Precast Limited


Registered office: Apedale Road, Chesterton, Staffordshire ST5 6BN


Nature of business: Manufacture of precast concrete products


%


Class of shares:

holding



Ordinary

100.00



A Ordinary

100.00





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



12.

Investment property - continued


12.

Investment property


Company


Total

£   



Fair value


At 1 January 2023

5,662,121




Additions

124,930




At 31 December 2023

5,787,051




Net book value


At 31 December 2023

5,787,051




At 31 December 2022

5,662,121





Fair value at 31 December 2023 is represented by:

£   



Valuation in 2023

567,237




Cost

5,219,814



5,787,051





If investment property had not been revalued it would have been included at the following historical cost:


2023

2022


£   

£   



Cost

5,219,814


5,094,884




Aggregate depreciation

(335,722

)

(266,330

)




Investment property was valued on an open market basis on 31 December 2023 by the directors .


13.

Stocks



Group


2023

2022


£   

£   



Stocks

760,138


610,674




Net costs less foreseeable losses

644,612


1,160,541



1,404,750


1,771,215





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



14.

Debtors



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Amounts falling due within one year:



Trade debtors

1,669,355


1,759,656


2,593


1,675




Other debtors

392,940


391,742


-


-




Directors' current accounts

-


16,956


-


-




Tax

-


209,195


-


-




VAT

333,150


590,097


22,158


58,476




Prepayments and accrued income

690,156


622,093


-


-



3,085,601


3,589,739


24,751


60,151





Amounts falling due after more than one

year:



Trade debtors

1,158,762


774,088


-


-





Aggregate amounts

4,244,363


4,363,827


24,751


60,151





Trade debtors are stated net of a provision of £174,538 (2022 - £174,538).


15.

Creditors: amounts falling due within one year




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Trade creditors

2,462,543


2,477,826


460,949


191,826




Amounts owed to group undertakings

-


-


1,898,145


1,876,290




Corporation tax

519,001


18,849


47,061


18,849




Social security and other taxes

505,818


479,921


-


-




Other creditors

314,664


249,075


-


-




Directors' current accounts

14,655


-


12,872


12,872




Accruals and deferred income

290,660


352,245


4,500


4,500



4,107,341


3,577,916


2,423,527


2,104,337




16.

Leasing agreements



Minimum lease payments fall due as follows:



Group


Non-cancellable

operating leases


2023

2022


£   

£   



Within one year

300,806


267,908




Between one and five years

999,078


652,897




In more than five years

612,439


24,167



1,912,323


944,972





RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



16.

Leasing agreements - continued



The finance leases relate to plant and machinery used in the group's operations. There are no contingent rental, renewal or purchase option clauses.


17.

Provisions for liabilities



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Deferred tax


Accelerated capital allowances

677,570


671,273


479,143


411,100




Other timing differences

111,173


-


111,173


111,173



788,743


671,273


590,316


522,273





Group


Deferred



tax


£   



Balance at 1 January 2023

671,273




Provided during year

117,470




Balance at 31 December 2023

788,743





Company


Deferred



tax


£   



Balance at 1 January 2023

522,273




Provided during year

68,043




Balance at 31 December 2023

590,316





The net deferred tax liability expected to reverse in 2024 is £228,000. This primarily relates to the reversal of timing differences on capital allowances.


18.

Called up share capital



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



100,000

Ordinary

£1

100,000


100,000




36,000

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. They are entitled, as a class, to a payment of £1,000 on return of capital.



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



19.

Reserves



Group


Retained


Other



earnings


reserves


Totals

£   

£   

£   




At 1 January 2023

17,257,558


40,000


17,297,558




Profit for the year

6,986,582


-


6,986,582




Dividends

(6,000,000

)

-


(6,000,000

)



At 31 December 2023

18,244,140


40,000


18,284,140





Company


Retained


Other



earnings


reserves


Totals

£   

£   

£   




At 1 January 2023

4,921,865


456,064


5,377,929




Profit for the year

6,618,365


-


6,618,365




Dividends

(6,000,000

)

-


(6,000,000

)



At 31 December 2023

5,540,230


456,064


5,996,294





The group other reserves is a merger reserve arising on the group reconstruction.



The company other reserve is a fair value reserve in respect of the investment property.


20.

Pension commitments



The group operates defined contribution pension schemes. The pension cost charge for the period represents contributions payable by the group to the schemes and amounted to £473,953 (2022 - £403,723).


Contributions totalling £164,993 (2022 - £142,713) were payable to the schemes at the period end and are included in creditors.


21.

Capital commitments

2023

2022


£   

£   



Contracted but not provided for in the


financial statements

134,208


71,286




22.

Directors' advances, credits and guarantees



At 31 December 2023 the group owed £14,655 to the directors (2022 - £19,956 owed by the directors).



Interest is charged on credit balances at 11% per annum and debit balances at 3.25% per annum. During the period interest charged by the group was £nil (2022 - £140) and interest charged to the group was £547 (2022 - £1,101).



The directors charged rent to the group of £31,242 (2022 - £31,242).



RUDHEATH CONSTRUCTION



SERVICES LTD (REGISTERED NUMBER: 04454574)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



23.

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.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



During the year dividends of £6,000,000 (2022 - £3,000,000) were paid to a company controlled by the directors.



Pension scheme set up for the benefit of a director

2023

2022


£   

£   



Rent charged by the scheme  

257,427


255,000





Companies under common control owed the group £392,940 (2022 - £391,742) at the year end.


24.

Ultimate controlling party



The controlling party is H R Thorp.