IRIS Accounts Production v24.1.9.2 05219420 Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false true false Ordinary 1.00000 A Ordinary 1.00000 Ordinary 1.00000 A Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh052194202022-12-31052194202023-12-31052194202023-01-012023-12-31052194202021-12-31052194202022-01-012022-12-31052194202022-12-3105219420ns15:EnglandWales2023-01-012023-12-3105219420ns14:PoundSterling2023-01-012023-12-3105219420ns10:Director12023-01-012023-12-3105219420ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105219420ns10:FRS1022023-01-012023-12-3105219420ns10:Audited2023-01-012023-12-3105219420ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3105219420ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3105219420ns10:FullAccounts2023-01-012023-12-3105219420ns10:OrdinaryShareClass12023-01-012023-12-3105219420ns10:OrdinaryShareClass22023-01-012023-12-3105219420ns10:Director22023-01-012023-12-3105219420ns10:Director32023-01-012023-12-3105219420ns10:Director42023-01-012023-12-3105219420ns10:Director52023-01-012023-12-3105219420ns10:Director62023-01-012023-12-3105219420ns10:CompanySecretary12023-01-012023-12-3105219420ns10:RegisteredOffice2023-01-012023-12-3105219420ns5:CurrentFinancialInstruments2023-12-3105219420ns5:CurrentFinancialInstruments2022-12-3105219420ns5:ShareCapital2023-12-3105219420ns5:ShareCapital2022-12-3105219420ns5:RetainedEarningsAccumulatedLosses2023-12-3105219420ns5:RetainedEarningsAccumulatedLosses2022-12-3105219420ns5:ShareCapital2021-12-3105219420ns5:RetainedEarningsAccumulatedLosses2021-12-3105219420ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3105219420ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105219420ns5:LeaseholdImprovements2023-01-012023-12-3105219420ns5:PlantMachinery2023-01-012023-12-3105219420ns5:FurnitureFittings2023-01-012023-12-3105219420ns5:MotorVehicles2023-01-012023-12-3105219420ns10:HighestPaidDirector2023-01-012023-12-3105219420ns10:HighestPaidDirector2022-01-012022-12-3105219420ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3105219420ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-012022-12-3105219420ns5:OwnedAssets2023-01-012023-12-3105219420ns5:OwnedAssets2022-01-012022-12-3105219420122023-01-012023-12-3105219420122022-01-012022-12-310521942022023-01-012023-12-310521942022022-01-012022-12-3105219420ns10:OrdinaryShareClass12022-01-012022-12-3105219420ns5:LeaseholdImprovements2022-12-3105219420ns5:PlantMachinery2022-12-3105219420ns5:FurnitureFittings2022-12-3105219420ns5:MotorVehicles2022-12-3105219420ns5:LeaseholdImprovements2023-12-3105219420ns5:PlantMachinery2023-12-3105219420ns5:FurnitureFittings2023-12-3105219420ns5:MotorVehicles2023-12-3105219420ns5:LeaseholdImprovements2022-12-3105219420ns5:PlantMachinery2022-12-3105219420ns5:FurnitureFittings2022-12-3105219420ns5:MotorVehicles2022-12-3105219420ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3105219420ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3105219420ns5:Non-currentFinancialInstruments2023-12-3105219420ns5:Non-currentFinancialInstruments2022-12-3105219420ns5:WithinOneYear2023-12-3105219420ns5:WithinOneYear2022-12-3105219420ns5:BetweenOneFiveYears2023-12-3105219420ns5:BetweenOneFiveYears2022-12-3105219420ns5:MoreThanFiveYears2023-12-3105219420ns5:MoreThanFiveYears2022-12-3105219420ns5:AllPeriods2023-12-3105219420ns5:AllPeriods2022-12-3105219420ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3105219420ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3105219420ns5:DeferredTaxation2022-12-3105219420ns5:DeferredTaxation2023-01-012023-12-3105219420ns5:DeferredTaxation2023-12-3105219420ns10:OrdinaryShareClass12023-12-3105219420ns10:OrdinaryShareClass22023-12-3105219420ns5:OtherRelatedParties2023-01-012023-12-31
REGISTERED NUMBER: 05219420 (England and Wales)















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: H R Thorp
P Willett
L Smerdon-White
M Willis
K J Murinas
M Pniewski





Secretary: G Shaw





Registered office: Apedale Road
Chesterton
Staffordshire
ST5 6BN





Registered number: 05219420 (England and Wales)





Auditors: Haines Watts, Statutory Auditor
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:





H R Thorp - Director


30 July 2024

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.

H R Thorp
P Willett
L Smerdon-White
M Willis
K J Murinas
M Pniewski

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:





H R Thorp - Director


30 July 2024

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.




Antony Sassen (Senior Statutory Auditor)
for and on behalf of Haines Watts, Statutory Auditor
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

31 July 2024

THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420)

Statement of Comprehensive
Income
for the year ended 31 December 2023

2023 2022
Notes £ £

Turnover 37,775,851 26,474,882

Cost of sales (21,968,482 ) (14,622,017 )
Gross profit 15,807,369 11,852,865

Administrative expenses (8,976,535 ) (7,803,687 )
6,830,834 4,049,178

Other operating income 12,432 17,028
Operating profit 5 6,843,266 4,066,206

Interest receivable and similar income 135,258 17,652
6,978,524 4,083,858

Interest payable and similar expenses 6 (547 ) (140 )
Profit before taxation 6,977,977 4,083,718

Tax on profit 7 (540,367 ) 102,815
Profit for the financial year 6,437,610 4,186,533

Other comprehensive income - -
Total comprehensive income for the year 6,437,610 4,186,533

THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 9 2,424,078 2,145,379

Current assets
Stocks 10 1,404,750 1,771,215
Debtors 11 6,117,757 6,192,836
Cash at bank and in hand 7,101,161 6,232,060
14,623,668 14,196,111
Creditors
Amounts falling due within one year 12 3,581,956 3,362,737
Net current assets 11,041,712 10,833,374
Total assets less current liabilities 13,465,790 12,978,753

Provisions for liabilities 14 309,600 260,173
Net assets 13,156,190 12,718,580

Capital and reserves
Called up share capital 15 136,000 136,000
Retained earnings 13,020,190 12,582,580
Shareholders' funds 13,156,190 12,718,580

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


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 136,000 11,396,047 11,532,047

Changes in equity
Dividends - (3,000,000 ) (3,000,000 )
Total comprehensive income - 4,186,533 4,186,533
Balance at 31 December 2022 136,000 12,582,580 12,718,580

Changes in equity
Dividends - (6,000,000 ) (6,000,000 )
Total comprehensive income - 6,437,610 6,437,610
Balance at 31 December 2023 136,000 13,020,190 13,156,190

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

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - at varying rates on cost
Plant and machinery - 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 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 9,060,562 7,952,116
Social security costs 963,309 875,152
Other pension costs 473,953 403,723
10,497,824 9,230,991

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

2023 2022
£ £
Directors' remuneration 1,183,584 1,105,792
Directors' pension contributions to money purchase schemes 172,870 134,596

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

Money purchase schemes 6 6

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 256,259 283,043
Pension contributions to money purchase schemes 49,826 -

5. Operating profit

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

2023 2022
£ £
Hire of plant and machinery 78,472 65,986
Depreciation - owned assets 563,585 386,043
Profit on disposal of fixed assets (89,338 ) (70,703 )
Auditors' remuneration 19,000 24,000
Foreign exchange differences 2,960 (1,102 )
Property rental 919,249 1,075,052

6. Interest payable and similar expenses
2023 2022
£ £
Other interest payable 547 140

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 471,940 (209,195 )
(Over)/under provision PY 19,000 (612 )
Total current tax 490,940 (209,807 )

Deferred tax 49,427 106,992
Tax on profit 540,367 (102,815 )

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 6,977,977 4,083,718
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

1,641,220

775,906

Effects of:
Expenses not deductible for tax purposes 11,547 23,229
Capital allowances in excess of depreciation (16,824 ) -
Depreciation in excess of capital allowances - 43,789
Adjustments to tax charge in respect of previous periods 19,000 (612 )
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 6,000,000 3,000,000

9. Tangible fixed assets
Fixtures
Improvements Plant and and Motor
to property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 January 2023 1,732,683 1,955,887 395,618 60,745 4,144,933
Additions 183,536 621,218 42,248 - 847,002
Disposals (8,465 ) (188,387 ) (82,870 ) - (279,722 )
At 31 December 2023 1,907,754 2,388,718 354,996 60,745 4,712,213
Depreciation
At 1 January 2023 397,062 1,309,194 263,476 29,822 1,999,554
Charge for year 262,755 232,832 56,658 11,340 563,585
Eliminated on disposal (7,141 ) (184,993 ) (82,870 ) - (275,004 )
At 31 December 2023 652,676 1,357,033 237,264 41,162 2,288,135
Net book value
At 31 December 2023 1,255,078 1,031,685 117,732 19,583 2,424,078
At 31 December 2022 1,335,621 646,693 132,142 30,923 2,145,379

THORP PRECAST LIMITED (REGISTERED NUMBER: 05219420)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


10. Stocks
2023 2022
£ £
Stocks 760,138 610,674
Amounts recoverable on contracts 644,612 1,160,541
1,404,750 1,771,215

11. Debtors
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 1,666,762 1,757,981
Amounts owed by group undertakings 1,898,145 1,876,290
Other debtors 392,940 391,742
Directors' current accounts - 29,828
Tax - 209,195
VAT 310,992 531,619
Prepayments and accrued income 690,156 622,093
4,958,995 5,418,748

Amounts falling due after more than one year:
Retentions 1,158,762 774,088

Aggregate amounts 6,117,757 6,192,836

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 2,001,594 2,285,999
Corporation tax 471,940 -
Social security and other taxes 505,818 479,921
Other creditors 314,661 249,072
Directors' current accounts 1,783 -
Accruals and deferred income 286,160 347,745
3,581,956 3,362,737

13. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 777,716 714,818
Between one and five years 2,869,218 2,440,538
In more than five years 1,762,131 1,448,268
5,409,065 4,603,624

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 309,600 260,173

Deferred tax
£
Balance at 1 January 2023 260,173
Provided during year 49,427
Balance at 31 December 2023 309,600

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: £ £
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.

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 - 71,286

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.

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 Thorp Precast Limited £392,940 (2022 - £391,741) at the year end.

20. Ultimate controlling party

The ultimate controlling party is H R Thorp.

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.