Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
COMPANY INFORMATION
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STRUKTA GROUP LIMITED
CONTENTS
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STRUKTA GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
We remain focused and committed to our vision of ‘Construction solutions delivered fast!’
The Board, chaired by the CEO, convenes quarterly and includes three working directors alongside non-executive directors. This diverse Board composition ensures comprehensive coverage of all commercial areas, including HR, Finance, and Professional Services. Weekly meetings with the senior leadership team feature representatives from Sales, Operations, Finance, Marketing, and IT. We conduct an annual review of our governance processes and risk register, including business continuity.
The first half of the year mirrored 2022, with strong demand for goods. The second half proved more challenging due to interest rate impacts on the housing market. We acquired SNS Building Products Ltd on June 30, 2023, adding two trade stores to our group, a strategic fit both geographically and product-wise. Despite the economic climate, including a 44% drop in new home registrations and a 20% fall in new home completions, our turnover increased by 11.6%, reflecting our resilience and continued growth in market share.
Key Points: - Operational net return stood at £2.9M (£2.4M operating profit plus £454K goodwill write-off), representing a 9% return on overall revenue—a market-leading performance. - The goodwill from original partnerships and investments in Taunton and Biggleswade was fully amortised in 2023. The first-year amortisation of SNS Building Products Ltd was also completed. Directors’ Loan accounts totalled £2.02M, highlighting ongoing support by the shareholders, for the company's growth. - Our online customer portal, launched in 2022, saw increased adoption, allowing customers to track deliveries, check stock, place orders, and manage their accounts.
Our forward order book is at an all-time high, with positive signs emerging in the construction sector. Despite economic uncertainties, the directors see growth opportunities as we expand geographically. With the acquisition of SNS and additional store openings, we now operate 10 trade stores across the south of the country. We've rebranded the SNS stores to ensure consistency across the Group and expanded our sales team into the Midlands to extend our market-leading service.
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STRUKTA GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Quality of Service
With extensive experience in the Building Sector, we rely on robust operational and marketing systems regularly reviewed for quality assurance (ISO9001/ISO14001/CE) and corporate governance. Continuous improvement of our procedures remains a priority. Environmental, Social, and Governance (ESG) We take our impact on society, the environment, and our transparency and accountability seriously. Over the past year, we measured our carbon footprint and social value, engaging employees to achieve sustainability goals. The Market Place Despite a decline in inflation, sustained high interest rates have affected the economy, particularly the construction sector. However, the UK returned to growth in H1 2024, and medium-term interest rate reductions are expected to boost sector confidence and growth. With the desire within Government to build 1.5M homes in the next 5 years, the industry is on a positive trajectory. The directors remain optimistic about existing opportunities and believe the business is well-positioned to capitalise on future potential. Quality of Staff Our staff are our priority. We continue to appraise and train our team to ensure top-quality service. Customer service is paramount, and our growth depends on our staff’s ability to meet customer needs.
-Sales Growth 11.6% (Dec 2022 23%)
- Gross Profit Margin 29% (Dec 2022 30%) - Overheads 21% (Dec 2022 17%) - Operational Net Profit 8% (Dec 2022 14%) - Operational Net Profit before goodwill write-off £2.9m (Dec 2022 £3.9m) - Goodwill write off £454K (Dec 2022 £395K) - Net Current Assets £4M (Dec 2022 £5M)
This report was approved by the board on 31 August 2024 and signed on its behalf.
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STRUKTA GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,553,963 (2022 - £2,710,624).
The directors have paid dividends of £2,207,700 (2022 - £2,676,920).
The directors who served during the year and their interests in the Group's issued share capital were:
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STRUKTA GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The market for our services is expected to continue to expand into 2024. The Group will continue to develop new services to help place it in a stong position to support the continual growth.
There have been no significant events affecting the Group since the year end.
The auditors, Clifford Fry & Co LLP (Statutory auditors), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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STRUKTA GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRUKTA GROUP LIMITED
We have audited the financial statements of Strukta Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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.
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STRUKTA GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRUKTA GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the 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 Directors' report.
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STRUKTA GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRUKTA GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, intentional misrepresentations. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit recognition. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reviewing minutes of meetings and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 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 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 Auditors' report.
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STRUKTA GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRUKTA GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
St Mary's House
Netherhampton
Wiltshire
SP2 8PU
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STRUKTA GROUP LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
REGISTERED NUMBER: 08356072
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
REGISTERED NUMBER: 08356072
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 August 2024.
The notes on pages 21 to 41 form part of these financial statements.
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STRUKTA GROUP LIMITED
REGISTERED NUMBER: 08356072
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
REGISTERED NUMBER: 08356072
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 41 form part of these financial statements.
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STRUKTA GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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STRUKTA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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STRUKTA GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Strukta Group Limited was incorporated and registered in England & Wales and is a private group limited by share capital. The Group is primarily involved in the sale of building products to the construction industry.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 December 2014.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
The increase in tax charge may affect future tax charges.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.Intangible assets (continued)
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
All of the Group's tangible fixed assets are held in the Parent company.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The hire purchase contracts are secured on the assets concerned.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The hire purchase contracts are secured on the assets concerned.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
25.Deferred taxation (continued)
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
26.Share capital (continued)
During the year, 2,632 Ordinary 'B' shares of £1 were issued and £493.92 was paid per share.
Merger Reserve
subsidiary company SNS Building Products Limited and the subsequent impairment of the value of this company due to the hive up within the parent company.
Profit and loss account
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £55,276 (2022 - £39,160). Contributions totalling £11,804 (2022 - £7,916) were payable to the fund at the balance sheet date and are included in creditors.
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STRUKTA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There is no ultimate controlling party.
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