B H Construction Co Limited 2467497 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of civil engineering contractors Digita Accounts Production Advanced 6.30.9574.0 true true true Class 1 Class 2 Class 3 2467497 2023-03-01 2024-02-29 2467497 2024-02-29 2467497 bus:OrdinaryShareClass1 2024-02-29 2467497 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 2467497 core:FurtherSpecificReserve1ComponentTotalEquity 2024-02-29 2467497 core:OtherReservesSubtotal 2024-02-29 2467497 core:RetainedEarningsAccumulatedLosses 2024-02-29 2467497 core:ShareCapital 2024-02-29 2467497 core:CurrentFinancialInstruments 2024-02-29 2467497 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 2467497 core:FurnitureFittingsToolsEquipment 2024-02-29 2467497 core:DeferredTaxation 2024-02-29 2467497 bus:FRS102 2023-03-01 2024-02-29 2467497 bus:Audited 2023-03-01 2024-02-29 2467497 bus:FullAccounts 2023-03-01 2024-02-29 2467497 bus:RegisteredOffice 2023-03-01 2024-02-29 2467497 bus:Director1 2023-03-01 2024-02-29 2467497 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 2467497 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 2467497 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-01 2024-02-29 2467497 core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 2467497 core:ShareCapital 2023-03-01 2024-02-29 2467497 countries:UnitedKingdom 2023-03-01 2024-02-29 2467497 core:ReportableOperatingSegment1 2023-03-01 2024-02-29 2467497 core:ReportableOperatingSegment2 2023-03-01 2024-02-29 2467497 core:ReportableOperatingSegment3 2023-03-01 2024-02-29 2467497 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 2467497 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 2467497 core:DeferredTaxation 2023-03-01 2024-02-29 2467497 core:UKTax 2023-03-01 2024-02-29 2467497 countries:England 2023-03-01 2024-02-29 2467497 2023-02-28 2467497 core:FurtherSpecificReserve1ComponentTotalEquity 2023-02-28 2467497 core:RetainedEarningsAccumulatedLosses 2023-02-28 2467497 core:ShareCapital 2023-02-28 2467497 core:FurnitureFittingsToolsEquipment 2023-02-28 2467497 core:DeferredTaxation 2023-02-28 2467497 2022-03-01 2023-02-28 2467497 2023-02-28 2467497 bus:OrdinaryShareClass1 2023-02-28 2467497 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 2467497 core:OtherReservesSubtotal 2023-02-28 2467497 core:RetainedEarningsAccumulatedLosses 2023-02-28 2467497 core:ShareCapital 2023-02-28 2467497 core:CurrentFinancialInstruments 2023-02-28 2467497 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 2467497 core:CurrentFinancialInstruments core:WithinOneYear core:PriorPeriodErrorIncreaseDecrease 2023-02-28 2467497 core:FurnitureFittingsToolsEquipment 2023-02-28 2467497 core:PriorPeriodErrorIncreaseDecrease 2023-02-28 2467497 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 2467497 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-01 2023-02-28 2467497 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 2467497 core:ShareCapital 2022-03-01 2023-02-28 2467497 countries:UnitedKingdom 2022-03-01 2023-02-28 2467497 core:UKTax 2022-03-01 2023-02-28 2467497 2022-02-28 2467497 core:FurtherSpecificReserve1ComponentTotalEquity 2022-02-28 2467497 core:RetainedEarningsAccumulatedLosses 2022-02-28 2467497 core:ShareCapital 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 2467497

B H Construction Co Limited

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

B H Construction Co Limited

Contents

Strategic Report

1 to 2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 20

 

B H Construction Co Limited

Strategic Report for the Year Ended 29 February 2024

The director presents his strategic report for the year ended 29 February 2024.

Principal activity

The principal activity of the company is that of civil engineering contractors

Fair review of the business

The results for the year and financial position are as shown in the financial statements.

The company had a successful year, achieving operating margins greater than expected, reporting an operating profit of in excess of £1.3M. The company remains in a strong financial position with net assets at the year end in excess of £1.1M.

 

B H Construction Co Limited

Strategic Report for the Year Ended 29 February 2024

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'000

10,798

10,337

Gross profit

£'000

2,730

1,880

Gross profit margin

%

25

18

Principal risks and uncertainties

Like many businesses of our size, the business environment in which we operate continues to be challenging. Competitive prices across the industry continues to put pressure on margins. The successful management of risk is essential to enable the company to deliver its strategic objectives.

Noted below is a summary of the company’s principal risks and uncertainties. Control of each of these is critical to the ongoing success of the business. As such, their management is primarily the responsibility of the director who is supported by the management throughout the company.

Financial risk:
The Company’s operations expose it to a variety of financial risks, principally credit risk and liquidity risk. The effects of credit risks are controlled by the adoption of policies that require appropriate credit checking and monitoring of new customers and also for supplier and subcontractors, particularly when placing large orders.

Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations. The company remains in a strong cash position but management are aware how suddenly this can fluctuate in the construction sector.

Market risk:
In order to minimise exposure to market risk we undertake contracts with a variety of clients. We recognise the risk of not focusing on completing our contractual obligations and therefore strive to fulfil these to a good quality, time scale and budget. Our success in this area generates repeat custom and protects the company position in the market place.

Workforce and materials risk:
If the availability of skilled workers, subcontractors or materials is insufficient to meet demand, this could lead to longer build times and increased costs, thereby reducing profitability and return on capital employed. We maintain regular contact with suppliers, negotiating contract volumes, pricing and duration. We provide high level and site-specific programme information to the subcontractor base to aid with demand planning. When selecting our subcontractors, we consider competencies particularly in relation to health and safety, quality, previous performance and financial stability.

Health and safety risk:
The Company has detailed procedures and policies in place to minimise health and safety risks which are inherent due to the nature of the business. The director takes this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.

Approved and authorised by the director on 13 September 2024
 

.........................................
Mr P A Blake
Director

 

B H Construction Co Limited

Director's Report for the Year Ended 29 February 2024

The director presents his report and the financial statements for the year ended 29 February 2024.

Director of the company

The director who held office during the year was as follows:

Mr P A Blake

Information included in the Strategic Report

The objectives, policies and processes for managing the risks of the company and important events since the financial period end are included in the Strategic Report.

Disclosure of information to the auditors

The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Approved by the Board on 13 September 2024 and signed on its behalf by:


Mr P A Blake
Director

 

B H Construction Co Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

B H Construction Co Limited

Independent Auditor's Report to the Members of B H Construction Co Limited

Opinion

We have audited the financial statements of B H Construction Co Limited (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 29 February 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 auditor 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.

Other matter
In the previous accounting period the director of the company took advantage of audit exemption under s477 of the Companies Act 2006, being a small company. Therefore, the prior period financial statements were not subject to an audit.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

 

B H Construction Co Limited

Independent Auditor's Report to the Members of B H Construction Co Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

B H Construction Co Limited

Independent Auditor's Report to the Members of B H Construction Co Limited

Discussions held with management, including consideration of known or suspected instances of non-compliance;

Challenging assumptions and judgements made within significant accounting estimates;

Identification of key laws and regulations central to the Company's operation and review of compliance with such laws

Testing of journal entries and potential areas for management override of systems.

 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s 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.




Robert Smith BSc FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

13 September 2024

 

B H Construction Co Limited

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

Unaudited
2023
£

Turnover

3

10,798,496

10,336,782

Cost of sales

 

(8,068,570)

(8,456,915)

Gross profit

 

2,729,926

1,879,867

Administrative expenses

 

(1,407,776)

(1,326,874)

Other operating income

1,335

-

Operating profit

4

1,323,485

552,993

Other interest receivable and similar income

5

151

754

Interest payable and similar expenses

6

-

(52)

   

151

702

Profit before tax

 

1,323,636

553,695

Tax on profit

10

(325,483)

(105,264)

Profit for the financial year

 

998,153

448,431

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

B H Construction Co Limited

(Registration number: 2467497)
Balance Sheet as at 29 February 2024

Note

2024
£

Unaudited
2023
£

Fixed assets

 

Tangible assets

11

28,904

17,562

Current assets

 

Stocks

12

501,756

184,872

Debtors

13

2,449,468

1,557,513

Cash at bank and in hand

14

696,579

226,116

 

3,647,803

1,968,501

Creditors: Amounts falling due within one year

15

(2,509,967)

(1,373,365)

Net current assets

 

1,137,836

595,136

Total assets less current liabilities

 

1,166,740

612,698

Provisions for liabilities

16

(7,226)

(3,337)

Net assets

 

1,159,514

609,361

Capital and reserves

 

Called up share capital

18

50

50

Other reserves

50

50

Retained earnings

1,159,414

609,261

Shareholders' funds

 

1,159,514

609,361

Approved and authorised by the director on 13 September 2024
 


Mr P A Blake
Director

   
 

B H Construction Co Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 March 2023

50

50

609,261

609,361

Profit for the year

-

-

998,153

998,153

Dividends

-

-

(448,000)

(448,000)

At 29 February 2024

50

50

1,159,414

1,159,514

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 March 2022

50

50

767,830

767,930

Profit for the year

-

-

448,431

448,431

Dividends

-

-

(607,000)

(607,000)

At 28 February 2023

50

50

609,261

609,361

 

B H Construction Co Limited

Statement of Cash Flows for the Year Ended 29 February 2024

Note

2024
£

Unaudited
2023
£

Cash flows from operating activities

Profit for the year

 

998,153

448,431

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

2,633

2,853

Finance income

5

(151)

(754)

Finance costs

6

-

52

Corporation tax expense

10

325,483

105,264

 

1,326,118

555,846

Working capital adjustments

 

Increase in stocks

12

(316,884)

(108,006)

(Increase)/decrease in trade debtors

13

(891,955)

1,690,289

Increase/(decrease) in trade creditors

15

920,013

(1,733,408)

Cash generated from operations

 

1,037,292

404,721

Corporation taxes paid

10

(105,005)

(144,408)

Net cash flow from operating activities

 

932,287

260,313

Cash flows from investing activities

 

Interest received

5

151

754

Acquisitions of tangible assets

(13,975)

(4,217)

Net cash flows from investing activities

 

(13,824)

(3,463)

Cash flows from financing activities

 

Interest paid

6

-

(52)

Dividends paid

19

(448,000)

(607,000)

Net cash flows from financing activities

 

(448,000)

(607,052)

Net increase/(decrease) in cash and cash equivalents

 

470,463

(350,202)

Cash and cash equivalents at 1 March

 

226,116

576,318

Cash and cash equivalents at 29 February

14

696,579

226,116

 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Queensway Business Centre
Dunlop Way
Scunthorpe
North Lincolnshire
DN16 3RN
Registration number 2467497

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Key sources of estimation uncertainty

The main estimate and assumption that has the most significant impact on the carrying value of assets and liabilities of the company within the next financial year is the value of long term contracts.

Estimates are based on the level of invoices expected to be raised, work performed at the balance sheet date and knowledge of contractual terms with customers.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Revenue is measured by reference to the amount likely to be chargeable to customers. The excess of turnover not invoiced over payments on account is included as an asset of the company.

 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Contract revenue recognition

Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Turnover and costs are recognised by reference to the stage of completion of contract activity at the year end date. This is normally measured by surveys of work performed to date. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% per annum on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

Unaudited
2023
£

Rendering of services

10,798,496

10,336,782

The analysis of the company's turnover for the year by market is as follows:

 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

2024
£

Unaudited
2023
£

UK

10,798,496

10,336,782

The amount of contract revenue recognised as turnover in the year was £1,137,726 (2023 - £4,326,462).

The gross amount due from customers for contract work included in debtors at 29 February 2024 was £90,769 (2023 - £359,798).

There were no amounts due to customers for contract work included in creditors at 29 February 2024 (2023 - £nil).

4

Operating profit

Arrived at after charging/(crediting)

2024
£

Unaudited
2023
£

Depreciation expense

2,633

2,853

5

Other interest receivable and similar income

2024
£

Unaudited
2023
£

Interest income on bank deposits

151

754

6

Interest payable and similar expenses

2024
£

Unaudited
2023
£

Interest expense on other finance liabilities

-

52

7

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

Unaudited
2023
£

Wages and salaries

2,934,011

2,631,870

Social security costs

314,964

290,605

Pension costs, defined contribution scheme

58,847

55,018

3,307,822

2,977,493

 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

Unaudited
2023
No.

Production

66

61

Administration and support

4

4

70

65

8

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

Unaudited
2023
£

Remuneration

53,120

47,268

Contributions paid to money purchase schemes

1,230

1,204

54,350

48,472

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

Unaudited
2023
No.

Accruing benefits under defined benefit pension scheme

1

1

9

Auditors' remuneration

2024
£

Unaudited
2023
£

Audit of the financial statements

10,000

-


 

 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

Unaudited
2023
£

Current taxation

UK corporation tax

321,595

105,005

Deferred taxation

Arising from origination and reversal of timing differences

3,888

259

Tax expense in the profit and loss account

325,483

105,264

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

Unaudited
2023
£

Profit before tax

1,323,636

553,695

Corporation tax at standard rate

330,909

105,202

Decrease from effect of different UK tax rates on some earnings

(6,672)

-

Effect of expense not deductible in determining taxable profit (tax loss)

194

62

Deferred tax expense from unrecognised temporary difference from a prior period

3,888

259

Tax decrease from effect of capital allowances and depreciation

(2,836)

(259)

Total tax charge

325,483

105,264

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

7,226

7,226

2023

Liability
£

Difference between accumulated depreciation and capital allowances

3,337

3,337

 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

11

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

65,762

65,762

Additions

13,975

13,975

At 29 February 2024

79,737

79,737

Depreciation

At 1 March 2023

48,200

48,200

Charge for the year

2,633

2,633

At 29 February 2024

50,833

50,833

Carrying amount

At 29 February 2024

28,904

28,904

At 28 February 2023

17,562

17,562

12

Stocks

2024
£

Unaudited
2023
£

Work in progress

501,756

184,872

13

Debtors

2024
£

Unaudited
2023
£

Trade debtors

2,438,811

1,543,659

Other debtors

10,657

13,854

 

2,449,468

1,557,513

14

Cash and cash equivalents

2024
£

Unaudited
2023
£

Cash on hand

300

300

Cash at bank

696,279

225,816

696,579

226,116

 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

15

Creditors

2024
£

Unaudited
2023
£

Due within one year

Trade creditors

1,450,305

643,517

Social security and other taxes

566,623

382,063

Outstanding defined contribution pension costs

4,308

3,629

Other creditors

190,150

156,300

Accrued expenses

298,581

187,856

2,509,967

1,373,365

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 March 2023

3,337

3,337

Increase in existing provisions

3,889

3,889

At 29 February 2024

7,226

7,226

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £58,847 (2023 - £55,018).

Contributions totalling £4,308 (2023 - £3,629) were payable to the scheme at the end of the year and are included in creditors.

18

Share capital

Allotted, called up and fully paid shares

 

2024

Unaudited
2023

 

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

         
 

B H Construction Co Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

19

Dividends

Final dividends paid

2024
£

Unaudited
2023
£

Final dividend of £8,960.00 (2023 - £12,140.00) per each Ordinary shares

448,000

607,000

 

 

20

Commitments

Capital commitments

This is in respect of the property lease.
The total amount contracted for but not provided in the financial statements was £13,043 (2023 - £24,223).