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REGISTERED NUMBER: 10750281 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

LITTLEWOOD FENCING UK LIMITED

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


LITTLEWOOD FENCING UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: J M Hobden
D A Symes
J Verjee





REGISTERED OFFICE: North Trade Road
Battle
East Sussex
TN33 9LJ





REGISTERED NUMBER: 10750281 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS
Littlewood Fencing UK Limited acts as a holding company managing its intermediary holding company, Littlewood Holdings (Sussex) Limited and its further three wholly-owned trading subsidiaries; Littlewood Fencing Limited, Berry Systems UK Limited and Littlewood Renewables Limited.

Littlewood Fencing Limited is a well established and reputable fencing contractor which services its clients all over the UK from its head office in the South East of England and two other locations in the South West and the East Midlands.

The directors have considered the potential implications of the current economic climate, taking into account the Russia/Ukraine conflict and rising inflation, and its impact on costs.

The Directors were satisfied with the performance of the group in these tough economic conditions and are positive about the coming year's trade.

Key performance indicators for the year:

2024 2023
£ £
Turnover 47,686,126 30,518,012
Gross Profit 10,629,006 7,677,883
Operating Profit 811,047 619,851
Gross Assets 18,589,051 15,599,100
Net Assets 8,942,865 7,867,719

Normalised earnings before interest, tax, depreciation and amortisation ('EBITDA') for the group are shown below:

2024 2023
£ £
Operating Profit 811,047 619,851
Interest received (69,816) (79,235)
Interest paid 138,955 93,643
Tax 432,443 237,110
Depreciation 376,532 310,470
Amortisation 495,870 514,643
EBITDA 2,185,031 1,696,482



LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The group operates in the construction industry and is subject to significant governmental regulation including stringent laws relating to health and safety.

Like every business, our management team is regularly monitoring our risk profile and provides clear guidelines and assurances that all social, legal and health and safety responsibilities are adhered to.

ON BEHALF OF THE BOARD:





J M Hobden - Director


13 September 2024

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a holding company.

DIVIDENDS
No dividends will be distributed for the year ended 31 May 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

J M Hobden
D A Symes
J Verjee

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J M Hobden - Director


13 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LITTLEWOOD FENCING UK LIMITED

Opinion
We have audited the financial statements of Littlewood Fencing UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LITTLEWOOD FENCING UK LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LITTLEWOOD FENCING UK LIMITED


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:

Prior to engagement the following audit procedures are considered:
- Identification of laws and regulations being significant in the context of the entity;
- Understanding the entity's current activities, the scope of its authorisation and the effectiveness of its control environment where the entity is a regulated entity;
- Determining any key audit matters that require further explanation;
- In the case of a group, how the auditor addressed these matters at both at the group and component levels;
- communications with the engagement team and, where relevant, component auditors regarding non-compliance with laws and regulations and fraud.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Reading key correspondence from regulatory bodies;
- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We focused on the valuation of provisions against WIP, retentions and application debtors, and the assessment of impairment of intangible and tangible assets, as well as any other estimates and provisions within the accounts;
- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the conclusions drawn on obligations recognised in respect of uncertain legal matters;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users; and
- Testing all material consolidation adjustments to ensure these were appropriate in nature and magnitude;
- Communicating with component auditors any matters which arise, and disclosing any instances of
non-compliance or fraud, in addition to testing inter-group transactions and amounts owed by/(to) any group companies;
- Reviewing relevant meeting minutes including those of the board of directors
- Testing transactions entered into that are outside of the normal course of the Company's business

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the group's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.

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
LITTLEWOOD FENCING UK 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.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

13 September 2024

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 47,686,126 30,518,012

Cost of sales (37,057,120 ) (22,840,129 )
GROSS PROFIT 10,629,006 7,677,883

Administrative expenses (9,317,398 ) (6,806,514 )
1,311,608 871,369

Other operating income 1,021 -
1,312,629 871,369

Interest receivable and similar income 69,816 79,235
1,382,445 950,604

Interest payable and similar expenses 5 (138,955 ) (93,643 )
PROFIT BEFORE TAXATION 6 1,243,490 856,961

Tax on profit 7 (432,443 ) (237,110 )
PROFIT FOR THE FINANCIAL YEAR 811,047 619,851

OTHER COMPREHENSIVE INCOME
Revaluation 363,198 -
Income tax relating to other
comprehensive income

(99,099

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

264,099

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,075,146

619,851

Profit attributable to:
Owners of the parent 811,047 619,851

Total comprehensive income attributable to:
Owners of the parent 1,075,146 619,851

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 2,311,376 2,930,009
Tangible assets 10 4,762,183 4,016,504
Investments 11 - -
7,073,559 6,946,513

CURRENT ASSETS
Stocks 12 450,385 183,557
Debtors 13 5,244,147 6,062,743
Cash at bank and in hand 5,820,960 2,406,287
11,515,492 8,652,587
CREDITORS
Amounts falling due within one year 14 (7,523,161 ) (5,662,150 )
NET CURRENT ASSETS 3,992,331 2,990,437
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,065,890

9,936,950

CREDITORS
Amounts falling due after more than one
year

15

(1,313,975

)

(1,298,405

)

PROVISIONS FOR LIABILITIES 18 (809,050 ) (770,826 )
NET ASSETS 8,942,865 7,867,719

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Share premium 20 33,998 33,998
Revaluation reserve 20 1,838,582 1,574,483
Capital redemption reserve 20 40 40
Retained earnings 20 6,970,245 6,159,198
SHAREHOLDERS' FUNDS 8,942,865 7,867,719

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:



J M Hobden - Director


LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

COMPANY BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 12,435,776 12,334,781
12,435,776 12,334,781

CURRENT ASSETS
Debtors 13 3,780 3,500
Cash at bank 5,018 7,825
8,798 11,325
CREDITORS
Amounts falling due within one year 14 (11,406,453 ) (11,197,405 )
NET CURRENT LIABILITIES (11,397,655 ) (11,186,080 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,038,121

1,148,701

CREDITORS
Amounts falling due after more than one
year

15

(1,021,284

)

(1,131,669

)
NET ASSETS 16,837 17,032

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Retained earnings 20 (83,163 ) (82,968 )
SHAREHOLDERS' FUNDS 16,837 17,032

Company's loss for the financial year (195 ) (206 )

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





J M Hobden - Director


LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 June 2022 100,000 5,539,347 33,998

Changes in equity
Total comprehensive income - 619,851 -
Balance at 31 May 2023 100,000 6,159,198 33,998

Changes in equity
Total comprehensive income - 811,047 -
Balance at 31 May 2024 100,000 6,970,245 33,998
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 June 2022 1,574,483 40 7,247,868

Changes in equity
Total comprehensive income - - 619,851
Balance at 31 May 2023 1,574,483 40 7,867,719

Changes in equity
Total comprehensive income 264,099 - 1,075,146
Balance at 31 May 2024 1,838,582 40 8,942,865

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 100,000 (82,762 ) 17,238

Changes in equity
Total comprehensive loss - (206 ) (206 )
Balance at 31 May 2023 100,000 (82,968 ) 17,032

Changes in equity
Total comprehensive loss - (195 ) (195 )
Balance at 31 May 2024 100,000 (83,163 ) 16,837

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,480,327 1,379,823
Interest paid (90,998 ) (70,169 )
Interest element of hire purchase
payments paid

(47,957

)

(23,474

)
Tax paid (410,435 ) (665,012 )
Deferred tax movement 137,323 (43,226 )
Net cash from operating activities 4,068,260 577,942

Cash flows from investing activities
Purchase of intangible fixed assets 122,763 (578,205 )
Purchase of tangible fixed assets (1,002,797 ) (488,745 )
Sale of tangible fixed assets 69,498 223,028
Interest received 69,816 79,235
Net cash from investing activities (740,720 ) (764,687 )

Cash flows from financing activities
Loan repayments in year (104,157 ) (108,740 )
New Hire purchases in year 558,299 182,769
Capital repayments in year (367,009 ) (327,633 )
Net cash from financing activities 87,133 (253,604 )

Increase/(decrease) in cash and cash equivalents 3,414,673 (440,349 )
Cash and cash equivalents at
beginning of year

2

2,406,287

2,846,636

Cash and cash equivalents at end of
year

2

5,820,960

2,406,287

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,243,490 856,961
Depreciation charges 872,402 825,113
Profit on disposal of fixed assets (23,912 ) (5,683 )
(Increase)/Decrease in AROC 2,086,551 869,067
Finance costs 138,955 93,643
Finance income (69,816 ) (79,235 )
4,247,670 2,559,866
(Increase)/decrease in stocks (266,828 ) 102,907
Increase in trade and other debtors (1,267,955 ) (1,576,985 )
Increase in trade and other creditors 1,767,440 294,035
Cash generated from operations 4,480,327 1,379,823

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 5,820,960 2,406,287
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 2,406,287 2,846,636


LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 2,406,287 3,414,673 5,820,960
2,406,287 3,414,673 5,820,960
Debt
Finance leases (423,883 ) (191,290 ) (615,173 )
Debts falling due within 1 year (110,018 ) (6,228 ) (116,246 )
Debts falling due after 1 year (1,131,669 ) 110,385 (1,021,284 )
(1,665,570 ) (87,133 ) (1,752,703 )
Total 740,717 3,327,540 4,068,257

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Littlewood Fencing UK 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on cost and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,581,042 14,092,964
Social security costs 1,131,366 886,173
Other pension costs 184,887 171,864
11,897,295 15,151,001

The average number of employees during the year was as follows:
2024 2023

Direct 137 111
Indirect 85 82
222 193

2024 2023
£    £   
Directors' remuneration 150,448 149,540

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 90,815 70,169
Other interest paid 183 -
Hire purchase 47,957 23,474
138,955 93,643

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 1,260,021 2,169,700
Depreciation - owned assets 146,610 101,826
Depreciation - assets on hire purchase contracts 229,922 208,645
Profit on disposal of fixed assets (23,912 ) (5,683 )
Goodwill amortisation 524,743 514,643
Patents and licences amortisation (28,873 ) -
Auditors' remuneration 21,875 21,825

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 295,120 276,818
Prior year tax - (13,005 )
Corporation tax interest - 16,523
Total current tax 295,120 280,336

Deferred tax 137,323 (43,226 )
Tax on profit 432,443 237,110

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,243,490 856,961
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 20.003 %)

310,873

171,418

Effects of:
Expenses not deductible for tax purposes 1,225 3,208
Capital allowances in excess of depreciation (134,340 ) -
Depreciation in excess of capital allowances - 100,548
Utilisation of tax losses 49 41
Adjustments to tax charge in respect of previous periods - 3,445
Deferred tax movement 137,323 (43,226 )
Other adjustments 117,313 1,676
Total tax charge 432,443 237,110

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation 363,198 (99,099 ) 264,099

2023
Gross Tax Net
£    £    £   
Revaluation

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 June 2023 5,371,432 - 5,371,432
Additions 100,995 (223,758 ) (122,763 )
At 31 May 2024 5,472,427 (223,758 ) 5,248,669
AMORTISATION
At 1 June 2023 2,441,423 - 2,441,423
Amortisation for year 524,743 (28,873 ) 495,870
At 31 May 2024 2,966,166 (28,873 ) 2,937,293
NET BOOK VALUE
At 31 May 2024 2,506,261 (194,885 ) 2,311,376
At 31 May 2023 2,930,009 - 2,930,009

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 June 2023 2,668,032 211,568 1,140,379
Additions - 81,208 198,623
Disposals - - (18,000 )
Revaluations 165,000 - -
At 31 May 2024 2,833,032 292,776 1,321,002
DEPRECIATION
At 1 June 2023 178,032 4,232 752,562
Charge for year - 5,042 69,660
Eliminated on disposal - - (10,294 )
At 31 May 2024 178,032 9,274 811,928
NET BOOK VALUE
At 31 May 2024 2,655,000 283,502 509,074
At 31 May 2023 2,490,000 207,336 387,817

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2023 189,290 2,091,863 17,035 6,318,167
Additions 53,910 645,763 23,293 1,002,797
Disposals - (214,242 ) - (232,242 )
Revaluations - - - 165,000
At 31 May 2024 243,200 2,523,384 40,328 7,253,722
DEPRECIATION
At 1 June 2023 54,951 1,311,072 814 2,301,663
Charge for year 25,420 272,321 4,089 376,532
Eliminated on disposal - (176,362 ) - (186,656 )
At 31 May 2024 80,371 1,407,031 4,903 2,491,539
NET BOOK VALUE
At 31 May 2024 162,829 1,116,353 35,425 4,762,183
At 31 May 2023 134,339 780,791 16,221 4,016,504

The Company's freehold property at North Trade Road was valued by Vail Williams LLP Property Consultants at a market value of £2,655,000 on 18th June 2024.

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 - 1,093,361 1,093,361
Additions 154,463 421,977 576,440
Disposals - (42,791 ) (42,791 )
Transfer to ownership - (349,244 ) (349,244 )
At 31 May 2024 154,463 1,123,303 1,277,766
DEPRECIATION
At 1 June 2023 - 480,462 480,462
Charge for year 10,622 219,300 229,922
Eliminated on disposal - (19,281 ) (19,281 )
Transfer to ownership - (230,629 ) (230,629 )
At 31 May 2024 10,622 449,852 460,474
NET BOOK VALUE
At 31 May 2024 143,841 673,451 817,292
At 31 May 2023 - 612,899 612,899

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 June 2023 12,334,781
Additions 100,995
At 31 May 2024 12,435,776
NET BOOK VALUE
At 31 May 2024 12,435,776
At 31 May 2023 12,334,781

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

11. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Littlewood Fencing ltd
Registered office: North Trade Road, Battle, East Sussex,TN33 9LJ
Nature of business: Fencing Contractor
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 15,026,758 13,718,431
Profit for the year 1,308,327 1,012,524

Littlewood Fencing ltd is an indirect holding, owned 100% by Littlewood Holdings (Sussex) ltd.

Littlewood Holdings (Sussex) ltd
Registered office: North Trade Road, Battle, East Sussex, TN33 9LJ
Nature of business: Holding Company
%
Class of shares: holding
Ordinary A,B,C,D 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,928,475 3,537,188
Profit for the year 127,188 122,175

Littlewood Renewables ltd
Registered office: North Trade Road, Battle, East Sussex, TN33 9LJ
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00

Littlewood Renewables ltd is an indirect holding, owned 100% by Littlewood Holdings (Sussex) ltd.

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

11. FIXED ASSET INVESTMENTS - continued

Berry Systems UK ltd
Registered office: North Trade Road, Battle, East Sussex, TN33 9LJ
Nature of business: Specialised construction services
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves (99,429 )
Loss for the year (99,529 )

Berry Systems UK ltd is an indirect holding, owned 100% by Littlewood Fencing ltd.


12. STOCKS

Group
2024 2023
£    £   
Stocks 450,385 183,557

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 5,376,765 4,380,755 - -
Amounts recoverable on contract (783,074 ) 1,303,477 - -
Other debtors 20,279 15,611 3,780 3,500
VAT 324,159 140,768 - -
Prepayments and accrued income 306,018 222,132 - -
5,244,147 6,062,743 3,780 3,500

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 116,246 110,018 116,246 110,018
Hire purchase contracts (see note 17) 322,482 257,147 - -
Trade creditors 4,803,724 4,303,522 - -
Amounts owed to group undertakings - - 11,281,660 11,079,632
Tax 242,685 220,677 - -
Social security and other taxes 291,884 224,791 - -
VAT - - 4,767 4,255
Other creditors 46,987 41,161 - -
Accrued expenses 1,699,153 504,834 3,780 3,500
7,523,161 5,662,150 11,406,453 11,197,405

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 1,021,284 1,131,669 1,021,284 1,131,669
Hire purchase contracts (see note 17) 292,691 166,736 - -
1,313,975 1,298,405 1,021,284 1,131,669

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 116,246 110,018 116,246 110,018
Amounts falling due between one and two years:
Bank loans - 1-2 years 125,458 117,854 125,458 117,854
Amounts falling due between two and five years:
Bank loans - 2-5 years 439,235 406,362 439,235 406,362
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 456,591 607,453 456,591 607,453

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 322,482 257,147
Between one and five years 292,691 166,736
615,173 423,883

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 174,657 124,725
Between one and five years 211,495 106,171
386,152 230,896

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 809,050 770,826

Group
Deferred
tax
£   
Balance at 1 June 2023 770,826
Provided during year 38,224
Balance at 31 May 2024 809,050

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
25,001 Ordinary A £1 25,001 25,001
74,999 Ordinary B £1 74,999 74,999
100,000 100,000

20. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 June 2023 6,159,198 33,998 1,574,483 40 7,767,719
Profit for the year 811,047 811,047
Revaluation - - 264,099 - 264,099
At 31 May 2024 6,970,245 33,998 1,838,582 40 8,842,865

LITTLEWOOD FENCING UK LIMITED (REGISTERED NUMBER: 10750281)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

20. RESERVES - continued

Company
Retained
earnings
£   

At 1 June 2023 (82,968 )
Deficit for the year (195 )
At 31 May 2024 (83,163 )