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Company Registration No. 03115127 (England and Wales)







CELTIC CONTRACTORS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

 
CELTIC CONTRACTORS LIMITED
 
 
COMPANY INFORMATION


Directors
Jonathan Whyte 
Mark Avis 
Martin Stripe 
Martin Brennan 




Company secretary
Sinead Malik



Registered number
03115127



Registered office
Celtic House
167 Garth Road

Surrey

SM4 4LF




Independent auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




Bankers
National Westminster Bank Plc
45 Fulham Broadway

London

SW6 1AG





 
CELTIC CONTRACTORS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 5
Directors' Report
 
 
6 - 7
Independent Auditors' Report
 
 
8 - 11
Profit and Loss Account
 
 
12
Balance Sheet
 
 
13
Statement of Changes in Equity
 
 
14
Statement of Cash Flows
 
 
15
Analysis of Net Debt
 
 
16
Notes to the Financial Statements
 
 
17 - 26


 
CELTIC CONTRACTORS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present the strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company continued to be that of specialist fit-out contractors. 

Key performance indicators and headline financials
 
Our number one indicator remains the health and safety of our workers. Then comes our team and the delivery of a quality and timely service.
Our key financial targets remain profit, balance sheet strength and to operate without bank funding.
The key financial highlights of the company for the last five years are as follows:
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The profit and loss account
The full profit & loss account of the company for the year is set out on page 12. The continuing profitability and balance sheet strength is the result of another successful year.

Review of the year to March 2024

The directors are pleased to report another successful year with increased profitability and balance sheet strength as demonstrated by our key performance indicators set out above.
We continued to invest in our team, in health and safety and in training and technology. 
We completed and handed over projects to programme and we thank our clients for the opportunity to work for them.
We work in an extremely competitive sector and the results achieved were especially pleasing in the light of the continuing high inflation, wages inflation, skills shortages and materials price increases as well as the uncertainty caused by the continuing war in Ukraine and the new conflict in the Middle East.
But our consistent profits resulted from a combination of factors such as continuing focus on core activities, the strength of our management team, our smart and more efficient use of systems, procedures and technology and embracing proven modern techniques. Our thanks to the strong relationships we maintain with our supply chain who continue to give us a reliable service in recognition of decades of fair and prompt payment terms.
We commend our experienced team and strong commercial and financial resources that gave us another successful year.

Page 1

 
CELTIC CONTRACTORS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future prospects

Our current contracts are progressing satisfactorily and we have an increased order book from well-established customers. We continue to invest in our people and resources. 
We live in uncertain times where profit margins remain challenging and we have to operate with trades shortages and the uncertainty caused by the continuing geo political climate, conflict in Ukraine, conflict in the Middle East, elections in the UK, Europe and America all of which combine to keep investment confidence low so caution remains the order of the day. 
However, as we enter our 29th year of successful trading we are confident that the strength of the company with its strong and liquid balance sheet, our dedicated and experienced team and our good reputation in our sector to continue the delivery of a consistent, timely and quality service to our valued customers and to generate profit and positive cashflow going forward.
The board remain committed to delivering an excellent service and to managing the company’s strategic direction to match that of the market it operates in, with a key focus on maintaining a sustainably profitable business which continues to be a key strategic partner of its customers, suppliers and other stakeholders.

History and family values

We have traded successfully for the past 29 years. We strive to retain the family culture with all our directors actively involved with our employees, clients and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest engineering standards and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise and reliability and to be the contractor of choice. We strive to continue the long term relationships with our customer base by focusing on our core activities, our long standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers.

Principal risks and uncertainties

Construction is a higher risk, low margin sector and there are a number of uncertainties which could have an impact on the company’s performance and could cause results to differ substantially from historical profits and current projections. However, we have a strong and liquid balance sheet, an experienced team and well-established systems and procedures in place to help avoid or minimise risks to the company. 
The principal risks for our company include the following:
Pricing and delivery of large and complex construction contracts 
The pricing and delivery of fit out construction contracts presents many challenges, principal amongst them being availability of materials and tradespeople, meeting tight deadlines, site conditions and cost overruns. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win.

Quality workmanship
Fit-out contracts have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a long-standing team of skilled and experienced directors, managers, tradespeople and support staff. 

Credit risk
The company’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long-standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day to day basis. In particular our long-standing monthly Cost Value Reporting system and review meetings cover the operational, commercial and financial performance of every project and act as an advance warning of any variances.

Page 2

 
CELTIC CONTRACTORS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Liquidity risk
The company maintains a strong and liquid balance sheet and finances its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. Cashflow forecasts are constantly monitored and updated. The company does not have any complex financial instruments or hedging products and neither does it have any loans or overdrafts. Therefore the directors are confident that they can meet their obligations as they fall due.

Health and safety risk
Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out in our health and safety note below.
Our in-house team
The success of the company is dependent on retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.

Going concern
The Board of Directors is required to consider the company's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have a satisfactory order book from well-established customers and we have a £9.3 million balance sheet with strong liquidity and consistent profits. Thus we continue to adopt the going concern basis in preparing the financial statements.

Corporate social responsibility
The directors believe that the long term interests of the company, its employees and its customers are best served by acting in a corporate social manner and by helping the communities and the environment in which we operate.
Therefore, the company ensures that high standards are maintained in everything we do.
Throughout the year the company and its employees supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation and we continue to invest in upskilling and training. 
In particular we are proud to continue our many years of support for the charity Stripey Stork. We were a sponsor for the Mental Health World Cup and our employees raised funds for various charities such as CALM, the Stroke Association and Strongmen.
Our people and their health and safety are at the heart of everything we do and we write more about that in our health and safety note below.
As a medium sized construction company, we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect and we recycle and re-use our site waste wherever possible and we use modern waste management companies to recycle any excess.

Page 3

 
CELTIC CONTRACTORS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Our people, training and employee involvement
The company’s 29 years of success is attributable to the experience, dedication, loyalty and skill of our team of highly competent company directors, contracts managers, project/site managers, site supervisors/foremen and trades operatives and underpinned by a strong commercial team and head office support staff.
Training and workforce development is one of our guiding principles and we continue to invest in the training and development of our workforce on which the success of our company depends.
Our hands on approach and short chain of command keeps our directors and managers in constant dialogue with our employees, keeping them abreast of the company's activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain committed to equality and equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination and modern slavery. We have company policies to support these undertakings. 
I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life-long and rewarding career where they feel valued and respected and a part of the on going success of our company.

Health and safety at work
The directors and senior managers, assisted by our health and safety team, continue to target ‘zero’ accidents by striving to embed best health and safety policies, practices and awareness throughout our operations.
The company’s overriding principal is that all our workers work in a safe working environment and that they go home safely at the end of every working day. The investment in health and safety training to maintain, monitor and enhance our Health & Safety performance remains at the top of our core values.
Our workforce continue to participate in sustaining our health and safety programmes and they are encouraged to constantly look for and suggest ways to further enhance our best practice Health & Safety policies.
Our constant 'Tool Box' talks and Site Inductions are part and parcel of our health and safety awareness and refresher updates.
Our Building Mental Health Charter provides awareness and understanding of the importance of good mental health to our workforce through workshops, training and signpost to support. Our directors are all mental Health First Aiders and we have more of our team completing similar training courses.
Our health and safety policies are guided by our occupational health and safety standard accreditations OHSAS 18001 and ISO 45001.

Environment and quality management
Quality Management is central to our day to day operations and helps us deliver value and efficiency. 
We have built our business based on doing quality work and winning repeat business from our customers. The success of the business relies on maintaining and improving our environmental and quality management standards. Quality management is central to our day to day operations and helps us deliver value and meet our customers' requirements. To achieve our quality management goals we are committed to maintaining a management system in line with our ISO 9001:2015 accreditation.
We also work to Achilles, Considerate Constructors and Safe Contractor accreditations.
We recognise the significant impact the construction industry has on the environment. Our team continually promote sustainable resourcing of materials, reducing emissions and the efficient use of energy. We continue to minimise site waste and re-use it wherever possible. We work closely with modern waste management recycling companies.

Page 4

 
CELTIC CONTRACTORS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Our supply chain
We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful business. Our policy remains to pay our suppliers promptly at the end of the month following the month of delivery, as we have done for the past 29 years and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we are committed to adhering to our side of such agreements. We work with our suppliers to help with the responsible sourcing of materials.

The future
The Directors look forward with confidence to continue the success of the company into the future.


This report was approved by the board on 23 September 2024 and signed on its behalf.



___________________________
Jonathan Whyte
Director

Page 5

 
CELTIC CONTRACTORS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

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

Results and dividends

The profit for the year, after taxation, amounted to £3,020,132 (2023 - £1,523,770).

Interim dividends were paid amounting to £163,000 (2023: £85,000). The directors do not recommend payment of a final dividend. 

Directors

The directors who served during the year were:

Jonathan Whyte 
Mark Avis 
Martin Stripe 
Martin Brennan 

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future prospects, principal risks and uncertainties and going concern. 

Page 6

 
CELTIC CONTRACTORS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors, are deemed to be reappointed as auditors.

This report was approved by the board on 23 September 2024 and signed on its behalf.
 





___________________________
Jonathan Whyte
Director

Page 7

 
CELTIC CONTRACTORS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC CONTRACTORS LIMITED
 

Opinion


We have audited the financial statements of Celtic Contractors Limited (the 'Company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


Conclusions relating to going concern


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


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


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


Page 8

 
CELTIC CONTRACTORS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC CONTRACTORS LIMITED (CONTINUED)

Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 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 directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
CELTIC CONTRACTORS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC CONTRACTORS LIMITED (CONTINUED)

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 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 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 obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, 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 or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.


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.


Page 10

 
CELTIC CONTRACTORS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CELTIC CONTRACTORS LIMITED (CONTINUED)

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 2006Our 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.





Patrick McNamara (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

23 September 2024
Page 11

 
CELTIC CONTRACTORS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
35,968,161
36,204,087

Cost of sales
  
(30,926,982)
(32,641,858)

Gross profit
  
5,041,179
3,562,229

Administrative expenses
  
(1,746,605)
(1,626,389)

Operating profit
 5 
3,294,574
1,935,840

Interest receivable
 9 
90,798
5,661

Interest payable
 10 
(1,074)
-

Profit before tax
  
3,384,298
1,941,501

Taxation
 11 
(364,166)
(417,731)

Profit for the financial year
  
3,020,132
1,523,770

There were no recognised gains and losses for 2024 or 2023 other than those included in the profit and loss account.

Page 12

 
CELTIC CONTRACTORS LIMITED
REGISTERED NUMBER:03115127

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
19,710
-

  
19,710
-

Current assets
  

Debtors
 14 
8,799,714
9,505,936

Cash at bank
  
7,892,230
4,602,642

  
16,691,944
14,108,578

Creditors: amounts falling due within one year
 15 
(7,352,583)
(7,616,494)

Net current assets
  
 
 
9,339,361
 
 
6,492,084

Creditors: amounts falling due after more than one year
 16 
(9,855)
-

  

Net assets
  
9,349,216
6,492,084


Capital and reserves
  

Called up share capital 
 19 
996
996

Profit and loss account
  
9,348,220
6,491,088

  
9,349,216
6,492,084


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




___________________________
Jonathan Whyte
Director

Page 13

 
CELTIC CONTRACTORS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
996
5,052,318
5,053,314


Comprehensive income for the year

Profit for the year
-
1,523,770
1,523,770

Dividends
-
(85,000)
(85,000)



At 1 April 2023
996
6,491,088
6,492,084



Profit for the year
-
3,020,132
3,020,132

Dividends
-
(163,000)
(163,000)


At 31 March 2024
996
9,348,220
9,349,216


Page 14

 
CELTIC CONTRACTORS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,020,132
1,523,770

Adjustments for:

Depreciation of tangible assets
6,570
4,999

Profit on disposal of tangible assets
(7,348)
-

Interest paid
1,074
-

Interest received
(90,798)
(5,661)

Taxation charge
364,166
417,731

Increase in debtors
706,222
(793,869)

(Decrease)/increase in creditors
(295,522)
104,810

Corporation tax (paid)/received
(339,125)
16,679

Net cash generated from operating activities

3,365,371
1,268,459


Cash flows from investing activities

Sale of tangible fixed assets
7,348
-

Interest received
90,798
5,661

HP interest paid
(1,074)
-

Net cash from investing activities

97,072
5,661

Cash flows from financing activities

Repayment of finance leases
(9,855)
-

Dividends paid
(163,000)
(85,000)

Net cash used in financing activities
(172,855)
(85,000)

Net increase in cash and cash equivalents
3,289,588
1,189,120

Cash and cash equivalents at beginning of year
4,602,642
3,413,522

Cash and cash equivalents at the end of year
7,892,230
4,602,642


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,892,230
4,602,642


Page 15

 
CELTIC CONTRACTORS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

4,602,642

3,289,588

-

7,892,230

Debt due within 1 year

(1,256)

1,095

-

(161)

Finance leases

-

9,855

(26,280)

(16,425)


4,601,386
3,300,538
(26,280)
7,875,644

Page 16

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Celtic Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celtic House, 167 Garth Road, Morden, Surrey, SM4 4LF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The strategic report provides information in relation to the company's financial and liquidity position as well as details of its financial instruments and exposure to credit and liquidity risk.
The company has a strong balance sheet with adequate liquidity and a healthy order book from long standing customers for the twelve months from the date of approval of the financial statements.
The company's forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
Therefore, the directors believe that the company is well placed to manage its business risks successfully. Thus they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Turnover

Turnover from contracting activities is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT. The fair value of  consideration  takes  into  account trade discounts, settlement discounts and volume rebates.

 
2.4

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

The tax expense represents the sum of the tax currently payable.
Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
over 4 to 7 years
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line

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.

Page 18

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Construction contracts

Amounts recoverable on contracts, including work-in-progress, are shown within debtors and are stated at  the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account.

 
2.10

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the year. Actual outcome may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the company within the next financial year are detailed as follows: 
Construction contracts   
Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.

Page 19

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Specialist fit-out contracting
35,968,161
36,204,087


All turnover arose within the United Kingdom.


5.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
6,570
4,999

Profit on disposal of tangible fixed assets
(7,348)
-


6.


Auditors' remuneration

2024
2023
£
£

Audit fees
20,000
20,000

Accountancy fees
27,500
19,544
Page 20

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,505,370
2,323,644

Social security costs
266,260
259,661

Pension costs
159,073
157,864

2,930,703
2,741,169


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production staff
34
39



Administrative staff
8
8



Management staff
4
4

46
51


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
333,878
349,687

Pension costs
43,964
43,964

377,842
393,651


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £102,111 (2023 - £112,568).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).

Page 21

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Bank and other interest receivable
90,798
5,661


10.


Interest payable

2024
2023
£
£


Finance leases and hire purchase contracts
1,074
-


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
921,317
417,731

Adjustments in respect of prior periods - R&D claim
(557,151)
-


Total current tax
364,166
417,731


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,384,298
1,941,501


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
846,075
368,885

Effects of:


Expenses not deductible for tax purposes
81,565
48,499

Differences in capital allowances and depreciation
(4,485)
347

Profit on disposal of fixed assets
(1,838)
-

Adjustments in respect of prior periods - R&D claim
(557,151)
-

Total tax charge for the year
364,166
417,731

Page 22

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Dividends

2024
2023
£
£


Interim dividends paid
163,000
85,000


13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
36,630
33,990
83,011
153,631


Additions
26,280
-
-
26,280


Disposals
(36,630)
(33,990)
-
(70,620)



At 31 March 2024

26,280
-
83,011
109,291



Depreciation


At 1 April 2023
36,630
33,990
83,011
153,631


Charge for the year
6,570
-
-
6,570


Disposals
(36,630)
(33,990)
-
(70,620)



At 31 March 2024

6,570
-
83,011
89,581



Net book value



At 31 March 2024
19,710
-
-
19,710



At 31 March 2023
-
-
-
-

Included within the net book value of £19,710 is £19,710 (2023: £Nil) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £6,570 (2023: £Nil).

Page 23

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Debtors

2024
2023
£
£


Amounts recoverable on contracts
7,976,873
8,509,672

Other debtors
784,576
946,508

Prepayments
38,265
49,756

8,799,714
9,505,936


Included in amounts recoverable on contracts is a balance of £509,872 (2023: £475,550) which is due after more than one year in respect of retentions receivable.
Other debtors include VAT recoverable of £784,576 (2023: £946,508).


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,132,767
3,980,143

Corporation tax
142,772
117,731

Other taxation and social security
207,796
351,229

Obligations under finance lease and hire purchase contracts
6,570
-

Other creditors
11,605
7,443

Accruals
3,851,073
3,159,948

7,352,583
7,616,494



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
9,855
-


The finance lease obligations are secured on the assets to which they relate.

Page 24

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,570
-

Between 1-5 years
9,855
-

16,425
-


18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
7,892,230
4,602,642

Financial assets that are debt instruments measured at amortised cost
7,976,873
8,509,672

15,869,103
13,112,314


Financial liabilities


Financial liabilities measured at amortised cost
(7,000,426)
(7,141,347)

Page 25

 
CELTIC CONTRACTORS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



990 A Ordinary shares of £1 each
990
990
5 B Ordinary shares of £1 each
5
5
1 C Ordinary share of £1 each
1
1

996

996



20.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £159,073 (2023: £157,864). At the balance sheet date, £3,286 (2023: 2,485) of contributions were payable to the fund.


21.


Related party transactions

Other related parties
During the year, the company paid rent of £203,984 (2023: £150,000), on a normal commercial basis for  use of land and premises owned by a director and his family trust.
Key management personnel
The remuneration of key management personnel, who are also directors, is disclosed in note 8.


22.


Post balance sheet events

There were no events since the year end which materially affected the company.


23.


Ultimate parent undertaking and controlling party

Celtic Group Limited owns 100% of issued shares in Celtic Contractors Limited and is the ultimate parent undertaking.
Jonathan Whyte by virtue of his personal shareholdings in Celtic Group Limited is the ultimate controller of the company.

 
Page 26