Company registration number 14208271 (England and Wales)
CIVIC PLUS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
Tree Accountancy Limited
Chartered Certified Accountants & Registered Auditors
3rd Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ
CIVIC PLUS LIMITED
COMPANY INFORMATION
Directors
Mr J Broster
Mr S Edwards
Ms M McDowell
Mr D Miller
Mr S O'Malley
Company number
14208271
Registered office
Carvers Warehouse
77 Dale Street
Manchester
Greater Manchester
M1 2HG
Auditor
Tree Accountancy Limited
Chartered Certified Accountants & Registered Auditors
3rd Floor, Eastgate
Castle Street
Castlefield
M3 4LZ
CIVIC PLUS LIMITED
CONTENTS
Page
Directors' report
1 - 3
Directors' responsibilities statement
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 28
CIVIC PLUS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the company and group continued to be that of consulting engineers.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Broster
Mr S Edwards
Ms M McDowell
Mr D Miller
Mr S O'Malley
Business performance

For the year ending 28th February 2024, Civic Engineers Limited achieved 6% revenue growth over the previous year. The profit margin was 10.7% in the first half, dropping to 5.1% in the second half due to variable market conditions, including a significant number of projects being put on hold or slowed.

 

UK bank interest rates over this period have stayed relatively high, dampening availability of affordable funding to property developers, as well as demand for new housing development.

 

Despite these challenges, budget controls enabled improved year end performance, with total equity exceeding £2.4 million. KPIs include; annual fee per technical head: £103,094 (above industry average); average debtor days at 83 (aligning with industry average), bidding success rate of 43% with 426 successful bids worth £16.96 million and a bid capture rate of 32%.

 

Civic Earth Limited began trading in July 2023, supported by Civic Engineers' established infrastructure. In its first eight months (to 28th February 2024), it generated £210,000 in revenue with three full-time fee earning employees.

 

Shared clients and projects with Civic Engineers have provided a strong start. The upcoming year promises significant growth, with a projected revenue of c. £1 million and a target EBITDA in excess of £125,000. Over the first eight months, Civic Earth received 100+ new work enquiries valued at £1.82 million. The bid success rate was 45%, winning £689,770 in fees, with a bid capture rate of 34%.

CIVIC PLUS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
Strategic management

In the year to 29th February 2024 the Civic group of companies, led by the parent company Civic Plus Limited, expanded by incorporating two new subsidiaries that complement Civic Engineers. These additions enhance the group's value and resilience. Civic Earth Limited began operations in July 2023 and is a specialised ground engineering consultancy. It is led by experienced director Dan Matthews and collaborates with Civic Engineers on various projects for mutual clients. Civic Engineers also established as a limited company based in Dublin, fully owned by Civic Plus Limited. It offers the same core engineering disciplines as its UK counterpart: civil, structural, and transport engineering, serving projects in the Republic of Ireland.

 

The group's strategic objective, under the rebranded name CIVIC, is to embrace market opportunities in the built environment sector, especially those driven by ESG considerations amid the global climate emergency and the regeneration of towns and cities in the UK and Ireland. Our core disciplines remain focused on structural, civil, and transport engineering services, while we expand consultancy services in environmental sustainability and ground engineering, particularly in the Republic of Ireland. In the UK, we have grown teams of professionals in Edinburgh and Liverpool to support our core studios in Glasgow, London and Manchester, leveraging market opportunities and local engineering talent.

 

We are in the second year of our five-year plan to create a group with an EBITDA of circa £5 Million. Last year, group fee income increased by 9% and profit margins improved to 8%, with further improvement opportunities expected next year.

 

Growth over the next financial year will be delivered through a combination of organic revenue growth as Civic Engineers and Civic Earth expand their market share, along with strategic acquisitions and the incorporation a new complimentary sustainability consultancy. This last year has seen investment in our business processes and systems, and we have introduced a staff bonus scheme to incentivise all of our teams to reach for greater commercial success.

Business environment

External market conditions continued to remain sluggish in the year to February 2024 due to sustained high interest rates and persistent inflation in the UK. Interest rates are expected to remain relatively high, potentially continuing the trend of reduced investment in commercial and residential properties. However, given the recent change in government we expect to see positive shifts in market sentiment, impacting our work pipeline.

 

Our group's work pipeline is strong, but we remain cautious and are tightly controlling business costs. The most significant risk is a slowdown in the pipeline due to external market conditions, such as project instructions being put on hold. Nevertheless, we maintain good control over our talent pipeline, with a stable, experienced team and low employee turnover.

CIVIC PLUS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J Broster
Director
23 September 2024
CIVIC PLUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CIVIC PLUS LIMITED
- 4 -
Opinion

We have audited the financial statements of Civic Plus Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

CIVIC PLUS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CIVIC PLUS LIMITED
- 5 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent 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.

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 assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

 

CIVIC PLUS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CIVIC PLUS LIMITED
- 6 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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

Nicholas Ian Hynes FCCA
Senior Statutory Auditor
For and on behalf of Tree Accountancy Limited
24 September 2024
Chartered Certified Accountants & Registered Auditors
Chartered Certified Accountants & Registered Auditors
3rd Floor, Eastgate
Castle Street
Castlefield
M3 4LZ
CIVIC PLUS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
12,427,004
11,626,405
Cost of sales
(9,853,467)
(7,952,910)
Gross profit
2,573,537
3,673,495
Administrative expenses
(2,200,120)
(3,405,494)
Other operating income
34,805
-
Operating profit
4
408,222
268,001
Interest payable and similar expenses
7
(26,442)
(25,445)
Profit before taxation
381,780
242,556
Tax on profit
8
21,017
132,505
Profit for the financial year
402,797
375,061
Profit for the financial year is attributable to:
- Owners of the parent company
409,272
375,061
- Non-controlling interests
(6,475)
-
402,797
375,061
CIVIC PLUS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
2024
2023
£
£
Profit for the year
402,797
375,061
Other comprehensive income
-
-
Total comprehensive income for the year
402,797
375,061
Total comprehensive income for the year is attributable to:
- Owners of the parent company
409,272
375,061
- Non-controlling interests
(6,475)
-
402,797
375,061
CIVIC PLUS LIMITED
GROUP BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
-
0
12,500
Tangible assets
11
280,717
385,453
Investments
12
930
80
281,647
398,033
Current assets
Stocks
13
156,748
210,256
Debtors
14
3,366,933
3,292,431
Cash at bank and in hand
1,215,896
971,935
4,739,577
4,474,622
Creditors: amounts falling due within one year
15
(2,065,249)
(2,688,630)
Net current assets
2,674,328
1,785,992
Total assets less current liabilities
2,955,975
2,184,025
Creditors: amounts falling due after more than one year
16
(499,354)
(109,434)
Provisions for liabilities
Deferred tax liability
18
53,140
74,157
(53,140)
(74,157)
Net assets
2,403,481
2,000,434
Capital and reserves
Called up share capital
20
102
102
Share premium account
49,998
49,998
Profit and loss reserves
2,359,606
1,950,334
Equity attributable to owners of the parent company
2,409,706
2,000,434
Non-controlling interests
(6,225)
-
2,403,481
2,000,434
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
Mr J Broster
Director
Company registration number 14208271 (England and Wales)
CIVIC PLUS LIMITED
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
1,702
102
Current assets
-
-
Creditors: amounts falling due within one year
15
(52,210)
(48,820)
Net current liabilities
(52,210)
(48,820)
Net liabilities
(50,508)
(48,718)
Capital and reserves
Called up share capital
20
102
102
Profit and loss reserves
(50,610)
(48,820)
Total equity
(50,508)
(48,718)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,790 (2023 - £201,180 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
Mr J Broster
Director
Company registration number 14208271 (England and Wales)
CIVIC PLUS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 March 2022
22
49,998
1,825,353
1,875,373
-
1,875,373
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
375,061
375,061
-
375,061
Bonus issue of shares
20
80
-
0
(80)
-
0
-
-
Dividends
9
-
-
(250,000)
(250,000)
-
(250,000)
Balance at 28 February 2023
102
49,998
1,950,334
2,000,434
-
0
2,000,434
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
409,272
409,272
(6,475)
402,797
Purchase of shares in subsidiary from non-controlling interest
-
-
-
-
250
250
Balance at 28 February 2024
102
49,998
2,359,606
2,409,706
(6,225)
2,403,481
CIVIC PLUS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
-
0
-
0
-
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
201,180
201,180
Issue of share capital
20
102
-
102
Dividends
9
-
(250,000)
(250,000)
Balance at 28 February 2023
102
(48,820)
(48,718)
Year ended 28 February 2024:
Profit and total comprehensive income
-
(1,790)
(1,790)
Balance at 28 February 2024
102
(50,610)
(50,508)
CIVIC PLUS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
(81,583)
760,938
Interest paid
(26,442)
(25,445)
Income taxes refunded
5,421
-
Net cash (outflow)/inflow from operating activities
(102,604)
735,493
Investing activities
Purchase of intangible assets
-
(25,000)
Purchase of tangible fixed assets
(85,071)
(229,110)
Proceeds from disposal of tangible fixed assets
45,162
-
Proceeds from disposal of investments
(850)
37,500
Repayment of loans
(124,858)
107,536
Net cash used in investing activities
(165,617)
(109,074)
Financing activities
Repayment of borrowings
38,099
36,676
Repayment of bank loans
473,833
(51,227)
Purchase of shares in subsidiary from non-controlling interest
250
-
Dividends paid to equity shareholders
-
0
(250,000)
Net cash generated from/(used in) financing activities
512,182
(264,551)
Net increase in cash and cash equivalents
243,961
361,868
Cash and cash equivalents at beginning of year
971,935
610,067
Cash and cash equivalents at end of year
1,215,896
971,935
CIVIC PLUS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
21
1,600
-
0
Investing activities
Proceeds from disposal of investments
(1,600)
(102)
Dividends received
-
0
250,000
Net cash (used in)/generated from investing activities
(1,600)
249,898
Financing activities
Proceeds from issue of shares
-
102
Dividends paid to equity shareholders
-
(250,000)
Net cash used in financing activities
-
(249,898)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 15 -
1
Accounting policies
Company information

Civic Plus Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Carvers Warehouse, 77 Dale Street, Manchester, Greater Manchester, M1 2HG.

 

The group consists of Civic Plus Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Civic Plus Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 28 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Work in progress
Stocks and work in progress are stated at their estimated selling prices less costs to complete. Costs comprises direct materials and the relevant proportion of direct labout costs and overheads that have been incurred up to the appropriate stage of completion.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sales
12,427,004
11,626,405
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,427,004
11,626,405
3
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item - Admin costs (incl in Admin range)
135,317
-
CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
113
-
Depreciation of owned tangible fixed assets
144,645
129,424
Amortisation of intangible assets
12,500
12,500
Operating lease charges
546,759
476,011
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company's subsidiaries
18,000
10,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
142
151
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,455,327
7,140,494
-
0
-
0
Pension costs
526,480
591,730
-
0
-
0
7,981,807
7,732,224
-
0
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
26,442
25,445
CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 23 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(132,505)
Deferred tax
Origination and reversal of timing differences
(21,017)
-
0
Total tax credit
(21,017)
(132,505)

The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
381,780
242,556
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
95,445
46,086
Under/(over) provided in prior years
(116,462)
(178,591)
Taxation credit
(21,017)
(132,505)
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
250,000
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
25,000
Amortisation and impairment
At 1 March 2023
12,500
Amortisation charged for the year
12,500
At 28 February 2024
25,000
CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
10
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 28 February 2024
-
0
At 28 February 2023
12,500
The company had no intangible fixed assets at 28 February 2024 or 28 February 2023.
11
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 March 2023
731,198
Additions
85,071
Disposals
(175,925)
At 28 February 2024
640,344
Depreciation and impairment
At 1 March 2023
345,745
Depreciation charged in the year
144,645
Eliminated in respect of disposals
(130,763)
At 28 February 2024
359,627
Carrying amount
At 28 February 2024
280,717
At 28 February 2023
385,453
The company had no tangible fixed assets at 28 February 2024 or 28 February 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
930
80
1,702
102
CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
12
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 March 2023
80
Additions
850
At 28 February 2024
930
Carrying amount
At 28 February 2024
930
At 28 February 2023
80
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 March 2023
102
Additions
1,600
At 28 February 2024
1,702
Carrying amount
At 28 February 2024
1,702
At 28 February 2023
102
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
156,748
210,256
-
-
CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 26 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,773,383
2,824,802
-
0
-
0
Corporation tax recoverable
38,616
44,037
-
0
-
0
Amounts owed by group undertakings
9,153
-
-
-
Other debtors
236,091
70,294
-
0
-
0
Prepayments and accrued income
309,690
353,298
-
0
-
0
3,366,933
3,292,431
-
-
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
133,913
50,000
-
0
-
0
Other borrowings
17
74,775
36,676
-
0
-
0
Trade creditors
289,027
528,045
-
0
-
0
Other taxation and social security
750,896
1,151,351
-
-
Other creditors
393,004
474,006
52,210
48,820
Accruals and deferred income
423,634
448,552
-
0
-
0
2,065,249
2,688,630
52,210
48,820
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
499,354
109,434
-
0
-
0
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
633,267
159,434
-
0
-
0
Other loans
74,775
36,676
-
0
-
0
708,042
196,110
-
-
Payable within one year
208,688
86,676
-
0
-
0
Payable after one year
499,354
109,434
-
0
-
0
CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 27 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
53,140
74,157
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
74,157
-
Credit to profit or loss
(21,017)
-
Liability at 28 February 2024
53,140
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
526,480
591,730

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0.1p each
100,843
100,843
102
102
CIVIC PLUS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 28 -
21
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(1,790)
201,180
Adjustments for:
Investment income
-
0
(250,000)
Movements in working capital:
Increase in creditors
3,390
48,820
Cash generated from/(absorbed by) operations
1,600
-
22
Analysis of changes in net funds - group
1 March 2023
Cash flows
28 February 2024
£
£
£
Cash at bank and in hand
971,935
243,961
1,215,896
Borrowings excluding overdrafts
(196,110)
(511,932)
(708,042)
775,825
(267,971)
507,854
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