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REGISTERED NUMBER: 01092127 (England and Wales)







Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Brandwells Construction Company Limited

Brandwells Construction Company Limited (Registered number: 01092127)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 8

Report of the Independent Auditors 11

Statement of Comprehensive Income 15

Statement of Financial Position 16

Statement of Changes in Equity 18

Statement of Cash Flows 19

Notes to the Statement of Cash Flows 20

Notes to the Financial Statements 22


Brandwells Construction Company Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr A Dowden
Mr J M Stafford
Mr C P Dowden
Mr M Browne
Mr R A Schofield
Mr S Pugh


REGISTERED OFFICE: Park House
Church Lane
St George
Bristol
BS5 7AG


REGISTERED NUMBER: 01092127 (England and Wales)


SENIOR STATUTORY AUDITOR: Philip Helps


AUDITORS: Stanley Joseph Limited
Chartered Accountants and Statutory Auditors
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST


BANKERS: National Westminster Bank Plc
PO Box 238
Corn Street
Bristol
BS99 7UG

Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

The company operates within the construction industry which comprises contracting and civil engineering, particularly the construction of roads, mains drainage, house foundations and external groundworks all mainly associated with the new housing market. The majority of the work is provided to blue chip house builders within the South West of England and Wales.

REVIEW OF BUSINESS
The turnover has fallen by 14.0% this year, this is largely due to a decision by the Board of Directors, following an in-depth review of the Company's performance in 2022, to rein in turnover which, whilst it had been mostly profitable, had brought with it some less than desirable outcomes. The pressures of the increased turnover had resulted in significant workload issues for the senior management team, as well as at site supervision level, the inevitable consequence of which was some loss of control reflected in unacceptable quality control issues. The Company's growth and success has been built on its ability to deliver quality work on programme. The effect of this decision was exacerbated by a challenging fourth quarter which was impacted by unfavourable weather and delays to work on new sites starting.

The company continues to enjoy good relationship with its customers and has been successful in winning new tenders since sites have reopened.

Given the continuing struggle for homebuilders to obtain planning permission and because of their holding back of land sites resulting in housing demand outstripping supply, high level of demand for the company's services is likely to continue for the next few years.

The continued availability of mortgages and the Government introduction of the various Help to Buy and incentive schemes has increased the demand for new housing.

The gross profit margin has fallen to 7.6% in the current year from 9.1% last year, largely due to the conditions experienced in the fourth quarter. The company has considered it has traded successfully throughout the year ending 31 December 2023.

The directors are satisfied to report a net profit of just over £120K before tax this year. The company will continue to monitor its overheads and margins to achieve and maintain its profitability in the future.

The company invested over £2.0m in new plant and equipment during the year.

Management consider turnover and profit after tax to be the key financial performance indicators. With regards to non-financial KPls the company has maintained its customer base and has maintained the number of employees and made use of subcontractors to be more flexible for periods of trade. The company is well placed for continued growth in the future.


Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Trading conditions have continued to improve following the National Lockdown imposed as a result of the Coronavirus pandemic there has been good growth and demand in the housing market, the Government's Help to Buy Scheme and Stamp duty holidays have supported this.

Conditions have continued to improve this year with continued confidence in the economy, good mortgage availability and the Government's Help to Buy scheme, the housing market has seen good growth and demand this year and this trend appears to be continuing for the foreseeable future.

There are still some financial concerns about the base lending rate and what effect it would have on the mortgages and housing market following increases there is also uncertainty regarding the medium term impact on the economy and job market following the impact of the various Coronavirus support schemes.

During the year there have been impacts on the supply chain which have resulted in increases in costs of materials and consumables and also some shortages of supplies. Where possible the company has sought and achieved increases in contract sums to mitigate this in line with the terms of the contracts.

With these risks and uncertainties we are constantly aware of the need to review our future development plans of the business and these can be subject to unforeseen future events outside of our control.

However, the directors are confident of maintaining the gross profit margins and optimistic about the long term future of the company due to the following:-

1) Help to Buy Scheme introduced by the Government has resulted in higher demand for property.

2) Continued property buyers confidence levels and availability of low interest rate mortgage financing continue to support strong demand on property.

3) Continual ongoing review of the company business strategy regularly to suite the rapid changing market conditions and to continue in reaping of benefits from the implemented cost control strategy in prior years.

4) Strong and long established relationships with major house builders.


Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2023

SECTION 172(1) STATEMENT
The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Company has considered the long-term strategy of the business below and consider that this strategy will continue to deliver long term success to the business and it's stakeholders.

We have secured new work with inflationary compensation. We have also invested heavily to ensure we have the newest and most fuel efficient fleet of machinery and vehicles possible.

The Company is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which co-contractors are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.

The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the company are considered to be the employees, suppliers and customers. Their importance to the business is considered below.

In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Company.

Our highest key objective remains the preservation of our workforce both site and office based. The Health Safety and Wellbeing of our workforce is paramount.

Our supply chain remains robust and we continue to nurture and maintain strong relations. We are even more focused on material management and look to rationalise the use of materials as much as possible. Material shortages are becoming less of a problem but we remain focused on planning ahead to alleviate any impact extended lead times may present us.

We continue to focus on our impact to the environment and this is even more pertinent with the increase in cost for energy supply across all groups. All vehicles and vans have been updated and we have introduced more fully electric and hybrid vehicles into the fleet during the year.

Our business has a strong reputation in the market and we will look to protect this and build on this in tandem with our workforce who are key in achieving this objective.

Acting in a fair and reasonable way is also key when we need to protect our workforce and act fairly between all members of the company. We must aspire to be the preferred groundwork business in the South West and our staff are key to us achieving and maintaining this.

AVAILABILITY OF RESOURCES
The industry is still suffering from a shortage of skilled labour. To address this we have an extensive training program to ensure all our staff are fully trained on the work they perform. We also have a number of apprentices each year which will help address matters in the longer term. There has also been some supply chain issues which the company has mitigated through its good relationships and a pro active approach to procurement.


Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2023

COMPETITION
Competition has been reasonably unchanged but always remains a threat to winning new work. The company manages these risks by maintaining and developing very good working relationship with its clients and continuing to produce work in a timely manner and to a high standard at a competitive price.


Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2023

ENVIRONMENTAL MATTERS
Medium sized companies are mandated to disclose energy and carbon information. The information included is disclosed as set out under the Streamlined Energy and Carbon Reporting Framework, detailed within the 2018 Regulation amendments of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008.











Units

Financial
reporting year (1
January 2023 -
31 December
2023)
Financial
reporting year
(1 January
2022 - 31
December
2022)

Emission from combustion of
gas(Scope 1)

tCO2e

6.2

6.3
Emissions from combustion of
fuel for transport
purposes(Scope 2)


tCO2e


3,294.9


3,910.4
Emissions from purchased
electricity(Scope 2)

tCO2e


7.0

8.4
Total Gross Emissions tCO2e 3,308.7 3,925.1

Energy consumption used to
calculate above emissions

KWh

13,767,212

16,332,021
Intensity Measurement £ Annual turnover

Intensity Ratio
tCO2e/£100,000 Annual
Turnover

6.17

6.32



Energy Efficiency commentary

The Company is aware that construction activities can have a seriously detrimental effect on the environment and has put in place a management system to minimise such effects.

The Company's systems are compliant. The Company has also introduced a number of initiatives to minimise building material, energy and office waste, including:

1) Car allowance policy which encourages staff to drive vehicles with lower CO2 emissions
2) The company has purchased a number of electric and hybrid vehicles during the year
3) Measures to minimise site waste, such as ensuring suitable storage space and facilities are available, rubbish is compacted in the skips, waste materials are recycled, and agreeing reduced material packaging with suppliers

4) Training of all site managers, project managers and selected staff on environmental awareness.

ON BEHALF OF THE BOARD:

Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2023






Mr A Dowden - Director


20 September 2024

Brandwells Construction Company Limited (Registered number: 01092127)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of builders and civil engineers. There have not been any changes in these activities in the year under review.

The directors are not aware, at the date of this report, of any likely changes in the company's activities in the next year.

DIVIDENDS
A dividend of £482,129 (2022 - £422,967) was paid in the year.

FUTURE DEVELOPMENTS
The company intends to continue trading in its current form and there are no specific future developments. The directors have a positive outlook for the future.

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

Mr A Dowden
Mr J M Stafford
Mr C P Dowden
Mr M Browne
Mr R A Schofield
Mr S Pugh

GOING CONCERN
As at the current time the company remains in a strong financial position, with a strong cash balance and improving trading reserves. The directors continue to monitor the increasing inflationary cost pressure currently being experienced in the UK.

The business continues to have access to its pre-existing bank facilities and the directors take further comfort from their long standing relationships with key customers and the underlying strength and robustness of the business that has weathered other financial downturns and competitive pressures before.

Due to the business' strong net asset position it retains the flexibility to obtain additional financing from multiple sources or further delay repayment of certain liabilities in the event that the impact of the coronavirus or any other economic factors is more prolonged or the financial impact more severe than originally forecast.

In the medium term the directors believe that the demand for the groundworking services the business provides will remain strong due to the continued housing developments in the south west.

On the basis of the forecasts completed and analysis, the directors remain confident that the company will continue to be a going concern for a period of at least 12 months from the date of approving these financial statements. The accounts have accordingly been prepared on a going concern basis.

Brandwells Construction Company Limited (Registered number: 01092127)

Report of the Directors
for the Year Ended 31 December 2023


DONATIONS
The amount of charitable donations made during the year amounted to £35,966 - (2022 - £49,281). The company made no political donations in the current or preceding year.

DIVERSITY, INCLUSION & WELLBEING:
Through the application of the Company’s Diversity and Inclusion Policy, the Company aims to ensure everyone is treated fairly and equitably. The Company uses regular communication and education to continuously build an inclusive culture amongst its workforce, minimising discrimination and promoting diversity including disability.

Applications for employment by disabled persons are considered fully, bearing in mind the aptitudes of the
applicant concerned. In the event an employee becomes disabled, every effort is made to ensure that their
employment with the Company continues and that appropriate adjustments are made. It is the policy of the
Company that the training, career development and opportunity of disabled persons should, as far as possible,
be identical with that of other employees.

ENGAGEMENT WITH EMPLOYEES
The Board of Directors regards employee engagement as a matter of great importance with many initiatives
taking place during the year aimed at improving the Board’s understanding of the employees’ views and interests as well as improving the employees’ understanding of the Company’s performance.

We invest in training, coaching and skills acquisition to ensure the required knowledge and behaviours are aligned the Company’s strategy and values as it is important for our employees to feel connected to the company's purpose.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Brandwells Construction Company Limited (Registered number: 01092127)

Report of the Directors
for the Year Ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

AUDITORS
The auditors, Stanley Joseph Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr C P Dowden - Director


20 September 2024

Report of the Independent Auditors to the Members of
Brandwells Construction Company Limited

Opinion
We have audited the financial statements of Brandwells Construction Company Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 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 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 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.

Report of the Independent Auditors to the Members of
Brandwells Construction Company Limited


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

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

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

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

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

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

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

In preparing the financial statements, the directors are responsible for assessing the 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.

Report of the Independent Auditors to the Members of
Brandwells Construction Company Limited


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

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

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were employment and health and safety legislation.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102) , the Companies Act and the relevant tax compliance regulations in the UK.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

1) Reviewed legal and professional costs to identify legal costs in respect of non compliance;
2) Enquiries with management whether there have been any known instances, allegations or suspicions of fraud or non compliance with laws and regulations;
3) Review of board minutes or correspondence with regulators where available.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting. Our procedures involved the following;

1) Review of nominal journal entries for reasonableness;
2) Review of significant accounting estimates for bias;
3) Review of significant projects to identify any loss making contracts.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Brandwells Construction Company Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Philip Helps (Senior Statutory Auditor)
for and on behalf of Stanley Joseph Limited
Chartered Accountants and Statutory Auditors
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST

25 September 2024

Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

REVENUE 3 53,594,088 62,309,755

Cost of sales 49,526,394 56,638,588
GROSS PROFIT 4,067,694 5,671,167

Administrative expenses 3,917,315 3,771,839
150,379 1,899,328

Other operating income 53,000 51,500
OPERATING PROFIT 5 203,379 1,950,828

Interest receivable and similar income 37,112 7,328
240,491 1,958,156

Interest payable and similar expenses 6 85,577 51,023
PROFIT BEFORE TAXATION 154,914 1,907,133

Tax on profit 7 104,929 360,865
PROFIT FOR THE FINANCIAL YEAR 49,985 1,546,268

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

49,985

1,546,268

Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 4,946,144 3,973,467
Investments 10 10,581 10,581
4,956,725 3,984,048

CURRENT ASSETS
Inventories 11 202,313 -
Debtors 12 7,023,325 8,431,125
Cash at bank 2,427,220 3,601,728
9,652,858 12,032,853
CREDITORS
Amounts falling due within one year 13 7,134,219 8,510,740
NET CURRENT ASSETS 2,518,639 3,522,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,475,364

7,506,161

CREDITORS
Amounts falling due after more than one
year

14

(1,061,875

)

(883,092

)

PROVISIONS FOR LIABILITIES 17 (1,748,296 ) (1,525,732 )
NET ASSETS 4,665,193 5,097,337

Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Financial Position - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 18 830 830
Capital redemption reserve 19 170 170
Retained earnings 19 4,664,193 5,096,337
SHAREHOLDERS' FUNDS 4,665,193 5,097,337


The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:




Mr A Dowden - Director



Mr C P Dowden - Director


Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 830 3,972,766 170 3,973,766

Changes in equity
Dividends - (422,697 ) - (422,697 )
Total comprehensive income - 1,546,268 - 1,546,268
Balance at 31 December 2022 830 5,096,337 170 5,097,337

Changes in equity
Dividends - (482,129 ) - (482,129 )
Total comprehensive income - 49,985 - 49,985
Balance at 31 December 2023 830 4,664,193 170 4,665,193

Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Cash Flows
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 839,421 2,648,761
Interest element of hire purchase
payments paid

(85,577

)

(51,023

)
Tax paid (199,776 ) (56,751 )
Net cash from operating activities 554,068 2,540,987

Cash flows from investing activities
Purchase of tangible fixed assets (2,080,706 ) (1,585,237 )
Sale of tangible fixed assets 230,817 295,251
Interest received 37,112 7,328
Net cash from investing activities (1,812,777 ) (1,282,658 )

Cash flows from financing activities
New loans in year 1,390,058 1,274,660
Loan repayments in year (884,103 ) (986,266 )
Amount introduced by directors 71,477 175,030
Amount withdrawn by directors (11,102 ) -
Increase in provisions for remedial work - (179,000 )
Equity dividends paid (482,129 ) (422,697 )
Net cash from financing activities 84,201 (138,273 )

(Decrease)/increase in cash and cash equivalents (1,174,508 ) 1,120,056
Cash and cash equivalents at
beginning of year

2

3,601,728

2,481,672

Cash and cash equivalents at end of
year

2

2,427,220

3,601,728

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 154,914 1,907,133
Depreciation charges 894,153 737,307
Profit on disposal of fixed assets (16,941 ) (29,156 )
Movement in provision for remedial work (35,000 ) 238,000
Finance costs 85,577 51,023
Finance income (37,112 ) (7,328 )
1,045,591 2,896,979
Increase in inventories (202,313 ) -
Decrease/(increase) in trade and other debtors 1,569,982 (1,096,352 )
(Decrease)/increase in trade and other creditors (1,573,839 ) 848,134
Cash generated from operations 839,421 2,648,761

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,427,220 3,601,728
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,601,728 2,481,672


Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 3,601,728 (1,174,508 ) 2,427,220
3,601,728 (1,174,508 ) 2,427,220
Debt
Finance leases (1,755,315 ) (505,955 ) (2,261,270 )
(1,755,315 ) (505,955 ) (2,261,270 )
Total 1,846,413 (1,680,463 ) 165,950

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Brandwells Construction Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of financial statements requires the company to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historic experience and other factors including expectations of future events and believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities as outlined below:

1) Revenue and margin recognition:

The company's revenue recognition requires forecasts to be made on the outcome of long-term construction services contracts, which require assessment and judgements to be made on recovery of pre-contract costs, changes in the scope of work, contract programmes, defects and changes in costs.

2) Provisions:

Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event, and it is probable that the company will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material.

Turnover and revenue recognition
Revenue is measured based on the consideration specified in a contract with a customer. When consideration is not specified within the contract and therefore subject to variability, the company estimates the amount of consideration to be received from its customer. The consideration recognised is the amount which is highly probably not to result in a significant reversal in future period.

Where a modification to an existing contract occurs, the company assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied by the company or whether it is a modification to the existing performance obligation.

The amount by which turnover is in excess of payments on account has been classified as amounts
recoverable on contracts and included in debtors.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.

The attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project.

Costs associated with long-term contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. Long-term contract balances included in work in progress are stated at cost, after provision has been made for any foreseeable losses and deduction of applicable payments on account.

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each assets over its estimated useful life.

Plant and machinery - 15% on reducing balance
Fixtures and fittings- 25% on costs
Motor vehicles - 20% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like cash and bank balances, trade debtors and creditors, bank overdrafts, finance leases and hire purchase contracts and loans to or from related parties.

The company has chosen to apply the recognition and measurement principles in FRS102.

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments.

Debt instruments are subsequently measured at amortised cost.

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

Any reversals of impairment are recognised in the profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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

Work in progress
Profit on long term contracts is taken as the work is carried out, provided that the final outcome can
be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect
the proportion of the work carried out at the period end, by recording turnover and related costs as
contract activity progresses.

Full provision is made for losses on all contracts in the period in which they are first foreseen.

Investments
Investments are included at historical cost.

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Provisions for remedial work
Provisions for remedial work are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into accounts risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 53,594,088 62,309,755
53,594,088 62,309,755

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 14,020,731 13,992,240
Social security costs 1,453,910 1,536,350
Other pension costs 556,247 527,055
16,030,888 16,055,645

The average number of employees during the year was as follows:
31.12.23 31.12.22

Number of production staff 273 294
Number of administrative staff 40 42
Number of management staff 9 9
322 345

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The company pays into defined contribution schemes. The cost for the year is as shown above.

31.12.23 31.12.22
£    £   
Directors' remuneration 366,825 443,163
Directors' pension contributions to money purchase schemes 82,688 74,941

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 5

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 99,226 106,756
Pension contributions to money purchase schemes 19,747 14,932

5. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Hire of plant and machinery 6,325,455 8,245,132
Depreciation - owned assets 321,771 190,826
Depreciation - assets on hire purchase contracts 572,382 546,481
Profit on disposal of fixed assets (16,941 ) (29,156 )
Auditors' remuneration 13,000 13,200
Finance charges on hire purchase contracts 85,577 51,023
Operating leases 51,741 50,235
Director's benefits 29,980 28,032

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Hire purchase 85,577 51,023

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax (152,635 ) 199,776

Deferred tax 257,564 161,089
Tax on profit 104,929 360,865

UK corporation tax was charged at 19%) in 2022.

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

31.12.23 31.12.22
£    £   
Profit before tax 154,914 1,907,133
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

29,434

362,355

Effects of:
Expenses not deductible for tax purposes 17,655 6,326
Capital allowances in excess of depreciation (199,724 ) (168,905 )
and marginal relief
Deferred tax provision for the year 257,564 161,089
Total tax charge 104,929 360,865

8. DIVIDENDS
31.12.23 31.12.22
£    £   
Interim 482,129 422,697

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 3,125,521 196,188 3,200,011 6,521,720
Additions 1,363,777 32,162 684,767 2,080,706
Disposals (245,695 ) (33,742 ) (252,944 ) (532,381 )
At 31 December 2023 4,243,603 194,608 3,631,834 8,070,045
DEPRECIATION
At 1 January 2023 1,185,568 108,451 1,254,234 2,548,253
Charge for year 472,969 43,762 377,422 894,153
Eliminated on disposal (138,718 ) (33,742 ) (146,045 ) (318,505 )
At 31 December 2023 1,519,819 118,471 1,485,611 3,123,901
NET BOOK VALUE
At 31 December 2023 2,723,784 76,137 2,146,223 4,946,144
At 31 December 2022 1,939,953 87,737 1,945,777 3,973,467

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 1,633,934 1,722,571 3,356,505
Additions 1,328,457 684,767 2,013,224
Transfer to ownership (293,000 ) - (293,000 )
At 31 December 2023 2,669,391 2,407,338 5,076,729
DEPRECIATION
At 1 January 2023 256,670 374,444 631,114
Charge for year 302,714 269,668 572,382
Transfer to ownership (68,589 ) - (68,589 )
At 31 December 2023 490,795 644,112 1,134,907
NET BOOK VALUE
At 31 December 2023 2,178,596 1,763,226 3,941,822
At 31 December 2022 1,377,264 1,348,127 2,725,391

10. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.12.23 31.12.22
£    £   
Oil paintings 10,581 10,581

The investments are shown at cost.

11. INVENTORIES
31.12.23 31.12.22
£    £   
Work-in-progress 202,313 -

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 1,088,847 2,443,929
Amounts owed by associates 4,617 3,977
Other debtors 8,405 14,573
Recoverable on contracts 3,711,877 4,185,000
Tax 152,635 -
VAT 224,145 302,707
Prepayments and accrued income 198,133 168,743
5,388,659 7,118,929

Amounts falling due after more than one year:
Recoverable on contracts 1,634,666 1,312,196

Aggregate amounts 7,023,325 8,431,125

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 15) 1,199,395 872,223
Trade creditors 4,538,892 6,036,074
Amounts owed to group undertakings 20,779 11,232
Tax - 199,776
Social security and other taxes 553,655 620,354
Wages and salaries 148,969 145,743
Pension creditor 67,616 66,169
Directors' current accounts 220,188 159,813
Accrued expenses 384,725 399,356
7,134,219 8,510,740

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 15) 1,061,875 883,092

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 1,199,395 872,223
Between one and five years 1,061,875 883,092
2,261,270 1,755,315

16. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 2,261,270 1,755,315

The security is by way of a charge on the assets themselves.

The bank have a debenture over the assets of the company.

17. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 1,073,296 815,732
Provision for remedial work 675,000 710,000
1,748,296 1,525,732

Provision
Deferred for
tax remedials
£    £   
Balance at 1 January 2023 815,732 710,000
Provided during year 257,564 (35,000 )
Balance at 31 December 2023 1,073,296 675,000

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
830 Ordinary £1 830 830

All shares carry voting rights and rank equally for dividends.


19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 5,096,337 170 5,096,507
Profit for the year 49,985 49,985
Dividends (482,129 ) (482,129 )
At 31 December 2023 4,664,193 170 4,664,363

20. ULTIMATE PARENT COMPANY

Parkside Holdings Limited (incorporated in England ) is regarded by the directors as being the company's ultimate parent company.

21. OTHER FINANCIAL COMMITMENTS

The company had future commitments under current operating leases of £21,600 (2022 - £21,600). This is in respect of rent payable to South West Homes Retirement Benefit Scheme of which J Stafford, C Dowden and M Browne are Trustees.

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

22. RELATED PARTY DISCLOSURES

South West Decorating Services Limited

20232022

Management recharges to related party47,00047,000

At the year end, the amount due from the related party was £3,977 (2022 - £4,107).


South West Homes Retirement Benefit Scheme

20232022

Rent paid to related party21,60021,600


During the year the company carried out improvements to the property it leases from South West Homes Retirement Benefit Scheme of which J Stafford,C Dowden and M Browne are Trustees.
These improvements were incomplete at the year end. Following completion of the improvements the Scheme will obtain finance and pay the Company for the work performed.

At the year end, the amount included as work in progress in respect of this work was £202,313 (2022 - £nil)

23. ULTIMATE CONTROLLING PARTY

The controlling party is Mr A Dowden.