REGISTERED NUMBER: |
Integra Buildings Limited |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Integra Buildings Limited |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
Integra Buildings Limited (Registered number: 03386037) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 8 |
Statement of Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 17 |
Integra Buildings Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Integra Buildings Limited (Registered number: 03386037) |
Strategic Report |
for the year ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company is engaged in the design and manufacture of bespoke off-site modular buildings and anti-vandal units. These activities operate from a purpose-built 14-acre site located near Paull in East Yorkshire, serving customers across the country. |
The 12-month period ending 31 December 2023 saw the business build on the recovery from the prior year and as a result reported strong growth of 18% turnover compared to the 12months up to 31 December 2022. The business also continued to operate efficiently and reported strong operating profits; up 4.2% on the prior year. Performance remained positive and the company continued to produce and deliver projects to a high standard. |
The outlook for 2024 is equally encouraging with a strong order book & pipeline with turnover forecasted to be maintained at £50m. Gross profit is forecasted at similar levels despite the challenging economic and market conditions that the construction sector is currently facing. |
The directors are confident that the business is well placed to deliver the forecast as it continues to invest in its people and processes throughout 2024. Supply chain management along with the commitment to strive to deliver operational excellence will support this. Plans for development of the current production facilities are underway and expansion of the Paull site will provide greater capacity to further support the continued growth plans of the business. Planning permission has been approved for an extension to the offices on the Paull site which will commence in early 2024. Investment in renewable energy continues, with the installation of photovoltaic (PV) throughout the Paull site and the purchase of new plant and machinery in 2023. This will further improve efficiencies and help to balance the effect of the rising energy costs whilst supporting our aim to be carbon neutral. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider that the key risk for the business is meeting customers' constant, higher expectations. The risk is managed by ensuring the company's quality systems are maintained, key members of staff retained, and a focus on exceeding customer expectations. This is further enhanced by commitment to ISO 9001, ISO 14001 & ISO 45001. The business' ISO accreditation's will be further advanced in 2024 with the addition of ISO 19650 Business Information Modelling (BIM). The directors continue to regularly monitor & review global economic uncertainties. |
Integra Buildings Limited (Registered number: 03386037) |
Strategic Report |
for the year ended 31 December 2023 |
SECTION 172(1) STATEMENT |
In compliance with section 172 of the Companies Act 2006, the directors make the following statement in relation to the year ended 31 December 2023. |
Stakeholder Engagement |
Positive and collaborative relationships with our customers, suppliers and other stakeholders are critical to the ongoing success of the company. |
Customers |
The company recognises the importance of building good relationships with customers and as such, seeks feedback through customer satisfaction surveys to understand better where improvements can be made. |
Suppliers |
The company aims to build and maintain long-term relationships with key suppliers and contractors to ensure that the standards are aligned. |
Employees |
The directors are committed to ensuring that the necessary procedures are in place to attract and retain the expertise required to achieve the company's strategic objectives. The company actively engages with employees through performance reviews and training to encourage career development. |
Local Communities |
The directors recognise the importance of supporting and working alongside the local communities and charities through partnerships with schools and colleges, fundraising and sponsorship. |
Political Donations |
The company made no political donations and did not incur any political expenditure during the current year and prior period. |
Post Balance Sheet Events |
There have been no post balance sheet events that have taken place since the end of the financial year. |
Research and development |
Due to the bespoke nature of the business, research and development features highly in the director's list of priorities. It is recognised that this is an essential part of ensuring the business gains competitive advantage and continues to achieve growth. The company will continue to invest in research and development in the future. |
Employment of disabled people |
Full and fair consideration is given to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where an existing employee becomes disabled, the company aim is the continuation of suitable employment in either the same or an alternative position with the appropriate training provided. |
SECR: Emissions and energy consumptions are detailed in the directors report. |
Integra Buildings Limited (Registered number: 03386037) |
Strategic Report |
for the year ended 31 December 2023 |
KEY PERFORMANCE INDICATORS |
2023 | 2022 |
Gross profit margin % | 23.7 | 17.3 |
Operating profit margin % | 12.5 | 8.3 |
Employee numbers | 175 | 169 |
ON BEHALF OF THE BOARD: |
Integra Buildings Limited (Registered number: 03386037) |
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 the sale, hire, relocation and refurbishment of new and used timber and steel building systems. |
DIVIDENDS |
An interim dividend of £1,407,513 was paid during the year. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31st December 2023 will be £1,407,513 (period ended 31st December 2022 £61,460). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The principle financial instruments comprise bank loans, trade debtors and trade creditors. The purpose of these instruments is to raise funds for the company's operations and provide working capital. |
Due to the nature of the financial instruments utilised there is no exposure to price risk. Bank loans have fixed rates of interest with fixed repayments. The company manages the liquidity risk by ensuring sufficient funds are available to meet obligations when falling due. |
THIRD PARTY INDEMNITY PROVISIONS |
Qualifying third party indemnity provisions as detailed by section 234 of the Companies Act were in place throughout the year. |
STREAMLINED ENERGY AND CARBON REPORTING |
Integra Building's Ltd consistently undertakes measures to enhance its energy efficiency on an annual basis, aligning with its commitment to continual improvement and perpetual enhancement within the framework of its ISO 14001 Environmental Management System. The energy and carbon report encompasses all financial activities conducted by Integra Buildings Ltd within the UK during the specified compliance period. Specifically, for the fiscal year 2023, this includes operations at the primary site located at Humber Business Park, Hedon Road Paul, as well as associated vehicle activities. |
The energy and carbon reporting entails the assessment of various carbon emission scopes. Scope 1 pertains to carbon emissions attributed to the Main site and operational vehicles throughout 2023. Scope 2 encompasses carbon emissions related to the primary site's operations in 2023. |
Methodology for Collection of Data |
Integra buildings limited streamlined Energy & Carbon report has been completed in accordance with PPN 06/21 and associated guidance and reporting standard for Carbon Reduction plans. |
The emissions have been reported and recorded in accordance with the published reporting standard for Carbon Reduction Plans and the GHG Reporting protocol corporate standard and uses the appropriate Government conversion factors for the Greenhouse Gas company reporting. |
Integra Buildings Limited (Registered number: 03386037) |
Report of the Directors |
for the year ended 31 December 2023 |
An evidence-based methodology has been developed and the environmental emission data has been collected from the following sources, monthly billing by utility suppliers on actual kWh usage, invoices for fuel such as R404a, R410a and our company expenses for employee fuel purchases. |
Scope 1 and Scope 2 emissions have been reported in accordance with the SECR requirements. |
Data Verification |
Integra buildings ltd are certified to ISO 14001 and was first awarded certification in 2023 and has annual ISO 14001 assessments by SGS ltd, what monitors are effectiveness of energy efficiency and performance improvements. |
Main Site Activities |
2023 | 2022 |
Energy Usage | Total kWh consumption | 425,549.87 | 475,004.08 |
Scope 1 | Combined Gas/Fuel | 61,415kg Co2e | 69,116kgCo2e |
Scope 2 | Purchased Electricity | 90,225 kgCo2e | 100,858 kgCo2e |
Intensity Ratio in kgCo2 in accordance PPN 06/21 - Integra Buildings Ltd emitted 151,640 kgCo2 in the year 2023 and Integra Buildings Ltd site buildings cover 78476.44 sq ft |
Emission intensity ratio = Total Emissions (kgCo2)/ Activity (e.g square footage of the buildings constructed) |
Emissions intensity ratio = 151,640 kgCo2/ 78476.44 sq ft |
Emissions intensity ratio = 1.932kgCo2 |
Energy efficiency action |
Integra Buildings Ltd's energy contract is a renewable energy contract and all electricity is sourced from either solar/wind and are REGO certified. However, the business knows purchasing our energy from renewable sustainable sources is a short-term solution for growing energy needs. |
In 2023 the business' environmental energy objective has been to produce its own renewable energy on site through the installation of solar PV panels to the production factory roofs & main office. Installation has been completed in the period of 1,044 solar panels which are expected to generate in excess of 380,000 kWh of solar energy per annum. This is an ongoing environmental objective running through 2024 and into 2025 and will be monitored as the business evaluates different systems and solutions with the objective of achieving the most energy efficient system suitable for the business, making a direct impact on its carbon footprint. |
Integra Buildings Ltd, aims to achieve Carbon neutral emissions by 2038. Carbon offsetting is the process of removing the harmful CO2e from the atmosphere by installing renewable energy systems, planting trees, and creating green spaces. In 2023 the business has become a member of the green organisation; an independent, international, non-profit, non-political environment group dedicated to recognising, rewarding, and promoting environmental best practice around the world. Since becoming a Green Organisation member, the business has planted 230 trees and continues to be pragmatic in seeking further solutions to balance out emissions. |
Integra Buildings Limited (Registered number: 03386037) |
Report of the Directors |
for the year ended 31 December 2023 |
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). 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Smailes Goldie, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Integra Buildings Limited |
Opinion |
We have audited the financial statements of Integra Buildings Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the 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. |
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. |
Report of the Independent Auditors to the Members of |
Integra Buildings Limited |
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 page seven, 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. |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
Report of the Independent Auditors to the Members of |
Integra Buildings Limited |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | enquiring of management as to actual and potential litigation and claims; and |
- |
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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. |
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. |
A further description of our responsibilities 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. |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Integra Buildings Limited (Registered number: 03386037) |
Statement of Comprehensive Income |
for the year ended 31 December 2023 |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
6,266,207 | 2,037,002 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
6,668,599 | 2,091,021 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Integra Buildings Limited (Registered number: 03386037) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Integra Buildings Limited (Registered number: 03386037) |
Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Profit for the period | - | 2,168,427 | - | - | 2,168,427 |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Profit for the year | - | 5,130,323 | - | - | 5,130,323 |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 31 December 2023 |
Integra Buildings Limited (Registered number: 03386037) |
Cash Flow Statement |
for the year ended 31 December 2023 |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) |
Sale of tangible fixed assets |
Capital grants |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 523,761 | 46,460 |
Amount withdrawn by directors | (1,460 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
2,444,716 |
Cash and cash equivalents at end of year |
2 |
12,619,381 |
4,382,074 |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Cash Flow Statement |
for the year ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 101,839 | 57,831 |
Finance income | (380,513 | ) | (37,822 | ) |
6,748,970 | 2,257,342 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 12,619,381 | 4,382,074 |
Period ended 31 December 2022 |
31.12.22 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 4,382,074 | 2,444,716 |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Cash Flow Statement |
for the year ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 4,382,074 | 8,237,307 | 12,619,381 |
4,382,074 | 12,619,381 |
Debt |
Finance leases | (1,594,534 | ) | 194,959 | (1,399,575 | ) |
Debts falling due within 1 year | (277,626 | ) | 242,767 | (34,859 | ) |
Debts falling due after 1 year | (316,548 | ) | 34,857 | (281,691 | ) |
(2,188,708 | ) | 472,583 | (1,716,125 | ) |
Total | 2,193,366 | 8,709,890 | 10,903,256 |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Integra Buildings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of certain assets. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
In respect of long-term contracts, turnover represents the sales value of work done in the year, including estimates in respect of amounts not invoiced. |
Profit on long-term contracts is taken as the work is carried out if 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 year end, by recognising turnover and related costs (as defined in stocks policy) as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter |
Freehold property | - 2% on cost |
Improvements to property | - 25% on cost |
Plant and machinery | - 25% on cost |
Fixtures and fittings | - 33% on cost and 25% on cost |
Motor vehicles | - 25% on cost |
Hire units | - over the period of the lease |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Contract work in progress is included in debtors stated at net realisable value. Cumulative turnover (i.e. the total turnover recorded in respect of the contract in the profit and loss accounts of all accounting periods since inception of the contract) is compared with total payments on account. If turnover exceeds payments on account an "amount recoverable on contracts" is established and separately disclosed within debtors. If payments on account are greater than turnover to date, the excess is classified within creditors. |
Debtors and creditors receivable or payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and other third parties. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement. |
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
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 balance sheet date. |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period using the effective interest method. The capital element of the future payments is treated as a liability. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Operating lease assets |
Income from operating leases is credited to the Income Statement on a straight line basis over the period of the contract. |
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. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Government grants |
Grants are recognised in the profit and loss account and included within "Other operating income" on an accruals basis over the period in which the related expenditure arises. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | TURNOVER |
The turnover and profit before tax are attributable to the principal activity of the company wholly within the UK. |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
Production | 114 | 102 |
Administration and sales | 55 | 61 |
Directors | 6 | 6 |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Operating lease payments |
Income on finance leases | ( |
) | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Prior year overprovision | - | (5,438 | ) |
Total current tax | ( |
) |
Deferred tax: |
Deferred tax |
Prior year overprovision | (151,597 | ) | (639,293 | ) |
Total deferred tax | ( |
) |
Tax on profit | ( |
) |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Change in rates | 35,908 | 122,278 |
Total tax charge/(credit) | 1,436,437 | (135,237 | ) |
Tax rate changes |
The corporation tax rate increased to 25% from 1 April 2023 for companies and groups with profits greater than £50,000. Deferred tax has been provided for in this set of financial statements at that rate. |
8. | DIVIDENDS |
Period |
1.7.22 |
Year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Ordinary A shares of £1 each |
Interim |
Ordinary B shares of £1 each |
Interim |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixtures |
and | Motor | Hire |
fittings | vehicles | units | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in cost or valuation of land and buildings is freehold land of £1,340,000 (2022 £1,340,000) which is not depreciated. |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The investment property has been valued at the year end by the directors at fair value. |
11. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
12. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Tax |
Deferred tax asset |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Deferred tax asset |
2022 |
£ |
Accelerated capital allowances | ( |
) |
Short term timing differences |
Tax losses | 371,803 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Payments on account |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | 524,344 | 2,043 |
Accruals and deferred income |
Deferred government grants |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The company hires out units to customers under finance leases. At the year end the minimum lease payments fall due as follows: |
2023 | 2022 |
Falling due: | £ | £ |
Within one year | 148,655 | 242,267 |
Between one and five years | 155,246 | 292,786 |
303,901 | 535,053 |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 1,399,575 | 1,594,534 |
The company had two bank loans with Barclays Bank PLC of £Nil (2022: £244,088) and £316,550 (2022: £350,086). The loan of £244,088 in 2022 was repaid in full in March 2023. The remaining loan of £316,550 carries interest of 2.45% above the Bank of England base rate. The bank loans and overdraft are secured by way of a legal charge over the freehold properties. |
The hire purchase contracts are secured on the assets concerned. |
18. | PROVISIONS FOR LIABILITIES |
2023 |
£ |
Deferred tax |
Accelerated capital allowances |
Short term timing differences | ( |
) |
317,769 |
Deferred |
tax |
£ |
Balance at 1 January 2023 | ( |
) |
Provided during year |
Balance at 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 6,000 | 6,000 |
Ordinary B | £1 | 146 | 146 |
6,146 | 6,146 |
Integra Buildings Limited (Registered number: 03386037) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
20. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 8,399,630 |
Profit for the year | - | - |
Dividends | ( |
) | - | - | ( |
) |
At 31 December 2023 | 12,122,440 |
Retained earnings |
Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
Share premium |
Share premium represents the amount which the company received for a share issue in excess of its nominal value. |
Capital redemption reserve |
The capital redemption reserve represents the company's repurchase of own shares. |
21. | PENSION COMMITMENTS |
The company makes payments to a defined contribution pension scheme. The charge for the period amounted to £123,343 (2022 £55,300). The amount outstanding at 31 December 2023 amounted to £8,691 (2022 £23,235). |
22. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Rental charges from related party | 87,919 | 40,838 |
The key management personnel compensation is the same as the directors remuneration as disclosed in note 4. |
23. | ULTIMATE CONTROLLING PARTY |
The company is under the control of the directors. |