REGISTERED NUMBER: 04827716 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
FELTHAM GROUP LIMITED |
REGISTERED NUMBER: 04827716 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
FELTHAM GROUP LIMITED |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 10 |
Consolidated Statement of Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 17 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 19 |
Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Cash Flow Statement | 21 |
Notes to the Consolidated Financial Statements | 23 |
FELTHAM GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Advantage |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
As required, the directors have included this strategic report to inform the members of the Group, and to help them assess how the directors have performed their duty to promote the success of the Group. |
REVIEW OF BUSINESS |
The Directors can report that despite the continuing impact of high interest rates and inflation, the company has delivered strong results, with both turnover and profitability significantly improved in the year. The results represent a good performance in current market conditions and reflect the commitment and hard work of our staff and supply chain. |
Turnover in the year was £78.2m (FY23 £54.3m) with profit before tax of £1.63m (FY23 £0.85m). |
Turnover increased considerably in the year, but it is recognised that this was due to a higher percentage of larger projects. The secured order book stands at £97m and again provides a strong foundation for the financial year ahead. |
Cashflow during the period has remained strong and the company intends to continue with its policy of retaining funds and maintaining a strong balance sheet, which provides essential security for our clients and supply chain. In tandem with this, our Prompt Payment Code average creditor days was maintained at 28 days during the year, enhancing our reputation and relationships with our supply chain. |
Staff levels during the year have been maintained with a renewed emphasis on staff training in several aspects of the business to maintain the highest levels of performance. |
We remain confident that the bank and cash balances of £10.1m on 30th June 2024 together with future internal cash flow will be adequate to fund the working capital requirements for the foreseeable future. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the Group's strategy are subject to a number of risks. |
The key business risks and uncertainties are considered to relate to competition from other construction companies and movements in commodity and labour prices. |
SECTION 172(1) STATEMENT |
The Directors consider they have effectively implemented their roles and responsibilities under section 172 of the Companies Act 2006 with the following processes continuing to be employed: |
- | Establishing a long-term strategy for the business which will continue to deliver successful results for the business, its employee's and wider stakeholders. |
- | Fostering relationships both up and down our supply chain, acting fairly between members of the Group and treating all stakeholders with respect. |
- | Considering the impact we have on the environment and the communities in which we work both on individual projects and the business as a whole. |
- | Striving to be the contractor of choice for our clients through excellent delivery of quality, price, programme and the manner in which we operate. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
The financial key performance indicators considered by the Group in respect of its trading activities are turnover, gross profit and operating profit. The Group considers that staff numbers are a key non financial performance indicator. |
Summary of key performance indicators |
2024 | 2023 | 2022 |
Turnover | £78.2m | £57.29m | £57.95m |
Gross Profit | £5.54m | £4.23m | £5.48m |
Gross Margin | 7.1% | 7.8% | 9.5% |
Operating Profit | £1.27m | £0.68m | £2.01m |
Secured orderbook | £97m | £126m | £114m |
Staff Numbers | 107 | 108 | 111 |
Staff turnover | 14% | 11% | 6% |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The Group uses various financial instruments including cash, equity instruments and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. |
The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below. The main risks arising from the Group's financial instruments are liquidity risk, interest rate risk, credit risk and price risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years. |
LIQUIDITY RISK |
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. |
INTEREST RATE RISK |
The Group principally finances its operations through equity investments by its shareholders and credit facilities from its bank lenders. The Group's cash assets are held in a mixture of short-term deposits and floating rate bank accounts. Trade debtors and creditors do not attract interest. Given the size of the Group's operations, the relative costs of managing exposure to interest rate risk are otherwise considered to exceed any potential benefits. |
CREDIT RISK |
The Group's principal financial assets are cash and trade debtors. The credit risk associated with the cash balances is limited as the counterparties have high credit ratings assigned by the international credit-rating agencies. Cash deposits are made with well-regarded international banks and the Group regularly review the associated credit risk. The principal credit risk arises therefore from its trade debtors. |
Credit risk in debtors is managed through the application of credit control procedures including measures such as setting credit limits for customers based upon a combination of payment history and third-party credit references. |
The Group is inevitably exposed to commodity price risk as a result of its construction operations. However, given the size of the Group's operations and diverse material inputs, the relative costs of managing exposure to commodity price risk exceed any potential benefits. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
EMPLOYEES |
The Group strives to create a working environment that promotes a fulfilling experience for all staff. Training and continuing professional development are encouraged. Workload balance and flexibility are recognised as essential to ensure staff can perform at their best and consequently the remote working and flexible working policy have been maintained. |
We continue to take on and train apprentices in our key professions. |
SUPPLY CHAIN |
Our core values are applied equally up and down our supply chain. We are collaborative, proactive, honest and open. This approach has helped establish extensive and long-term relationships with our supply chain. High standards, in-line with our own are expected and verified on each project undertaken. |
Payment processes are integrated into our systems to ensure our supply chain are paid within contractual terms and the time to pay our supply chain has been marginally improved this year. |
CLIENTS |
These same core values have fostered relationships with clients that extend beyond 20 years. Repeat work continues to be over 80% of our workload. We work with clients who share our values. |
COMMUNITY AND THE ENVIRONMENT |
We recognise the impact our operations can have on both the environment and the communities in which we work. We are a "Considerate Constructor" and operate under an Environmental Management System approved to ISO 14001. |
SAFETY |
We operate under an approved Health and Safety Management system and are accredited by CHAS, Constructionline (Gold), Exor, Acclaim and SafeContractor. We hold and maintain Cyber Essentials Certificate of Assurance for our operational processes. |
ON BEHALF OF THE BOARD: |
13 September 2024 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of building contractors. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £451,420. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
There have been no political donations during the year. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
ENERGY CONSUMPTION |
SECR REPORT |
This report has been produced in line with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 ('the 2013 Regulations') and the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 ('the 2018 Regulations'). The 2018 Regulations require large unquoted companies and limited liability partnerships to disclose their annual energy use and greenhouse gas emissions, and related information. |
In line with the associated guidance provided by beis.gov.uk and in accordance with Feltham's ISO 14001:2015 certified environmental management system, Feltham can report the following: |
UK energy use (this includes as a minimum: purchased electricity, gas and transport) |
Feltham has reviewed the following in relation to energy use: |
- | Activities for which Feltham are responsible involving the combustion of gas. |
- | Activities for which Feltham are responsible involving consumption of fuel for the purposes of transport, and |
- | The purchase of electricity by the company for its own use, including for the purposes of transport and site-based generators. |
Where appropriate, the above energy-use figures are in or have been converted to kWh units as below. |
Office Gas Consumption: |
2023 - 2024 gas consumption was recorded as 111,568 KWh (previously 122,225 KWh). |
This has been calculated directly from head office utility company bills. |
Consumption of Fuel for the Purposes of Transport: |
The consumption of fuel is monitored on a monthly basis by vehicle user, split between petrol and diesel mileage vehicles. |
The conversion of petrol and diesel consumption to KWh's is carried out using the Defra GHG Conversion Factors as updated in 2023 (valid to 10/06/24). These are as follows: |
Petrol: 9.5455 KWh / Litre (Average biofuel blend, Gross CV - was 9.3913 KWh / Litre) |
Diesel: 10.4583 KWh / Litre (Average biofuel blend, Gross CV - was 10.6667 KWh / Litre) |
Using the above data and conversion factors, vehicle fuel consumption in KWh for 2023 - 2024 equates to: |
Petrol: 190,931.9 KWh (previously 186,318.3 KWh) |
Diesel: 429,783.0 KWh (previously 521,057.6 KWh) |
Total: 620,714.9 KWh (previously 707,376.0 KWh) |
Office Electricity Consumption: |
2023 - 2024 electricity consumption was recorded as 76,007.0 KWh (previously 65,460 KWh). |
This has been calculated directly from head office utility company bills. It was also confirmed that Feltham had changed to a green electricity supplier from 1st September 2024 with this fuel mix being 92.1% electricity from renewable sources. |
Site Electricity Consumption: |
2023 - 2024 Site electricity consumption was recorded as 324,124.2 KWh (previously 236,905.08 KWh) |
This has been extrapolated from site utility readings recorded on Weekly Site Reports (for applicable sites) |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Site Generator Diesel Consumption: |
The site consumption of diesel fuel is monitored on an annual basis in litres, based on purchasing records |
The conversion of site diesel consumption to KWh's is carried out using the Defra GHG Conversion Factors as updated in 2023. This is as follows: Diesel: 10.45833 KWh / Litre (Average biofuel blend, Gross CV) |
2023 - 2024 Site diesel consumption recorded as 403,144.044 KWh (previously 440,138.0 KWh). |
Associated greenhouse gas emissions |
The annual quantity of emissions in tonnes of carbon dioxide equivalent (CO2e) resulting from the total UK energy use from electricity, gas and transport (as defined above) is shown below. The 'Government Conversion Factors for Company Reporting' have been used facilitate the measurement of energy consumption in common units. |
Gas emissions in tonnes of carbon dioxide equivalent (CO2e) = 20.082 tonnes CO2e (previously 22.00 tonnes CO2e) |
Transport emissions in tonnes of carbon dioxide equivalent (CO2e) = 145.153 tonnes CO2e (previously 167.906 tonnes CO2e) |
Office Electricity emissions in tonnes of carbon dioxide equivalent (CO2e) = 3.54 tonnes CO2e - this included 10months of supply from a 92.1% renewable source (previously 13.505 tonnes CO2e) |
Site Electricity in tonnes of carbon dioxide equivalent (CO2e) = 67.12 tonnes CO2e (previously 45.81 tonnes CO2e - increase primarily due to DEFRA conversion factor update and additional Feltham projects) |
Site diesel consumption emissions in tonnes of carbon dioxide equivalent (CO2e) = 93.123 tonnes CO2e (previously 105.63 tonnes CO2e) |
Total 2023 - 2024 emissions in tonnes of carbon dioxide equivalent (CO2e) = 342.506 tonnes CO2e (previously 354.851 tonnes CO2e) |
Feltham intensity ratio |
In line with the guidance provided by beis.gov.uk re: 'Environmental Reporting Guidelines - Including streamlined energy and carbon reporting guidance - March 2019', Feltham has selected sales revenue as the Intensity ratio used to compare emissions data with an appropriate business metric or financial indicator. |
Feltham Construction 2023 - 2024 Turnover = £80,567,441 (previously £61,126,095, updated to £61,843,860) |
Tonnes of CO2e per £M sales revenue = 4.2512 tonnes (previously 5.8052 tonnes). |
Energy Efficiency Action |
Energy efficiency action taken in Feltham's financial year include the following: |
- | Ongoing use of electric vehicle charging points at Feltham head office and further progression of phased introduction of hybrid / electric company vehicles. |
- | Ongoing environmental and energy saving awareness via audit, turn-off signs, posters and guidance information (both offices and project sites) |
- | Change of head office electricity supplier with 92.1% from a renewable source from 1st September 2024 |
- | Change to gas that encompasses carbon offset from August 2024 |
- | Ongoing use of energy-efficient site office cabins |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
- | Reduction of diesel usage on site via use of improved efficiency generators, use of hybrid generators and improved site energy use awareness |
- | Additional site carbon footprint monitoring - finalized site energy monitoring spreadsheet in use in 2023 / 2024 |
- | Further progression of UK Government PPN 06/21 compliant Carbon Reduction Plan (as updated in Q2 2024). |
Methodologies Used in Calculation of Disclosures |
The methodologies used to calculate the above required information include: |
- | UK Government GHG Conversion Factors for Company Reporting, 2023 version, valid to 10/06/24 |
- | ISO 14001:2015 and ISO 14004:2016 |
- | Environmental Reporting Guidelines - Including SECR reporting guidance - March 2019 |
In addition, reference has been made to the GHG Protocol Corporate Accounting and Reporting Standard as appropriate. |
Calculations in relation to energy consumption and associated greenhouse gas emissions are carried out in accordance with Feltham's UKAS-recognised ISO 14001:2015 certification and are reviewed by senior management at Management Review and via 2nd-party internal audit. |
Overall percentage reduction in tonnes CO2e per £M T/O from 22-2023 to 23-2024 = 26.77% |
Analysis Methodology |
The 2024 SECR report has used the same Feltham spreadsheets, conversion factors and analysis methodologies as previous SECR reports. |
Feltham CO2 Footprint Spreadsheets used include: |
- | Feltham House Energy Consumption 2024 (populated directly from utility bills) |
- | ISO-Site Energy Consumption 2024 (populated from weekly site reports) |
- | Business Mileage 2023-2024 (populated with vehicle mileage per month and converted to litres consumed per fuel type) |
- | Site Diesel use (populated with litres diesel purchased per invoice for all 2023-2024) |
The various totals / sub-totals from the above were then converted to KWh's (where required) using the UK Government GHG Conversion Factors for Company Reporting as updated for 2023, valid through to 10/06/2024. |
All KWh figures were then converted to CO2e (Carbon dioxide equivalent) using the current UK Government GHG Conversion Factors for Company Reporting. |
In line with UK Government guidance provided by beis.gov.uk re: 'Environmental Reporting Guidelines - Including streamlined energy and carbon reporting guidance - March 2019', Feltham has selected Sales Revenue as the Intensity ratio used to compare emissions data with an appropriate business metric or financial indicator. The above calculation methods and intensity ratio have been used in all SECR reports from FY 2019 - 2020 through to 2023 - 2024. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FELTHAM GROUP LIMITED |
Opinion |
We have audited the financial statements of Feltham Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FELTHAM GROUP LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page nine, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FELTHAM GROUP 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: |
We obtained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK. We considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but may be fundamental to the company's ability to operate. These included compliance with the Health and Safety at Work etc. act 1974, Section 51 of the Building Act 1984, Money Laundering Regulations 2007, the Building (Approved Inspectors etc) Regulations 2010 and the Data Protection Act. |
We obtained an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries of management. We did not identify any matters of non-compliance with material laws and regulations or material irregularities when assessing compliance with the above. |
We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included: |
- | Challenging assumptions and judgements made by management in its significant accounting estimates; |
- | Identifying and testing transactional entries, with a focus on entries made with unusual accounting combinations; |
- | Confirming with management whether they have knowledge of any actual, suspected or illegal fraud; |
- | Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud. |
These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations. |
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 |
FELTHAM GROUP 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Advantage |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
TURNOVER | 4 | 78,234,792 | 54,293,717 |
Cost of sales | 72,691,455 | 50,065,913 |
GROSS PROFIT | 5,543,337 | 4,227,804 |
Administrative expenses | 4,337,753 | 3,624,617 |
1,205,584 | 603,187 |
Other operating income | 5 | 63,022 | 76,928 |
OPERATING PROFIT | 7 | 1,268,606 | 680,115 |
Interest receivable and similar income | 9 | 394,744 | 205,615 |
1,663,350 | 885,730 |
Interest payable and similar expenses | 10 | 36,274 | 35,880 |
PROFIT BEFORE TAXATION | 1,627,076 | 849,850 |
Tax on profit | 11 | 181,985 | (91,323 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,445,091 |
941,173 |
Profit attributable to: |
Owners of the parent | 1,801,663 | 862,455 |
Non-controlling interests | (356,572 | ) | 78,718 |
1,445,091 | 941,173 |
Total comprehensive income attributable to: |
Owners of the parent | 1,801,663 | 862,455 |
Non-controlling interests | (356,572 | ) | 78,718 |
1,445,091 | 941,173 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 15 | - | - |
Tangible assets | 16 | 491,953 | 442,476 |
Investments | 17 | - | - |
491,953 | 442,476 |
CURRENT ASSETS |
Stocks | 18 | 25,247,312 | 20,349,196 |
Debtors | 19 | 16,188,930 | 14,156,142 |
Cash at bank and in hand | 10,129,646 | 11,747,612 |
51,565,888 | 46,252,950 |
CREDITORS |
Amounts falling due within one year | 20 | 38,884,646 | 33,225,902 |
NET CURRENT ASSETS | 12,681,242 | 13,027,048 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
13,173,195 |
13,469,524 |
CREDITORS |
Amounts falling due after more than one year |
21 |
1,104,000 |
1,104,000 |
NET ASSETS | 12,069,195 | 12,365,524 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
CONSOLIDATED BALANCE SHEET - continued |
30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 26 | 90,284 | 97,140 |
Share premium | 27 | 531,340 | 531,340 |
Capital redemption reserve | 27 | 26,856 | 20,000 |
Retained earnings | 27 | 11,207,971 | 11,147,728 |
SHAREHOLDERS' FUNDS | 11,856,451 | 11,796,208 |
NON-CONTROLLING INTERESTS | 212,744 | 569,316 |
TOTAL EQUITY | 12,069,195 | 12,365,524 |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by: |
A B Brown - Director |
D S Yates - Director |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 15 |
Tangible assets | 16 |
Investments | 17 |
CURRENT ASSETS |
Debtors | 19 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 20 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 26 |
Share premium | 27 |
Capital redemption reserve | 27 |
Retained earnings | 27 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,220,291 | 1,275,140 |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 July 2022 | 97,140 | 10,770,973 | 531,340 |
Changes in equity |
Dividends | - | (485,700 | ) | - |
Total comprehensive income | - | 862,455 | - |
Balance at 30 June 2023 | 97,140 | 11,147,728 | 531,340 |
Changes in equity |
Purchase of own shares | - | (1,290,000 | ) | - |
Dividends | - | (451,420 | ) | - |
Total comprehensive income | - | 1,801,663 | - |
Balance at 30 June 2024 | 97,140 | 11,207,971 | 531,340 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 20,000 | 11,419,453 | 490,598 | 11,910,051 |
Changes in equity |
Dividends | - | (485,700 | ) | - | (485,700 | ) |
Total comprehensive income | - | 862,455 | 78,718 | 941,173 |
Balance at 30 June 2023 | 20,000 | 11,796,208 | 569,316 | 12,365,524 |
Changes in equity |
Purchase of own shares | 6,856 | (1,283,144 | ) | - | (1,283,144 | ) |
Dividends | - | (451,420 | ) | - | (451,420 | ) |
Total comprehensive income | - | 1,801,663 | (356,572 | ) | 1,445,091 |
Balance at 30 June 2024 | 26,856 | 11,863,307 | 212,744 | 12,076,051 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Purchase of own shares | - | (1,290,000 | ) | - | 6,856 | (1,283,144 | ) |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 | 97,140 | 10,791,539 | 531,340 | 11,446,875 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 220,401 | (7,267,802 | ) |
Interest paid | (36,274 | ) | (35,880 | ) |
Tax paid | (126,771 | ) | (246,441 | ) |
Net cash from operating activities | 57,356 | (7,550,123 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (298,975 | ) | (215,118 | ) |
Sale of tangible fixed assets | 66,853 | 84,443 |
Interest received | 394,744 | 205,615 |
Net cash from investing activities | 162,622 | 74,940 |
Cash flows from financing activities |
New loans in year | 13,512,370 | 7,601,932 |
Loan repayments in year | (13,608,894 | ) | - |
Share buyback | (1,290,000 | ) | - |
Equity dividends paid | (451,420 | ) | (485,700 | ) |
Net cash from financing activities | (1,837,944 | ) | 7,116,232 |
Decrease in cash and cash equivalents | (1,617,966 | ) | (358,951 | ) |
Cash and cash equivalents at beginning of year |
2 |
11,747,612 |
12,106,563 |
Cash and cash equivalents at end of year |
2 |
10,129,646 |
11,747,612 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit for the financial year | 1,445,091 | 941,173 |
Depreciation charges | 245,667 | 379,318 |
Profit on disposal of fixed assets | (63,022 | ) | (76,928 | ) |
Finance costs | 36,274 | 35,880 |
Finance income | (394,744 | ) | (205,615 | ) |
Taxation | 181,985 | (91,323 | ) |
1,451,251 | 982,505 |
Increase in stocks | (4,898,116 | ) | (8,368,435 | ) |
Increase in trade and other debtors | (2,001,486 | ) | (2,760,741 | ) |
Increase in trade and other creditors | 5,668,752 | 2,878,869 |
Cash generated from operations | 220,401 | (7,267,802 | ) |
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 30 June 2024 |
30/6/24 | 1/7/23 |
£ | £ |
Cash and cash equivalents | 10,129,646 | 11,747,612 |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
as restated |
£ | £ |
Cash and cash equivalents | 11,747,612 | 12,106,563 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/7/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,747,612 | (1,617,966 | ) | 10,129,646 |
11,747,612 | (1,617,966 | ) | 10,129,646 |
Debt |
Debts falling due within 1 year | (12,209,909 | ) | 27,658 | (12,182,251 | ) |
Debts falling due after 1 year | (1,104,000 | ) | - | (1,104,000 | ) |
(13,313,909 | ) | 27,658 | (13,286,251 | ) |
Total | (1,566,297 | ) | (1,590,308 | ) | (3,156,605 | ) |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Feltham Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. |
The financial statements are rounded to the nearest £. |
Basis of consolidation |
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. These are deconsolidated from the date control ceases. |
Going Concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of properties |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- | the Group has transferred the significant risks and rewards of ownership to the buyer; |
- | the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Group will receive the consideration due under the transaction; and |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Group will receive the consideration due under the contract; |
- | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
Incidental income arising from properties held for sale, such as rental income are recognised over the period in which they relate. |
Construction contracts |
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the percentage of contract value performed. |
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
The estimated useful economic life is as follows: |
Goodwill | - Straight line over 6 years |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. |
The estimated useful lives range as follows: |
Motor vehicles | - 20% & 25% on cost |
Computer equipment | - 33% on cost |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
Investments |
Investments are measured at cost less accumulated impairment. |
Joint ventures |
An entity is treated as a joint venture where the group holds a long term interest and shares control under a contractual agreement. |
Long-term contracts |
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 recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which incurred to date bear to total expected costs for that contract. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Financial instruments |
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. |
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 debtors and creditors, 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 the 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 Statement of Comprehensive Income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
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. |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. |
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date. |
Government grants |
The group receives government grants in respect of the job retention scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the group will comply with conditions attaching to them and the grants will be received using the accrual model. |
Interest income |
Interest income is recognised in the Consolidated profit and loss account using the effective interest method. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statement where these judgements and estimates have been made primarily include the recognition of revenue and costs in respect of long term contracts. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
All turnover arose within the United Kingdom. |
5. | OTHER OPERATING INCOME |
2024 | 2023 |
as restated |
£ | £ |
Profit on sale of tangible fixed assets | 63,022 | 76,928 |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries | 7,604,339 | 6,948,138 |
Social security costs | 883,016 | 819,840 |
Other pension costs | 276,037 | 250,264 |
8,763,392 | 8,018,242 |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Management | 9 | 8 |
Production | 82 | 87 |
Administration | 16 | 13 |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration | 1,466,143 | 1,108,299 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 5 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
as restated |
£ | £ |
Emoluments etc | 196,333 | 184,906 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Other operating leases | 145,281 | 145,652 |
Depreciation - owned assets | 245,667 | 219,555 |
Profit on disposal of fixed assets | (63,022 | ) | (76,928 | ) |
Goodwill amortisation | - | 159,763 |
8. | AUDITORS' REMUNERATION |
2024 | 2023 |
as restated |
£ | £ |
Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
26,466 |
24,810 |
Taxation compliance services | 7,455 | 7,100 |
Other non- audit services | 46,600 | 48,921 |
9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
as restated |
£ | £ |
Deposit account interest | 394,744 | 205,615 |
10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank loan interest | 36,274 | 35,880 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 481,113 | 346,610 |
Tax charge - Prior Period | (267,826 | ) | (250,472 | ) |
Total current tax | 213,287 | 96,138 |
Deferred tax | (31,302 | ) | (187,461 | ) |
Tax on profit | 181,985 | (91,323 | ) |
UK corporation tax has been charged at 25 % (2023 - 25 %). |
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: |
2024 | 2023 |
as restated |
£ | £ |
Profit before tax | 1,627,076 | 849,850 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
406,769 |
212,463 |
Effects of: |
Expenses not deductible for tax purposes | 75,960 | 25,342 |
Amortisation of goodwill | - | 39,939 |
Other differences | (32,918 | ) | (25,378 | ) |
Adjustments in respect of previous periods | (267,826 | ) | (250,472 | ) |
Profits charged at prior rate of tax | - | (93,217 | ) |
Total tax charge/(credit) | 181,985 | (91,323 | ) |
12. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
13. | DIVIDENDS |
2024 | 2023 |
as restated |
£ | £ |
Ordinary share shares of £1 each |
Final | 451,420 | 485,700 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
14. | PRIOR YEAR ADJUSTMENT |
In the year to 30 June 2023, the decision was made not to sell the property development on completion of construction due to adverse market conditions. The property was therefore reclassified from stock and work in progress to investment properties in the previous financial period. |
In the year to 30 June 2024 the market conditions changed and the company actively marketed the development for sale. As a result the appropriate accounting treatment of the development has reverted being that of stock and work in progress and not investment property.The comparatives have been restated. |
2023 |
Adjustment |
2023 as restated |
£ | £ | £ |
Fixed asset investment property | 15,707,213 | (15,707,213 | ) | - |
Work in progress | 2,801,983 | 15,707,213 | 18,509,196 |
15. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 958,538 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 | 958,538 |
NET BOOK VALUE |
At 30 June 2024 | - |
At 30 June 2023 | - |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
16. | TANGIBLE FIXED ASSETS |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 861,668 | 350,096 | 1,211,764 |
Additions | 251,221 | 47,754 | 298,975 |
Disposals | (151,046 | ) | - | (151,046 | ) |
At 30 June 2024 | 961,843 | 397,850 | 1,359,693 |
DEPRECIATION |
At 1 July 2023 | 497,731 | 271,557 | 769,288 |
Charge for year | 192,289 | 53,378 | 245,667 |
Eliminated on disposal | (147,215 | ) | - | (147,215 | ) |
At 30 June 2024 | 542,805 | 324,935 | 867,740 |
NET BOOK VALUE |
At 30 June 2024 | 419,038 | 72,915 | 491,953 |
At 30 June 2023 | 363,937 | 78,539 | 442,476 |
17. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
17. | FIXED ASSET INVESTMENTS - continued |
The following were the principal subsidiary undertakings of the Company |
Name | Country of | Class of | Holding | Principal activity |
incorporation | shares |
Feltham Limited |
UK |
Ordinary |
100% |
Intermediate holding company |
Feltham Construction Limited | UK | Ordinary | 100% | Building contractors |
Feltham Properties Limited | UK | Ordinary | 51% | Property development |
Feltham Holdings (South) Limited | UK | Ordinary | 51% | Property rental |
NCI (Newbury) Limited | UK | Ordinary | 51% | Property development |
Hartford Point (Burnham) Limited | UK | Ordinary | 51% | Property development |
The Long Field (Market Lavington) Limited |
UK | Ordinary | 25% | Dormant |
NCII Limited | UK | Ordinary | 25% | Dormant |
FPL (Harwell North) Limited | UK | Ordinary | 51% | Dormant |
R C Smallbone (Builders) Ltd | UK | Ordinary | 100% | Dormant |
18. | STOCKS |
Group |
2024 | 2023 |
as restated |
£ | £ |
Work-in-progress | 23,407,312 | 18,509,196 |
Finished goods | 1,840,000 | 1,840,000 |
25,247,312 | 20,349,196 |
19. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Trade debtors | 9,069,934 | 6,821,408 |
Amounts owed by group undertakings | - | - |
Other debtors | 562,680 | 15,761 |
Short term loan deposits | 1,224,624 | 1,267,210 | - | - |
Tax | 43,788 | 43,788 |
Deferred tax asset | 348,238 | 316,936 | - | - |
Prepayments and accrued income | 4,939,666 | 5,691,039 |
16,188,930 | 14,156,142 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
19. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Accelerated capital allowances | (22,725 | ) | (59,273 | ) |
Other timing differences | 370,963 | 376,209 | - | - |
348,238 | 316,936 |
Investments in short term deposits have an original maturity of 12 months or less. At the balance sheet date the average maturity of the deposits was 3 months (2023: 3 months). |
20. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 22) | 10,999,999 | 11,096,523 |
Other loans (see note 22) | 1,182,252 | 1,113,386 |
Trade creditors | 8,841,437 | 8,336,239 |
Tax | 329,293 | 242,777 |
Social security and other taxes | 230,079 | 230,951 |
VAT | 1,952,839 | 1,278,824 | 6,460 | 10,001 |
Other creditors | 277,073 | 151,170 |
Accruals and deferred income | 15,071,674 | 10,776,032 |
38,884,646 | 33,225,902 |
21. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
as restated |
£ | £ |
Bank loans (see note 22) | 1,104,000 | 1,104,000 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
22. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 10,999,999 | 11,096,523 |
Other loans | 1,182,252 | 1,113,386 |
12,182,251 | 12,209,909 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 1,104,000 | 1,104,000 |
Bank loans are secured by legal charges over the company's assets. |
The bank funding agreement is repayable on a 3 month revolving basis. The master funding agreement covers the period to April 2027. Under the terms of the agreement, the company has the option to repay proportions of the funding as the units in the property are sold. |
23. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
2024 | 2023 |
as restated |
£ | £ |
Within one year | 161,515 | 153,778 |
Between one and five years | 538,268 | 544,641 |
In more than five years | 989,584 | 1,114,583 |
1,689,367 | 1,813,002 |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
24. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
as restated |
£ | £ |
Bank loans | 12,103,999 | 12,200,523 |
Other loans | 1,182,252 | 1,113,386 |
13,286,251 | 13,313,909 |
A bank loan for £1,104,000 (2023: £1,104,000) in Feltham Holdings (South) Limited is secured via a legal charge of the Feltham Holdings (South) Limited's assets. |
A bank loan for £10,999,999 (2023: £11,096,523) in Hartford Point (Burnham) Limited is secured via a debenture over all the borrower's assets, charges over the property given by the borrower and the shares of the borrower and guarantees from Feltham Group Limited of £2,700,000. |
The other loans for £1,182,252 (2023: £1,113,386) in NCI (Newbury) Limited are secured by a fixed charge over all the shares of Feltham Properties Limited and related rights. |
25. | DEFERRED TAX |
Group |
£ |
Balance at 1 July 2023 | (316,936 | ) |
Provided during year | (31,302 | ) |
Balance at 30 June 2024 | (348,238 | ) |
26. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary share | £1 | 90,284 | 97,140 |
During the year, the company repurchased 6,856 of its own ordinary shares for a total consideration of £1,290,000. The shares were acquired at an average price of £188.16 per share and were subsequently cancelled. The share capital of the company was reduced by £6,856, and the remaining £1,283,144 was deducted from retained earnings. The buyback was financed from the company’s cash reserves. The buyback reduced the number of issued shares. |
FELTHAM GROUP LIMITED (REGISTERED NUMBER: 04827716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
27. | RESERVES |
Share premium account |
The Share premium account represents the amount by which the value received for company shares. |
Capital redemption reserves |
The Capital redemption reserve represents a reserve required under the Companies Act 2006 whenever a company undertakes a purchase of own shares in order that the company maintains its overall level of capital funding. |
Profit and loss account |
The Profit and loss account represents the cumulative profits and losses net of dividends and other adjustments. |
28. | PENSION COMMITMENTS |
The Group operates a defined contribution scheme. The assets of the scheme are administered by trustees in funds independent from those of the Group. The pension cost charge represents contributions payable by the Group to the fund and amounted to £276,037 (2023 - £250,264). Contributions totalling £57,386 (2023 - £47,528) were payable to the fund at the balance sheet date and are included in creditors. |
29. | RELATED PARTY DISCLOSURES |
In accordance with the FRS102, the Company has not disclosed transactions and balances with other 100% group entities. |
During the year, the Group paid £125,000 (2023 - £125,000) in respect of rents to the pension funds of two directors. |
30. | POST BALANCE SHEET EVENTS |
On 31 July 2024, the company repurchased 1,714 of its own ordinary shares for a total consideration od £330,000. The shares were subsequently cancelled. |
31. | ULTIMATE CONTROLLING PARTY |
The Group is controlled by A Brown and D Yates, by virtue of their shareholdings. |