REGISTERED NUMBER: 14047192 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
ACCLAIM CONTRACTS HOLDING LIMITED |
REGISTERED NUMBER: 14047192 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
ACCLAIM CONTRACTS HOLDING LIMITED |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
ACCLAIM CONTRACTS HOLDING LIMITED |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
7-8 Britannia Park |
Southend-on-Sea |
Essex |
SS2 6GE |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The Group was formed on 1st July 2022 following the acquisition of 100% of the share capital of Acclaim Contracts Limited. This company is the only subsidiary within the Group and has enabled the management buyout of the company from its founder. |
The Directors are pleased to report that the group continues to perform well in a very competitive market and have secured and delivered numerous projects in the Education, BT, Aerospace, Public, Health, MOD & Blue Chip company markets. |
We saw a steady growth in all sectors with the group focussing on their roofing expertise in all areas such as specialist flat & pitched roofing markets. With extensive knowledge in all sectors the group have developed their skills and have a superb reputation within the industry and their 42 year history as a leading contractor within these fields. |
There was also a large increase in our Specialist works Division with clients reaping the benefits our expertise to assist them with all works from small repairs to extensive specialist works, working direct for the end user. |
This year the Specialist Main Contractor element continued to grow extensively with the advent of RAAC works and specialist re-decking projects where they were managed from design to completion, working closely with the complete team from client, designer, engineer and specialists. |
Due to some restructuring and recruitment changes along with identifying key training measures for staff we were able to manage the works and provide the customers with high quality works with good percentage of repeat business. Our exceptional management team, experienced and motivated workforce and dependable supply chain partners ensure that our exceptional brand and reputation is enhanced each year through the completion of projects on time, within budget and to very high industry standards. |
The future focus will remain on maintaining and enhancing our excellent client relations, galvanising our outstanding reputation whilst continuing our business ethos ensuring our clients continue to receive the highest quality of workmanship and service. |
Within this financial year the group has met the forecasted projections if revenue & growth. The Directors are satisfied with the company's performance during this year. |
The Directors are pleased with performance within this period and believe the group is in a strong position to carry on the current performance. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors regularly review and implement policies for managing the main financial risks the group is exposed to in trading with weekly Contract Management meetings to minimise problems arising. This also includes assessment of market conditions, material fluctuations, supply chain performance, resource, cash flow related to growth and potential credit exposure when working for new clients. |
By implementing these appropriate strategies, it is considered these risks are minimised, identified and managed. The group and its experienced management team have a robust knowledge and significant experience in managing risks, and consequently the group is confident it will not be adversely affected by any principle risk or uncertainties during the financial year ahead. |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
KEY PERFORMANCE INDICATORS |
The group monitors its performance using measures regularly reviewed in monthly meetings utilising our Sage Construct software. Key among them is turnover achieved and targeted, gross profit achieved monthly and cumulatively in the year to date and resulting operating profit, again based on monthly achieved and cumulative. Each project running is discussed and checked to identify any key indications and ensure that the projects and group are run to the highest standards. By implementing and conducting regular meetings and good communication we are happy to show improved performance again this year. |
ON BEHALF OF THE BOARD: |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
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; |
- | 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, Azets Audit Services, 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 |
Acclaim Contracts Holding Limited |
Opinion |
We have audited the financial statements of Acclaim Contracts Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 31 March 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. |
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. |
Report of the Independent Auditors to the Members of |
Acclaim Contracts Holding Limited |
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 four, 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 |
Acclaim Contracts Holding 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. |
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. |
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: |
-Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
-Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; |
-Reviewing financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations; |
-Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates fro indicators of potential bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements 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. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or override of internal control.. |
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 |
Acclaim Contracts Holding 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 |
7-8 Britannia Park |
Southend-on-Sea |
Essex |
SS2 6GE |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 March 2024 |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 20,414,655 | 14,060,586 |
Cost of sales | 15,835,694 | 10,923,194 |
GROSS PROFIT | 4,578,961 | 3,137,392 |
Administrative expenses | 2,270,011 | 1,858,083 |
OPERATING PROFIT | 5 | 2,308,950 | 1,279,309 |
Interest receivable and similar income | 507 | - |
2,309,457 | 1,279,309 |
Interest payable and similar expenses | 7 | - | 1,205 |
PROFIT BEFORE TAXATION | 2,309,457 | 1,278,104 |
Tax on profit | 8 | 840,292 | 346,408 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,469,165 |
931,696 |
Profit attributable to: |
Owners of the parent | 1,469,165 | 931,696 |
Total comprehensive income attributable to: |
Owners of the parent | 1,469,165 | 931,696 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Consolidated Balance Sheet |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 6,895,734 | 7,731,580 |
Tangible assets | 11 | 270,663 | 270,996 |
Investments | 12 | - | - |
7,166,397 | 8,002,576 |
CURRENT ASSETS |
Stocks | 13 | 142,320 | 66,281 |
Debtors | 14 | 3,355,158 | 2,670,358 |
Cash at bank and in hand | 3,185,882 | 2,365,460 |
6,683,360 | 5,102,099 |
CREDITORS |
Amounts falling due within one year | 15 | 4,326,686 | 3,598,149 |
NET CURRENT ASSETS | 2,356,674 | 1,503,950 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
9,523,071 |
9,506,526 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(3,240,270 |
) |
(4,680,390 |
) |
PROVISIONS FOR LIABILITIES | 18 | (24,500 | ) | (37,000 | ) |
NET ASSETS | 6,258,301 | 4,789,136 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 112 | 112 |
Share premium | 20 | 3,857,328 | 3,857,328 |
Retained earnings | 20 | 2,400,861 | 931,696 |
SHAREHOLDERS' FUNDS | 6,258,301 | 4,789,136 |
The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by: |
I Duggan - Director |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Company Balance Sheet |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,440,120 | 2,880,090 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | 112 | - | 3,857,328 | 3,857,440 |
Total comprehensive income | - | 931,696 | - | 931,696 |
Balance at 31 March 2023 | 112 | 931,696 | 3,857,328 | 4,789,136 |
Changes in equity |
Total comprehensive income | - | 1,469,165 | - | 1,469,165 |
Balance at 31 March 2024 | 112 | 2,400,861 | 3,857,328 | 6,258,301 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,913,444 | 1,175,317 |
Interest paid | - | (1,205 | ) |
Tax paid | (572,999 | ) | (113,493 | ) |
Net cash from operating activities | 2,340,445 | 1,060,619 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (270,324 | ) | (182,860 | ) |
Sale of tangible fixed assets | 189,915 | 65,561 |
Purchase of subsidiary net of cash acq | - | (8,555,810 | ) |
Interest received | 507 | - |
Net cash from investing activities | (79,902 | ) | (8,673,109 | ) |
Cash flows from financing activities |
New loans in year | - | 9,000,600 |
Loan repayments in year | (1,440,121 | ) | (2,880,090 | ) |
Share issue | - | 3,857,440 |
Net cash from financing activities | (1,440,121 | ) | 9,977,950 |
Increase in cash and cash equivalents | 820,422 | 2,365,460 |
Cash and cash equivalents at beginning of year |
2 |
2,365,460 |
- |
Cash and cash equivalents at end of year | 2 | 3,185,882 | 2,365,460 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 2,309,457 | 1,278,104 |
Depreciation charges | 961,782 | 737,533 |
Profit on disposal of fixed assets | (45,193 | ) | (44,625 | ) |
Finance costs | - | 1,205 |
Finance income | (507 | ) | - |
3,225,539 | 1,972,217 |
Increase in stocks | (76,039 | ) | (66,281 | ) |
Increase in trade and other debtors | (684,800 | ) | (2,670,358 | ) |
Increase in trade and other creditors | 448,744 | 1,939,739 |
Cash generated from operations | 2,913,444 | 1,175,317 |
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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 3,185,882 | 2,365,460 |
Period ended 31 March 2023 |
31.3.23 | 14.2.22 |
£ | £ |
Cash and cash equivalents | 2,365,460 | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,365,460 | 820,422 | 3,185,882 |
2,365,460 | 820,422 | 3,185,882 |
Debt |
Debts falling due within 1 year | (1,440,120 | ) | - | (1,440,120 | ) |
Debts falling due after 1 year | (4,680,390 | ) | 1,440,120 | (3,240,270 | ) |
(6,120,510 | ) | 1,440,120 | (4,680,390 | ) |
Total | (3,755,050 | ) | 2,260,542 | (1,494,508 | ) |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Acclaim Contracts Holding Limited is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from the sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and the liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only the period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill represents the difference between the cost of the business combination and the Group's interest in the fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant & equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of deprecation and any impairment losses. |
The gain or loss on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the assets, and is recognised in the profit and loss account. |
Stocks |
Stock 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 includes all direct expenditure. |
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. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern disclosure |
At the time of approving the financial statements, the directors has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to profit and loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 1,841,578 | 1,419,214 |
Social security costs | 209,374 | 142,162 |
Other pension costs | 41,871 | 31,393 |
2,092,823 | 1,592,769 |
The average number of employees during the year was as follows: |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Site operatives | 21 | 20 |
Office staff & directors | 17 | 16 |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration | 303,500 | 415,125 |
Directors' pension contributions to money purchase schemes | 5,321 | 4,741 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Emoluments etc | 201,750 | 226,313 |
Pension contributions to money purchase schemes | 4,000 | 3,000 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets | 125,935 | 147,530 |
Profit on disposal of fixed assets | (45,193 | ) | (44,625 | ) |
Goodwill amortisation | 835,846 | 626,885 |
6. | AUDITORS' REMUNERATION |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
17,475 |
12,975 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan interest | - | 1,205 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 852,792 | 331,783 |
Deferred tax | (12,500 | ) | 14,625 |
Tax on profit | 840,292 | 346,408 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
14.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 2,309,457 | 1,278,104 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
577,364 |
242,840 |
Effects of: |
Expenses not deductible for tax purposes | 18,160 | 15,017 |
Depreciation in excess of capital allowances | 196,587 | 100,687 |
R & D Relief | 35,681 | (26,761 | ) |
Deferred taxation - Accelerated capital allowances | 12,500 | 14,625 |
Total tax charge | 840,292 | 346,408 |
9. | 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. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 8,358,465 |
AMORTISATION |
At 1 April 2023 | 626,885 |
Amortisation for year | 835,846 |
At 31 March 2024 | 1,462,731 |
NET BOOK VALUE |
At 31 March 2024 | 6,895,734 |
At 31 March 2023 | 7,731,580 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant & | and | Motor |
equipment | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 309,009 | 23,977 | 736,232 | 1,069,218 |
Additions | 6,022 | - | 264,302 | 270,324 |
Disposals | - | - | (371,222 | ) | (371,222 | ) |
At 31 March 2024 | 315,031 | 23,977 | 629,312 | 968,320 |
DEPRECIATION |
At 1 April 2023 | 291,080 | 23,977 | 483,165 | 798,222 |
Charge for year | 9,325 | - | 116,610 | 125,935 |
Eliminated on disposal | - | - | (226,500 | ) | (226,500 | ) |
At 31 March 2024 | 300,405 | 23,977 | 373,275 | 697,657 |
NET BOOK VALUE |
At 31 March 2024 | 14,626 | - | 256,037 | 270,663 |
At 31 March 2023 | 17,929 | - | 253,067 | 270,996 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Acclaim House, 8 Robert Way, Wickford, Essex SS11 8DD. |
Nature of business: |
% |
Class of shares: | holding |
31/3/24 | 31/3/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
The subsidiary Acclaim Contracts Limited was acquired on 1st July 2022 where 100% of the voting shares were purchased for £12,961,022. |
The amounts recognised at the acquisition date are as follows: |
Fixed assets £324,511 |
Stock £2,500 |
Debtors £3,389,544 |
Cash £2,924,050 |
Goodwill £8,358,465 |
Liabilities (£2,038,048) |
Total £12,961,022 |
13. | STOCKS |
Group |
31/3/24 | 31/3/23 |
£ | £ |
Stocks | 2,500 | 2,500 |
Work-in-progress | 139,820 | 63,781 |
142,320 | 66,281 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31/3/24 | 31/3/23 | 31/3/24 | 31/3/23 |
£ | £ | £ | £ |
Trade debtors | 3,222,447 | 2,578,603 |
Other debtors | 37,534 | 11,734 |
Prepayments | 95,177 | 80,021 |
3,355,158 | 2,670,358 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31/3/24 | 31/3/23 | 31/3/24 | 31/3/23 |
£ | £ | £ | £ |
Other loans (see note 17) | 1,440,120 | 1,440,120 |
Trade creditors | 1,404,951 | 1,200,663 |
Amounts owed to group undertakings | - | - |
Corporation tax | 498,083 | 218,290 |
Social security and other taxes | 161,967 | 94,704 |
VAT | 530,113 | 345,954 | - | - |
Other creditors | 6,187 | 6,696 |
Accrued expenses | 285,265 | 291,722 |
4,326,686 | 3,598,149 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31/3/24 | 31/3/23 | 31/3/24 | 31/3/23 |
£ | £ | £ | £ |
Other loans (see note 17) | 3,240,270 | 4,680,390 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31/3/24 | 31/3/23 | 31/3/24 | 31/3/23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Other loans | 1,440,120 | 1,440,120 |
Amounts falling due between one and two | years: |
Other loans - 1-2 years | 1,440,120 | 1,440,120 | 1,440,120 |
Amounts falling due between two and five | years: |
Other loans - 2-5 years | 1,800,150 | 3,240,270 |
18. | PROVISIONS FOR LIABILITIES |
Group |
31/3/24 | 31/3/23 |
£ | £ |
Deferred tax | 24,500 | 37,000 |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
18. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 37,000 |
Provided during year | (12,500 | ) |
Balance at 31 March 2024 | 24,500 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/24 | 31/3/23 |
value: | £ | £ |
Ordinary | £1 | 40 | 40 |
Ordinary | £1 | 60 | 60 |
Preference shares | £1 | 12 | 12 |
112 | 112 |
20. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2023 | 931,696 | 3,857,328 | 4,789,024 |
Profit for the year | 1,469,165 | 1,469,165 |
At 31 March 2024 | 2,400,861 | 3,857,328 | 6,258,189 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2023 | 6,737,418 |
Profit for the year |
At 31 March 2024 | 8,177,538 |
21. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
31/3/24 | 31/3/23 |
£ | £ |
Rent payable | 9,000 | 9,000 |
Mr I Duggan owns a property which the group occupies and pays rent for. |
ACCLAIM CONTRACTS HOLDING LIMITED (REGISTERED NUMBER: 14047192) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is I Duggan. |