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REGISTERED NUMBER: 01795766 (England and Wales)




Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

ACCLAIM CONTRACTS LIMITED

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


ACCLAIM CONTRACTS LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: I Duggan
C La-Thangue





REGISTERED OFFICE: Acclaim House
8 Robert Way
Wickford
Essex
SS11 8DD





REGISTERED NUMBER: 01795766 (England and Wales)





AUDITORS: Azets Audit Services
Chartered Accountants
7-8 Britannia Park
Southend-on-Sea
Essex
SS2 6GE

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The Directors are pleased to report that the company 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 company focussing on their roofing expertise in all areas such as specialist flat & pitched roofing markets. With extensive knowledge in all sectors the company have developed their skills and have a superb reputation within the industry and their 42yr 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 further 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 company has met the forecasted projections of revenue & growth.

The Directors are pleased with the company's performance within this period and believe the company is in a strong position to continue forward..

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors regularly review and implement policies for managing the main financial risks the company 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 company and its experienced management team have a robust knowledge and significant experience in managing risks, and consequently the company is confident it will not be adversely affected by any principle risk or uncertainties during the financial year ahead.


ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Strategic Report
for the Year Ended 31 March 2024

KEY PERFORMANCE INDICATORS
The company 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 company 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:



I Duggan - Director


14 October 2024

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
£3,000 - 22 June 2023
£3,000 - 27 September 2023
£3,000 - 11 December 2023
£3,000 - 26 March 2024
£12,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 1,440,120 .

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

I Duggan
C La-Thangue

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





I Duggan - Director


14 October 2024

Report of the Independent Auditors to the Members of
Acclaim Contracts Limited

Opinion
We have audited the financial statements of Acclaim Contracts Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

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

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

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

Report of the Independent Auditors to the Members of
Acclaim Contracts Limited


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

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Acclaim Contracts 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. 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, and 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 company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting 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 for 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, misrepresentations, or the 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 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.




Julian Golding (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered Accountants
7-8 Britannia Park
Southend-on-Sea
Essex
SS2 6GE

14 October 2024

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

31/3/24 31/3/23
Notes £    £   

TURNOVER 20,414,655 18,747,448

Cost of sales 15,835,694 14,564,260
GROSS PROFIT 4,578,961 4,183,188

Administrative expenses 1,434,165 1,641,595
OPERATING PROFIT 5 3,144,796 2,541,593

Interest receivable and similar income 507 -
3,145,303 2,541,593

Interest payable and similar expenses 7 - 1,606
PROFIT BEFORE TAXATION 3,145,303 2,539,987

Tax on profit 8 840,292 461,878
PROFIT FOR THE FINANCIAL YEAR 2,305,011 2,078,109

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,305,011

2,078,109

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 270,663 270,996

CURRENT ASSETS
Stocks 11 142,320 66,281
Debtors 12 3,458,140 2,773,340
Cash at bank and in hand 3,185,882 2,365,460
6,786,342 5,205,081
CREDITORS
Amounts falling due within one year 13 2,886,566 2,158,029
NET CURRENT ASSETS 3,899,776 3,047,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,170,439

3,318,048

PROVISIONS FOR LIABILITIES 14 24,500 37,000
NET ASSETS 4,145,939 3,281,048

CAPITAL AND RESERVES
Called up share capital 15 120 120
Share premium 16 195,205 195,205
Retained earnings 16 3,950,614 3,085,723
SHAREHOLDERS' FUNDS 4,145,939 3,281,048

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 LIMITED (REGISTERED NUMBER: 01795766)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 120 3,887,704 195,205 4,083,029

Changes in equity
Dividends - (2,880,090 ) - (2,880,090 )
Total comprehensive income - 2,078,109 - 2,078,109
Balance at 31 March 2023 120 3,085,723 195,205 3,281,048

Changes in equity
Dividends - (1,440,120 ) - (1,440,120 )
Total comprehensive income - 2,305,011 - 2,305,011
Balance at 31 March 2024 120 3,950,614 195,205 4,145,939

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Cash Flow Statement
for the Year Ended 31 March 2024

31/3/24 31/3/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,913,443 2,941,259
Interest paid - (1,606 )
Tax paid (572,999 ) (313,394 )
Net cash from operating activities 2,340,444 2,626,259

Cash flows from investing activities
Purchase of tangible fixed assets (270,324 ) (182,860 )
Sale of tangible fixed assets 189,915 80,437
Interest received 507 -
Net cash from investing activities (79,902 ) (102,423 )

Cash flows from financing activities
Equity dividends paid (1,440,120 ) (2,880,090 )
Net cash from financing activities (1,440,120 ) (2,880,090 )

Increase/(decrease) in cash and cash equivalents 820,422 (356,254 )
Cash and cash equivalents at beginning of
year

2

2,365,460

2,721,714

Cash and cash equivalents at end of year 2 3,185,882 2,365,460

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/3/24 31/3/23
£    £   
Profit before taxation 3,145,303 2,539,987
Depreciation charges 125,936 147,530
Profit on disposal of fixed assets (45,193 ) (59,501 )
Amounts owed by group undertakings (1 ) (103,022 )
Finance costs - 1,606
Finance income (507 ) -
3,225,538 2,526,600
(Increase)/decrease in stocks (76,039 ) 1,930
(Increase)/decrease in trade and other debtors (684,800 ) 594,811
Increase/(decrease) in trade and other creditors 448,744 (182,082 )
Cash generated from operations 2,913,443 2,941,259

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
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,365,460 2,721,714


3. ANALYSIS OF CHANGES IN NET FUNDS

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
Total 2,365,460 820,422 3,185,882

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


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
The financial statements have been prepared under the historical cost convention.

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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant & equipment - 25% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

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.

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

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.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented to the financial statements when there is a legally enforceable right to set off the recognisable amounts an there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.

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

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

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

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

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

Current or deferred taxation assets and liabilities are not discounted.

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


ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. 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.

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

Going concern disclosure
At the time of approving the financial statements, the directors has a reasonable expectation that the company 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.

4. EMPLOYEES AND DIRECTORS
31/3/24 31/3/23
£    £   
Wages and salaries 1,841,578 1,892,285
Social security costs 209,374 189,550
Other pension costs 41,871 41,857
2,092,823 2,123,692

The average number of employees during the year was as follows:
31/3/24 31/3/23

Site operatives 21 20
Office staff & directors 17 16
38 36

31/3/24 31/3/23
£    £   
Directors' remuneration 303,500 553,500
Directors' pension contributions to money purchase schemes 5,321 6,321

Information regarding the highest paid director is as follows:
31/3/24 31/3/23
£    £   
Emoluments etc 201,750 301,750
Pension contributions to money purchase schemes 4,000 4,000

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. OPERATING PROFIT

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

31/3/24 31/3/23
£    £   
Depreciation - owned assets 125,935 147,530
Profit on disposal of fixed assets (45,193 ) (59,501 )

6. AUDITORS' REMUNERATION
31/3/24 31/3/23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

17,475

17,300
Total audit fees 17,475 17,300

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31/3/24 31/3/23
£    £   
Other interest - 1,606

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/3/24 31/3/23
£    £   
Current tax:
UK corporation tax 852,792 442,378

Deferred tax (12,500 ) 19,500
Tax on profit 840,292 461,878

UK corporation tax has been charged at 25% .

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Notes to the 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:

31/3/24 31/3/23
£    £   
Profit before tax 3,145,303 2,539,987
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

786,326

482,598

Effects of:
Expenses not deductible for tax purposes 18,160 9,701
Capital allowances in excess of depreciation - (14,240 )
Depreciation in excess of capital allowances 12,625 -
R and D Relief 35,681 (35,681 )
Deferred taxation - Accelerated capital allowances (12,500 ) 19,500
Total tax charge 840,292 461,878

9. DIVIDENDS
31/3/24 31/3/23
£    £   
Ordinary shares of £1 each
Interim 1,440,120 2,880,090

10. TANGIBLE FIXED ASSETS
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

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. STOCKS
31/3/24 31/3/23
£    £   
Stocks 2,500 2,500
Work-in-progress 139,820 63,781
142,320 66,281

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 3,222,447 2,578,603
Amounts owed by group undertakings 103,022 103,022
Other debtors 37,494 11,694
Prepayments 95,177 80,021
3,458,140 2,773,340

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade creditors 1,404,951 1,200,663
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
2,886,566 2,158,029

14. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£    £   
Deferred tax 24,500 37,000

Deferred
tax
£   
Balance at 1 April 2023 37,000
Provided during year (12,500 )
Balance at 31 March 2024 24,500

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
120 Ordinary £1 120 120

ACCLAIM CONTRACTS LIMITED (REGISTERED NUMBER: 01795766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 3,085,723 195,205 3,280,928
Profit for the year 2,305,011 2,305,011
Dividends (1,440,120 ) (1,440,120 )
At 31 March 2024 3,950,614 195,205 4,145,819

17. ULTIMATE PARENT COMPANY

Acclaim Contracts Holding Ltd is regarded by the directors as being the company's ultimate parent company.

18. RELATED PARTY DISCLOSURES

During the year directors received rent from the company for a property they own personally and which is used by the company.

The rent charged is at a market rate. All amounts due were paid in the year.

Key management personnel of the entity or its parent (in the aggregate)
31/3/24 31/3/23
£    £   
Rent payable 9,000 9,000

19. ULTIMATE CONTROLLING PARTY

The controlling party is I Duggan.