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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: I Duggan
C La-Thangue





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





REGISTERED NUMBER: 14047192 (England and Wales)





AUDITORS: Azets Audit Services
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:





I Duggan - Director


14 October 2024

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.

I Duggan
C La-Thangue

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:





I Duggan - Director


14 October 2024

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.




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 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 1,469,165 931,696

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 12,961,022 12,961,022
12,961,022 12,961,022

CURRENT ASSETS
Debtors 14 40 40

CREDITORS
Amounts falling due within one year 15 1,543,142 1,543,142
NET CURRENT LIABILITIES (1,543,102 ) (1,543,102 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,417,920

11,417,920

CREDITORS
Amounts falling due after more than one
year

16

3,240,270

4,680,390
NET ASSETS 8,177,650 6,737,530

CAPITAL AND RESERVES
Called up share capital 19 112 112
Share premium 20 3,857,328 3,857,328
Retained earnings 20 4,320,210 2,880,090
SHAREHOLDERS' FUNDS 8,177,650 6,737,530

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 14 October 2024 and were signed on its behalf by:





I Duggan - Director


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 112 - 3,857,328 3,857,440
Total comprehensive income - 2,880,090 - 2,880,090
Balance at 31 March 2023 112 2,880,090 3,857,328 6,737,530

Changes in equity
Total comprehensive income - 1,440,120 - 1,440,120
Balance at 31 March 2024 112 4,320,210 3,857,328 8,177,650

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

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, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off 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.

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
38 36

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 12,961,022
NET BOOK VALUE
At 31 March 2024 12,961,022
At 31 March 2023 12,961,022

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

Acclaim Contracts Limited
Registered office: Acclaim House, 8 Robert Way, Wickford, Essex SS11 8DD.
Nature of business: Construction and roofing
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£    £   
Aggregate capital and reserves 4,145,939 3,281,048
Profit for the year/period 2,305,011 2,078,109


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 40 40
Prepayments 95,177 80,021 - -
3,355,158 2,670,358 40 40

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 1,440,120 1,440,120
Trade creditors 1,404,951 1,200,663 - -
Amounts owed to group undertakings - - 103,022 103,022
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 1,543,142 1,543,142

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 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 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 1,440,120
Amounts falling due between two and five years:
Other loans - 2-5 years 1,800,150 3,240,270 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: £    £   
40 Ordinary £1 40 40
60 Ordinary £1 60 60
12 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 2,880,090 3,857,328 6,737,418
Profit for the year 1,440,120 1,440,120
At 31 March 2024 4,320,210 3,857,328 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.