Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-31falsefalsefalse2023-01-01Activities of construction holding companiesfalse 11812700 2023-01-01 2023-12-31 11812700 2022-01-01 2022-12-31 11812700 2023-12-31 11812700 2022-12-31 11812700 2022-01-01 11812700 c:Director1 2023-01-01 2023-12-31 11812700 c:Director2 2023-01-01 2023-12-31 11812700 c:RegisteredOffice 2023-01-01 2023-12-31 11812700 d:Buildings 2023-01-01 2023-12-31 11812700 d:PlantMachinery 2023-01-01 2023-12-31 11812700 d:MotorVehicles 2023-01-01 2023-12-31 11812700 d:FurnitureFittings 2023-01-01 2023-12-31 11812700 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 11812700 d:CurrentFinancialInstruments 2023-12-31 11812700 d:CurrentFinancialInstruments 2022-12-31 11812700 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11812700 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11812700 d:ShareCapital 2023-01-01 2023-12-31 11812700 d:ShareCapital 2023-12-31 11812700 d:ShareCapital 2022-01-01 2022-12-31 11812700 d:ShareCapital 2022-12-31 11812700 d:ShareCapital 2022-01-01 11812700 d:RevaluationReserve 2023-01-01 2023-12-31 11812700 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 11812700 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11812700 d:RetainedEarningsAccumulatedLosses 2023-12-31 11812700 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11812700 d:RetainedEarningsAccumulatedLosses 2022-12-31 11812700 d:RetainedEarningsAccumulatedLosses 2022-01-01 11812700 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11812700 c:OrdinaryShareClass1 2023-12-31 11812700 c:OrdinaryShareClass1 2022-12-31 11812700 c:FRS102 2023-01-01 2023-12-31 11812700 c:Audited 2023-01-01 2023-12-31 11812700 c:FullAccounts 2023-01-01 2023-12-31 11812700 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11812700 d:Subsidiary1 2023-01-01 2023-12-31 11812700 d:Subsidiary1 1 2023-01-01 2023-12-31 11812700 d:Subsidiary2 2023-01-01 2023-12-31 11812700 d:Subsidiary2 1 2023-01-01 2023-12-31 11812700 d:Subsidiary3 2023-01-01 2023-12-31 11812700 d:Subsidiary3 1 2023-01-01 2023-12-31 11812700 c:Consolidated 2023-12-31 11812700 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 11812700 2 2023-01-01 2023-12-31 11812700 5 2023-01-01 2023-12-31 11812700 6 2023-01-01 2023-12-31 11812700 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 11812700







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


CENTURY CONSTRUCTION GROUP LIMITED






































img5dce.png                        

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
Timothy John Lovell 
Graham Robert Hackley 




Registered number
11812700



Registered office
Wharf House
Medway Wharf Road

Tonbridge

Kent

TN9 1RE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Herts

SG1 3QP





 


CENTURY CONSTRUCTION GROUP LIMITED
 



CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Consolidated analysis of net debt
14
Notes to the financial statements
15 - 34


 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
These accounts demonstrate that through the continued pursuit of excellence in terms of ownership, honesty, and precision, in 2023 the company achieved a solid turnover with a strong bottom line. The business continues to recruit at both graduate and industry experienced levels to ensure Century can deliver the technical competence required under new Building Safety Act and associated protocols. Century has attained the position as market leader in the discipline of façade engineering. Century is proud to have delivered the complete façade package on two high rise residential towers in central Croydon, one known as Ten Degrees, a 44-storey tower, and the other known as Enclave, a 49-storey tower. Both schemes were constructed using MMC volumetric modular methods, benefitting from part off-site manufacture facilitating fast delivery on site. Volumetric modular construction produces faster return on capital for the client and is up to 30% more sustainable due to off-site manufacture and shorter site duration. The Croydon schemes have presented a superb project showcase for Century allowing us to actively engage with potential Tier 1 clients. This has generated new enquires from London based developers and Tier 1 contractors, and as a result, our projected turnover and profitability levels for 2024 are on target to be the best year to date. The hard work of the Century team has placed the company in the best possible position to achieve strategic growth in line with the business plan.

Principal risks and uncertainties
 
Business Risks
 
Operating in the post Grenfell era, the PI insurance market continues to present many challenges to contractors. Century has worked tirelessly to ensure that we carry the correct level of highly qualified team members to demonstrate competence. Our record of compliance and competence ensured once again that Century represented a good risk to the insurance market allowing us to maintain our £10 million cover at sensible market rates. Holding appropriate insurance cover is a critical part of satisfying client pre-qualifications. We continue to invest IT and people, and this includes a number of master and bachelor graduates being trained.
 
Financial Risks
 
The company principle financial instruments comprise of bank balances, other debtors and other creditors.  The main purpose of these instruments is to finance the company’s operations. The company has partnered with its supply chain to ensure that the supply chain is working to a fixed price sum to minimise the risk of inflationary increases during the contract period. The company has a strong credit limit with its supply chain, and this allows the company to trade on credit terms similar to the credit terms agreed with its clients.


This report was approved by the board on 14 October 2024 and signed on its behalf.



Timothy John Lovell
Director

Page 1

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,243,094 (2022 - £1,025,490).

Particulars of dividends paid are detailed in Note 12 to the financial statements.

Directors

The directors who served during the year were:

Timothy John Lovell 
Graham Robert Hackley 

Future developments

With the new Building Safety Act becoming a legal requirement in 2023, we continue to monitor all updates from HSE and BSR, attending all associated seminars and webinars. The strict protocols of the new act for HRB’s (high risk buildings) means that main contractors are seeking to align themselves with suitably qualified sub-contractors. Century is perfectly positioned to take full advantage of the market offering existing and potential clients full support through the new building safety act gateway stages. The company continues to invest in the digital QA platform to ensure that we meet the highest of standards expected of the new act.
 
The company has formalised a sustainability team to deliver a policy to achieve net zero carbon by 2030. The directors are fully committed to green investment for 2024-25.

Page 2

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 October 2024 and signed on its behalf.
 





Timothy John Lovell
Director

Page 3

 


CENTURY CONSTRUCTION GROUP LIMITED
 

img775b.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTURY CONSTRUCTION GROUP LIMITED

Opinion


We have audited the financial statements of Century Construction Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 2023 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 United Kingdom, including the Financial Reporting Council'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 or 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4

 


CENTURY CONSTRUCTION GROUP LIMITED


img0e95.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTURY CONSTRUCTION GROUP LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 2, 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 is 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.


Page 5

 


CENTURY CONSTRUCTION GROUP LIMITED


img27b6.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTURY CONSTRUCTION GROUP LIMITED (CONTINUED)

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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
 
• We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
 
• The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
 
•I dentifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• Challenging assumptions and judgments made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
The assessment did not identify any issues in these areas.
 
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-complance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 2006Our 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 an Auditors' report 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.


Page 6

 


CENTURY CONSTRUCTION GROUP LIMITED


img6094.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTURY CONSTRUCTION GROUP LIMITED (CONTINUED)




James Fox ACA FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Richmond House
Walkern Road
Stevenage
Herts
SG1 3QP

21 October 2024
Page 7

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
21,669,133
27,297,366

Cost of sales
  
(16,607,460)
(22,277,842)

Gross profit
  
5,061,673
5,019,524

Administrative expenses
  
(3,910,572)
(3,692,189)

Other operating income
 5 
77,281
78,338

Operating profit
  
1,228,382
1,405,673

Interest receivable and similar income
  
159
144

Interest payable and similar expenses
 11 
(98,519)
(65,596)

Profit before taxation
  
1,130,022
1,340,221

Tax on profit
 12 
113,072
(314,731)

Profit for the financial year
  
1,243,094
1,025,490

  

Other comprehensive income
  
-
(21,026)

Other comprehensive income for the year
  
-
(21,026)

Total comprehensive income for the year
  
1,243,094
1,004,464

Profit for the year attributable to:
  

Owners of the parent Company
  
1,243,094
1,025,490

  
1,243,094
1,025,490

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,243,094
1,004,464

  
1,243,094
1,004,464

The notes on pages 15 to 34 form part of these financial statements.

Page 8

 


CENTURY CONSTRUCTION GROUP LIMITED
REGISTERED NUMBER:11812700



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
3,489,289
2,952,869

Investment property
 16 
500,000
500,000

  
3,989,289
3,452,869

Current assets
  

Stocks
 17 
1,982,163
1,097,050

Debtors: amounts falling due within one year
 18 
4,636,590
6,452,093

Cash at bank and in hand
 19 
2,309,712
1,580,150

  
8,928,465
9,129,293

Creditors: amounts falling due within one year
 20 
(4,683,458)
(5,002,054)

Net current assets
  
 
 
4,245,007
 
 
4,127,239

Total assets less current liabilities
  
8,234,296
7,580,108

Creditors: amounts falling due after more than one year
 21 
(716,041)
(829,770)

Provisions for liabilities
  

Deferred taxation
 24 
(492,206)
(567,383)

  
 
 
(492,206)
 
 
(567,383)

Net assets
  
7,026,049
6,182,955


Capital and reserves
  

Called up share capital 
 25 
3,772,490
3,772,490

Revaluation reserve
 26 
380,196
380,196

Other reserves
 26 
52,106
52,106

Profit and loss account
 26 
2,821,257
1,978,163

Equity attributable to owners of the parent Company
  
7,026,049
6,182,955

  
7,026,049
6,182,955


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2024.


Timothy John Lovell
Director

The notes on pages 15 to 34 form part of these financial statements.

Page 9

 


CENTURY CONSTRUCTION GROUP LIMITED
REGISTERED NUMBER:11812700



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
  
3,772,590
3,772,590

  
3,772,590
3,772,590

Current assets
  

Cash at bank and in hand
 19 
91
31

  
91
31

Creditors: amounts falling due within one year
 20 
(191)
(131)

Net current liabilities
  
 
 
(100)
 
 
(100)

Total assets less current liabilities
  
3,772,490
3,772,490

  

  

Net assets
  
3,772,490
3,772,490


Capital and reserves
  

Called up share capital 
 25 
3,772,490
3,772,490

Profit for the year
  
400,000
450,000

Other changes in the profit and loss account

  

(400,000)
(450,000)

  
 
 
3,772,490
 
 
3,772,490


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2024.


Timothy John Lovell
Director

The notes on pages 15 to 34 form part of these financial statements.

Page 10

 


CENTURY CONSTRUCTION GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
3,772,490
455,856
-
1,400,145
5,628,491


Comprehensive income for the year

Profit for the year
-
-
-
1,025,490
1,025,490

Other movement type 1
-
(75,660)
52,106
2,528
(21,026)
Total comprehensive income for the year
-
(75,660)
52,106
1,028,018
1,004,464


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(450,000)
(450,000)


Total transactions with owners
-
-
-
(450,000)
(450,000)



At 1 January 2023
3,772,490
380,196
52,106
1,978,163
6,182,955


Comprehensive income for the year

Profit for the year
-
-
-
1,243,094
1,243,094
Total comprehensive income for the year
-
-
-
1,243,094
1,243,094


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(400,000)
(400,000)


Total transactions with owners
-
-
-
(400,000)
(400,000)


At 31 December 2023
3,772,490
380,196
52,106
2,821,257
7,026,049


The notes on pages 15 to 34 form part of these financial statements.

Page 11

 


CENTURY CONSTRUCTION GROUP LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
3,772,490
-
3,772,490


Comprehensive income for the year

Profit for the year
-
450,000
450,000
Total comprehensive income for the year
-
450,000
450,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(450,000)
(450,000)


Total transactions with owners
-
(450,000)
(450,000)



At 1 January 2023
3,772,490
-
3,772,490


Comprehensive income for the year

Profit for the year
-
400,000
400,000
Total comprehensive income for the year
-
400,000
400,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,000)
(400,000)


Total transactions with owners
-
(400,000)
(400,000)


At 31 December 2023
3,772,490
-
3,772,490


The notes on pages 15 to 34 form part of these financial statements.

Page 12

 


CENTURY CONSTRUCTION GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,243,094
1,025,490

Adjustments for:

Depreciation of tangible assets
287,798
240,944

Loss on disposal of tangible assets
(14,831)
(24,588)

Interest received
(159)
(144)

Taxation charge
(113,072)
314,731

(Increase) in stocks
(885,113)
(34,546)

Decrease/(increase) in debtors
1,815,505
(1,483,523)

(Decrease)/increase in creditors
(336,745)
1,786,860

Corporation tax received/(paid)
20,747
(5,381)

Net cash generated from operating activities

2,017,224
1,819,843


Cash flows from investing activities

Purchase of tangible fixed assets
(830,044)
(1,199,834)

Sale of tangible fixed assets
20,657
47,791

Interest received
159
144

Net cash from investing activities

(809,228)
(1,151,899)

Cash flows from financing activities

New secured loans
-
338,770

Repayment of loans
(79,956)
(223,450)

Repayment of/new finance leases
2,261
-

Loans due from/(repaid to) directors
(739)
(1,106)

Dividends paid
(400,000)
(450,000)

Net cash used in financing activities
(478,434)
(335,786)

Net increase in cash and cash equivalents
729,562
332,158

Cash and cash equivalents at beginning of year
1,580,150
1,247,992

Cash and cash equivalents at the end of year
2,309,712
1,580,150


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,309,712
1,580,150

2,309,712
1,580,150


The notes on pages 15 to 34 form part of these financial statements.

Page 13

 


CENTURY CONSTRUCTION GROUP LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,580,150

729,562

2,309,712

Debt due after 1 year

(515,572)

84,542

(431,030)

Debt due within 1 year

(117,498)

(3,847)

(121,345)

Finance leases

(522,368)

(2,261)

(524,629)


424,712
807,996
1,232,708

The notes on pages 15 to 34 form part of these financial statements.

Page 14

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.3

Revenue

Revenue is recognised in the income statement at the date the service is provided.
Revenue from long term construction contracts is recognised when the income can be reliably estimated and it is probable that the contract will be profitable. Both income and costs are recognised by reference to the stage of completion of the contract activity at the reporting date.
Revenue arises from increases in valuations on contracts and is normally determined by external valuations.
It is the gross value of work carried out for the period to the balance sheet date (including retentions) but excludes claims until they are actually certified. Profit on contracts is calculated in accordance with accounting standards and industry practice. Industry practice is to assess the estimated final outcome of each contract and recognise the profit based upon the percentage of completion of the contract at the relevant date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Consistent contract review procedures are in place in respect of contract forecasting.
The general principles for profit recognition are as follows:
- Profits on short duration contracts are taken when the contract is complete;
- Profits on other contracts are recognised on a percentage of completion basis when the contract's outcome
can be estimated reliably;
- Provision is made for losses incurred or foreseen in bringing the contract to completion as soon as they
become apparent;
- Claims receivable are recognised as income when received or certified for payment, except that in preparing contract forecasts to completion, a prudent and reasonable evaluation of claims receivable may be included to mitigate foreseeable losses and only to the extent that there is reasonable certainty of recovery; and 
- Variations and compensation events are included in forecasts to completion when it is considered highly
probable that they will be recovered.
Percentage completion is normally calculated by taking certified value to date as a percentage of estimated
final value, unless the internal value is materially different to the certified value, in which case the internal
value is used.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 16

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
25% on cost and 15% on reducing balance
Motor vehicles
-
20% on cost and 25% on reducing balance
Fixtures and fittings
-
25% on cost, 15% on cost and 15% on reducing balance
Property improvements
-
10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

It is the policy of the company not to provide depreciation on the freehold property, long leasehold properties or leasehold improvements. The directors consider that the life of the premises and improvements are so long and that the residual value is so great that depreciation is not considered necessary.
Where any permanent diminution of property is incurred, a provision is made in the income statement. The directors' estimate of residual value is reviewed annually.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 18

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Page 19

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Significant judgements
The company did not make any significant judgements (apart from those involving estimations which are detailed
below) that have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
 - Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Thye are amended

 - Long term contracts
Long term contracts are assessed on a contract basis and are reflected in the income statement by recording revenue and related costs as contract activity progresses. Where the outcome of each long term contract can be assessed with reasonable certainty before its conclusion the attributable profit is recognised in the income statement as the difference between the reported revenue and the related cost for that contract.
 - Sales accruals
Sales accruals, which are included in debtors are stated at the net sales value of the work done after provisions for
contingencies and anticipated future losses on contracts, less amounts received as progress


4.


Turnover

The whole of the turnover is attributable to the principle activity of the group.

All turnover arose within the United Kingdom.

Page 20

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
42,174
46,332

Net rents receivable
32,884
28,291

Government grants receivable
923
3,715

Sundry income
1,300
-

77,281
78,338



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Hire of plant and machinery
108,051
150,603

Depreciation
287,798
240,944

Profit on disposal of fixed assets
(14,831)
(24,588)

Auditors' remuneration
33,100
25,500


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
33,100
25,500

Page 21

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,950,485
2,595,168
-
-

Social security costs
286,124
264,450
-
-

Cost of defined contribution scheme
61,670
51,795
-
-

3,298,279
2,911,413
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Production and administration
57
51

59
53


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
237,667
312,431

Group contributions to defined contribution pension schemes
2,642
2,642

240,309
315,073


The highest paid director received remuneration of £158,353 (2022 - £156,894).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,321).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
159
144

159
144

Page 22

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
79,209
53,473

Finance leases and hire purchase contracts
19,310
12,123

98,519
65,596


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(37,895)
108,438

Adjustments in respect of previous periods
-
(32,514)


(37,895)
75,924


Total current tax
(37,895)
75,924

Deferred tax


Origination and reversal of timing differences
(75,177)
238,807

Total deferred tax
(75,177)
238,807


Tax on profit
(113,072)
314,731
Page 23

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,130,022
1,340,221


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
265,555
254,642

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,481
1,422

Capital allowances for year in excess of depreciation
(123,212)
(147,626)

Adjustments to tax charge in respect of prior periods
(37,895)
(32,514)

Deferred taxation
(75,177)
238,807

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(190,825)
-

Unrelieved tax losses carried forward
42,001
-

Total tax charge for the year
(113,072)
314,731


13.


Dividends

2023
2022
£
£


Dividends
400,000
450,000

400,000
450,000

Page 24

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Property Improvement

£
£
£
£
£



Cost or valuation


At 1 January 2023
815,000
1,128,789
589,620
326,175
942,951


Additions
-
117,200
71,858
28,931
612,055


Disposals
-
(42,100)
(52,946)
(6,588)
-



At 31 December 2023

815,000
1,203,889
608,532
348,518
1,555,006



Depreciation


At 1 January 2023
-
491,862
132,656
212,359
12,789


Charge for the year on owned assets
-
132,087
112,799
37,602
5,310


Disposals
-
(38,843)
(51,843)
-
(5,122)



At 31 December 2023

-
585,106
193,612
249,961
12,977



Net book value



At 31 December 2023
815,000
618,783
414,920
98,557
1,542,029



At 31 December 2022
815,000
636,927
456,964
113,816
930,162
Page 25

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
3,802,535


Additions
830,044


Disposals
(101,634)



At 31 December 2023

4,530,945



Depreciation


At 1 January 2023
849,666


Charge for the year on owned assets
287,798


Disposals
(95,808)



At 31 December 2023

1,041,656



Net book value



At 31 December 2023
3,489,289



At 31 December 2022
2,952,869

The freehold property is held at revalued amount. The original cost was £325,000 and was revalued in 2019. The valuations were made by Matthews & Goodman LLP, on an open market value for existing use basis. 

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
337,979
348,205

337,979
348,205

Page 26

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,772,590



At 31 December 2023
3,772,590





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Century Facades Limited
Wharf House, Medway Wharf Road, Tonbridge, Kent, TN9 1RE
Ordinary
100%
Accord Engineering Limited
Richmond House, Walkern Road, Stevenage, Hertfordshire, SG1 3QP
Ordinary
100%
Innovate Facades Limited
Wharf House, Medway Wharf Road, Tonbridge, Kent, TN9 1RE
Ordinary
100%

The following company is exempt from the requirements of the Compaies Act 2006 (the Act) relating to the audit of individual financial statement by virtue of section 479A of the Act:
Innovate Facades Limited (registered number: 11814630)
Century Construction Group Limited guarantees any contingent and prospective liabilities that the company is subject to in accordance with Section 479A of the Act.

Page 27

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Investment property

Group


Long term leasehold investment property

£



Valuation


At 1 January 2023
500,000



At 31 December 2023
500,000

The 2019 valuations were made by Matthews & Goodman LLP, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
434,692
434,692

Valuations in 2019
65,308
65,308

500,000
500,000





17.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
1,912,203
1,060,803

Work in progress
69,960
36,247

1,982,163
1,097,050


Page 28

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Debtors

Group
Group
2023
2022
£
£


Trade debtors
2,071,454
3,696,453

Amounts owed by connected companies
397,331
380,200

Other debtors
109,163
49,901

Prepayments and accrued income
580,121
243,758

Amounts recoverable on long-term contracts
1,478,521
2,081,781

4,636,590
6,452,093



19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,309,712
1,580,150
91
31

2,309,712
1,580,150
91
31


Page 29

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
88,238
83,652
-
-

Trade creditors
2,189,547
3,419,350
-
-

Amounts owed to group undertakings
-
-
191
131

Corporation tax
91,290
108,438
-
-

Other taxation and social security
191,760
208,541
-
-

Obligations under finance lease and hire purchase contracts
239,618
208,170
-
-

Other creditors
51,689
116,274
-
-

Accruals and deferred income
1,831,316
857,629
-
-

4,683,458
5,002,054
191
131



The following liabilities were secured:
Group
Group
2023
2022
£
£

Loans
519,268
599,224

Hire Purchase And Finance Leases
524,630
522,368

1,043,898
1,121,592

Details of security provided:

Bank loans above are secured by way of a fixed charge over the freehold property and long leasehold property owned by the company and included within property, plant and equipment.
Amounts falling due under hire purchase contracts are secured against the assets concerned.
Security has also been provided to the company bankers by way of a fixed and floating charge over all assets of the company.


21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
431,030
515,572

Net obligations under finance leases and hire purchase contracts
285,011
314,198

716,041
829,770




Page 30

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
88,238
83,652


88,238
83,652

Amounts falling due 1-2 years

Bank loans
91,972
105,741


91,972
105,741

Amounts falling due 2-5 years

Bank loans
287,272
409,831


287,272
409,831

Amounts falling due after more than 5 years

Bank loans
51,786
-

519,268
599,224



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
239,619
208,170

Between 1-5 years
285,011
314,198

524,630
522,368


24.


Deferred taxation

Page 31

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
24.Deferred taxation (continued)


Group



2023


£






At beginning of year
(567,383)


Charged to the profit or loss
75,177



At end of year
(492,206)

Company


2023






At end of year
-

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(607,207)
(444,377)

Tax losses carried forward
243,259
-

Pension surplus
2,599
-

Other timing differences
(130,857)
(123,006)

(492,206)
(567,383)

Page 32

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,772,490 (2022 - 3,772,490) Ordinary shares of £1.00 each
3,772,490
3,772,490



26.


Reserves

Revaluation reserve

This reserve records movement in the valuation of fixed assets.

Other reserves

This reserve records the revaluation of investment property.

Profit and loss account

This reserve records retained earnings and accumulated losses.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £61,670 (2022 - £51,795). Contributions totalling £10,832 (2022 - £10,099) were payable to the fund at the reporting date and are included in creditors.


28.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
226,850
102,000

Later than 1 year and not later than 5 years
829,039
408,000

Later than 5 years
162,247
285,879

1,218,136
795,879
Page 33

 


CENTURY CONSTRUCTION GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Related party transactions

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 these consolidated financial statements.
Included within debtors falling due within one year is an amount of £397,331 (2022: £380,200) due from a connected company. During the year services were purchased from a connected company totalling £17,131 (2022: £60,000) and sales were made to a connected company totalling £Nil (2022: £Nil).

 
Page 34