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REGISTERED NUMBER: 04510722 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

BEARDWELL HOLDINGS LIMITED

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)






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 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


BEARDWELL HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P A Beardwell
S C Beardwell





SECRETARY: S C Beardwell





REGISTERED OFFICE: 30-34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: 04510722 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

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
It is pleasing to report that some of the pressures that the construction industry has experienced recently, including cost inflation and shortage of capacity, have abated considerably over the past year. Prices appear to have stabilised and whilst demand for construction has reduced this has led to capacity within the supply chain.

The company has seen a substantial increase in turnover of 44% on the prior year. The gross profit margin has increased to 11.3% from 8.72% last year.

The directors consider this to be an exceptional year. Sales have been driven by an increased workload on existing frameworks and several notable refurbishment projects which have been undertaken during the year. The easing of inflationary pressures and increased sales have resulted in a markedly improved cashflow over the period.

The directors consider our financial strength demonstrated by a lack of any borrowings and our strong balance sheet provides confidence for our clients to continue to place their trust in our business.

The directors have considered the implications for the company of the general economy, our clients financial spending plans and the recent change in government. We believe that our traditional market sectors of education, health and public works will continue to provide us with sufficient opportunities but we have also targeted new blue-chip clients in the pharmaceutical and commercial sectors where we are able to use our expertise in refurbishment. These have presented several opportunities which we anticipate will be converted during the year ending March 2025.

The directors believe that whilst the next financial year will be a period of consolidation as markets tighten, they are confident for the future and believe the company can continue to grow its revenue and profits.

ENVIRONMENTAL IMPACT
The company is committed to managing our environmental impact and to reducing our production of greenhouse gases. The main impacts from our business arise from the operation of our vehicles, offices and through business travel. We measure and publish our Scope 1, 2 and 3 emissions in accordance with our carbon reduction plan. This is published on our website. We recognise that emissions will increase with greater business activity but have a strategy to deal with these and to continue our journey to achieve net zero carbon emissions by 2045.


BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors continually review our business environment to identify new risks to the company alongside any significant changes to existing risks. Action is taken where appropriate to respond to any changes.

The principal risks for this year are therefore associated with the quality and volume of opportunities coming to market, the budgetary constraints for these projects and the continuing skills shortage. The directors recognise these risks and have in place a strategy to target work with clients outside of the public sector, invest in technology and to develop our people and supply chain. This will ensure that we are best placed to receive and deliver opportunities.

ON BEHALF OF THE BOARD:



P A Beardwell - Director


15 October 2024

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

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.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a management company.

DIVIDENDS
The total dividends distributed during the year was £116,600.

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

P A Beardwell
S C Beardwell

POLITICAL DONATIONS AND EXPENDITURE
All donations in the period were for charitable causes and were not political.

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), 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 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P A Beardwell - Director


15 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BEARDWELL HOLDINGS LIMITED

Opinion
We have audited the financial statements of Beardwell Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BEARDWELL HOLDINGS LIMITED


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

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

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 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
BEARDWELL HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Prior to engagement the following audit procedures are considered:
- Identification of laws and regulations being significant in the context of the entity;
- Understanding the entity's current activities, the scope of its authorisation and the effectiveness of its control environment where the entity is a regulated entity;
- Determining any key audit matters that require further explanation;
- In the case of a group, how the auditor addressed these matters at both at the group and component levels;
- communications with the engagement team and, where relevant, component auditors regarding
non-compliance with laws and regulations and fraud.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Reading key correspondence from regulatory bodies;
- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We focused on the valuation of provisions against AMROC, debtors and accruals, and the assessment of impairment of intangible and tangible assets;
- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the conclusions drawn on obligations recognised in respect of uncertain legal matters;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations or those posted by unexpected users; and
- Testing all material consolidation adjustments to ensure these were appropriate in nature and magnitude;
- Communicating with component auditors any matters which arise, and disclosing any instances of
non-compliance or fraud, in addition to testing inter-group transactions and amounts owed by/(to) any group companies;
- Reviewing relevant meeting minutes including those of the board of directors
- Testing transactions entered into that are outside of the normal course of the Company's business

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the group's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.

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
BEARDWELL HOLDINGS 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.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

15 October 2024

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 35,672,798 24,668,365

Cost of sales (31,513,626 ) (22,534,033 )
GROSS PROFIT 4,159,172 2,134,332

Administrative expenses (2,689,207 ) (1,666,807 )
1,469,965 467,525

Other operating income 64,499 64,278
Gain/loss on revaluation of assets 151,542 (47,544 )
OPERATING PROFIT 4 1,686,006 484,259

Interest receivable and similar income 114,696 5,761
1,800,702 490,020

Interest payable and similar expenses 5 (21 ) -
PROFIT BEFORE TAXATION 1,800,681 490,020

Tax on profit 6 (403,400 ) (126,174 )
PROFIT FOR THE FINANCIAL YEAR 1,397,281 363,846
Profit attributable to:
Owners of the parent 1,121,930 271,979
Non-controlling interests 275,351 91,867
1,397,281 363,846

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,397,281 363,846


OTHER COMPREHENSIVE OTHER COMPREHENSIVE INCOME
Revaluations during year 40,000 5,000
Revaluations included in profit for year (40,000 ) (5,000 )
Income tax relating to components of
other comprehensive other
comprehensive income


(11,250


)


-
OTHER COMPREHENSIVE FOR THE
YEAR, NET OF INCOME TAX

(11,250

)

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,386,031

363,846

Total comprehensive income attributable to:
Owners of the parent 1,110,680 271,979
Non-controlling interests 275,351 91,867
1,386,031 363,846

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 9 1,118,798 1,160,498
Investments 10 833,493 1,295,389
Investment property 11 910,000 870,000
2,862,291 3,325,887

CURRENT ASSETS
Stocks 12 11,300 11,300
Debtors 13 4,323,653 2,804,817
Cash at bank and in hand 7,417,380 1,958,878
11,752,333 4,774,995
CREDITORS
Amounts falling due within one year 14 (9,950,937 ) (4,469,941 )
NET CURRENT ASSETS 1,801,396 305,054
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,663,687

3,630,941

PROVISIONS FOR LIABILITIES 15 (136,888 ) (142,323 )
NET ASSETS 4,526,799 3,488,618

CAPITAL AND RESERVES
Called up share capital 16 2 2
Capital redemption reserve 17 1 1
Non distributable reserves 17 347,825 314,075
Retained earnings 17 3,871,922 2,911,592
SHAREHOLDERS' FUNDS 19 4,219,750 3,225,670

NON-CONTROLLING INTERESTS 18 307,049 262,948
TOTAL EQUITY 4,526,799 3,488,618

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:




P A Beardwell - Director


BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 833,568 822,799
Investment property 11 910,000 870,000
1,743,568 1,692,799

CURRENT ASSETS
Debtors 13 690,705 252,424
Cash at bank 737,030 329,736
1,427,735 582,160
CREDITORS
Amounts falling due within one year 14 (54,454 ) (25,369 )
NET CURRENT ASSETS 1,373,281 556,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,116,849

2,249,590

PROVISIONS FOR LIABILITIES 15 (97,823 ) (92,341 )
NET ASSETS 3,019,026 2,157,249

CAPITAL AND RESERVES
Called up share capital 16 2 2
Capital redemption reserve 1 1
Non distributable reserves 347,825 314,075
Retained earnings 2,671,198 1,843,171
SHAREHOLDERS' FUNDS 19 3,019,026 2,157,249

Company's profit for the financial year 989,627 230,800

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:



P A Beardwell - Director


BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 April 2022 2 2,762,633 1

Changes in equity
Dividends - (123,020 ) -
Total comprehensive income - 271,979 -
Balance at 31 March 2023 2 2,911,592 1

Changes in equity
Dividends - (116,600 ) -
Total comprehensive income - 1,076,930 -
Balance at 31 March 2024 2 3,871,922 1
Non
distributable Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 April 2022 314,075 3,076,711 249,222 3,325,933

Changes in equity
Dividends - (123,020 ) (78,141 ) (201,161 )
Total comprehensive income - 271,979 91,867 363,846
Balance at 31 March 2023 314,075 3,225,670 262,948 3,488,618

Changes in equity
Dividends - (116,600 ) (231,250 ) (347,850 )
Total comprehensive income 33,750 1,110,680 275,351 1,386,031
Balance at 31 March 2024 347,825 4,219,750 307,049 4,526,799

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital Non
share Retained redemption distributable Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 April 2022 2 1,735,391 1 314,075 2,049,469

Changes in equity
Dividends - (123,020 ) - - (123,020 )
Total comprehensive income - 230,800 - - 230,800
Balance at 31 March 2023 2 1,843,171 1 314,075 2,157,249

Changes in equity
Dividends - (116,600 ) - - (116,600 )
Total comprehensive income - 944,627 - 33,750 978,377
Balance at 31 March 2024 2 2,671,198 1 347,825 3,019,026

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,322,455 (470,893 )
Tax paid (136,998 ) (77,459 )
Net cash from operating activities 5,185,457 (548,352 )

Cash flows from investing activities
Purchase of tangible fixed assets (25,835 ) (70,830 )
Purchase of fixed asset investments (77,553 ) -
Sale of tangible fixed assets 2,500 -
Sale of fixed asset investments 375,837 -
Interest received 114,696 5,761
Net cash from investing activities 389,645 (65,069 )

Cash flows from financing activities
Amount withdrawn by directors - (50,305 )
Equity dividends paid (116,600 ) (123,020 )
Net cash from financing activities (116,600 ) (173,325 )

Increase/(decrease) in cash and cash equivalents 5,458,502 (786,746 )
Cash and cash equivalents at
beginning of year

2

1,958,878

2,745,624

Cash and cash equivalents at end of
year

2

7,417,380

1,958,878

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

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
2024 2023
£    £   
Profit before taxation 1,800,681 490,020
Depreciation charges 66,202 76,348
Profit on disposal of fixed assets (1,167 ) -
(Gain)/loss on revaluation of fixed assets (146,325 ) 46,588
(Increase)/Decrease in AMROC (437,944 ) 100,146
Deferred tax movement (5,435 ) (10,566 )
Finance costs 21 -
Finance income (114,696 ) (5,761 )
1,161,337 696,775
Increase in stocks - (1,100 )
Increase in trade and other debtors (1,080,892 ) (353,450 )
Increase/(decrease) in trade and other creditors 5,242,010 (813,118 )
Cash generated from operations 5,322,455 (470,893 )

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 7,417,380 1,958,878
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,958,878 2,745,624


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,958,878 5,458,502 7,417,380
1,958,878 5,458,502 7,417,380
Total 1,958,878 5,458,502 7,417,380

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Beardwell Holdings 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Contract revenues and expenses are recognised by reference to the stage of completion of contract activity where the outcome of the construction contract can be estimated reliably, otherwise revenue is recognised only to the extent of recoverable contract costs incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,368,725 2,303,887
Social security costs 400,276 258,412
Other pension costs 91,591 86,939
3,860,592 2,649,238

The average number of employees during the year was as follows:
2024 2023

Direct 27 26
Admin 10 10
Directors 5 5
42 41

2024 2023
£    £   
Directors' remuneration 82,701 69,625

There are 3 directors of Beardwell Construction Ltd who are not directors of Beardwell Holdings Ltd but have been disclosed as directors in the employee numbers.

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 66,202 76,348
Profit on disposal of fixed assets (1,167 ) -
Auditors' remuneration 17,000 16,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other charges 21 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 420,085 136,998

Deferred tax (16,685 ) (10,824 )
Tax on profit 403,400 126,174

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,800,681 490,020
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 19 %)

450,170

93,104

Effects of:
Expenses not deductible for tax purposes 4,438 628
Depreciation in excess of capital allowances 9,349 5,515
Adjustments to tax charge in respect of previous periods (1,303 ) -
Deferred tax movement (15,435 ) (10,824 )
Revaluation gains/losses (46,169 ) 16,666
Chargeable gains/losses 2,350 2,085
General defects provision - 19,000
adjustment
Total tax charge 403,400 126,174

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluations during year 40,000 (11,250 ) 28,750
Revaluations included in profit for year (40,000 ) - (40,000 )
- (11,250 ) (11,250 )

2023
Gross Tax Net
£    £    £   
Revaluations during year 5,000 - 5,000
Revaluations included in profit for year (5,000 ) - (5,000 )
- - -

7. INDIVIDUAL INCOME STATEMENT

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.


BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim 116,600 123,020

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 1,038,305 269,378 161,518 1,469,201
Additions - 8,170 17,665 25,835
Disposals - - (9,995 ) (9,995 )
At 31 March 2024 1,038,305 277,548 169,188 1,485,041
DEPRECIATION
At 1 April 2023 55,070 172,349 81,284 308,703
Charge for year 20,696 25,078 20,428 66,202
Eliminated on disposal - - (8,662 ) (8,662 )
At 31 March 2024 75,766 197,427 93,050 366,243
NET BOOK VALUE
At 31 March 2024 962,539 80,121 76,138 1,118,798
At 31 March 2023 983,235 97,029 80,234 1,160,498

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST OR VALUATION
At 1 April 2023 1,295,389
Additions 77,553
Disposals (645,774 )
Revaluations 105,624
Dividends received 701
At 31 March 2024 833,493
NET BOOK VALUE
At 31 March 2024 833,493
At 31 March 2023 1,295,389

Cost or valuation at 31 March 2024 is represented by:

Unlisted
investments
£   
Valuation in 2018 6,961
Valuation in 2019 7,079
Valuation in 2020 23,095
Valuation in 2021 259,931
Valuation in 2022 (7,106 )
Valuation in 2023 (50,761 )
Valuation in 2024 106,325
Cost 487,969
833,493

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 75 822,724 822,799
Disposals - (113,711 ) (113,711 )
Revaluations - 123,779 123,779
Dividends received - 701 701
At 31 March 2024 75 833,493 833,568
NET BOOK VALUE
At 31 March 2024 75 833,493 833,568
At 31 March 2023 75 822,724 822,799

Cost or valuation at 31 March 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2018 - 6,961 6,961
Valuation in 2019 - 7,079 7,079
Valuation in 2020 - 23,095 23,095
Valuation in 2021 - 222,796 222,796
Valuation in 2022 - (18,592 ) (18,592 )
Valuation in 2023 - (62,768 ) (62,768 )
Valuation in 2024 - 10,769 10,769
Cost 75 644,153 644,228
75 833,493 833,568

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. 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

Beardwell Construction Limited
Registered office:
Nature of business: Building contractors
%
Class of shares: holding
Ordinary 75.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,507,747 1,331,342
Profit for the year 1,101,405 367,469


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023 870,000
Revaluations 40,000
At 31 March 2024 910,000
NET BOOK VALUE
At 31 March 2024 910,000
At 31 March 2023 870,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 93,283
Valuation in 2019 245,000
Valuation in 2023 5,000
Valuation in 2024 40,000
Cost 526,717
910,000

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 April 2023 870,000
Revaluations 40,000
At 31 March 2024 910,000
NET BOOK VALUE
At 31 March 2024 910,000
At 31 March 2023 870,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 93,283
Valuation in 2019 245,000
Valuation in 2023 5,000
Valuation in 2024 40,000
Cost 526,717
910,000

12. STOCKS

Group
2024 2023
£    £   
Stocks 11,300 11,300

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,953,612 1,879,464 151,750 5,996
Amounts owed by group undertakings - - 538,950 246,423
Amounts recoverable on contract 1,325,608 887,664 - -
Other debtors 9,235 5,235 5 5
Prepayments 35,198 32,454 - -
4,323,653 2,804,817 690,705 252,424

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 2,250,746 1,658,707 280 780
Tax 420,085 136,998 43,165 13,778
Social security and other taxes 275,282 75,635 - -
VAT 400,007 348,925 9,012 8,812
Other creditors 171,251 78,143 - -
Directors' current accounts 1 1 1 1
Accrued expenses 6,433,565 2,171,532 1,996 1,998
9,950,937 4,469,941 54,454 25,369

15. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 136,888 142,323 97,823 92,341

Group
Deferred
tax
£   
Balance at 1 April 2023 142,323
Provided during year (5,435 )
Balance at 31 March 2024 136,888

Company
Deferred
tax
£   
Balance at 1 April 2023 92,341
Provided during year 5,482
Balance at 31 March 2024 97,823

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary 1 2 2

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. RESERVES

Group
Capital Non
Retained redemption distributable
earnings reserve reserves Totals
£    £    £    £   

At 1 April 2023 2,911,592 1 314,075 3,225,668
Profit for the year 1,121,930 1,121,930
Dividends (116,600 ) (116,600 )
Transfer (45,000 ) - 33,750 (11,250 )
At 31 March 2024 3,871,922 1 347,825 4,219,748


18. NON-CONTROLLING INTERESTS

On the 7th February 2017 two directors of Beardwell Construction Limited acquired a combined 20% of the company for £50,000.

On the day of acquisition 20% of the net assets of the business had a value of £197,410.

On the 17th September 2019 an employee of Beardwell Construction Limited acquired 5% of the company for £nil.

19. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group
2024 2023
£    £   
Profit for the financial year 1,121,930 271,979
Dividends (116,600 ) (123,020 )
1,005,330 148,959
Other comprehensive income relating to the year (net) (11,250 ) -
Net addition to shareholders' funds 994,080 148,959
Opening shareholders' funds 3,225,670 3,076,711
Closing shareholders' funds 4,219,750 3,225,670

BEARDWELL HOLDINGS LIMITED (REGISTERED NUMBER: 04510722)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

19. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - continued

Company

2024 2023
£    £   
Profit for the financial year 989,627 230,800
Dividends (116,600 ) (123,020 )
873,027 107,780
Other comprehensive income relating to the year (net) (11,250 ) -
Net addition to shareholders' funds 861,777 107,780
Opening shareholders' funds 2,157,249 2,049,469
Closing shareholders' funds 3,019,026 2,157,249