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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
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 |
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 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Capital redemption reserve |
Non distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS | 19 |
Company's profit for the financial year | 989,627 | 230,800 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 | 822,799 |
Disposals | ( |
) | (113,711 | ) |
Revaluations | 123,779 |
Dividends received | - | 701 | 701 |
At 31 March 2024 | 833,568 |
NET BOOK VALUE |
At 31 March 2024 | 833,568 |
At 31 March 2023 | 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 |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Revaluations | 40,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 1,325,608 | 887,664 |
Other debtors | 9,235 | 5,235 |
Prepayments | 35,198 | 32,454 |
4,323,653 | 2,804,817 |
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 |
Tax | 420,085 | 136,998 |
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 |
9,950,937 | 4,469,941 |
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 |
Provided during year |
Balance at 31 March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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 |
Dividends | ( |
) | ( |
) |
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 |