Company registration number 03435949 (England and Wales)
THE STRUCTURE GROUP OF COMPANIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
THE STRUCTURE GROUP OF COMPANIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
4 - 5
Notes to the financial statements
4 - 10
THE STRUCTURE GROUP OF COMPANIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE STRUCTURE GROUP OF COMPANIES LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Structure Group of Companies Limited for the year ended 31 October 2023 which comprise and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of The Structure Group of Companies Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Structure Group of Companies Limited and state those matters that we have agreed to state to the board of directors of The Structure Group of Companies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Structure Group of Companies Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that The Structure Group of Companies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Structure Group of Companies Limited. You consider that The Structure Group of Companies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Structure Group of Companies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
29 October 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
THE STRUCTURE GROUP OF COMPANIES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
Assets
Non-current assets
Intangible assets
3
116,439
140,259
Tangible assets
4
1,591,733
1,738,292
Investments
5
-
0
20,000
Total non-current assets
1,708,172
1,898,551
Current assets
Debtors
6
1,586,202
1,153,788
Cash at bank and in hand
359,619
215,487
Total current assets
1,945,821
1,369,275
Total assets
3,653,993
3,267,826
Equity and liabilities
Capital and reserves
Called up share capital
10
1,090,802
1,090,802
Profit and loss reserves
836,024
910,875
Total equity
1,926,826
2,001,677
Provisions for liabilities
1,152,200
385,200
Creditors: amounts falling due after more than one year
8
16,277
201,380
Total non-current liabilities
1,168,477
586,580
Creditors: amounts falling due within one year
7
558,690
679,569
Total liabilities
1,727,167
1,266,149
Total equity and liabilities
3,653,993
3,267,826
THE STRUCTURE GROUP OF COMPANIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 29 October 2024 and are signed on its behalf by:
Mr A P Revell
Director
Company Registration No. 03435949
THE STRUCTURE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information

The Structure Group of Companies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The director has considered relevant information, including the annual budget and the impact of subsequent events in making their assessment. true

 

Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear a total expected costs for the contract.

 

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill is considered to have a finite useful life of 20 years and is amortised on a systematic basis over its expected life.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

THE STRUCTURE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
straight line over 10 - 20 years
Office and computer equipment
straight line over 3 years
Motor vehicles
15% per annum diminishing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

THE STRUCTURE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2022 - 3).

THE STRUCTURE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
476,402
Amortisation and impairment
At 1 November 2022
336,143
Amortisation charged for the year
23,820
At 31 October 2023
359,963
Carrying amount
At 31 October 2023
116,439
At 31 October 2022
140,259
4
Tangible fixed assets
Plant and machinery
Office and computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
2,435,851
32,491
38,637
2,506,979
Additions
58,374
15,163
4,000
77,537
Disposals
-
0
-
0
(5,862)
(5,862)
At 31 October 2023
2,494,225
47,654
36,775
2,578,654
Depreciation and impairment
At 1 November 2022
732,361
25,811
10,515
768,687
Depreciation charged in the year
209,648
5,646
4,318
219,612
Eliminated in respect of disposals
-
0
-
0
(1,378)
(1,378)
At 31 October 2023
942,009
31,457
13,455
986,921
Carrying amount
At 31 October 2023
1,552,216
16,197
23,320
1,591,733
At 31 October 2022
1,703,490
6,680
28,122
1,738,292
5
Fixed asset investments
2023
2022
£
£
Investments
-
20,000
THE STRUCTURE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 November 2022 & 31 October 2023
20,000
Carrying amount
At 31 October 2023
20,000
At 31 October 2022
20,000
Error! Does not agree to TB:
-
Difference
20,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
626,240
52,514
Amounts owed by group undertakings
250,000
250,000
Other debtors
709,962
851,274
1,586,202
1,153,788
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
88,830
82,069
Trade creditors
89,836
113,059
Taxation and social security
107,624
64,176
Other creditors
272,400
420,265
558,690
679,569

Bank loans and overdrafts are secured by a floating charge over all the assets of the company.

 

Net obligations under hire purchase contracts due within one year of £59,995 (2022 - £152,668) are included within other creditors and are secured against the relevant assets to which they relate.

THE STRUCTURE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
15,502
104,332
Other creditors
775
97,048
16,277
201,380

Net obligations under hire purchase contracts due after one year of £775 (2022 - £97,048) are included within other creditors and are secured against the relevant assets in which they relate.

9
Provisions for liabilities
2023
2022
£
£
Provision for contract losses
800,000
-
Deferred tax liabilities
352,200
385,200
1,152,200
385,200
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
340,802
340,802
340,802
340,802
Preference shares of £1 each
750,000
750,000
750,000
750,000
1,090,802
1,090,802
1,090,802
1,090,802

The preference shares are non voting and have a right to a dividend of 0.01p per share where profits are available. In the event of a winding up or other return of capital, the preference shares rank above the ordinary shares. The director consider that the preference shares are correctly treated as equity due to the extremely low contractually guaranteed dividends payable.

 

The ordinary shares are voting and carry the right to dividends subject to their being sufficient profits available for distribution.

11
Financial commitments, guarantees and contingent liabilities

The overdraft facility is secured by way of a cross guarantee with the parent undertaking, Maxco Limited, and its fellow subsidiary undertakings.

THE STRUCTURE GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
12
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors current account
2.25
316,785
281,614
5,784
(367,028)
237,155
316,785
281,614
5,784
(367,028)
237,155
13
Events after the reporting date

Subsequent to the year end, the company purchased a property and land for consideration of £1,875,000.

 

Dividends totalling £200,000 were declared and paid after the balance sheet date.

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