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REGISTERED NUMBER: 05562841 (England and Wales)















Tom Prichard Contracting Limited

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31st January 2024






Tom Prichard Contracting Limited (Registered number: 05562841)






Contents of the Financial Statements
for the Year Ended 31st January 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Tom Prichard Contracting Limited

Company Information
for the Year Ended 31st January 2024







Director: Mr T D Prichard





Registered office: Earthmover's House Unit 16 Llantrisant
Business Park, Llantrisant
Pontyclun
CF72 8LF





Registered number: 05562841 (England and Wales)





Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Tom Prichard Contracting Limited (Registered number: 05562841)

Strategic Report
for the Year Ended 31st January 2024

Introduction
The director presents his Strategic Report together with the audited accounts of Tom Prichard Contracting Limited (the 'Company'). All references to 2024 in the Strategic Report and the Financial Statements refer to the financial year ended 31 January 2024 or as at 31 January 2024 as appropriate (2023: the financial year ended 31 January 2023 or as at 31 January 2023).

Business Model
Tom Prichard Contracting Limited is a wholly owned subsidiary of Tom Prichard (Holdings) Limited. The Company's business activities include civil engineering, earthworks, plant hire, haulage and recycling activities to both municipal customers and local and national building organisations. Whilst most of the Company's activities are based in South Wales, the business is increasingly securing works further afield and this has supported the growth which the Company has achieved.

Review of business
The Company's turnover increased by 27.6% to £49.5m (2023: £38.8m) due mainly to further growth in its contracting business. The Company's pre-tax profit increased compared the previous year at £3.8m (2023: £3.3m) due mainly to inflationary cost pressures. During the year the Company invested £7.6m (2023: £10.8m) in new plant and equipment and increased its headcount level by 13.8% to 279 employees (2023: 245). These investments increased the Company's operational capacity to support further growth to its business activities.

Key Performance Indicators

The Company's key performance indicators are summarised below:


KPI Rationale 2024 2023



Turnover
Turnover measures the
total amount of sales made
by the Company to its
customers.



£49.5m



£38.8m





Net Profit Margin
Net profit margin is defined
as profit before taxation
divided by turnover. It
measures how efficiently
turnover isconverted into
net profit.





7.7%





8.6%




Net Assets
Net assets are defined as
total assets less total
liabilities. It shows the
financial position of the
Company at the year end.




£17.6m




£15.5m


- Turnover increased in 2024 by 27.6% to £49.5m due mainly to further growth in its contracting business.
- Net Profit Margin decreased in 2024 to 7.7% due mainly to increased costs.
- Net Assets at 31 January 2024 increased to £17.6m due to the retained profit for the year of £2m.

Principal risks and uncertainties
The principal risks and uncertainties that could impact the Company's future performance include the following:




-
Energy costs: fuel costs are extremely volatile and the costs to the business during 2023 was adversely impacted by
the sharp increase to oil and related fuel prices following the outbreak of war in Ukraine in February 2022, and from
the abolition of red fuel use on 1st April 2022 by the UK Government. Wherever possible the Company seeks to
pass on any increased costs to its customers.



-
Liquidity risk: The Company aims to mitigate liquidity risks by managing the cash generated by its operations. During
the year the Company's parent company Tom Prichard (Holdings) Limited arranged new funding facilities for the
Company with its new bankers HSBC which will provide additional flexibility to manage its working capital and to
finance future strategic investments.

-
General economic activity: The Company's activities are affected by the level of construction activity in the UK, which
itself is dependent on the general level of economic activity.

These risks and uncertainties are mitigated by the close management and expertise of the management team.


Tom Prichard Contracting Limited (Registered number: 05562841)

Strategic Report
for the Year Ended 31st January 2024

Research and development
The Company continues to be at the forefront of recycling activities and continues to seek new means and processes to recycle waste. By enhancing recycling techniques, the Company benefits from reduced disposal costs and helps to sustain scare resources and reduce CO2 emissions. To achieve this, the Company continues to undertake significant research and development to improve the recycling process to reduce the volume and the cost of land fill disposal. In addition, the Company proactively seeks to develop and improve working practices with new ideas and innovations.

Future developments
Demand for the Company's activities is expected to remain strong in 2025 especially in the civil engineering sector.

Events after the balance sheet date
During March 2024, HMRC opened a review into Tom Prichard Contracting 2023 R&D tax claim. The enquiry is still ongoing.

On behalf of the board:





Mr T D Prichard - Director


29th October 2024

Tom Prichard Contracting Limited (Registered number: 05562841)

Report of the Director
for the Year Ended 31st January 2024

The director presents his report with the financial statements of the company for the year ended 31st January 2024.

Principal activity
The principal activity of the company in the year under review was that of civil engineering, demolition, recycling, haulage and plant hire.

Dividends
No interim dividends declared during the year ended 31 January 2024.

Director
Mr T D Prichard held office during the whole of the period from 1st February 2023 to the date of this report.

Statement of director's responsibilities
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Haines Watts Wales LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr T D Prichard - Director


29th October 2024

Report of the Independent Auditors to the Members of
Tom Prichard Contracting Limited

Opinion
We have audited the financial statements of Tom Prichard Contracting Limited (the 'company') for the year ended 31st January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31st January 2024 and of its 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 company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
Within note 21 of the financial statements, the company has disclosed a contingent liability note in respect of an ongoing dispute with HMRC. The dispute is ongoing with no timetable or deadlines for resolution. Our opinion is not modified in this respect.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

Report of the Independent Auditors to the Members of
Tom Prichard Contracting Limited


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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP FRS 102 and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

- Discussing with Directors and management which areas of the business they believe to be more susceptible to
fraud, and whether they have any knowledge or suspicion of fraudulent activities;
- Obtaining an understanding of the key controls put in place by the company to address risks identified, assessing
the effectiveness of those and discussing how these are maintained and monitored internally;
- Assessing the risk of management override and review and testing of journal entries made into the accounting
system;
- Challenging assumptions and judgements made by the company in relation to the significant accounting estimates
employed in the preparation of the financial statements;
- Discussing with Directors and Management the legal and regulatory obligations of the business and whether they
have any knowledge or suspicion of non compliance.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

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
Tom Prichard Contracting 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.




Clive Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

30th October 2024

Tom Prichard Contracting Limited (Registered number: 05562841)

Statement of Comprehensive
Income
for the Year Ended 31st January 2024

2024 2023
Notes £    £   

Turnover 3 49,561,092 38,764,603

Cost of sales (35,766,378 ) (28,803,102 )
Gross profit 13,794,714 9,961,501

Administrative expenses (9,062,527 ) (6,668,979 )
4,732,187 3,292,522

Other operating income 617 604,688
Operating profit 4,732,804 3,897,210


Interest payable and similar expenses 5 (865,058 ) (556,091 )
Profit before taxation 6 3,867,746 3,341,119

Tax on profit 7 (1,855,771 ) 56,316
Profit for the financial year 2,011,975 3,397,435

Other comprehensive income - -
Total comprehensive income for the year 2,011,975 3,397,435

Tom Prichard Contracting Limited (Registered number: 05562841)

Balance Sheet
31st January 2024

2024 2023
Notes £    £   
Fixed assets
Intangible assets 8 - -
Tangible assets 9 27,003,519 26,686,530
27,003,519 26,686,530

Current assets
Stocks 10 6,678 71,000
Debtors 11 15,692,623 14,270,633
Cash at bank 3,175,125 285,835
18,874,426 14,627,468
Creditors
Amounts falling due within one year 12 (14,249,876 ) (13,084,124 )
Net current assets 4,624,550 1,543,344
Total assets less current liabilities 31,628,069 28,229,874

Creditors
Amounts falling due after more than one year 13 (10,680,805 ) (11,150,356 )

Provisions for liabilities 17 (3,340,570 ) (1,484,799 )
Net assets 17,606,694 15,594,719

Capital and reserves
Called up share capital 18 1,000 1,000
Retained earnings 19 17,605,694 15,593,719
Shareholders' funds 17,606,694 15,594,719

The financial statements were approved by the director and authorised for issue on 29th October 2024 and were signed by:





Mr T D Prichard - Director


Tom Prichard Contracting Limited (Registered number: 05562841)

Statement of Changes in Equity
for the Year Ended 31st January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st February 2022 1,000 12,196,284 12,197,284

Changes in equity
Total comprehensive income - 3,397,435 3,397,435
Balance at 31st January 2023 1,000 15,593,719 15,594,719

Changes in equity
Total comprehensive income - 2,011,975 2,011,975
Balance at 31st January 2024 1,000 17,605,694 17,606,694

Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements
for the Year Ended 31st January 2024

1. Statutory information

Tom Prichard Contracting 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 Company Information page.

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


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.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

The company's financial statements are consolidated into the financial statements of Tom Prichard (Holdings) Limited. The Parent company shares its registered address with Tom Prichard Contracting Limited, and its consolidated financial statements are accessible via Companies House.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured either through the proportion of costs incurred for work performed to date to the estimated total costs, through surveys of work performed, or through completion of a physical proportion of contract work.

Goodwill
Goodwill has been amortised evenly over its useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 13% on cost
Fixtures and fittings - 25% on cost

Stock
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell after making due allowances for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements - continued
for the Year Ended 31st January 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Other basic financial liabilities include bank loans and loans with fellow group subsidiaries which are all initially recognised at the 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 the market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried and remeasured at amortised cost using an effective interest rate method.

Going concern
At the time of approving the financial statements, the director has reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. In particular, the director reviewed the obligations under the company's finance documents and is satisfied that the company will continue to meet these obligations. Therefore the director continues to adopt the going concern basis of accounting in preparing these financial statements.

Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sales of goods 9,587,289 8,193,883
Services rendered 39,973,803 30,570,720
49,561,092 38,764,603

4. Employees and directors
2024 2023
£    £   
Wages and salaries 11,794,480 8,021,261
Social security costs 1,142,303 873,578
Other pension costs 224,611 180,135
13,161,394 9,074,974

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

Administration 29 23
Operational 250 222
279 245

2024 2023
£    £   
Director's remuneration 13,722 13,019

5. Interest payable and similar expenses
2024 2023
£    £   
Bank loan interest 3,170 9,256
Hire purchase 861,888 546,835
865,058 556,091

6. Profit before taxation

The profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 5,590 5,127
Depreciation - owned assets 5,610,794 4,849,112
Profit on disposal of fixed assets (237,130 ) (1,407,773 )
Auditors' remuneration 16,000 13,800
Other non- audit services 3,268 13,800

Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

7. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - (756,115 )

Deferred tax 1,855,771 699,799
Tax on profit 1,855,771 (56,316 )

UK corporation tax has been charged at 25% .

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

2024 2023
£    £   
Profit before tax 3,867,746 3,341,119
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

966,937

634,813

Effects of:
Expenses not deductible for tax purposes 27,895 1,670
Income not taxable for tax purposes - (267,477 )
Capital allowances in excess of depreciation (223,521 ) (1,743,723 )
Research & Development tax credits - (870,757 )

Group relief - (190,000 )
Losses utilised (771,311 ) 1,679,359
Deferred tax 1,855,771 699,799
Total tax charge/(credit) 1,855,771 (56,316 )

8. Intangible fixed assets
Goodwill
£   
Cost
At 1st February 2023
and 31st January 2024 34,158
Amortisation
At 1st February 2023
and 31st January 2024 34,158
Net book value
At 31st January 2024 -
At 31st January 2023 -

Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

9. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Cost
At 1st February 2023 43,676,988 104,406 43,781,394
Additions 7,577,713 8,947 7,586,660
Disposals (4,236,339 ) - (4,236,339 )
At 31st January 2024 47,018,362 113,353 47,131,715
Depreciation
At 1st February 2023 17,008,103 86,761 17,094,864
Charge for year 5,598,231 12,563 5,610,794
Eliminated on disposal (2,577,462 ) - (2,577,462 )
At 31st January 2024 20,028,872 99,324 20,128,196
Net book value
At 31st January 2024 26,989,490 14,029 27,003,519
At 31st January 2023 26,668,885 17,645 26,686,530

The net carrying value of tangible fixed assets include the following in respect of assets held under finance leases or hire purchase contracts:

20232023
£   £   

Plant and machinery21,163,32220,810,053

10. Stocks
2024 2023
£    £   
Stocks 6,678 71,000

11. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 5,272,187 4,083,626
Amounts owed by group undertakings 6,901,339 7,035,981
Other debtors 2,108,359 1,998,835
Directors' loan accounts 43,349 17,670
VAT - 149,292
Prepayments and accrued income 1,367,389 985,229
15,692,623 14,270,633

Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

12. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 53,669 53,669
Finance leases (see note 15) 5,876,810 6,272,997
Trade creditors 3,899,943 3,850,048
Amounts owed to group undertakings 2,321,252 1,857,726
Social security and other taxes 292,503 268,460
VAT 952,499 -
Other creditors 202,978 154,163
Accruals and deferred income 650,222 627,061
14,249,876 13,084,124

13. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans (see note 14) 77,349 127,917
Finance leases (see note 15) 10,603,456 11,022,439
10,680,805 11,150,356

14. Loans

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 53,669 53,669

Amounts falling due between one and two years:
Bank loans - 1-2 years 53,669 53,669

Amounts falling due between two and five years:
Bank loans - 2-5 years 23,680 74,248

15. Leasing agreements

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 5,876,810 6,272,997
Between one and five years 10,603,456 11,022,439
16,480,266 17,295,436

Hire purchase contracts relate to plant & machinery for the use of the business, and are secured against the assets which they relate to. Interest rates underlying all hire purchase contracts are fixed at respective contract rates from 1% to 4%.

Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

15. Leasing agreements - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,555 5,555
Between one and five years 11,953 9,721
17,508 15,276

16. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 131,018 181,586

Development Bank of Wales
Interest is charged on this loan at a fixed rate of 2.00% per annum. The loan is repayable over a five-year term which matures in May 2026. The loan is secured via a fixed and floating charge over the assets of the company.

Hire purchase liabilities are secured against the assets which they relate too.

17. Provisions for liabilities
2024 2023
£    £   
Deferred tax 3,340,570 1,484,799

Deferred
tax
£   
Balance at 1st February 2023 1,484,799
Provided during year 1,855,771
Balance at 31st January 2024 3,340,570

18. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

19. Reserves
Retained
earnings
£   

At 1st February 2023 15,593,719
Profit for the year 2,011,975
At 31st January 2024 17,605,694

Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

20. Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £224,612 (2023: £180,135).

Contributions totalling £24,997 (2023: £26,855) were payable to the scheme at the end of the period and are included within creditors.

21. Contingent liabilities

As at the balance sheet date, the company has recognised an amount due back from HMRC in respect of ongoing research and development projects. The claims are under review by HMRC and a conclusion of that review has yet to be reached, and will not be concluded before the signing date of these financial statements.

Although the director has taken advice from third party experts and is confident that the review will be satisfied positively in respect of the company, there is no guarantee that a liability does not exist, but until such time that the review has been concluded it is not practicable to identify or quantify a provision to be included within the accounts.

22. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023:

2024 2023
£    £   
Mr T D Prichard
Balance outstanding at start of year 17,670 110,303
Amounts advanced 53,279 141,367
Amounts repaid (27,600 ) (234,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 43,349 17,670

Interest is charged on the loan at 2% and no repayment terms have been agreed. The loan balance is considered repayable on demand.

T D Prichard has provided a personal guarantee amounting to £180,000 to Barclays Bank plc.

23. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Other related parties
2024 2023
£    £   
Sales 236,288 45,507
Purchases 151,652 160,650
Amount due from related parties 1,343,996 1,174,435
Amount due to related parties 2,683 34,581

Related party transactions and balances are with companies under common ownership and companies owned by immediate family members.

Tom Prichard Contracting Limited (Registered number: 05562841)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

24. Ultimate controlling party

The controlling party is Tom Prichard (Holdings) Limited.

The ultimate controlling party is T D Prichard.

At the balance sheet date Tom Prichard (Holdings) Limited owned 100% of the shares. The ultimate controlling party at the balance sheet date is T D Prichard by virtue of his 100% shareholding in Tom Prichard (Holdings) Limited.

Consolidated financial statements are prepared by Tom Prichard (Holdings) Limited for the year ended 31 January 2024, the company's registered office is:

Earthmover's House,
Unit 16 Llantrisant Business Park,
Llantrisant,
Pontyclun
CF72 8LF