REGISTERED NUMBER: 09464610 (England and Wales) |
Tom Prichard (Holdings) Limited |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31st January 2024 |
REGISTERED NUMBER: 09464610 (England and Wales) |
Tom Prichard (Holdings) Limited |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31st January 2024 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31st January 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 5 |
Report of the Independent Auditors | 8 |
Consolidated Statement of 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 |
Tom Prichard (Holdings) Limited |
Company Information |
for the Year Ended 31st January 2024 |
Director: |
Registered office: |
Registered number: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Group Strategic Report |
for the Year Ended 31st January 2024 |
Introduction |
The director presents his Strategic Report together with the audited consolidated accounts of Tom Prichard (Holdings) Limited (the 'Company') and its consolidated subsidiary companies (the 'Group') for the year ended 31 January 2024. |
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 (Holdings) Limited is the holding company for eleven subsidiary companies, and the Group strives to become a one stop shop to the construction industry. The Group's activities include plant hire, inert recycling, land remediation, civil engineering, demolition works, rail infrastructure works, a quarry, haulage of inert soil and aggregates, and the provision of skips and bins. |
The Group supports both municipal customers and local and national building organisations. Whilst most of the Group's activities are based in South Wales, the business is increasingly securing works further afield and this has supported the growth which the Group has achieved. |
Review of business |
The Group's turnover increased by 22.7% to £54.97m (2023: £44.8m) due mainly to further growth in its contracting business. The Group's pre-tax profit increased by 29% to £2.93m (2023: £2.5m). During the year the Group invested £7.6m (2023: £11.8m) in new plant and equipment and increased its headcount level by 14% to 279 employees (2023: 239). This investment increased the Group's operational capacity to support further growth to its business activities. |
Key Performance Indicators |
The Group's key performance indicators are summarised below: |
KPI | Rationale | 2024 | 2023 |
Turnover |
Turnover measures the total amount of sales made by the Group to its customers. |
£55m |
£44.8m |
Net Profit Margin |
Net profit margin is defined as profit before taxation divided by turnover. It measures how efficiently turnover is converted into net profit. |
5% |
5% |
Net Assets |
Net assets are defined as total assets less total liabilities. It shows the financial position of the Group at the year end. |
£18m |
£16.6m |
- | Turnover increased in 2024 by 22.7% to £54.97m due mainly to further growth in its contracting business. |
- | Net Profit Margin remained consistent with 2023 at 5% due mainly to increased costs. |
- | Net Assets at 31 January 2024 increased to £18m due to the retained profit for the year of £1.4m. |
Principal risks and uncertainties |
The principal risks and uncertainties that could impact the Group's future performance include the following: |
- |
Energy costs: The results of the business were positively impacted by the decrease in oil and related fuel prices during 2024. However, fuel costs are extremely volatile, and wherever possible the Company seeks to pass on any future increased costs to its customers. |
- |
Liquidity risk: The Group aims to mitigate liquidity risks by managing the cash generated by its operations. The Group's parent company Tom Prichard (Holdings) Limited has funding facilities with HSBC which provide additional flexibility to manage its working capital and to finance future strategic investments. |
- |
General economic activity: The Group'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 (Holdings) Limited (Registered number: 09464610) |
Group Strategic Report |
for the Year Ended 31st January 2024 |
Section 172(1) statement |
Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006. |
The board of Directors of Tom Prichard (Holdings) Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its member as a whole (having regard to the stakeholders and matters set out in s172(1)(a)-(f) of the Act) in the decisions taken during for the Year Ended 31 January 2024. |
The group was started by Tom Prichard in 2015 and the group continues to be controlled and run by him. He prides himself the ways in which the group has provided employment, training and financial reward for himself and employees for the past 9 years. The group has developed into one of the largest privately owned plant hire and waste disposal group of companies in South Wales. |
The group make strategic decisions based on long-term objectives. In particular, this has meant significant investment in premises and people in the business. This investment is to continue in the future to provide customers with state-of-the-art facilities and the very finest expertise. We acknowledge that, to progress to the next phase in the company's future, it is likely that further investment will be made to continue to expand our existing businesses and add to the prestige brand portfolio. The board continues to explore possibilities along these lines. Our aim continues to be to maximise the company's ability to grow profits to fund continued investment for the future of the business and job security for the employees. |
Our Employees |
We rely on the hard work, commitment and enthusiasm of our staff which is fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. We provide comprehensive training and career development support. The health, safety and well-being of our employees is one of our primary considerations in the way the group does business. |
The group is to continue investing in training all staff for the purpose of meeting its long term goal of growth through the provision of excellent customer service. |
Our suppliers and customers |
We meet with our manufacturing partners regularly throughout the year and take the appropriate action to prevent involvement in modern slavery, corruption, bribery and breaches of competition law. Our business model priorities quality and customer satisfaction. We have built and will maintain a reputation for transparency and fair dealing with customers and suppliers. |
Our Community and the Environment |
We are a family-run company with roots in South Wales and have invested in our community. Our plan takes into account the impact of the Group's operations on the community and environment and our wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste-saving opportunities and react promptly to local community concerns. |
Business conduct and Corporate Governance |
Our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our responsible behaviour. Our intention is to behave responsibly towards our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan. |
Research and development |
The Group continues to be at the forefront of recycling and remediation activities and continues to seek new means and processes to recycle waste. By enhancing recycling techniques, the Group benefits from reduced disposal costs and helps to sustain scare resources and reduce CO2 emissions. To achieve this, the Group continues to undertake significant research and development to improve the recycling and remediation processes to reduce the volume and the cost of land fill disposal. In addition, the Group proactively seeks to develop and improve working practices with new ideas and innovations. |
Future developments |
Demand for the Group's activities is expected to remain strong in 2025 especially in the civil engineering sector. |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Group Strategic Report |
for the Year Ended 31st January 2024 |
Events after the balance sheet date |
During September 2024 the Group's parent company Tom Prichard (Holdings) Limited purchased the trade of EESI Remediation to facilitate growth in land remediation activities. |
During March 2024, HMRC opened a review into Tom Prichard Contracting Limited's 2023 R&D tax claim. The enquiry is still ongoing. |
On behalf of the board: |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Report of the Director |
for the Year Ended 31st January 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31st January 2024. |
Principal activity |
The core activities of the group are civil engineering, demolition, recycling haulage, plant hire and railway infrastructure. |
Dividends |
No dividends will be distributed for the year ended 31st January 2024. |
Director |
Political donations and expenditure |
Donations during the year amounted to £nil (2023: £4,310). |
Streamlined energy and carbon reporting |
Introduction |
This SECR disclosure presents the groups carbon footprint within the United Kingdom, for both scope 1 and scope 2 emissions types for the financial period February 1st 2023-January 31st 2024. The group is committed to achieving Net Zero emissions by 2050 and is intending to undertake a feasibility review to move the net zero emissions target to 2045, five years ahead of the government target. This report represents the group second SECR disclosure and will be used as the baseline for next year's disclosure. |
Methodology |
The methodology utilised for this disclosure is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance' (March 2019) and the GHG Protocol Corporate Standard. The 2023 UK Government's Conversion Factors for Company Reporting have been used to calculate the GHG emissions. |
Report |
Table 1 details the companies' scope 1 and 2 emissions expressed as kWh. |
Table 1 |
Scope 1: Energy Consumption |
Energy & Fuel Consumption |
February 1st 2023 - January 31st 2024 |
February 1st 2022 - January 31st 2023 |
Emissions from combustion of gas (kWh): |
- |
- |
Emissions from combustion of road fuels (Plant) (kWh): |
21,861,942.48 |
20,728,568.98 |
Emissions from combustion of road fuels (Transport) (kWh): |
24,492,494.13 |
23,222,746.77 |
Scope 2: Purchased Electricity |
Purchased Electricity Consumption |
February 1st 2023 - January 31st 2024 |
February 1st 2022 - January 31st 2023 |
Emissions from purchase of electricity (kWh): |
390,160.50 |
366,173.00 |
Table 2 details the companies' scope 1 and 2 emissions expressed as tCO2e. |
Table 2 |
Scope 1: Energy Consumption |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Report of the Director |
for the Year Ended 31st January 2024 |
Energy & Fuel Consumption |
February 1st 2023 - January 31st 2024 |
February 1st 2022 - January 31st 2023 |
Emissions from combustion of gas (tCO2e) |
- |
- |
Emissions from combustion of road fuels: Plant (tCO2e) |
5,507.61 |
4,998.69 |
Emissions from combustion of road fuels: Transport (tCO2e) |
6,170.32 |
5,600.17 |
Scope 2: Purchased Electricity |
Purchased Electricity Consumption |
February 1st 2023 - January 31st 2024 |
February 1st 2022 - January 31st 2023 |
Emissions from purchase of electricity (tCO2e): |
80.79 |
70.81 |
Table 3 details the summary and intensity ratio by tCO2e/turnover (£M). |
Table 3 |
Summary |
February 1st 2023 - January 31st 2024 |
February 1st 2022 - January 31st 2023 |
Total Scope 1 & 2 Emissions (tCO2e) | 11,758.73 | 10,669.67 |
Total gross emissions intensity ratio by unit of turnover (tCO2e/£M) |
215.82 |
248.13 |
The group is increasingly aware of the global need to reduce carbon output in order avert the climate crisis. As such, we are implementing new and improving existing reduction initiatives reach Net Zero. |
Carbon Reduction Schemes |
Reduction Initiative | Actions Implemented |
Hybrid Technology |
The company has invested in hybrid technology within its plant and heavy machinery range. Prichard's were the first operator within Wales to diversify its plant range fleet with the Komatsu Hybrid Excavator. |
Environmental Management System |
The company utilises an environmental management system that was recertified as part of the ongoing ISO14001:2015 accreditation. |
Transport sharing |
We endorsed the use of car sharing by our employees as an emission reduction method. Transportation via minibus is provided to our materials recycling operatives at our Project Red Recycling yard. |
Anti-Idling Policy |
The company have implemented and enforce an anti-idling policy which aims to reduce fuel usage and emissions. |
LED Lighting Installations |
The company has installed energy efficiently LED lights throughout all offices. We have also installed occupancy sensing lights to reduce the emissions output from lights left on. |
Environmental Policy |
Reviewed our environmental policy to reflect current organisational requirements. The policy states our commitments to mitigate negative impact of our activities. |
HVO Fuel |
The company is committed to increasing the use of biogenic sources of fuel in order to achieve Net Zero. In doing so, the company has been increasing its use of HVO derived fuels on large projects. |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Report of the Director |
for the Year Ended 31st January 2024 |
GPS Technology |
The company has invested heavily in GPS technology within its dozer and compaction range of machinery. By utilising this technology, the GPS systems give the operator real time data allowing the operator to specifically target areas of attention, increasing fuel efficiency and reducing consumption. |
Green Welfare Units |
The company is continually investing in its mobile welfare infrastructure by complimenting the range with state of the art, environmentally friendly welfare units. These units utilise the latest in light weight solar panel systems and water use facilities. |
Statement of director's responsibilities |
The director is responsible for preparing the Group 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 director is 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 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 group'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: |
Report of the Independent Auditors to the Members of |
Tom Prichard (Holdings) Limited |
Opinion |
We have audited the financial statements of Tom Prichard (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2024 which comprise the Consolidated Statement of 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 31st January 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 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 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 director with respect to going concern are described in the relevant sections of this report. |
Emphasis of matter |
Within note 25 of the financial statements, the group 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 Group 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 Group 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 Group 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 (Holdings) Limited |
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 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 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 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 seven, 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 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 director either intends to liquidate the group or the parent 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 group. 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 (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 |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
Turnover | 3 | 54,969,459 | 44,799,289 |
Cost of sales | (40,831,774 | ) | (33,983,471 | ) |
Gross profit | 14,137,685 | 10,815,818 |
Administrative expenses | (10,235,700 | ) | (8,865,155 | ) |
3,901,985 | 1,950,663 |
Other operating income | 617 | 786,924 |
Operating profit | 3,902,602 | 2,737,587 |
Gain/loss on revaluation of investment property |
- |
105,000 |
3,902,602 | 2,842,587 |
Interest payable and similar expenses | 5 | (977,114 | ) | (570,923 | ) |
Profit before taxation | 6 | 2,925,488 | 2,271,664 |
Tax on profit | 8 | (1,487,981 | ) | 261,837 |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year | 1,437,507 | 2,533,501 |
Profit attributable to: |
Owners of the parent | 1,437,507 | 2,533,501 |
Total comprehensive income attributable to: |
Owners of the parent | 1,437,507 | 2,533,501 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Consolidated Balance Sheet |
31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 10 | 3,033,502 | 3,503,227 |
Tangible assets | 11 | 29,326,583 | 29,310,805 |
Investments | 12 | - | - |
Investment property | 13 | 918,098 | 534,529 |
33,278,183 | 33,348,561 |
Current assets |
Stocks | 14 | 75,223 | 211,524 |
Debtors | 15 | 11,322,129 | 10,783,268 |
Cash at bank | 3,872,146 | 733,583 |
15,269,498 | 11,728,375 |
Creditors |
Amounts falling due within one year | 16 | (14,943,336 | ) | (14,218,041 | ) |
Net current assets/(liabilities) | 326,162 | (2,489,666 | ) |
Total assets less current liabilities | 33,604,345 | 30,858,895 |
Creditors |
Amounts falling due after more than one year | 17 | (12,225,235 | ) | (12,692,215 | ) |
Provisions for liabilities | 21 | (3,284,672 | ) | (1,509,749 | ) |
Net assets | 18,094,438 | 16,656,931 |
Capital and reserves |
Called up share capital | 22 | 4,101 | 4,101 |
Retained earnings | 23 | 18,090,337 | 16,652,830 |
Shareholders' funds | 18,094,438 | 16,656,931 |
The financial statements were approved by the director and authorised for issue on 29th October 2024 and were signed by: |
T D Prichard - Director |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Company Balance Sheet |
31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
Current assets |
Debtors | 15 |
Cash at bank |
Creditors |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 17 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 22 |
Retained earnings | 23 |
Shareholders' funds |
Company's profit for the financial year | 13,980 | 10,988 |
The financial statements were approved by the director and authorised for issue on |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31st January 2024 |
Called up | transfer |
share | Retained | retained | Total |
capital | earnings | earnings | equity |
£ | £ | £ | £ |
Balance at 1st February 2022 | 4,101 | 14,119,329 | (3,100 | ) | 14,120,330 |
Changes in equity |
Total comprehensive income | - | 2,533,501 | 3,100 | 2,536,601 |
Balance at 31st January 2023 | 4,101 | 16,652,830 | - | 16,656,931 |
Changes in equity |
Total comprehensive income | - | 1,437,507 | - | 1,437,507 |
Balance at 31st January 2024 | 4,101 | 18,090,337 | - | 18,094,438 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Company 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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st January 2024 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Consolidated Cash Flow Statement |
for the Year Ended 31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 10,342,632 | 4,003,637 |
Interest paid | (109,879 | ) | (14,471 | ) |
Interest element of finance lease payments paid |
(867,235 |
) |
(556,452 |
) |
Tax paid / (refund) | 262,824 | 980,649 |
Net cash from operating activities | 9,628,342 | 4,413,363 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (7,605,777 | ) | (11,752,319 | ) |
Purchase of investment property | (383,569 | ) | (109,529 | ) |
Sale of tangible fixed assets | 1,926,391 | 2,643,561 |
Net cash from investing activities | (6,062,955 | ) | (9,218,287 | ) |
Cash flows from financing activities |
New bank loans in year | 668,084 | 1,086,782 |
Bank loan repayments in year | (153,669 | ) | (398,299 | ) |
Capital movement on finance contracts | (915,560 | ) | 4,111,954 |
Amount introduced by directors | - | 92,633 |
Amount withdrawn by directors | (25,679 | ) | - |
Net cash from financing activities | (426,824 | ) | 4,893,070 |
Increase in cash and cash equivalents | 3,138,563 | 88,146 |
Cash and cash equivalents at beginning of year |
2 |
733,583 |
645,437 |
Cash and cash equivalents at end of year | 2 | 3,872,146 | 733,583 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31st January 2024 |
1. | Reconciliation of profit before taxation to cash generated from operations |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,925,488 | 2,271,664 |
Depreciation charges | 6,360,345 | 5,583,309 |
Profit on disposal of fixed assets | (227,012 | ) | (686,970 | ) |
Gain on revaluation of fixed assets | - | (105,000 | ) |
Finance costs | 977,114 | 570,923 |
10,035,935 | 7,633,926 |
Decrease/(increase) in stocks | 136,301 | (105,564 | ) |
Increase in trade and other debtors | (489,064 | ) | (3,973,632 | ) |
Increase in trade and other creditors | 659,460 | 448,907 |
Cash generated from operations | 10,342,632 | 4,003,637 |
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 31st January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 3,872,146 | 733,583 |
Year ended 31st January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 733,583 | 645,437 |
3. | Analysis of changes in net debt |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank | 733,583 | 3,138,563 | 3,872,146 |
733,583 | 3,138,563 | 3,872,146 |
Debt |
Finance leases | (17,463,586 | ) | 915,560 | (16,548,026 | ) |
Debts falling due within 1 year | (153,669 | ) | - | (153,669 | ) |
Debts falling due after 1 year | (1,107,364 | ) | (514,415 | ) | (1,621,779 | ) |
(18,724,619 | ) | 401,145 | (18,323,474 | ) |
Total | (17,991,036 | ) | 3,539,708 | (14,451,328 | ) |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31st January 2024 |
1. | Statutory information |
Tom Prichard (Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 33.7. |
Basis of consolidation |
To date, all business combinations have been accounted for under merger accounting. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. |
The consolidated financial statements incorporate those of Tom Prichard (Holdings) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). |
All financial statements are made up to 31 January 2024. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
For the year ended 31 January 2024, the following subsidiaries of the company were all entitled to exemption from audit under Section 479a of the Companies Act 2006 relating to subsidiary companies. |
Subsidiary name | Companies House registration number |
Llantrisant Recycling Centre Limited | 09386912 |
Prichard Demolition Limited | 06809054 |
Prichard Recycling Limited | 10251527 |
Project Red Recycling Limited | 09386946 |
Project Yellow Recycling Limited | 10251575 |
Tom Prichard Properties Limited | 09674681 |
Prichard Rail Limited | 11531687 |
Prichard Remediation Limited | 12156226 |
Seth Hill & Son Limited | 00512757 |
Prichard Rentals Limited | 12594971 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
2. | Accounting policies - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue includes revenue earned from the sale of goods and from the rendering of services, mainly derived from the principle activities of the group, plant hire and haulage contracting, waste management technologies, and recycling and waste management services. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer. |
Turnover from rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
Goodwill |
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill relates to the acquisitions of Seth Hill & Son Limited and Prichard Recycling Limited (Formerly Garth Plant & Sons Limited) in 2021. This goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold land included within Freehold Property is not subject to depreciation. |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit or loss. |
Stocks |
stock is valued at the lower and cost or selling price less cost to sell after allowing for provisions for obsolete and slow moving stock. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Leased assets are depreciated in accordance with the group's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. |
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. |
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 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
2. | Accounting policies - continued |
Going concern |
At the time of approving the financial statements, the director has reasonable expectation that the group has adequate resources to continue trading for the foreseeable future. In particular, the director reviewed the obligations under the group's finance documents and is satisfied that the group will continue to meet these obligations. Therefore the director continues to adopt the going concern basis of accounting in preparing these financial statements. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Sale of goods | 18,145,513 | 14,921,332 |
Service rendered | 36,823,946 | 29,877,957 |
54,969,459 | 44,799,289 |
4. | Employees and directors |
2024 | 2023 |
£ | £ |
Wages and salaries | 15,225,280 | 10,051,036 |
Social security costs | 1,142,303 | 873,578 |
Other pension costs | 224,611 | 180,135 |
16,592,194 | 11,104,749 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administrative | 29 | 24 |
Operational | 250 | 221 |
2024 | 2023 |
£ | £ |
Director's remuneration | 13,722 | 13,019 |
5. | Interest payable and similar expenses |
2024 | 2023 |
£ | £ |
Bank interest | 1,684 | - |
Bank loan interest | 108,195 | 14,471 |
Hire purchase | 867,235 | 556,452 |
977,114 | 570,923 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
6. | Profit before taxation |
The profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 45,823 | 118,427 |
Depreciation - owned assets | 5,890,620 | 5,113,584 |
Profit on disposal of fixed assets | (227,012 | ) | (686,970 | ) |
Goodwill amortisation | 469,725 | 469,725 |
7. | Auditors' remuneration |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
16,000 |
13,800 |
Total audit fees | 16,000 | 13,800 |
Other non- audit services | 3,268 | 13,800 |
Total non-audit fees | 3,268 | 13,800 |
Total fees payable | 19,268 | 27,600 |
8. | 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 | (314,365 | ) | (939,371 | ) |
Deferred tax | 1,802,346 | 677,534 |
Tax on profit | 1,487,981 | (261,837 | ) |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
8. | Taxation - continued |
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 | 2,925,488 | 2,271,664 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
731,372 |
431,616 |
Effects of: |
Expenses not deductible for tax purposes | (10,548 | ) | 1,670 |
Income not taxable for tax purposes | - | (267,477 | ) |
Capital allowances in excess of depreciation | (269,666 | ) | (1,719,554 | ) |
R&D tax credits | (253,512 | ) | (1,054,013 | ) |
Losses utilised | (512,011 | ) | 1,668,387 |
Deferred tax | 1,802,346 | 677,534 |
Total tax charge/(credit) | 1,487,981 | (261,837 | ) |
9. | Individual statement of comprehensive income |
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. |
10. | Intangible fixed assets |
Group |
Goodwill |
£ |
Cost |
At 1st February 2023 |
and 31st January 2024 | 4,731,411 |
Amortisation |
At 1st February 2023 | 1,228,184 |
Amortisation for year | 469,725 |
At 31st January 2024 | 1,697,909 |
Net book value |
At 31st January 2024 | 3,033,502 |
At 31st January 2023 | 3,503,227 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
11. | Tangible fixed assets |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Cost |
At 1st February 2023 | 2,117,085 | 303,546 | 45,455,026 |
Additions | - | - | 7,596,830 |
Disposals | - | - | (4,298,168 | ) |
At 31st January 2024 | 2,117,085 | 303,546 | 48,753,688 |
Depreciation |
At 1st February 2023 | 90,553 | 167,245 | 18,324,699 |
Charge for year | 27,425 | 30,353 | 5,820,279 |
Eliminated on disposal | - | - | (2,598,789 | ) |
At 31st January 2024 | 117,978 | 197,598 | 21,546,189 |
Net book value |
At 31st January 2024 | 1,999,107 | 105,948 | 27,207,499 |
At 31st January 2023 | 2,026,532 | 136,301 | 27,130,327 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1st February 2023 | 107,907 | 92,842 | 48,076,406 |
Additions | 8,947 | - | 7,605,777 |
Disposals | - | - | (4,298,168 | ) |
At 31st January 2024 | 116,854 | 92,842 | 51,384,015 |
Depreciation |
At 1st February 2023 | 90,262 | 92,842 | 18,765,601 |
Charge for year | 12,563 | - | 5,890,620 |
Eliminated on disposal | - | - | (2,598,789 | ) |
At 31st January 2024 | 102,825 | 92,842 | 22,057,432 |
Net book value |
At 31st January 2024 | 14,029 | - | 29,326,583 |
At 31st January 2023 | 17,645 | - | 29,310,805 |
Included in cost of land and buildings is freehold land of £515,789 (2023 - £120,000) which is not depreciated. |
The net carrying value of tangible fixed assets include the following in respect of assets held under finance leases or hire purchase contracts: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Plant and machinery | 21,006,483 | 17,039,300 | - | - |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
12. | Fixed asset investments |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1st February 2023 |
and 31st January 2024 |
Net book value |
At 31st January 2024 |
At 31st January 2023 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
12. | Fixed asset investments - continued |
Details of the company's subsidiaries at 31 January 2024 are as follows: |
Name of undertaking |
Registered office |
Nature of business |
Class of shares held |
% Holding |
Llantrisant Recycling Centre Limited |
England & Wales |
Recycling and waste management services |
Ordinary |
100.00 |
Prichard Demolition Limited |
England & Wales |
Demolition and site clearance |
Ordinary |
100.00 |
Prichard Recycling Limited |
England & Wales |
Site rental services |
Ordinary |
100.00 |
Project Red RecyclingLimited |
England & Wales |
Recycling and waste management services |
Ordinary |
100.00 |
Project Yellow Recycling Limited |
England & Wales |
Site rental services |
Ordinary |
100.00 |
Tom Prichard Contracting Limited |
England & Wales |
Plant hire, haulage and waste management |
Ordinary |
100.00 |
Tom Prichard Properties Limited |
England & Wales |
Property developments and lettings |
Ordinary |
100.00 |
Prichard Rail Limited |
England & Wales |
Construction of railways |
Ordinary |
100.00 |
Prichard Remediation Limited |
England & Wales |
Remediation |
Ordinary |
100.00 |
Seth Hill & Son Limited |
England & Wales |
Quarrying |
Ordinary |
100.00 |
Prichard Rentals Limited |
England & Wales |
Plant hire |
Ordinary |
100.00 |
The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows: |
Name of undertaking |
Profit/(Loss) |
Capital and reserves |
£ | £ |
Llantrisant Recycling Centre Limited | (285,219 | ) | 828,663 |
Prichard Demolition Limited | 37,768 | 1,699,571 |
Prichard Recycling Limited | 323,887 | 371,910 |
Project Red Recycling Limited | 14,755 | 922,399 |
Project Yellow Recycling Limited | (190,363 | ) | (1,692,732 | ) |
Tom Prichard Contracting Limited | 2,011,975 | 17,606,694 |
Tom Prichard Properties Limited | 180,721 | 484,965 |
Prichard Rail Limited | 24,940 | 756,614 |
Prichard Remediation | 53,754 | 437,760 |
Seth Hill & Son Limited | (226,874 | ) | (325,694 | ) |
Prichard Rentals Limited | (25,601 | ) | (126,629 | ) |
All subsidiaries are included in the consolidation. |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
13. | Investment property |
Group |
Total |
£ |
Fair value |
At 1st February 2023 | 534,529 |
Additions | 383,569 |
At 31st January 2024 | 918,098 |
Net book value |
At 31st January 2024 | 918,098 |
At 31st January 2023 | 534,529 |
Fair value at 31st January 2024 is represented by: |
£ |
Valuation in 2023 | 177,900 |
Cost | 740,198 |
918,098 |
14. | Stocks |
Group |
2024 | 2023 |
£ | £ |
Stocks | 75,223 | 211,524 |
15. | Debtors: amounts falling due within one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 7,334,371 | 6,309,508 |
Amounts owed by group undertakings | - | - |
Other debtors | 2,418,883 | 2,200,091 |
Directors' loan accounts | 43,349 | 17,670 | - | - |
Tax | - | 52 |
VAT | - | 437,687 |
Prepayments and accrued income | 1,525,526 | 1,818,260 |
11,322,129 | 10,783,268 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
16. | Creditors: amounts falling due within one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 153,669 | 153,669 |
Finance leases (see note 19) | 5,944,570 | 6,378,735 |
Trade creditors | 5,051,718 | 4,774,087 |
Amounts owed to group undertakings | - | - |
Tax | 5,130 | 5,130 |
Social security and other taxes | 400,887 | 365,760 |
VAT | 656,521 | - | 4,000 | - |
Other creditors | 1,221,779 | 837,070 |
Accruals and deferred income | 1,509,062 | 1,703,590 |
14,943,336 | 14,218,041 |
17. | Creditors: amounts falling due after more than one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 18) | 1,621,779 | 1,107,364 |
Finance leases (see note 19) | 10,603,456 | 11,084,851 |
Other creditors | - | 500,000 |
12,225,235 | 12,692,215 |
18. | Loans |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 153,669 | 153,669 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 153,669 | 153,669 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 323,680 | 374,248 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,144,430 | 579,447 | 1,144,430 | 579,447 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
19. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 5,944,570 | 6,378,735 |
Between one and five years | 10,603,456 | 11,084,851 |
16,548,026 | 17,463,586 |
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%. |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 71,920 | 67,955 |
Between one and five years | 236,277 | 267,571 |
In more than five years | 213,000 | 249,000 |
521,197 | 584,526 |
There is an ongoing obligation for rental payments (in relation to the use of the property which Llantrisant Recycling Centre Limited operates from), the longevity of which cannot be quantified, as a formal lease agreement is not in place between the company and the landlord. The current annual cost is £40,833 (2023: £40,000). |
Company |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
20. | Secured debts |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 1,775,448 | 1,261,033 |
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 Tom Prichard Contracting Ltd. |
HSBC UK Bank plc |
During the year the Group transferred its banking arrangements from Barclays to HSBC and at the same time refinanced some of its funding facilities. The refinancing included the following: |
- |
Implementation of a new £2,000,000 overdraft facility with HSBC which is secured via a fixed and floating charge over the assets held in each Group company and a Group company cross guarantee. Interest is charged on the HSBC overdraft facility at a margin of 2.25% per annum over the Bank of England base rate. |
- |
Outstanding loan balances of £242,663 held with Barclays were repaid and were replaced by a HSBC five-year term loan facility of £2,000,000 which matures in December 2027. The HSBC term loan facility is secured via a fixed and floating charge over the assets held in each Group company, a Group company cross guarantee and some specific freehold land and property held in the Group. Interest is charged on the HSBC term loan at a margin of 2.15% per annum over the Bank of England base rate. |
21. | Provisions for liabilities |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 3,284,672 | 1,509,749 |
Group |
Deferred |
tax |
£ |
Balance at 1st February 2023 | 1,509,749 |
Provided during year | 1,774,923 |
Balance at 31st January 2024 | 3,284,672 |
22. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 4,101 | 4,101 |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
23. | Reserves |
Group |
Retained |
earnings |
£ |
At 1st February 2023 | 16,652,830 |
Profit for the year | 1,437,507 |
At 31st January 2024 | 18,090,337 |
Company |
Retained |
earnings |
£ |
At 1st February 2023 |
Profit for the year |
At 31st January 2024 |
24. | Pension commitments |
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £224,612 (2023: £179,749). |
Contributions totalling £24,997 (2023: £26,855) were payable to the scheme at the end of the period and are included within creditors. |
25. | Contingent liabilities |
As at the balance sheet date, the group 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 group, 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. |
26. | 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 |
£ | £ |
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 at 2% on the loan to the director and no repayment terms have been agreed. The balance is considered to be repayable on demand. |
Tom Prichard (Holdings) Limited (Registered number: 09464610) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st January 2024 |
27. | 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Other related parties |
2024 | 2023 |
£ | £ |
Sales | 240,683 | 45,987 |
Purchases | 151,652 | 151,461 |
Amount due from related parties | 1,349,791 | 1,134,675 |
Amount due to related parties | 21,483 | 16,590 |
28. | Ultimate controlling party |
The ultimate controlling party is T D Prichard, a director, by virtue of his 100% shareholding in the company. |