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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: T D Prichard





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





Registered number: 09464610 (England and Wales)





Auditors: Haines Watts Wales LLP, Statutory 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:





T D Prichard - Director


29th October 2024

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

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:





T D Prichard - Director


29th October 2024

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.




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 (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 1,437,507 2,533,501

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 5,209,303 5,209,303
Investment property 13 - -
5,209,303 5,209,303

Current assets
Debtors 15 1,206,865 1,091,670
Cash at bank 1,064 2,796
1,207,929 1,094,466
Creditors
Amounts falling due within one year 16 (4,818,788 ) (4,784,288 )
Net current liabilities (3,610,859 ) (3,689,822 )
Total assets less current liabilities 1,598,444 1,519,481

Creditors
Amounts falling due after more than one year 17 (1,544,430 ) (1,479,447 )
Net assets 54,014 40,034

Capital and reserves
Called up share capital 22 4,101 4,101
Retained earnings 23 49,913 35,933
Shareholders' funds 54,014 40,034

Company's profit for the financial year 13,980 10,988

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

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





T D Prichard - Director


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 4,101 24,945 29,046

Changes in equity
Total comprehensive income - 10,988 10,988
Balance at 31st January 2023 4,101 35,933 40,034

Changes in equity
Total comprehensive income - 13,980 13,980
Balance at 31st January 2024 4,101 49,913 54,014

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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 as modified by the revaluation of certain assets.

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
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.
Freehold property - 4% on cost
Improvements to property - 10% on cost
Plant and machinery - 15% on cost, 13% on cost and 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost

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
279 245

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:

GroupCompany
2023202220232022
£   £   £   £   

Plant and machinery21,006,48317,039,300--

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 5,209,303
Net book value
At 31st January 2024 5,209,303
At 31st January 2023 5,209,303


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 - - 1,201,670 1,091,670
Other debtors 2,418,883 2,200,091 5,195 -
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 1,206,865 1,091,670

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) 153,669 153,669 100,000 100,000
Finance leases (see note 19) 5,944,570 6,378,735 - -
Trade creditors 5,051,718 4,774,087 - -
Amounts owed to group undertakings - - 3,714,788 4,017,621
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 1,000,000 666,667
Accruals and deferred income 1,509,062 1,703,590 - -
14,943,336 14,218,041 4,818,788 4,784,288

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 1,544,430 979,447
Finance leases (see note 19) 10,603,456 11,084,851 - -
Other creditors - 500,000 - 500,000
12,225,235 12,692,215 1,544,430 1,479,447

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 153,669 153,669 100,000 100,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 153,669 153,669 100,000 100,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 323,680 374,248 300,000 300,000
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 3,965 -
Between one and five years 661 -
4,626 -

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: £    £   
4,101 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 35,933
Profit for the year 13,980
At 31st January 2024 49,913


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.