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COMPANY REGISTRATION NUMBER: 01165940
Whelan & Grant (Holdings) Limited
Financial Statements
For the year ended
30 June 2024
Whelan & Grant (Holdings) Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Strategic report
1
Directors' report
3
Directors' responsibilities statement
6
Independent auditor's report to the members
7
Consolidated statement of income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Whelan & Grant (Holdings) Limited
Strategic Report
Year ended 30 June 2024
The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006. This strategic report has been prepared for the group as a whole and therefore gives greater emphasis to those matters which are significant to Whelan & Grant (Holdings) Limited and its subsidiary undertakings when viewed as a whole.
Review of the business
The Group's principal activities in the period are those of concrete frame construction including groundworks, metalwork fabrication and plant hire . The directors are not aware, at the date of this report, of any likely major changes in the Group's activities in the next year beyond those described above. The Group has had a significantly improved year following the losses incurred in the year to June 2023. Turnover for the group, whilst still below target, has increased and margins have returned to more normal levels allowing a small profit to be achieved in all parts of the group. Overall the Group has made a profit in the year. Turnover increased 15% to £15,979,355 (£13,857,432 in 2023), and pre-tax profit of £118,225 was achieved (Pre-tax loss (£1,937,830) in 2023). Health and Safety is a key driver of the business and Accident Statistics for the year remain good and have reduced compared with the previous year. Total net assets have increased by 1% to £12,470,498 (£12,366,710 in 2023).
Key performance indicators
The Group measures its performance in a number of areas including, health and safety, and profitability. 2024 2023 Health and Safety: AFR Minor = 10.03 13.43 AFR 7 Day = 0.00 0.00 AFR Major = 0.00 1.34 Profitability: Pre-Tax profit for the year is recorded as £118,225 (2023: Loss £1,937,830) Turnover: Turnover for the year was £15,979,355 (2023: £13,857,432)
Principal risks and uncertainties
Cost increases in the industry during the previous few years have levelled off but the effects are still being felt particularly for Main Contractors with legacy projects. During the last year the group was affected by the collapse of two companies which had a negative impact on profitability. These problems may continue into next year and we are therefore being selective in accepting contracts from companies outside of our trusted supply chain. Competitive pressure in the UK construction industry is a continuing risk for the Group, with all parts of the business construction based. The Companies aim to minimise this risk by specialising in high quality work which helps to limit competition, and along with a strong supply chain, provides a more consistent workload. The delayed commencement of projects is increasingly a problem for all parts of the Group and affects both turnover and profitability. However all parts of the group have robust forward orders for 2025 and it expected that turnover and profitability will continue to grow in the coming year. The health and safety of workers is a key risk for the group and the individuals who work for it. We aim to limit that risk by ensuring we have a high quality Health & Safety department and robust processes and procedures covering all aspects of our operations.
Future developments
Following the recent difficulties in our sectors, there appears to be a return to more normal levels of activity and with a recent focus at W&G (Contractors) on substructure activities to complement the concrete frame works it is expected that turnover levels will continue to rise throughout 2025. The turnover at PAD for 2024/2025 is expected to continue to increase throughout the as we return to more normal levels of activity. During the recent difficult years, the group has downsized to reduce risk but has retained the ability to rapidly grow as the market improves. We expect 2025 to offer opportunities to increase the group turnover to target levels and if margins can be maintained this should be reflected in profitability. Labour supply & material prices have stabilised which is beneficial in planning long term projects, and a robust supply chain enables us to fully resource all current projects. Both companies in the group have reasonable forward order books for the first half of 2025 and are continuing to grow their upward supply chains. Generally, the Whelan & Grant Group remains in good financial health, with a steady client base and a gradual return to target turnover levels. All parts of the group have made small profits, borrowings remain at zero and all companies in the Group maintain substantial reserves to allow expansion back to normal turnover levels once the market recovers.
This report was approved by the board of directors on 14 November 2024 and signed on behalf of the board by:
J J Whelan
Company Secretary
Whelan & Grant (Holdings) Limited
Directors' Report
Year ended 30 June 2024
The directors present their report and the financial statements of the group for the year ended 30 June 2024 .
Directors
The directors who served the company during the year were as follows:
J J Whelan
L N Grant
S E George
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Financial risk management objectives and policies
The Group's activities expose it to a number of financial risks including operational risk, price risk, credit risk, cash flow risk and liquidity risk. Operational risk Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation or external factors. To monitor and control operational risk, the company maintains a system of comprehensive policies and a control framework which is designed to provide a sound and well-controlled operational environment. Price risk The Group is exposed to commodity price risk particularly on high value items such as concrete and reinforcement. This risk is managed by ensuring that where possible fixed price orders are placed for all significant purchases. Credit risk The Group's principal financial assets are bank balances. The Group's credit risk is primarily attributable to outstanding balances of interim payments from clients. Careful selection of clients and controls on payment terms limits this risk although it can never be fully eliminated. The Group aims to spread its exposure over a number of clients in order to minimise the effect of payment default by one customer. Cash flow risk Late payment by clients can lead to large cash flow fluctuations. These are managed by careful selection of clients, monitoring of agreed payment dates, and maintaining sufficient reserves to accommodate late payment. Liquidity risk In order to maintain liquidity to ensure funds are available for ongoing operations and future developments, the Group maintains suitable levels of cash on deposit and has negotiated an overdraft facility with its bankers.
Qualifying indemnity provision
The Group has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
Going concern
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. Whilst there is uncertainty in the current economic climate, the directors are confident that the Group can operate to its projected turnover targets within its current cash levels for a period of at least 12 months from the date of the financial statements. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.
Disclosure of information in the strategic report
Details of the principal activities, business review and future developments of the Group can be found in the strategic report and form part of this report by cross-reference.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. WP Audit Services LLP (formerly The Barnbrook Sinclair Partnership LLP) have expressed their willingness to continue in office as auditor of the company and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board of directors on 14 November 2024 and signed on behalf of the board by:
J J Whelan
Company Secretary
Whelan & Grant (Holdings) Limited
Directors' Responsibilities Statement
Year ended 30 June 2024
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Whelan & Grant (Holdings) Limited
Independent Auditor's Report to the Members of Whelan & Grant (Holdings) Limited
Year ended 30 June 2024
Opinion
We have audited the financial statements of Whelan & Grant (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 30 June 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; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the Companies Act and tax legislation. In addition, we considered the provisions of other laws and regulations that do not have an effect on the financial statements but compliance with which may be fundamental to the company's ability to incur or to avoid a material penalty, including the company's operating licences and environmental regulations. Our procedures in response to the risks identified included reviewing the financial statements disclosures and testing supporting documentation to assess compliance with the provisions of relevant laws and regulations considered to have a direct effect in the financial statements, enquiring of management concerning actual or potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reading minutes of meetings of those charged with governance, reviewing correspondence with relevant regulatory authorities and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential audit risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 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 an auditor's report 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.
Andrew Carpenter FCA
(Senior Statutory Auditor)
For and on behalf of
WP Audit Services LLP (formerly The Barnbrook Sinclair Partnership LLP)
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA
14 November 2024
Whelan & Grant (Holdings) Limited
Consolidated Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
5
15,979,355
13,857,432
Raw material and consumables
5,606,651
5,626,183
Other external expenses
4,435,496
4,646,416
Staff costs
8
4,113,414
3,927,167
Depreciation and other amounts written off tangible fixed assets
144,330
172,510
Other operating expenses
1,822,445
1,579,104
-------------
-------------
Operating loss
6
( 142,981)
( 2,093,948)
Other interest receivable and similar income
10
261,206
156,118
-------------
-------------
Profit/(loss) before taxation
118,225
( 1,937,830)
Tax on profit/(loss)
11
14,437
( 9,074)
---------
------------
Profit/(loss) for the financial year and total comprehensive income
103,788
( 1,928,756)
---------
------------
Dividends paid and payable
12
( 350,000)
Retained earnings at the start of the year
12,365,710
14,644,466
-------------
-------------
Retained earnings at the end of the year
12,469,498
12,365,710
-------------
-------------
All the activities of the group are from continuing operations.
Whelan & Grant (Holdings) Limited
Company Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Profit/(loss) for the financial year and total comprehensive income
29,108
417,211
Dividends paid and payable
12
( 350,000)
Retained earnings at the start of the year
3,423,740
3,356,529
------------
------------
Retained earnings at the end of the year
3,452,848
3,423,740
------------
------------
Whelan & Grant (Holdings) Limited
Consolidated Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
609,684
487,595
Current assets
Debtors
15
4,520,097
4,708,182
Cash at bank and in hand
8,673,765
8,741,703
-------------
-------------
13,193,862
13,449,885
Creditors: amounts falling due within one year
16
( 1,288,594)
( 1,540,753)
-------------
-------------
Net current assets
11,905,268
11,909,132
-------------
-------------
Total assets less current liabilities
12,514,952
12,396,727
Provision for liabilities
Taxation including deferred tax
17
( 44,454)
( 30,017)
-------------
-------------
Net assets
12,470,498
12,366,710
-------------
-------------
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss account
21
12,469,498
12,365,710
-------------
-------------
Shareholders funds
12,470,498
12,366,710
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 14 November 2024 , and are signed on behalf of the board by:
J J Whelan
L N Grant
Director
Director
Company registration number: 01165940
Whelan & Grant (Holdings) Limited
Company Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
316,223
184,260
Investments
14
106,000
106,000
---------
---------
422,223
290,260
Current assets
Debtors
15
1,759,873
1,865,471
Cash at bank and in hand
1,321,610
1,297,476
------------
------------
3,081,483
3,162,947
Creditors: amounts falling due within one year
16
( 8,438)
( 6,148)
------------
------------
Net current assets
3,073,045
3,156,799
------------
------------
Total assets less current liabilities
3,495,268
3,447,059
Provision for liabilities
Taxation including deferred tax
17
( 41,420)
( 22,319)
------------
------------
Net assets
3,453,848
3,424,740
------------
------------
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss account
21
3,452,848
3,423,740
------------
------------
Shareholders funds
3,453,848
3,424,740
------------
------------
The profit for the financial year of the parent company was £ 29,108 (2023: £ 417,211 ).
These financial statements were approved by the board of directors and authorised for issue on 14 November 2024 , and are signed on behalf of the board by:
J J Whelan
L N Grant
Director
Director
Company registration number: 01165940
Whelan & Grant (Holdings) Limited
Consolidated Statement of Cash Flows
Year ended 30 June 2024
2024
2023
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
103,788
( 1,928,756)
Adjustments for:
Depreciation of tangible assets
168,886
176,259
Other interest receivable and similar income
( 261,206)
( 156,118)
Gains on disposal of tangible assets
( 24,556)
( 3,749)
Tax on profit
14,437
( 9,074)
Accrued (income)/expenses
( 121,368)
182,939
Changes in:
Trade and other debtors
199,414
( 636,510)
Trade and other creditors
( 130,791)
( 13,603)
---------
------------
Cash generated from operations
( 51,396)
( 2,388,612)
Interest received
249,877
156,118
Tax received
100,547
---------
------------
Net cash from/(used in) operating activities
198,481
( 2,131,947)
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 291,716)
( 103,954)
Proceeds from sale of tangible assets
25,297
3,751
---------
------------
Net cash used in investing activities
( 266,419)
( 100,203)
---------
------------
Cash flows from financing activities
Dividends paid
( 350,000)
---------
------------
Net cash used in financing activities
( 350,000)
---------
------------
Net decrease in cash and cash equivalents
( 67,938)
( 2,582,150)
Cash and cash equivalents at beginning of year
8,741,703
11,323,853
------------
-------------
Cash and cash equivalents at end of year
8,673,765
8,741,703
------------
-------------
Whelan & Grant (Holdings) Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The registered number is 01165940 . The address of the registered office is Clare House, 4 Thames Street, Walton On Thames, Surrey, KT12 2PU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The directors' report further describes the financial position of the Group; its cash flows, liquidity position and borrowing facilities; the Group's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposure to credit risk and liquidity risk. The Group finances its operations through cash balances. The Group has no overdraft facilities or long term borrowings. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. Whilst there is uncertainty in the current economic climate, the directors are confident that the Group can operate to its projected turnover targets within its current cash levels for a period of at least 12 months from the date of the financial statements. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.
(c) Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
(d) Consolidation
The financial statements consolidate the financial statements of Whelan & Grant (Holdings) Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
(e) Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
(f) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(g) Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(h) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(i) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
50 years (Freehold land is not depreciated)
Plant and machinery
-
4 or 10 years
Fixtures and fittings
-
10 years
Motor vehicles
-
4 years
Equipment
-
4 years
(j) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(k) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
(l) Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments. No account is taken of amounts claimed from contractors on completed contracts until such claims are agreed and received. Retentions are accounted for within turnover when receivable. Amounts recoverable on contracts are stated at the value of turnover less related progress payments receivable.
(m) Defined contribution pension plans
The Group operates defined contribution pension schemes for employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds during the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
4. Critical accounting judgements and key sources of estimation
uncertainty
In the application of the Group's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the accounting policies.
The directors have reviewed the judgements in regards to revenue recognition and other areas of the financial statements and concluded that there were no material judgements that require separate disclosure
Key sources of estimation uncertainty
The Group's revenue recognition and margin recognition policies, which are set out in note 3 are central to how the Group values the work it has carried out in the financial year and rely on accurate valuations of the works at the period end including a balancing of any advanced costs.
5. Turnover
Turnover arises from:
2024
2023
£
£
Construction contracts
15,979,355
13,857,432
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
6. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Gains on disposal of tangible assets
( 24,556)
( 3,749)
Operating lease rentals
93,000
93,000
--------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
3,500
3,500
-------
-------
Fees payable to the company's auditor and its associates for other services:
Audit of the financial statements of associates
19,750
18,500
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
33
33
Administrative staff
30
27
----
----
63
60
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,534,415
3,410,092
Social security costs
414,052
399,272
Other pension costs
164,947
117,803
------------
------------
4,113,414
3,927,167
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
123,199
113,496
Company contributions to defined contribution pension plans
1,412
4,627
---------
---------
124,611
118,123
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
3
----
----
The key management personnel are all directors.
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
261,206
155,179
Other interest receivable and similar income
939
---------
---------
261,206
156,118
---------
---------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
14,437
( 9,074)
--------
-------
Tax on profit
14,437
( 9,074)
--------
-------
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 20.50 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
118,225
( 1,937,830)
---------
------------
Profit/(loss) on ordinary activities by rate of tax
29,556
( 397,255)
Effect of expenses not deductible for tax purposes
13,001
9,829
Utilisation of tax losses
( 37,620)
Unused tax losses
379,136
Change in tax rates
9,500
718
Additional tax relief on fixed assets
( 1,502)
---------
------------
Tax on profit
14,437
( 9,074)
---------
------------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on Ordinary shares
350,000
----
---------
A final dividend of £350,000 for the year ended 30 June 2022 was paid in September 2022. No dividends were paid during the year ended 30 June 2024. No final dividend was paid after the year end (2023: £nil) .
13. Tangible assets
Group
Freehold land & buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
319,675
2,782,950
43,684
524,661
81,416
3,752,386
Additions
205,430
86,286
291,716
Disposals
( 85,325)
( 85,325)
---------
------------
--------
---------
--------
------------
At 30 Jun 2024
319,675
2,988,380
43,684
525,622
81,416
3,958,777
---------
------------
--------
---------
--------
------------
Depreciation
At 1 Jul 2023
217,391
2,506,759
36,976
425,327
78,338
3,264,791
Charge for the year
6,394
96,431
1,862
62,663
1,536
168,886
Disposals
( 84,584)
( 84,584)
---------
------------
--------
---------
--------
------------
At 30 Jun 2024
223,785
2,603,190
38,838
403,406
79,874
3,349,093
---------
------------
--------
---------
--------
------------
Carrying amount
At 30 Jun 2024
95,890
385,190
4,846
122,216
1,542
609,684
---------
------------
--------
---------
--------
------------
At 30 Jun 2023
102,284
276,191
6,708
99,334
3,078
487,595
---------
------------
--------
---------
--------
------------
Company
Plant and machinery
Total
£
£
Cost
At 1 July 2023
1,090,388
1,090,388
Additions
187,485
187,485
------------
------------
At 30 June 2024
1,277,873
1,277,873
------------
------------
Depreciation
At 1 July 2023
906,128
906,128
Charge for the year
55,522
55,522
------------
------------
At 30 June 2024
961,650
961,650
------------
------------
Carrying amount
At 30 June 2024
316,223
316,223
------------
------------
At 30 June 2023
184,260
184,260
------------
------------
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
106,000
---------
Impairment
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 1 July 2023 and 30 June 2024
106,000
---------
At 30 June 2023
106,000
---------
Investments in subsidiaries
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Whelan & Grant (Contractors) Ltd
Ordinary £1
100
PAD Contracts Ltd
Ordinary £1
100
Clare Construction Services Ltd
Ordinary £1
100
The company owns 100% of the issued ordinary share capital of Whelan & Grant (Contractors) Limited, a company incorporated in Great Britain. The principal activity of the company is that of shuttering and reinforced concrete contractors. The company also owns 100% of the ordinary share capital of PAD Contracts Ltd, a company incorporated in Great Britain. The principal activity of PAD Contracts Ltd is the design, manufacture and installation of architectural metalwork and secondary steelwork. Whelan & Grant (Contractors) Limited owns 100% of the issued ordinary share capital of Clare Construction Services Limited, a company incorporated in Great Britain. Clare Construction Services Limited has been dormant for the financial year. These financial statements consolidate the financial statements of Clare Construction Services Limited, Whelan & Grant (Contractors) Limited and PAD Contracts Limited. The registered office for all the subsidiaries is Clare House 4 Thames Street, Walton on Thames, Surrey KT12 2PU.
15. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
367,639
267,808
Amounts owed by group undertakings
926,667
1,034,261
Amounts owed by customers on construction contracts
2,868,758
3,102,443
Prepayments and accrued income
56,490
54,143
29,065
27,069
Amounts owed by related parties
1,137,143
1,137,143
804,141
804,141
Other debtors
90,067
146,645
------------
------------
------------
------------
4,520,097
4,708,182
1,759,873
1,865,471
------------
------------
------------
------------
Amounts owed by group undertakings and related parties are non-interest bearing, repayable on demand and unsecured .
16. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
709,360
843,374
Accruals and deferred income
344,438
465,806
Social security and other taxes
177,409
172,783
8,438
6,148
Other creditors - Amounts owed to related parties
34,237
34,237
Other creditors
23,150
24,553
------------
------------
-------
-------
1,288,594
1,540,753
8,438
6,148
------------
------------
-------
-------
Amounts owed to group undertakings and related parties are non-interest bearing, repayable on demand and unsecured.
17. Provision for liabilities
Group
Deferred tax (note 18)
£
At 1 July 2023
30,017
Charge against provision
14,437
--------
At 30 June 2024
44,454
--------
Company
Deferred tax (note 18)
£
At 1 July 2023
22,319
Charge against provision
19,101
--------
At 30 June 2024
41,420
--------
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provision for liabilities (note 17)
44,454
30,017
41,420
22,319
--------
--------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
70,998
32,373
65,364
22,319
Unused tax losses
( 23,944)
( 23,944)
Deferred tax - other timing differences
( 2,600)
( 2,356)
--------
--------
--------
--------
44,454
30,017
41,420
22,319
--------
--------
--------
--------
The timing of the reversal of the provision is uncertain due to the offset of excess depreciation of existing assets and accelerated capital allowances being claimed on future purchases .
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 164,947 (2023: £ 117,803 ).
As at the reporting date, amounts payable of £ 10,396 (2023: £12,313) had not been paid over to the plan.
20. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company .
21. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses .
22. Analysis of changes in net debt
At 1 Jul 2023
Cash flows
At 30 Jun 2024
£
£
£
Cash at bank and in hand
8,741,703
(67,938)
8,673,765
------------
--------
------------
23. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
94,558
96,116
Later than 1 year and not later than 5 years
232,500
327,058
---------
---------
----
----
327,058
423,174
---------
---------
----
----
24. Related party transactions
Group
2024 2023
£ £
Included in debtors and creditors are amounts owed by and (to):
J P Whelan Homes Limited 472,073 472,073
J P Whelan (Investments) Limited (10,083) (10,083)
Martin Grant Homes Limited 609,824 609,824
Rey Construction Limited 50,000 50,000
These companies are related parties based on their common ownership. The amounts relate to transactions incurred as a result of trading in previous years.
Whelan & Grant (Holdings) Limited
Notes to the Financial Statements (continued)
Year ended 30 June 2024
24. Related party transactions (continued)
Company
2024 2023
£ £
Included in debtors and creditors are amounts owed by and (to):
J P Whelan Homes Limited 365,153 365,153
J P Whelan (Investments) Limited
Martin Grant Homes Limited 388,988 388,988
Rey Construction Limited 50,000 50,000
25. Controlling party
The ultimate controlling parties are considered to be the Estate of Mrs S Whelan and the Estate of Mrs C Grant.