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Company registration number: 00489740







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


ALLEN (FENCING) LIMITED






































   img23a5.png                        

 


ALLEN (FENCING) LIMITED
 


 
COMPANY INFORMATION


Directors
P. R. Cope 
M. R. Jones 
T. I. Jones 
G. V. Pinks 




Registered number
00489740



Registered office
Birch Walk

West Byfleet

Surrey

KT14 6EJ




Independent auditors
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


ALLEN (FENCING) LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


ALLEN (FENCING) LIMITED
REGISTERED NUMBER:00489740



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
46,221
55,648

  
46,221
55,648

Current assets
  

Stocks
  
40,659
34,438

Debtors: amounts falling due within one year
 6 
3,484,860
3,056,410

Cash at bank and in hand
  
198,703
327,878

  
3,724,222
3,418,726

Creditors: amounts falling due within one year
 7 
(2,596,644)
(2,552,277)

Net current assets
  
 
 
1,127,578
 
 
866,449

Total assets less current liabilities
  
1,173,799
922,097

Creditors: amounts falling due after more than one year
 8 
(145,724)
(198,692)

  

Net assets
  
1,028,075
723,405


Capital and reserves
  

Allotted, called up and fully paid share capital
  
901
901

Capital redemption reserve
  
899
899

Profit and loss account
  
1,026,275
721,605

  
1,028,075
723,405


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M. R. Jones
Director

Date: 23 August 2024

The notes on pages 2 to 7 form part of these financial statements.
Page 1

 


ALLEN (FENCING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Allen (Fencing) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office and the company's registered number is disclosed on the company information page.
The Company's functional and presentational currency is GBP, rounded to the nearest £1. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company provides essential services to a diverse portfolio of government and private contractors. The Company continues to have a very strong order book. This fact, together with the support of its directors and shareholders and adequate headroom in its overdraft facility over the 12 months from the date of approval of these financial statements gives the directors confidence that the going concern basis of preparation of the accounts continues to be appropriate.

 
2.3

Revenue

Revenue from the installation of perimeter security fencing represents the value of work completed during the period, including estimates of amounts not invoiced. Revenue in respect of long term contracts and contracts for ongoing services is recognised by reference to stage of completion.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods:

The estimated useful lives range as follows:

Plant and machinery
-
5% per annum on cost
Motor vehicles
-
25-33.3% per annum on cost
Fixtures and fittings
-
15-33.3% per annum on cost and 15-33.3% per annum on net book value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 2

 


ALLEN (FENCING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


ALLEN (FENCING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for  revenues and expenses during the year. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Value of bad debt provision:
Management apply judgement to determine when a provision is required if trade debtor balances are not deemed to be recoverable to avoid overstatement of assets. This use of estimation is not considered to give rise to a significant degree of uncertainty due to management awareness and ability to review for accuracy.
Stage of completion of contracts for WIP calculation:
The Company enters into commercial contracts and at period ends is required to assess the level of completion of these contracts, to determine value of revenue recognised  and the attributable profit. Management estimate the cost to complete at period end, however based on budgets and an up to date progress review.


4.


Employees

The average monthly number of employees, including directors, during the year was 38 (2023 - 37).

Page 4

 


ALLEN (FENCING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 March 2023
58,754
861,059
148,521
1,068,334


Additions
-
10,800
-
10,800


Disposals
-
(20,542)
-
(20,542)



At 29 February 2024

58,754
851,317
148,521
1,058,592



Depreciation


At 1 March 2023
49,579
825,638
137,469
1,012,686


Charge for the year
1,000
18,477
750
20,227


Disposals
-
(20,542)
-
(20,542)



At 29 February 2024

50,579
823,573
138,219
1,012,371



Net book value



At 29 February 2024
8,175
27,744
10,302
46,221



At 28 February 2023
9,175
35,421
11,052
55,648

Page 5

 


ALLEN (FENCING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,101,628
749,531

Amounts owed by group undertakings
2,239,396
1,961,666

Other debtors
15,218
26,780

Prepayments and accrued income
122,964
314,116

Deferred taxation
5,654
4,317

3,484,860
3,056,410



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
150,280
-

Bank loans
41,667
41,667

Trade creditors
752,477
699,164

Amounts owed to group undertakings
736,605
655,835

Corporation tax
118,372
63,776

Other taxation and social security
46,390
54,704

Obligations under finance lease and hire purchase contracts
11,280
27,131

Other creditors
21,071
21,852

Accruals and deferred income
718,502
988,148

2,596,644
2,552,277


The Company's assets are pledged as security over the group bank borrowings, by means of a fixed and floating
charge. As at 28 February 2024, the group had bank borrowings totalling £334,308 (2023: £225,695).
Obligations under finance lease and hire purchase contracts are secured on the Company's tangible fixed assets.

Page 6

 


ALLEN (FENCING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
142,361
184,028

Net obligations under finance leases and hire purchase contracts
3,363
14,664

145,724
198,692


Obligations under finance lease and hire purchase contract are secured on the Company's tangible fixed assets.


9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
41,667
41,667

41,667
41,667


Amounts falling due 2-5 years

Bank loans
142,361
184,028

142,361
184,028


184,028
225,695



10.


Ultimate parent company

The immediate parent undertaking is AFL Group Limited, a Company which is registered in England and Wales.
The ultimate parent undertaking is is Allens TPS Group Limited. The address of its registered office is the same as this Company's registered office and is disclosed on the Company Information page.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 29 February 2024 was unqualified.

The audit report was signed on 23 August 2024 by Anna Johnston ACA (Senior Statutory Auditor) on behalf of Menzies LLP.
Page 7