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REGISTERED NUMBER: 07431863 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PAVE-AWAYS HOLDINGS LIMITED

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


PAVE-AWAYS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S P Owen
Mrs V L Lawson





REGISTERED OFFICE: Avenue Mill
Knockin
Oswestry
Shropshire
SY10 8HQ





REGISTERED NUMBER: 07431863 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The group's primary activity is delivering high-quality construction services across the Boroughs of Shropshire, Telford, Cheshire and Mid Wales. Turnover has met the budget forecast for the year, with profit levels returning to pre-COVID standards. In 2023/24, we experienced a return to more sustainable trading conditions, supported by our loyal supply chain, bringing stability to long-term projects.

Sustainability remains central to our business, ensuring we contribute to the communities where we operate. As Directors, we continue to uphold the group values of Safety, Integrity, Teamwork, Excellence, and Sustainability. Our hands-on approach, combined with these shared values, is reflected in the high levels of repeat business we maintain.


Key performance indicators

2024 2023 % change
Turnover £20,561,672 £22,625,427 -9.1%
Gross profit £1,948,521 £370,956 425%
Shareholders' funds £5,334,979 £4,433,641 16.9%
Gross margin 9.5% 1.6%

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the business are consistent with those affecting the construction sector as a whole. Effectively managing the risks is essential for the business to maintain profitability, meet project deadlines and ensure compliance and safety.

ENVIRONMENTAL POLICY
The group is committed to ensuring it minimises any disturbance to the local & global environment and complies fully with all relevant statutory regulations. The groups policies and processes are centred around its ISO14001 accreditation. The Environmental Policy provides project-specific management measures and is dynamic. The successful implementation demands awareness on the part of every individual within the group and including all those who work with and for the group.

HEALTH AND SAFETY
The health, safety and well being of all persons on construction projects remains the highest priority within the Pave-Aways group. The record in the last twelve months remains exceptional and with continued engagement, training and knowledge the group will continue to embellish this further. Well being support within Pave-Aways covers all employees and their families providing advice and help whenever it is needed.

ON BEHALF OF THE BOARD:





S P Owen - Director


25 November 2024

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of civil engineering, building and construction work.

DIVIDENDS
Interim dividends were paid as follows:
25/4/23 £443.55 per A share and £381.94 per B share.
25/5/23 £306.45 per A share and £905.77 per B share.
26/6/23 £3,064.52 per A share and £6,438.52 per B share.
27/12/23 £2,903.23 per A share and £200 per B share.

The directors recommend that no final dividend be voted.

Total distribution of dividends for the year ended 31 March 2024 was £287,512.

RESEARCH AND DEVELOPMENT
Pave-Aways Limited prioritises innovation through research and development by creating forward-thinking solutions to enhance our offerings and maintain a competitive edge in the construction industry. During the year, we focused on reducing waste and carbon footprint by investing in advanced waste management systems and adopting innovative construction techniques to minimise resource consumption. Our research also explored and integrated eco-friendly materials, lowering environmental impact and enhancing project sustainability.
Looking ahead, our commitment to R&D remains central to our strategic goals. We will continue to explore sustainable technologies and digital transformation to meet the evolving needs of our customers and drive long-term environmental and operational improvements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

S P Owen
Mrs V L Lawson

GOING CONCERN
These financial statements have been prepared on the going concern basis as the directors expect the group to continue to operate for the foreseeable future.

STREAMLINED ENERGY AND CARBON REPORTING
Greenhouse gas emissions, energy consumption and energy efficiency disclosure is not given as consumption is less than 40,000 kWh of energy.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of 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 judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are 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 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 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S P Owen - Director


25 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAVE-AWAYS HOLDINGS LIMITED

Opinion
We have audited the financial statements of Pave-Aways Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 31 March 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAVE-AWAYS 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 Directors.

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 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 Statement of Directors' Responsibilities set out on pages three and four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAVE-AWAYS HOLDINGS LIMITED


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 approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client's operating sector;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

-reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias;

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims;

-reviewing correspondence with HMRC.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAVE-AWAYS HOLDINGS LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Aled Davies FCCA (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

25 November 2024

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 20,561,672 22,625,427

Cost of sales (18,613,151 ) (22,254,471 )
GROSS PROFIT 1,948,521 370,956

Administrative expenses (1,064,477 ) (861,287 )
884,044 (490,331 )

Other operating income 52,694 47,889
OPERATING PROFIT/(LOSS) 5 936,738 (442,442 )

Interest receivable and similar income 39,330 14,148
PROFIT/(LOSS) BEFORE TAXATION 976,068 (428,294 )

Tax on profit/(loss) 6 294,952 19,149
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,271,020

(409,145

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,271,020

(409,145

)

Profit/(loss) attributable to:
Owners of the parent 1,271,020 (409,145 )

Total comprehensive income attributable to:
Owners of the parent 1,271,020 (409,145 )

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 982,488 1,065,120
Investments 11 - -
982,488 1,065,120

CURRENT ASSETS
Stocks 12 852,991 852,991
Debtors 13 5,786,212 5,573,235
Cash at bank 3,863,010 2,761,102
10,502,213 9,187,328
CREDITORS
Amounts falling due within one year 14 6,027,962 5,681,524
NET CURRENT ASSETS 4,474,251 3,505,804
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,456,739

4,570,924

PROVISIONS FOR LIABILITIES 16 121,760 137,283
NET ASSETS 5,334,979 4,433,641

CAPITAL AND RESERVES
Called up share capital 17 46 46
Share premium 18 24,872 24,872
Capital redemption reserve 18 79 79
Retained earnings 18 5,506,968 4,523,460
SHAREHOLDERS' FUNDS 5,531,965 4,548,457

NON-CONTROLLING INTERESTS (196,986 ) (114,816 )
TOTAL EQUITY 5,334,979 4,433,641

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





S P Owen - Director


PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

COMPANY BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 2,763,750 2,763,750
2,763,750 2,763,750

CURRENT ASSETS
Stocks 12 843,641 843,641
Debtors 13 2,010 93,020
Cash at bank 396,800 591,051
1,242,451 1,527,712
CREDITORS
Amounts falling due within one year 14 1,307,346 1,802,554
NET CURRENT LIABILITIES (64,895 ) (274,842 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,698,855

2,488,908

CAPITAL AND RESERVES
Called up share capital 17 46 46
Share premium 18 24,872 24,872
Capital redemption reserve 18 79 79
Retained earnings 18 2,673,858 2,463,911
SHAREHOLDERS' FUNDS 2,698,855 2,488,908

Company's profit for the financial year 497,459 746,693

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





S P Owen - Director


PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 April 2022 46 5,205,437 24,872

Changes in equity
Dividends - (272,832 ) -
Total comprehensive income - (409,145 ) -
Balance at 31 March 2023 46 4,523,460 24,872

Changes in equity
Dividends - (287,512 ) -
Total comprehensive income - 1,271,020 -
Balance at 31 March 2024 46 5,506,968 24,872
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 April 2022 79 5,230,434 (40,738 ) 5,189,696

Changes in equity
Dividends - (272,832 ) (74,078 ) (346,910 )
Total comprehensive income - (409,145 ) - (409,145 )
Balance at 31 March 2023 79 4,548,457 (114,816 ) 4,433,641

Changes in equity
Dividends - (287,512 ) (82,170 ) (369,682 )
Total comprehensive income - 1,271,020 - 1,271,020
Balance at 31 March 2024 79 5,531,965 (196,986 ) 5,334,979

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 46 1,990,050 24,872 79 2,015,047

Changes in equity
Dividends - (272,832 ) - - (272,832 )
Total comprehensive income - 746,693 - - 746,693
Balance at 31 March 2023 46 2,463,911 24,872 79 2,488,908

Changes in equity
Dividends - (287,512 ) - - (287,512 )
Total comprehensive income - 497,459 - - 497,459
Balance at 31 March 2024 46 2,673,858 24,872 79 2,698,855

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,383,618 (1,787,515 )
Tax paid 815 (34,027 )
Net cash from operating activities 1,384,433 (1,821,542 )

Cash flows from investing activities
Purchase of tangible fixed assets (54,799 ) (214,681 )
Sale of tangible fixed assets 34,129 72,598
Interest received 39,330 14,148
Net cash from investing activities 18,660 (127,935 )

Cash flows from financing activities
Amount introduced by directors 90,000 -
Amount withdrawn by directors (21,503 ) (92,669 )
Dividend paid to minority interest (82,170 ) (74,078 )
Equity dividends paid (287,512 ) (272,832 )
Net cash from financing activities (301,185 ) (439,579 )

Increase/(decrease) in cash and cash equivalents 1,101,908 (2,389,056 )
Cash and cash equivalents at beginning of
year

2

2,761,102

5,150,158

Cash and cash equivalents at end of year 2 3,863,010 2,761,102

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.24 31.3.23
£    £   
Profit/(loss) before taxation 976,068 (428,294 )
Depreciation charges 101,256 111,544
Loss/(profit) on disposal of fixed assets 2,046 (17,909 )
Finance income (39,330 ) (14,148 )
1,040,040 (348,807 )
Increase in stocks - (843,641 )
(Increase)/decrease in trade and other debtors (5,975 ) 895,542
Increase/(decrease) in trade and other creditors 349,553 (1,490,609 )
Cash generated from operations 1,383,618 (1,787,515 )

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 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 3,863,010 2,761,102
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,761,102 5,150,158


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 2,761,102 1,101,908 3,863,010
2,761,102 1,101,908 3,863,010
Total 2,761,102 1,101,908 3,863,010

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Pave-Aways Holdings Ltd is a private company limited by shares, incorporated in the UK and registered in England & Wales. The company's registered number and address can be found on the company information page.

The principal place of business is Avenue Mill, Knockin, Oswestry, Shropshire, SY10 8HQ.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£), rounded to nearest £1.

Going Concern
The financial statements have been prepared under a going concern basis on the directors expectation that the group will continue to operate in the foreseeable future.

Basis of consolidation
The consolidated financial statements present the results of the parent company and those of it's subsidiaries. All consolidated subsidiaries have coterminous financial year ends. Inter group transactions have been eliminated from the financial statements and subsidiary results have been restated, where possible to reflect comparable accounting policies. The financial statements therefore include:

Pave-Aways Holdings Ltd (Parent company)

Pave-Aways Ltd (100% subsidiary - See Note 11)

Significant judgements and estimates
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of debtors.

Work in progress and long term contracts are considered significant accounting estimates and their policy is referred to separately within accounting policies.

Turnover
Turnover represents net invoiced work done, excluding value added tax. Sales relating to long term contracts are recognised to its stage of completion. Other sales are recognised at the point of completion of work done.

Goodwill
Negative goodwill resulting from the acquisition of the shares in Pave-Aways Ltd in 2011, was written off to reserves in the first year.

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.

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Freehold property is stated under the valuation method.

Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Stocks
Stocks and short term work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and then subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

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.

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

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

Pension costs and other post-retirement benefits
The group makes contributions to employee's private pensions schemes and to a company directors' scheme. Costs are allocated against profits as incurred.

Long term contracts
In accordance with the Financial Reporting Standard 102, turnover on long-term contracts is recognised according to the stage reached in the contract by reference to work done. A prudent estimate of the profit attributable to work completed is recognised once the outcome can be assessed with reasonable certainty. Amounts recoverable on contracts, being the excess of sales value of work executed over payments received on account are included within debtors. The cost of long-term contracts not yet taken to the profit and loss account less foreseeable losses and payments on account are shown in stock as long-term contract balances. Excess payments received are included in creditors.

Full provision is made for all foreseeable losses.

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,925,522 3,194,600
Social security costs 293,062 323,469
Other pension costs 56,220 69,930
3,274,804 3,587,999

The average number of employees during the year was as follows:
31.3.24 31.3.23

Administration 8 8
Production 67 81
75 89

31.3.24 31.3.23
£    £   
Directors' remuneration 45,846 77,656
Directors' pension contributions to money purchase schemes 242 1,720

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 302,315 431,622
Depreciation - owned assets 101,256 111,544
Loss/(profit) on disposal of fixed assets 2,046 (17,909 )
Auditors' remuneration 17,507 15,934
Auditors' remuneration for non audit work 565 3,481
Other operating leases 17,177 20,277

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax (28,943 ) (50,000 )
Adjustment for previous year (250,486 ) -
Total current tax (279,429 ) (50,000 )

Deferred tax (15,523 ) 30,851
Tax on profit/(loss) (294,952 ) (19,149 )

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

31.3.24 31.3.23
£    £   
Profit/(loss) before tax 976,068 (428,294 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

244,017

(81,376

)

Effects of:
Expenses not deductible for tax purposes 703 169
Capital allowances in excess of depreciation - (28,438 )
Depreciation in excess of capital allowances 14,009 -
Utilisation of tax losses (207,236 ) -
Adjustments to tax charge in respect of previous periods (250,486 ) -
Deferred tax movement (15,523 ) 30,851
Pension creditor adjustment (436 ) 75
Research & development (80,000 ) (50,000 )
Losses carried forward - 109,570
Total tax credit (294,952 ) (19,149 )

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. 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.


8. DIVIDENDS

31.3.24 31.3.23
£ £
Ordinary £1 shares - -
Ordinary £1 A shares 208,250 215,000
Ordinary £1 B shares 79,262 57,832
Ordinary £1 C shares - -
---------------- ----------------
287,512 272,832
---------------- ----------------

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 (221,297 )
AMORTISATION
At 1 April 2023
and 31 March 2024 (221,297 )
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 595,865 223,523 22,176
Additions 6,869 9,428 1,992
Disposals - (21,940 ) -
At 31 March 2024 602,734 211,011 24,168
DEPRECIATION
At 1 April 2023 19,643 144,532 8,217
Charge for year 841 11,569 3,207
Eliminated on disposal - (16,443 ) -
At 31 March 2024 20,484 139,658 11,424
NET BOOK VALUE
At 31 March 2024 582,250 71,353 12,744
At 31 March 2023 576,222 78,991 13,959

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 781,575 64,098 1,687,237
Additions 32,295 4,215 54,799
Disposals (110,848 ) - (132,788 )
At 31 March 2024 703,022 68,313 1,609,248
DEPRECIATION
At 1 April 2023 409,403 40,322 622,117
Charge for year 77,418 8,221 101,256
Eliminated on disposal (80,170 ) - (96,613 )
At 31 March 2024 406,651 48,543 626,760
NET BOOK VALUE
At 31 March 2024 296,371 19,770 982,488
At 31 March 2023 372,172 23,776 1,065,120

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 2,763,750
NET BOOK VALUE
At 31 March 2024 2,763,750
At 31 March 2023 2,763,750

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Pave-Aways Ltd
Registered office: Registered in United Kingdom
Nature of business: Civil engineering, building and construction
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 5,399,874 4,708,484
Profit/(loss) for the year 978,608 (424,987 )

Pave-Aways Ltd is classed as a 100% subsidiary as Pave-Aways Holdings Ltd has full control over the company. The Ordinary 'B' shares in Pave-Aways Ltd carry no voting rights, just full dividend entitlement rights and special capital rights as set out in the Articles of Association.


12. STOCKS

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Stocks 843,641 843,641 843,641 843,641
Raw materials and consumables 9,350 9,350 - -
852,991 852,991 843,641 843,641

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 4,192,725 4,369,167 - -
Amounts recoverable on contract 1,202,128 1,015,262 - -
Other debtors - 931 - -
Directors' loan accounts 22,001 90,498 2,001 90,498
Tax 275,499 - - 815
VAT - - 9 1,707
Prepayments and accrued income 93,859 97,377 - -
5,786,212 5,573,235 2,010 93,020

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade creditors 5,145,432 5,035,174 8,175 8,175
Tax - 3,115 - -
Social security and other taxes 829,449 567,063 - -
Amounts owed to group company - - 1,296,171 1,791,379
Accrued expenses 53,081 76,172 3,000 3,000
6,027,962 5,681,524 1,307,346 1,802,554

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 18,751 17,793
Between one and five years 7,700 15,700
26,451 33,493

16. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 121,760 137,283

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 April 2023 137,283
Credit to Statement of Comprehensive Income during year (15,523 )
Balance at 31 March 2024 121,760

17. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:
Number: Class: Nominal value: 31.3.23 31.3.22
31 Ordinary £1 A Shares 1 31 31
10 Ordinary £1 B Shares 1 10 10
5 Ordinary £1 C Shares 1 5 5

46 46

Each class of share has the same rights an entitlements. The shares have full voting rights, are eligible for dividends and carry the right to participate in a distribution (including on winding up).

18. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 4,523,460 24,872 79 4,548,411
Profit for the year 1,271,020 1,271,020
Dividends (287,512 ) (287,512 )
At 31 March 2024 5,506,968 24,872 79 5,531,919

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 2,463,911 24,872 79 2,488,862
Profit for the year 497,459 497,459
Dividends (287,512 ) (287,512 )
At 31 March 2024 2,673,858 24,872 79 2,698,809

Capital redemption reserve represents amounts from a previous purchase of own shares.

PAVE-AWAYS HOLDINGS LIMITED (REGISTERED NUMBER: 07431863)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

19. CONTINGENT LIABILITIES

The group's bankers hold an unlimited guarantee dated 8 March 2012 over all assets of the Pave-Aways Ltd by fixed and floating charge. They also have a fixed charge over the deposit held, dated 18 December 2014.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.3.24 31.3.23
£    £   
S P Owen
Balance outstanding at start of year 90,498 (2,171 )
Amounts advanced 21,503 92,669
Amounts repaid (90,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,001 90,498

Interest has been charged on the directors loan at 2% and 2.25% pa.

21. 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.

Key management personnel remuneration, including employers national insurance and pension contributions totalled £146,975 (2023: £168,134).

22. ULTIMATE CONTROLLING PARTY

The group is controlled by S P Owen, director, by virtue of holding a controlling interest in the issued share capital of the group.