REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Forkers Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Forkers Limited |
Forkers Limited (Registered number: 01073245) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 7 |
Statement of Income and Retained Earnings | 10 |
Balance Sheet | 11 |
Notes to the Financial Statements | 12 |
Forkers Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
BANKERS: |
67 Temple Row |
Birmingham |
West Midlands |
B2 5LS |
SOLICITORS: |
Olympus Avenue |
Leamington Spa |
Warwickshire |
CV34 6BF |
Forkers Limited (Registered number: 01073245) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
BUSINESS REVIEW AND FUTURE DEVELOPMENTS |
The comments made by the directors in their last strategic report have been reflected in the company's results for the year ended 31st March 2024. |
The company's turnover for the year was 37.6% lower than that of the previous year being £47,028,537 (2023: £75,410,629). |
At the beginning of the financial year, the directors had anticipated that the company's turnover would be in the region of £70million. This value included a contract valued at £23 million that the company had won for smart motor work. Although work had begun on the contract the Government, because of lack of funding, cancelled the contract, therefore reducing the company's turnover to £47 million. This has also affected the result for the profit for the year. |
Based on information available, the directors anticipate the turnover for the company's current year to be in the order of £85 million together with an increase in profitability. |
The company holds a framework agreement with one of the leading companies in the water sector. From 1st April 2025, this agreement will be extended. |
In addition, the company has secured three further framework agreements with substantial clients, one in the water industry, one in environmental work and a further in work relating to waterways. These framework agreements will also start on 1st April 2025. |
All this work relates to the beneficial health of the country and the directors are confident that work will continue for many years into the future. |
The directors thank all the company's employees for their continuing work in helping the company to achieve successful outcomes now and going forward. |
Shareholder equity in the company increased to £20,788,862 (2023: £17,946,441). |
PRINCIPAL RISKS AND UNCERTAINTIES |
A great deal of work undertaken by the company involves the sustainable supply of substantial finance and uncertainty whether or not this will be forthcoming in the future. |
Caution should be taken with clients to ascertain whether or not they have the necessary finance in place before entering into a contract, as none payment for work carried out can have an adverse effect on cashflow and profits. |
Forkers Limited (Registered number: 01073245) |
Strategic Report |
for the Year Ended 31 March 2024 |
SECTION 172(1) STATEMENT |
The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006. |
Specifically, the Board has considered long term factors that affect the Company's strategic directions. |
The Board has engaged with its stakeholders, which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Company as set out in Section 172 |
The Board has fulfilled their duties as follows: |
On an ongoing basis, the board assess the major risks affecting the Company and develop appropriate responses to address those risks in an efficient and affective manner. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Company understands the financial impact of these risks and can respond to them on a timely basis. |
Employees are a key to Forkers success. The Company engages with employees on a regular basis. Supervisor, site manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The company monitors staff turnover and performance to understand staff progression within the business. |
The Company invests in the future of the business and has a successful mentoring plan to encourage young people into the Company. |
Forkers aims to exceed its customers' expectations. We do this through communication and building strong business relationships with our clients. We further promote Forkers closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Company. |
FINANCIAL RESULTS |
The profit for the year, before taxation, amounted to £3,774,149 (2023: £5,125,442). |
KEY PERFORMANCE INDICATORS |
The company maintains a program of producing monthly financial and management reports that show the directors how the company is progressing. |
The management reports are discussed with senior staff at monthly meetings. |
KPIs in respect of the company's work performance are examined by larger clients and scored in respect of the level of success achieved by the company. A bad score may lead to the company not receiving future work. |
ON BEHALF OF THE BOARD: |
Forkers Limited (Registered number: 01073245) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of of civil engineering working on projects relating to industries engaged in motor manufacturing, renewable energy projects, utilities including the water industry, rail and road maintenance, and ground reclamation and stabilization including mine infilling. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
EMPLOYEES |
The company is very fortunate in having staff that work to a standard that complies with the company's ethos and appreciates the efforts and support given.The company has recently been engaging more staff as the company's turnover continues to increase. |
Every effort is made that all employees are suited to their respective roles within the company. |
Regular reviews are conducted with individual staff members to assess their progress at the company and to listen to their views. On occasions a member of staff may be moved to another position more suitable at the company. |
The company has set up health and safety and mental health committees that meet on a regular basis to discuss up to date information received from the various agencies. |
Any problems a member of staff has can be discussed with their line manager who in turn can bring it to the attention of one of the committees. |
Annual medicals are arranged for all staff. |
The company is an equal opportunity employer. |
All staff are encouraged to attend training courses and toolbox talks and obtain the necessary certificates for their individual roles in the company. The certificates are required to enable the company to obtain the appropriate training grants from the CITB. Without the necessary certificates the company is not able to carry out work for certain motor clients. |
The company offers apprenticeships for both office and site staff as it recognises the need to in the future fill any vacancies that become available. |
ENVIRONMENTAL MATTERS |
The company has replaced more than 50% of its fleet of polluting diesel cars with electric and hybrid/petrol ones to help with the challenge against climate change. |
It is also beginning to use battery powered machinery |
Forkers Limited (Registered number: 01073245) |
Report of the Directors |
for the Year Ended 31 March 2024 |
SUSTAINABILITY |
In the company's commitment to sustainability, Forkers has taken significant strides towards minimizing our environmental impact and reducing our carbon emissions. At the core of our sustainability journey is the employment of a dedicated professional whose expertise enables us to integrate sustainable practices into every area of our operations. We record and monitor various metrics, including carbon emissions, waste generation, and other environmental factors through our supply chain. |
We have established a Science-Based Target (SBT), an essential step that aligns our carbon reduction goals with the latest climate science. This target not only drives our efforts to reduce carbon emissions but also ensures that our strategies are in line with global climate goals. Our commitment to sustainability is demonstrated through our partnership with EcoVadis, a leading sustainability ratings platform. By engaging with EcoVadis, we are held accountable to rigorous sustainability standards, guiding our continuous improvement efforts, and ensuring transparency in our practices. |
One of our notable, ongoing initiatives in renewable energy includes the installation of solar panels on the roof of our yard warehouse. When completed, this will not only reduce our reliance on fossil fuels but also significantly cuts down our carbon footprint, by providing renewable electricity for our head office and plant yard. We have also started to use electric plant equipment, a testament to our dedication to transitioning away from traditional energy sources to sustainable alternatives. This plant equipment not only powers our operations but also sets an example for the industry, demonstrating the feasibility and advantages of embracing clean energy solutions. |
Our sustainability journey is marked by comprehensive efforts, from rigorous monitoring and setting science-based targets to strategic partnerships, renewable energy investments, and embracing electric technology. These initiatives underscore our dedication to growing sustainability, ensuring that our construction activities not only meet the needs of the present but also preserve the planet for generations to come. |
FUTURE DEVELOPMENTS |
The company is endeavoring to obtain more work linked with the fight against climate change and has made connections with major companies involved in this field of work. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the 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 of the profit or loss of the company 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The 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. |
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 company'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 company's auditors are aware of that information. |
Forkers Limited (Registered number: 01073245) |
Report of the Directors |
for the Year Ended 31 March 2024 |
AUDITORS |
The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Forkers Limited |
Opinion |
We have audited the financial statements of Forkers Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 company's affairs as at 31 March 2024 and of its 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 company 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 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 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 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 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 |
Forkers Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 set out on page five, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Forkers Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
Forkers Limited (Registered number: 01073245) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
2,872,041 | 4,790,133 |
Other operating income |
OPERATING PROFIT | 5 |
Exceptional items | 6 | ( |
) |
3,175,391 | 4,878,054 |
Interest receivable and similar income |
3,774,149 | 5,125,962 |
Interest payable and similar expenses | 7 | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year as previously reported |
Dividends | 9 | ( |
) | ( |
) |
Prior year adjustment - corrections of material errors |
10 |
- |
(170,000 |
) |
RETAINED EARNINGS AT END OF YEAR |
Forkers Limited (Registered number: 01073245) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Forkers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; |
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
- Section 26 'Share based payments': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanations of modification to arrangements; |
- Section 33 'Related Part Disclosures': Compensation for key management personnel. |
The financial statements of the company are consolidated in the financial statements of HRF Holdings Limited. These consolidated financial statements are available from its registered office, Golds Green House, Shaw Street, West Bromwich, West Midlands, B70 0TX. |
Related party exemption |
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. |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from contracts for the provision of construction services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably,revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
Contract costs |
Contract costs are recognised as expenses in the period in which they are incurred. When costs are incurred in securing a contract they are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period. |
Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
Tangible fixed assets |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Stocks and work in progress |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the profit or loss. |
Work in progress is valued at the lower of cost and net realisable value. |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production staff | 66 | 65 |
Administration staff | 71 | 75 |
Directors | 11 | 11 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Pension contributions to money purchase schemes |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | ( |
) |
The exceptional items incurred during the year are an impairment of a loan to a related party, Mini Piling & Drilling Limited of £NIL (2023: £45,429). |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Adjustments in respect of prior periods | (125,400 | ) | (37,780 | ) |
Total current tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge 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: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) |
Amounts written off related party loan | - | 8,631 |
Deferred tax | 1,917 | - |
Group loss relief | - | (86,075 | ) |
Prior year adjustment | (125,400 | ) | (32,300 | ) |
Total tax charge | 831,728 | 876,665 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Final |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | PRIOR YEAR ADJUSTMENT |
A prior year adjustment was made in respect of the year ended 31 March 2022 in the year ended 31 March 2023 as detailed below: |
Profit and loss account | Balance sheet |
Reversal of 2022 management charge |
£ | £ |
Management fees receivable | 170,000 |
Amounts owed by group undertaking | (170,000) |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
12. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Golds Green House, Shaw Street, West Bromwich, West Midlands, B70 OTX |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: Golds Green House, Shaw Street, West Bromwich, west Midlands, B70 OTX |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
14. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Amounts recoverable on contract |
Other debtors |
Directors' current accounts | 9,425 | 439 |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts received on account | 2,427,116 | 1,267,315 |
Amounts owed to associates | 165,730 | 428,591 |
Tax |
Social security and other taxes |
VAT | 751,954 | - |
Other creditors |
Accrued expenses |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 28,301 | 26,384 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
Ordinary B | £1 | 5,000 | 5,000 |
5,002 | 5,002 |
The Ordinary shares hold voting rights whereas the Ordinary B shares do not. Both classes of share rank equally in the case of the sale of the company or voluntary liquidation. |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
20. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
Pension contributions totalling £47,135 (2023: £41,250) were payable at the year end and are included in creditors. |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | 439 | 3,556 |
Amounts advanced | 10,058 | 47,557 |
Amounts repaid | (1,072 | ) | (49,029 | ) |
Amounts written off | - | (1,645 | ) |
Balance outstanding at end of year | 9,425 | 439 |
The amounts advanced are repayable on demand and are interest free. |
Forkers Limited (Registered number: 01073245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
22. | RELATED PARTY TRANSACTIONS |
During the year the company entered into the following transactions on an open market basis with P.Forker Plant Hire Limited, a company of which the directors Mr P Forker, Mrs B Forker, Mrs H Boyle and Mrs R Curran are also directors and shareholders. |
Management charges receivable £133,350 (2023:£133,350) |
Purchases and expenses recharged to P.Forker Plant Hire Limited £514,767 (2023: £529,436) |
Hire, leasing rents recharged by P.Forker Plant Hire Limited £2,808,122 (2023: £2,979,713) |
Management charges payable £103,956 (2023:£103,956) |
Purchase and expenses recharged by P.Forker Plant Hire Limited £385,650 (2023:£994,475) |
At the year end, the company owed P.Forker Plant Hire Limited £165,730 (2023: £431,426) |
During the year the company paid rent of £110,000 (2023: £110,000) to P.Forker Plant Hire Limited Directors Retirement and Death Benefit Scheme of which the directors Mrs H Boyle and Mrs R Curran are members. During the year the company charged P.Forker Plant Hire Limited Directors Retirement and Death Benefit Scheme £NIL (2023: £367,550) for works completed. At the year end a balance was due to the company owed £482,895 (2023:£729,913). |
Certain directors are also directors of Mini Piling & Drilling Limited which at 31 March 2024 owed the company £NIL (2023:£NIL). An amount of £NIL (2023:£45,429) was written off the balance during the year. |
During the year the company entered into the following transactions on an open market basis with R K Thomas Limited, a company of which Mr R K Thomas is the sole director. |
Accountancy fees totalling £6,075 (£2023: £5,350). At the year end £NIL (2023: £Nil) was outstanding to R K Thomas Limited. |
23. | ULTIMATE CONTROLLING PARTY |
H R F Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
The company's ultimate controlling party is Mr P and Mrs B Forker by virtue of their ownership of 100% of the issued ordinary voting share capital in the parent company. |