IRIS Accounts Production v24.3.0.553 01073245 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 true true false true true false false true true true true false Ordinary 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh010732452023-03-31010732452024-03-31010732452023-04-012024-03-31010732452022-03-31010732452022-04-012023-03-31010732452023-03-3101073245ns15:EnglandWales2023-04-012024-03-3101073245ns14:PoundSterling2023-04-012024-03-3101073245ns10:Director12023-04-012024-03-3101073245ns10:Director22023-04-012024-03-3101073245ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101073245ns10:FRS1022023-04-012024-03-3101073245ns10:Audited2023-04-012024-03-3101073245ns10:LargeCompaniesRegimeForDirectorsReport2023-04-012024-03-3101073245ns10:LargeCompaniesRegimeForAccounts2023-04-012024-03-3101073245ns10:FullAccounts2023-04-012024-03-3101073245ns10:OrdinaryShareClass12023-04-012024-03-3101073245ns10:OrdinaryShareClass22023-04-012024-03-3101073245ns10:Director32023-04-012024-03-3101073245ns10:Director42023-04-012024-03-3101073245ns10:Director52023-04-012024-03-3101073245ns10:Director62023-04-012024-03-3101073245ns10:Director72023-04-012024-03-3101073245ns10:Director82023-04-012024-03-3101073245ns10:Director92023-04-012024-03-3101073245ns10:Director102023-04-012024-03-3101073245ns10:Director112023-04-012024-03-3101073245ns10:CompanySecretary12023-04-012024-03-3101073245ns10:CompanySecretary22023-04-012024-03-3101073245ns10:RegisteredOffice2023-04-012024-03-3101073245ns5:RetainedEarningsAccumulatedLosses2023-03-3101073245ns5:RetainedEarningsAccumulatedLosses2022-03-3101073245ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3101073245ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3101073245ns5:RetainedEarningsAccumulatedLosses2024-03-3101073245ns5:RetainedEarningsAccumulatedLosses2023-03-3101073245ns5:CurrentFinancialInstruments2024-03-3101073245ns5:CurrentFinancialInstruments2023-03-3101073245ns5:ShareCapital2024-03-3101073245ns5:ShareCapital2023-03-3101073245ns5:FurnitureFittings2023-04-012024-03-3101073245ns10:HighestPaidDirector2023-04-012024-03-3101073245ns10:HighestPaidDirector2022-04-012023-03-3101073245ns5:OwnedAssets2023-04-012024-03-3101073245ns5:OwnedAssets2022-04-012023-03-3101073245112023-04-012024-03-3101073245112022-04-012023-03-310107324512023-04-012024-03-310107324512022-04-012023-03-3101073245ns10:OrdinaryShareClass12022-04-012023-03-3101073245ns5:FurnitureFittings2023-03-3101073245ns5:FurnitureFittings2024-03-3101073245ns5:FurnitureFittings2023-03-3101073245ns5:CostValuation2023-03-3101073245ns5:Subsidiary12023-04-012024-03-31010732451ns5:Subsidiary12023-04-012024-03-3101073245ns5:Subsidiary12024-03-3101073245ns5:Subsidiary12023-03-3101073245ns5:Subsidiary12022-04-012023-03-3101073245ns5:Subsidiary22023-04-012024-03-3101073245ns5:Subsidiary232023-04-012024-03-3101073245ns5:Subsidiary22024-03-3101073245ns5:Subsidiary22023-03-3101073245ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3101073245ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3101073245ns5:Non-currentFinancialInstruments2024-03-3101073245ns5:Non-currentFinancialInstruments2023-03-3101073245ns5:WithinOneYear2024-03-3101073245ns5:WithinOneYear2023-03-3101073245ns5:BetweenOneFiveYears2024-03-3101073245ns5:BetweenOneFiveYears2023-03-3101073245ns5:AllPeriods2024-03-3101073245ns5:AllPeriods2023-03-3101073245ns5:DeferredTaxation2023-03-3101073245ns5:DeferredTaxation2023-04-012024-03-3101073245ns5:DeferredTaxation2024-03-3101073245ns10:OrdinaryShareClass12024-03-3101073245ns10:OrdinaryShareClass22024-03-31
REGISTERED NUMBER: 01073245 (England and Wales)















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: P Forker
R K Thomas
Ms B M Forker
Ms H Boyle
Ms R Curran
S J T Somerfield
I R Haywood
M C Mason
H C McCooey
T P Forker
D J Cartwright


SECRETARIES: Ms H Boyle
Ms R Curran


REGISTERED OFFICE: Golds Green House
Shaw Street
West Bromwich
West Midlands
B70 0TX


REGISTERED NUMBER: 01073245 (England and Wales)


AUDITORS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


BANKERS: Handelsbanken
67 Temple Row
Birmingham
West Midlands
B2 5LS


SOLICITORS: Wright Hassall LLP
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:





Ms R Curran - Director


26 November 2024

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 £ 100,000 .

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

P Forker
R K Thomas
Ms B M Forker
Ms H Boyle
Ms R Curran
S J T Somerfield
I R Haywood
M C Mason
H C McCooey
T P Forker
D J Cartwright

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:





Ms R Curran - Director


26 November 2024

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.




Susanna D Ault FCCA ACA (Senior Statutory Auditor)
for and on behalf of Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

26 November 2024

Forkers Limited (Registered number: 01073245)

Statement of Income and
Retained Earnings
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 47,028,537 75,410,629

Cost of sales (37,717,000 ) (65,170,855 )
GROSS PROFIT 9,311,537 10,239,774

Administrative expenses (6,439,496 ) (5,449,641 )
2,872,041 4,790,133

Other operating income 303,350 133,350
OPERATING PROFIT 5 3,175,391 4,923,483

Exceptional items 6 - (45,429 )
3,175,391 4,878,054

Interest receivable and similar income 598,758 247,908
3,774,149 5,125,962

Interest payable and similar expenses 7 - (520 )
PROFIT BEFORE TAXATION 3,774,149 5,125,442

Tax on profit 8 (831,728 ) (876,665 )
PROFIT FOR THE FINANCIAL YEAR 2,942,421 4,248,777

Retained earnings at beginning of year as
previously reported

17,941,439

14,118,662

Dividends 9 (100,000 ) (256,000 )
Prior year adjustment - corrections of
material errors

10

-

(170,000

)

RETAINED EARNINGS AT END OF
YEAR

20,783,860

17,941,439

Forkers Limited (Registered number: 01073245)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 11 144,738 157,123
Investments 12 200 200
144,938 157,323

CURRENT ASSETS
Stocks 13 1,931,917 1,593,489
Debtors 14 8,104,377 12,567,829
Cash at bank and in hand 19,096,506 12,233,046
29,132,800 26,394,364
CREDITORS
Amounts falling due within one year 15 (8,460,575 ) (8,578,862 )
NET CURRENT ASSETS 20,672,225 17,815,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,817,163

17,972,825

PROVISIONS FOR LIABILITIES 17 (28,301 ) (26,384 )
NET ASSETS 20,788,862 17,946,441

CAPITAL AND RESERVES
Called up share capital 18 5,002 5,002
Retained earnings 19 20,783,860 17,941,439
SHAREHOLDERS' FUNDS 20,788,862 17,946,441

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:




Ms H Boyle - Director



Ms R Curran - Director


Forkers Limited (Registered number: 01073245)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

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 8,871,451 7,809,637
Social security costs 691,424 911,634
Other pension costs 351,372 284,939
9,914,247 9,006,210

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
148 151

2024 2023
£    £   
Directors' remuneration 1,501,773 1,179,370
Directors' pension contributions to money purchase schemes 100,062 66,002

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

Money purchase schemes 6 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 301,494 205,093
Pension contributions to money purchase schemes 16,304 14,119

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 383,030 350,098
Depreciation - owned assets 36,184 39,281
Auditors' remuneration 22,646 22,440
Pension contributions to money purchase schemes 351,377 284,940

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional items - (45,429 )

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 - 520

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 955,211 914,445
Adjustments in respect of prior periods (125,400 ) (37,780 )
Total current tax 829,811 876,665

Deferred tax 1,917 -
Tax on profit 831,728 876,665

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 3,774,149 5,125,442
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

943,537

973,834

Effects of:
Expenses not deductible for tax purposes 10,209 14,921
Depreciation in excess of capital allowances 1,465 3,134
Adjustments to tax charge in respect of previous periods - (5,480 )
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 100,000 256,000

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 receivable170,000
Amounts owed by group undertaking(170,000)


11. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023 732,081
Additions 23,799
At 31 March 2024 755,880
DEPRECIATION
At 1 April 2023 574,958
Charge for year 36,184
At 31 March 2024 611,142
NET BOOK VALUE
At 31 March 2024 144,738
At 31 March 2023 157,123

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 200
NET BOOK VALUE
At 31 March 2024 200
At 31 March 2023 200

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:

Forkers Scotland Limited
Registered office: Golds Green House, Shaw Street, West Bromwich, West Midlands, B70 OTX
Nature of business: civil & ground engineering
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (235,638 ) (687,899 )
Profit/(loss) for the year 452,161 (491,675 )

Forkers Renewable Energy Limited
Registered office: Golds Green House, Shaw Street, West Bromwich, west Midlands, B70 OTX
Nature of business: civil engineering
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

13. STOCKS
2024 2023
£    £   
Stocks 195,000 135,000
Work-in-progress 1,736,917 1,458,489
1,931,917 1,593,489

14. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 111,409 2,885,911
Amounts owed by group undertakings 1,067,219 802,108
Amounts owed by associates 485,771 627,078
Amounts recoverable on contract 5,748,699 7,821,079
Other debtors 1,828 6,409
Directors' current accounts 9,425 439
VAT - 45,393
Prepayments and accrued income 524,220 346,232
7,948,571 12,534,649

Amounts falling due after more than one year:
Trade debtors 155,806 33,180

Aggregate amounts 8,104,377 12,567,829

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 2,833,549 2,824,578
Amounts received on account 2,427,116 1,267,315
Amounts owed to associates 165,730 428,591
Tax 655,211 547,145
Social security and other taxes 293,241 282,257
VAT 751,954 -
Other creditors 70,553 442,042
Accrued expenses 1,263,221 2,786,934
8,460,575 8,578,862

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 234,629 219,562
Between one and five years 408,673 237,987
643,302 457,549

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 28,301 26,384

Deferred
tax
£   
Balance at 1 April 2023 26,384
Provided during year 1,917
Balance at 31 March 2024 28,301

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2
5,000 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 17,941,439
Profit for the year 2,942,421
Dividends (100,000 )
At 31 March 2024 20,783,860

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:

20242023
£ £
Balance outstanding at start of year4393,556
Amounts advanced10,05847,557
Amounts repaid(1,072)(49,029)
Amounts written off-(1,645)
Balance outstanding at end of year9,425439
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.