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COMPANY REGISTRATION NUMBER: 05346065
M A Broughton Holdings Limited
Financial Statements
29 February 2024
M A Broughton Holdings Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
M A Broughton Holdings Limited
Officers and Professional Advisers
The board of directors
Mr M Broughton
Mr D Broughton
Registered office
Lyndhurst
1 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
Auditor
Gregory Priestley & Stewart
Chartered Accountants & statutory auditor
Lyndhurst
1-3 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
M A Broughton Holdings Limited
Strategic Report
Year ended 29 February 2024
Nature of operations
The company is a leasing company which leases assets to its subsidiaries and rents property to its subsidiaries and to external customers.
Principal activities
The principal activity of the company continues to be the leasing of assets to it's subsidiary companies, and property rental. The principal activities of the subsidiaries continue to be electrical contractors, predominantly for new housing developments; utility services comprising repair, excavation, backfill and re-instatement works.
Results and dividends
The results for the year are set in the consolidated income statement. Details of dividends paid are included in the notes to the accounts.
Business review
The housing market has been affected by increases in interest rates although it continues to benefit from the government LISA scheme. Despite the cost of living crisis the market has remained active with new developments continuing to be started. There have been new regulations introduced in the new build industry which has led to a slight slow down as builders have had to modify certain processes to become fully compliant. This has led to a slight slow down in the level of activity within the electrical contracting business throughout the year. The trading result has been affected by increasing material costs throughout the construction industry but this is being priced into contracts where possible.
Analysis of development and performance in the year and position at the year end
The group has had a successful year and continues to meet its financial targets. The year end position is strong and the group continues to consolidate its asset base. The group has experienced challenges due to rising material and labour costs. Despite these challenges the group has continued to trade profitably.
This report was approved by the board of directors on 23 July 2024 and signed on behalf of the board by:
Mr M Broughton
Director
Registered office:
Lyndhurst
1 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
M A Broughton Holdings Limited
Directors' Report
Year ended 29 February 2024
The directors present their report and the financial statements of the group for the year ended 29 February 2024 .
Directors
The directors who served the company during the year were as follows:
Mr M Broughton
Mr D Broughton
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Future developments
The company plans to continue with it's current main areas of business for the forthcoming financial year. The electrical contracting side of the business is planning to continue to work on new developments and is aiming to concentrate on forming framework agreements with the major developers to help manage workload and to commit skilled labour in return for a guaranteed annual volume of work.The utilities arm of the business is planning to continue it's work within the street lighting industry and to to continue with the progress made to achieve greater efficiencies and better margins.
Financial instruments
The group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for group operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance sufficient to ensure the continuity of funding and flexibility.
The group manages liquidity risk by ensuring there are sufficient funds to meet payments. Directors loans are interest free and payable on demand.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 23 July 2024 and signed on behalf of the board by:
Mr M Broughton
Director
Registered office:
Lyndhurst
1 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
M A Broughton Holdings Limited
Independent Auditor's Report to the Members of M A Broughton Holdings Limited
Year ended 29 February 2024
Opinion
We have audited the financial statements of M A Broughton Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 29 February 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for out audit opinion. Identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement: In respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following: -the nature of the business and its industry, the level of autonomy of management and the controls put in place by those charged with governance and business performance. -results of our enquiries of management and those charged with governance regarding their own identification and assessment of the risks of irregularities. -any matters we identified having documented and tested the company's policies and procedures including compliance with laws and regulations, internal controls and also from discussion within the audit engagement team and associated internal specialists regarding how and where fraud might occur and whether there were any potential indicators of fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our reportThis report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Stewart FCA
(Senior Statutory Auditor)
For and on behalf of
Gregory Priestley & Stewart
Chartered Accountants & statutory auditor
Lyndhurst
1-3 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
23 July 2024
M A Broughton Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 29 February 2024
2024
2023
Note
£
£
Turnover
4
7,861,664
7,450,496
Cost of sales
5,869,740
5,479,995
------------
------------
Gross profit
1,991,924
1,970,501
Administrative expenses
1,388,591
1,207,804
Other operating income
7,718
7,556
------------
------------
Operating profit
5
611,051
770,253
Other interest receivable and similar income
101,782
20,707
Interest payable and similar expenses
24,510
24,414
------------
------------
Profit before taxation
688,323
766,546
Tax on profit
9
252,660
160,018
---------
---------
Profit for the financial year and total comprehensive income
435,663
606,528
---------
---------
Profit for the financial year attributable to:
The owners of the parent company
404,908
538,049
Non-controlling interests
30,755
68,479
---------
---------
435,663
606,528
---------
---------
All the activities of the group are from continuing operations.
M A Broughton Holdings Limited
Consolidated Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
11
4,312,211
4,036,456
Investments
12
499,908
------------
------------
4,312,211
4,536,364
Current assets
Stocks
13
158,774
194,525
Debtors
14
1,560,140
1,803,371
Cash at bank and in hand
3,264,791
2,296,167
------------
------------
4,983,705
4,294,063
Creditors: Amounts falling due within one year
15
827,268
783,407
------------
------------
Net current assets
4,156,437
3,510,656
------------
------------
Total assets less current liabilities
8,468,648
8,047,020
Creditors: Amounts falling due after more than one year
16
73,549
48,468
Provisions
18
181,461
138,422
------------
------------
Net assets
8,213,638
7,860,130
------------
------------
Capital and reserves
Called up share capital
22
100
100
Fair value reserve
23
690,466
690,466
Profit and loss account
23
7,302,589
6,979,836
------------
------------
Equity attributable to the owners of the parent company
7,993,155
7,670,402
Non-controlling interests
220,483
189,728
------------
------------
8,213,638
7,860,130
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mr M Broughton
Director
Company registration number: 05346065
M A Broughton Holdings Limited
Company Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
11
3,834,328
3,804,964
Investments
12
230
500,138
------------
------------
3,834,558
4,305,102
Current assets
Debtors
14
588,406
623,567
Cash at bank and in hand
2,831,807
1,960,845
------------
------------
3,420,213
2,584,412
Creditors: Amounts falling due within one year
15
111,741
48,429
------------
------------
Net current assets
3,308,472
2,535,983
------------
------------
Total assets less current liabilities
7,143,030
6,841,085
Provisions
18
118,066
101,507
------------
------------
Net assets
7,024,964
6,739,578
------------
------------
Capital and reserves
Called up share capital
22
100
100
Fair value reserve
23
690,466
690,466
Profit and loss account
23
6,334,398
6,049,012
------------
------------
Shareholders funds
7,024,964
6,739,578
------------
------------
The profit for the financial year of the parent company was £ 325,386 (2023: £ 84,041 ).
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mr M Broughton
Director
Company registration number: 05346065
M A Broughton Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 29 February 2024
Called up share capital
Fair value reserve
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
At 1 March 2022
100
690,466
6,481,787
7,172,353
123,249
7,295,602
Profit for the year
538,049
538,049
68,479
606,528
----
---------
------------
------------
---------
------------
Total comprehensive income for the year
538,049
538,049
68,479
606,528
Dividends paid and payable
10
( 40,000)
( 40,000)
( 2,000)
( 42,000)
----
---------
------------
------------
---------
------------
Total investments by and distributions to owners
( 40,000)
( 40,000)
( 2,000)
( 42,000)
At 28 February 2023
100
690,466
6,979,836
7,670,402
189,728
7,860,130
Profit for the year
404,908
404,908
30,755
435,663
----
---------
------------
------------
---------
------------
Total comprehensive income for the year
404,908
404,908
30,755
435,663
Dividends paid and payable
10
( 82,155)
( 82,155)
( 82,155)
----
----
--------
--------
----
--------
Total investments by and distributions to owners
( 82,155)
( 82,155)
( 82,155)
----
---------
------------
------------
---------
------------
At 29 February 2024
100
690,466
7,302,589
7,993,155
220,483
8,213,638
----
---------
------------
------------
---------
------------
M A Broughton Holdings Limited
Company Statement of Changes in Equity
Year ended 29 February 2024
Called up share capital
Fair value reserve
Profit and loss account
Total
£
£
£
£
At 1 March 2022
100
690,466
6,004,971
6,695,537
Profit for the year
84,041
84,041
----
---------
------------
------------
Total comprehensive income for the year
84,041
84,041
Dividends paid and payable
10
( 40,000)
( 40,000)
----
---------
------------
------------
Total investments by and distributions to owners
( 40,000)
( 40,000)
At 28 February 2023
100
690,466
6,049,012
6,739,578
Profit for the year
325,386
325,386
----
---------
------------
------------
Total comprehensive income for the year
325,386
325,386
Dividends paid and payable
10
( 40,000)
( 40,000)
----
----
--------
--------
Total investments by and distributions to owners
( 40,000)
( 40,000)
----
---------
------------
------------
At 29 February 2024
100
690,466
6,334,398
7,024,964
----
---------
------------
------------
M A Broughton Holdings Limited
Consolidated Statement of Cash Flows
Year ended 29 February 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
435,663
606,528
Adjustments for:
Depreciation of tangible assets
162,625
114,579
Government grant income
( 700)
Other interest receivable and similar income
(101,781)
(963)
Interest payable and similar expenses
24,510
24,414
(Gains)/loss on disposal of tangible assets
( 21,306)
502
Tax on profit
252,660
160,018
Accrued expenses
9,074
11,114
Changes in:
Stocks
35,751
( 61,875)
Trade and other debtors
243,231
( 588,587)
Trade and other creditors
( 56,770)
269,870
---------
---------
Cash generated from operations
982,957
535,600
Interest paid
( 24,510)
( 24,414)
Interest received
101,782
20,707
Tax paid
( 139,006)
( 35,913)
---------
---------
Net cash from operating activities
921,223
495,980
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 445,274)
( 267,515)
Proceeds from sale of tangible assets
28,200
20,501
Proceeds from sale of other investments
499,908
---------
---------
Net cash from/(used in) investing activities
82,834
( 247,014)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 6,782)
( 6,964)
Government grant income
700
Payments of finance lease liabilities
52,804
28,916
Dividends paid
( 82,155)
( 42,000)
---------
---------
Net cash used in financing activities
( 35,433)
( 20,048)
---------
---------
Net increase in cash and cash equivalents
968,624
228,918
Cash and cash equivalents at beginning of year
2,296,167
2,067,249
------------
------------
Cash and cash equivalents at end of year
3,264,791
2,296,167
------------
------------
M A Broughton Holdings Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of M A Broughton Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Income from property rental is recognised on an accruals basis as it becomes due.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
4% straight line
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
2,559,755
2,144,506
Construction contracts
5,164,867
5,170,384
Rent received
137,042
135,606
------------
------------
7,861,664
7,450,496
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
162,625
114,579
(Gains)/loss on disposal of tangible assets
( 21,306)
502
Impairment of trade debtors
48,451
25,289
Operating lease rentals
44,326
82,868
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
9,700
6,000
-------
-------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
61
56
Administrative staff
8
7
----
----
69
63
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,771,250
2,420,530
Social security costs
291,121
254,530
Other pension costs
47,068
40,046
------------
------------
3,109,439
2,715,106
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
185,435
168,938
---------
---------
9. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
209,622
156,152
Adjustments in respect of prior periods
( 15,791)
---------
---------
Total current tax
209,622
140,361
---------
---------
Deferred tax:
Origination and reversal of timing differences
43,038
19,657
---------
---------
Tax on profit
252,660
160,018
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
688,323
766,546
---------
---------
Profit on ordinary activities by rate of tax
172,081
145,644
Effect of capital allowances and depreciation
49,850
1,265
Effect of different UK tax rates on some earnings
(14,427)
13,109
Chargeable gains
45,156
---------
---------
Tax on profit
252,660
160,018
---------
---------
10. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
82,155
42,000
--------
--------
11. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
4,124,716
303,103
53,564
537,057
5,018,440
Additions
86,900
358,374
445,274
Disposals
( 16,250)
( 56,484)
( 72,734)
------------
---------
--------
---------
------------
At 29 February 2024
4,124,716
373,753
53,564
838,947
5,390,980
------------
---------
--------
---------
------------
Depreciation
At 1 March 2023
465,552
108,383
35,098
372,951
981,984
Charge for the year
8,047
37,626
6,124
110,828
162,625
Disposals
( 10,129)
( 55,711)
( 65,840)
------------
---------
--------
---------
------------
At 29 February 2024
473,599
135,880
41,222
428,068
1,078,769
------------
---------
--------
---------
------------
Carrying amount
At 29 February 2024
3,651,117
237,873
12,342
410,879
4,312,211
------------
---------
--------
---------
------------
At 28 February 2023
3,659,164
194,720
18,466
164,106
4,036,456
------------
---------
--------
---------
------------
Company
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
4,124,716
101,997
48,356
463,690
4,738,759
Additions
96,559
96,559
Disposals
( 56,484)
( 56,484)
------------
---------
--------
---------
------------
At 29 February 2024
4,124,716
101,997
48,356
503,765
4,778,834
------------
---------
--------
---------
------------
Depreciation
At 1 March 2023
465,552
63,921
33,442
370,880
933,795
Charge for the year
8,047
7,512
4,833
46,030
66,422
Disposals
( 55,711)
( 55,711)
------------
---------
--------
---------
------------
At 29 February 2024
473,599
71,433
38,275
361,199
944,506
------------
---------
--------
---------
------------
Carrying amount
At 29 February 2024
3,651,117
30,564
10,081
142,566
3,834,328
------------
---------
--------
---------
------------
At 28 February 2023
3,659,164
38,076
14,914
92,810
3,804,964
------------
---------
--------
---------
------------
The investment properties were revalued on 28th February 2022; The valuation was carried out by the directors; The properties are valued at a fair market value. In the opinion of the directors there has been no change in the value of the properties in the year.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
£
At 29 February 2024
113,233
---------
At 28 February 2023
49,085
---------
The company has no tangible assets held under finance lease or hire purchase agreements.
12. Investments
Group
Other investments other than loans
£
Cost
At 1 March 2023
499,908
Disposals
( 499,908)
---------
At 29 February 2024
---------
Impairment
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
---------
At 28 February 2023
499,908
---------
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 March 2023
230
499,908
500,138
Disposals
( 499,908)
( 499,908)
----
---------
---------
At 29 February 2024
230
230
----
---------
---------
Impairment
At 1 March 2023 and 29 February 2024
----
---------
---------
Carrying amount
At 29 February 2024
230
230
----
---------
---------
At 28 February 2023
230
499,908
500,138
----
---------
---------
Listed investments
Group
Other investments other than loans
£
At 29 February 2024
Carrying value of listed investments
----
At 28 February 2023
Carrying value of listed investments
499,908
---------
Company
Other investments other than loans
£
At 29 February 2024
Carrying value of listed investments
----
At 28 February 2023
Carrying value of listed investments
499,908
---------
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Other investments other than loans
£
At 29 February 2024
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 28 February 2023
Aggregate cost
245,000
Aggregate depreciation
---------
Carrying value
245,000
---------
Company
Other investments other than loans
£
At 29 February 2024
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 28 February 2023
Aggregate cost
245,000
Aggregate depreciation
---------
Carrying value
245,000
---------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
M. A. Broughton (Electrical Contractors) Limited
Units 11 & 12
Ordinary and non-voting
85
Cromford Road Industrial Estate
Langley Mill
Nottingham
NG16 4FL
Broughton Contracting & Utility Services Limited
Lyndhurst
Ordinary
60
1 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
13. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
158,774
194,525
---------
---------
----
----
14. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,005,906
1,105,709
70,168
46,168
Amounts owed by group undertakings
457,006
527,006
Amounts owed by customers on construction contracts
352,873
422,950
Prepayments and accrued income
134,761
123,852
54,355
46,965
Other debtors
66,600
150,860
6,877
3,428
------------
------------
---------
---------
1,560,140
1,803,371
588,406
623,567
------------
------------
---------
---------
The debtors above include the following amounts falling due after more than one year:
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
156,302
135,065
---------
---------
----
----
15. Creditors: Amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
7,978
7,782
Trade creditors
330,951
415,079
3,645
5,149
Accruals and deferred income
130,542
121,468
7,468
5,210
Corporation tax
209,622
139,006
99,623
36,684
Social security and other taxes
82,059
69,845
1,381
Obligations under finance leases and hire purchase contracts
31,260
11,515
Director loan accounts
1,000
1,000
Other creditors
33,856
18,712
5
5
---------
---------
---------
--------
827,268
783,407
111,741
48,429
---------
---------
---------
--------
Amounts due under hire purchase contracts are secured on the assets to which they relate.
16. Creditors: Amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
17,276
25,254
Obligations under finance leases and hire purchase contracts
56,273
23,214
--------
--------
----
----
73,549
48,468
--------
--------
----
----
Amounts due under hire purchase contracts are secured on the assets to which they relate.
17. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
31,260
11,515
Later than 1 year and not later than 5 years
56,273
23,214
--------
--------
----
----
87,533
34,729
--------
--------
----
----
18. Provisions
Group
Deferred tax (note 19)
£
At 1 March 2023
138,422
Additions
43,039
---------
At 29 February 2024
181,461
---------
Company
Deferred tax (note 19)
£
At 1 March 2023
101,507
Additions
16,559
---------
At 29 February 2024
118,066
---------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 18)
181,461
138,422
118,066
101,507
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
95,591
73,160
32,196
36,245
Revaluation of tangible assets
85,870
65,262
85,870
65,262
---------
---------
---------
---------
181,461
138,422
118,066
101,507
---------
---------
---------
---------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 39,070 (2023: £ 36,512 ).
21. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
700
700
----
----
----
----
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
98
98
98
98
A Ordinary shares of £ 1 each
1
1
1
1
B Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
100
100
100
100
----
----
----
----
23. Reserves
Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 Mar 2023
Cash flows
At 29 Feb 2024
£
£
£
Cash at bank and in hand
2,296,167
968,624
3,264,791
Debt due within one year
(19,297)
(20,941)
(40,238)
Debt due after one year
(48,468)
(25,081)
(73,549)
------------
---------
------------
2,228,402
922,602
3,151,004
------------
---------
------------
25. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr M Broughton
( 2,000)
2,000
-------
-------
----
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr M Broughton
----
----
----