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REGISTERED NUMBER: 03025383 (England and Wales)















RANDALLS (GROUNDWORKS) LIMITED

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024






RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)






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 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


RANDALLS (GROUNDWORKS) LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Randall
C W Davies
H L John
M J Sheppard
D Machajewski





SECRETARY: C Randall





REGISTERED OFFICE: Unit 2 Cwmdraw Industrial Estate
Newtown
Ebbw Vale
NP23 5AE





REGISTERED NUMBER: 03025383 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company.

The company continues to operate as a groundwork contractor to major UK house builders within the South Wales region. The company's revenue increased by 19.45% to £20.8m (2023: £17.4m). During the year, the company had been awarded new contracts with an average length of three years, the company continues to successfully tender for new contracts post year end. Gross profits margins are slightly lower this year than previous years, this is due to inflationary pressures within the UK economy.

The company continued to employ strong personnel with reputable backgrounds, this policy along with other business strategies taken by the directors, ensured that the company has a strong platform to build upon. It is in the view of the directors that the company ended the year with the necessary structure and resources to continue.

The company's key performance indicators of the effectiveness of its operations is both the gross and net profit margin, the directors continues to improve efficiencies within the company.

2024 2023 2022
Turnover £20,777,342 £17,394,004 £13,699,964
Turnover growth 19.45% 27.24% 41.65%
Gross profit margin 7.44% 9.02% 8.71%
Profit before tax £291,970 £528,116 £267,137

The long term goal of the company is to increase turnover and profitability whilst maintaining its reputation and financial decision making. The company has continued to invest within the group, with investment in fixed assets, its employees, training and improvement of IT systems, this approach as resulted in an increase in the company's net profit margin

The company has maintained a strong balance sheet, with cash reserves healthy at all times. Bad debt is very low, and risk is subsequently a lot lower than the construction industry as a whole, due to reputable client base and the company's business plan.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a highly competitive market which is a continuing risk to the company and could result in losing sales to its key competitors. The company manages this risk by focusing on quality of service.

The company's principle financial instruments comprise of bank balances, bank overdrafts, trade creditors, trade debtors, support from group companies. The company does not use derivative financial instruments for speculative purposes.

The company's principal financial assets are bank balances, cash, trade and other receivables.

The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, we use a mixture of long term equity and short term debt finance and bank overdraft funding if needed.

We are optimistic about the future prospects of the company as the much publicised shortage of housing in the country ensures demand for our services. We have an established team which allows us to diversify between the public and private sector housing markets.

Labour shortages - the industry has experienced a record number of labour shortages and as such, is continuously high on the company's risk register. We have managed to deliver our services in line with client requirements, even through times of difficult recruitment periods. The company has a low turnover of staff in management positions, which maintains consistency in our workforce.

Inflation and material increases - consumer price inflation has eased during the period but like other sectors the cost of materials, goods and services continues to be high. The company has continued to negotiate terms and prices with supply chain and procured in bulk for economies of scale to reduce costs on high usage materials. The company's long term contracts have consumer price inflation increases built in and as such have worked with clients to apply these appropriately across the contracts. Any new contracts have been priced appropriately and where approvals are taking longer than expected, have been re-priced appropriately in line with the period inflation.

The directors are confident that the group has sufficient working capital to fund the business during these uncertain times.


RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

Strategic Report
for the Year Ended 31 March 2024

RESEARCH AND DEVELOPMENT
The company is currently undertaking research and development to improve and develop on groundwork activities within the sector.

ON BEHALF OF THE BOARD:





M Randall - Director


9 September 2024

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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 civil engineering.

DIVIDENDS
An interim dividend of £35.2698 per share was paid 28 March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £352,693.

FUTURE DEVELOPMENTS
The company actively tenders for development contracts and continues to be successful in being awarded new contracts. The company continues to invest in IT systems and its workforce.

The board of directors and the senior management team have collectively implemented initiatives to achieve a sustainable future for the business. We continue to monitor our capital expenditure, liquidity, funding and financial risk management to ensure the company is well positioned to manage any future periods of uncertainty. We have in place procedures and policies to allow works to continue in a safe and efficient manner. The processes that we have in place provide a solid foundation and the directors are confident of continued successful growth.

During the year the group acquired a waste management company which compliments the activities of the group. This acquisition allows the group/company to manage its waste products effectively resulting in an increase in the recycling of the construction waste of the group/company.

We are confident that this multi-faceted approach to improve the business will place us in a sustainable position for the future.

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

M Randall
C W Davies
H L John
M J Sheppard

Other changes in directors holding office are as follows:

D Machajewski - appointed 1 April 2023

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the company's operations and to provide working capital.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

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.

Financial support from parent and other subsidiary undertakings is provided and available to support financing the company's operations.


RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

Report of the Directors
for the Year Ended 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;
- 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.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Randall - Director


9 September 2024

Report of the Independent Auditors to the Members of
Randalls (Groundworks) Limited

Opinion
We have audited the financial statements of Randalls (Groundworks) Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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.

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.

Report of the Independent Auditors to the Members of
Randalls (Groundworks) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities 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.

Report of the Independent Auditors to the Members of
Randalls (Groundworks) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 industry and sector, control environment and business performance including the company's
performance targets and tenders for new contracts;
- Results of the enquiries of management about their own identification and assessment of the risks of
irregularities;
- Any matters we have identified having obtained and reviewed the company's documentation of their
policies and procedures relating to:
-- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud;
-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-- the matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, provisions for foreseeable losses on contracts and value of stocks. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- reviewing correspondence with HMRC;
and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are
unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.
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:

Report of the Independent Auditors to the Members of
Randalls (Groundworks) Limited


- The nature of the industry and sector, control environment and business performance including the company's
performance targets and tenders for new contracts;
- Results of the enquiries of management about their own identification and assessment of the risks of
irregularities;
- Any matters we have identified having obtained and reviewed the company's documentation of their
policies and procedures relating to:
-- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud;
-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-- the matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, provisions for foreseeable losses on contracts and value of stocks. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gareth Francis (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

11 September 2024

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 20,777,342 17,394,004

Cost of sales 19,231,775 15,825,291
GROSS PROFIT 1,545,567 1,568,713

Administrative expenses 1,248,067 1,024,332
OPERATING PROFIT 4 297,500 544,381

Interest receivable and similar income 4,284 -
301,784 544,381

Interest payable and similar expenses 5 9,814 16,265
PROFIT BEFORE TAXATION 291,970 528,116

Tax on profit 6 (10,038 ) 95,656
PROFIT FOR THE FINANCIAL YEAR 302,008 432,460

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

302,008

432,460

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 348,263 313,153
Investments 9 - 32,151
348,263 345,304

CURRENT ASSETS
Stocks 10 280,859 353,365
Debtors 11 2,688,252 2,834,411
Cash at bank and in hand 820,478 1,541,035
3,789,589 4,728,811
CREDITORS
Amounts falling due within one year 12 3,233,233 4,150,124
NET CURRENT ASSETS 556,356 578,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

904,619

923,991

PROVISIONS FOR LIABILITIES 15 434,667 403,354
NET ASSETS 469,952 520,637

CAPITAL AND RESERVES
Called up share capital 16 100,000 100,000
Retained earnings 17 369,952 420,637
SHAREHOLDERS' FUNDS 469,952 520,637

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





M Randall - Director


RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100,000 545,926 645,926

Changes in equity
Dividends - (557,749 ) (557,749 )
Total comprehensive income - 432,460 432,460
Balance at 31 March 2023 100,000 420,637 520,637

Changes in equity
Dividends - (352,693 ) (352,693 )
Total comprehensive income - 302,008 302,008
Balance at 31 March 2024 100,000 369,952 469,952

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

1. STATUTORY INFORMATION

Randalls (Groundworks) 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 as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in theses financial statements are rounded to the nearest £.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepared 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of Randalls Holdings Limited. These consolidated financial statements are available from its registered office, Unit 2, Cwmdraw Industrial Estate, Newtown, Ebbw Vale NP23 5AE.

Significant judgements and estimates
The application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional 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 are recoverable.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Plant and machinery - 33% on cost and 25% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost and 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Stocks
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 cost. Adjusted where applicable for any loss of service potential.

Cash and Cash Equivalents
Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with banks and bank overdrafts. In the statement of financial position, bank overdrafts are shown within current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase are depreciated over their estimate useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

2. ACCOUNTING POLICIES - continued

Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. 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.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The 'percentage of completion method' is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. 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 it is probable they will be recovered.

Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

Provisions and contingencies
i) Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

ii) Contingencies
Contingent liabilities are not recognised, except those acquired in a business combination. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 10,714,533 7,483,644
Social security costs 109,779 99,483
Other pension costs 70,483 24,613
10,894,795 7,607,740

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

3. EMPLOYEES AND DIRECTORS - continued

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

Direct labour 88 88
Administration 43 43
Directors 4 3
135 134

31.3.24 31.3.23
£    £   
Directors' remuneration 426,434 293,026
Directors' pension contributions to money purchase schemes 11,245 7,884

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

Money purchase schemes 4 3

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 141,843 131,560
Pension contributions to money purchase schemes 3,975 3,619

Mr M Randall is remunerated by Randalls (Holdings) Limited for his services to the group as a whole. It is not practical to allocate the directors emoluments between the services to the company and other entities in the group.

4. OPERATING PROFIT

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

31.3.24 31.3.23
£    £   
Hire of plant and machinery 4,244,537 3,256,980
Depreciation - owned assets 5,162 13,279
Profit on disposal of fixed assets - (88,196 )

The auditors are remunerated by Randalls (Holdings) Limited for their services to the group as a whole. Audit fees relating to Randalls (Groundworks) Limited were £8,400. Remuneration for non-audit services was £1,000.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest 9,814 16,265

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 74,463 96,726
R&D refund (94,192 ) -
Total current tax (19,729 ) 96,726

Deferred tax 9,691 (1,070 )
Tax on profit (10,038 ) 95,656

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax (credit)/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:

31.3.24 31.3.23
£    £   
Profit before tax 291,970 528,116
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

72,993

100,342

Effects of:
Expenses not deductible for tax purposes 180 10,618
Capital allowances in excess of depreciation - (14,234 )
Depreciation in excess of capital allowances 1,290 -
Adjustments to tax charge in respect of previous periods (94,192 ) -

Origination and reversal of timing differences 9,691 (1,070 )
Total tax (credit)/charge (10,038 ) 95,656

7. DIVIDENDS
31.3.24 31.3.23
£    £   
Interim 352,693 557,749

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

8. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 365,343 18,750 148,145 46,257 578,495
Additions - - 40,272 - 40,272
At 31 March 2024 365,343 18,750 188,417 46,257 618,767
DEPRECIATION
At 1 April 2023 54,352 18,750 146,407 45,833 265,342
Charge for year 3,655 - 1,490 17 5,162
At 31 March 2024 58,007 18,750 147,897 45,850 270,504
NET BOOK VALUE
At 31 March 2024 307,336 - 40,520 407 348,263
At 31 March 2023 310,991 - 1,738 424 313,153

9. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 April 2023 32,151
Disposals (32,151 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 32,151

Cost or valuation at 31 March 2024 is represented by:

Listed
investments
£   
Valuation in 2017 2,941

10. STOCKS
31.3.24 31.3.23
£    £   
Stocks 237,670 345,739
Work-in-progress 43,189 7,626
280,859 353,365

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,954,876 2,484,957
Amounts owed by group undertakings 607,764 5,195
Other debtors 164 -
VAT 123,120 341,037
Prepayments and accrued income 2,328 3,222
2,688,252 2,834,411

Amounts due from group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. Included within trade debtors are retentions due of £846,756 (2023: £739,940)

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 13) - 8,516
Trade creditors 1,013,753 1,292,584
Amounts owed to group undertakings 471,163 622,822
Tax 74,463 96,726
Social security and other taxes 194,245 142,562
Other creditors 27,964 35,399
Payment received on account 129,327 397,970
Accruals and deferred income 1,322,318 1,553,545
3,233,233 4,150,124

Amounts due to group undertakings are unsecured, interest free, have no repayment date and are repayable on demand.

13. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 8,516

14. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans - 8,516

The bank overdraft is secured by a fixed and floating charge over the company's assets.

15. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 10,232 541
Foreseeable loss provision 424,435 402,813
434,667 403,354

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

15. PROVISIONS FOR LIABILITIES - continued

Deferred Other
tax provisions
£    £   
Balance at 1 April 2023 541 402,813
Provided during year - 21,622
Deferred tax movement 9,691 -
Balance at 31 March 2024 10,232 424,435

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100,000 Ordinary £1 100,000 100,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

17. RESERVES
Retained
earnings
£   

At 1 April 2023 420,637
Profit for the year 302,008
Dividends (352,693 )
At 31 March 2024 369,952

18. PENSION COMMITMENTS

The company operates a defined contribution scheme for all qualifying employes. The assets of the scheme are held separately from those of the company in an independently administered fund.

The charge to the profit and loss in respect of defined contribution scheme was £70,483 (2023: £24,613). The amount outstanding at the year end was £nil (2023: £nil).

19. ULTIMATE PARENT COMPANY

Randalls Holdings Limited is regarded by the directors as being the company's ultimate parent company.

20. OTHER FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

A company unlimited multilateral guarantee has been given by Randalls (Holdings) Limited, Randalls (Groundworks) Limited, Randalls Civils Limited, Randalls Properties Limited, Randalls Resource Limited and RGW Plant Limited to guarantee liabilities to Barclays Bank plc.

Barclays Bank plc hold a debenture including a fixed and floating charges over all assets and undertaking both present and future.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

RANDALLS (GROUNDWORKS) LIMITED (REGISTERED NUMBER: 03025383)

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

22. ULTIMATE CONTROLLING PARTY

The controlling party is M Randall.