Company registration number 01293674 (England and Wales)
VASCROFT CONTRACTORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
VASCROFT CONTRACTORS LIMITED
COMPANY INFORMATION
Directors
Mr S K Vekaria
Mr M S Vekaria
Secretary
Mrs C Vora
Company number
01293674
Registered office
Vascroft Estate
861 Coronation Road
Park Royal
London
NW10 7PT
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
HSBC Bank Plc
Level 6
71 Queen Victoria Streey
London
EC4V 4AY
Solicitors
Hill Dickinson LLP
The Broadgate Tower
20 Primrose Street
London
EC2A 2EW
VASCROFT CONTRACTORS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
VASCROFT CONTRACTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

Review of the business

The year ended 31 August 2024 marked another milestone in the continued growth and success of Vascroft Contractors Limited. Turnover for the year rose to £53m, a 18% increase from £45m in 2023, reflecting increased client acquisition and retention. Operating profit grew to £8.3m (2023: £6.5m), highlighting improved operational efficiencies and strategic cost management. The company’s net assets at year-end stood at £20.6m, a notable 10% improvement over the prior year’s £18.8m. These results align closely with the board’s strategic goals and expectations.

 

As we slowly approach our 50th year anniversary, the company continues to demonstrate excellence across the construction sector. This year, we secured several high-value projects in core sectors such as hotels, residential and commercial developments, reinforcing our reputation as a trusted contractor. Through a blend of innovative construction solutions and a client-centric approach, Vascroft continues to expand its market presence while maintaining high standards of quality, sustainability, and efficiency. The company also retained its long-standing ISO 9001 and ISO 14001 certifications, reaffirming our commitment to quality management and environmental stewardship.

Principal risks and uncertainties

The company uses various financial instruments including cash and various items which arise directly from its operations such as trade debtors and trade creditors. The main purpose of these are to raise working capital and carry out business operations.

The main risks arising from the company’s financial instruments are market risk, liquidity risk, interest rate risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below.

Market risk

Market risk encompasses two types of risk being interest rate risk and price risk.

Interest rate risk

The company finances its operations through a mixture of retained profits and bank borrowings. The borrowings bear interest at a floating rate and the company's interest expense is therefore affected by movements in interest rates.

Price risk

Price risk mainly arises from the time delay between the start of a tendering process for any materials to when they are procured. This risk is mitigated by factoring inflation rate into tender prices for any project. Any increase in the price of materials is notified to the company by our specialist buyer and suppliers in advance

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available through an overdraft facility to meet foreseeable needs at any given point. The directors review weekly cash reports which enable them to plan accordingly for any significant expenditure.

Credit risk

The company’s principal financial assets are debtors, and the principal credit risk arises from these debtors. In order to manage credit risk, the directors have introduced a credit checking facility by subscribing to an independent agency. This provides all financial details and trading history needed to consider risk associated with new clients and especially with fast-track projects for example restaurants. On larger projects invoices are raised monthly and collection made accordingly. The company also seeks deposits upfront for some projects.

 

VASCROFT CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Key performance Indicators

The company’s key performance indicators are revenue, gross margin, and net assets. These allow the directors and the management to monitor the growth as well as the profitability of the company. Turnover for the year generated from the principal business activities amounted to £53m (2023: £45m) whilst our headline gross margin was £16.1m (2023: £10.6m). The net assets position as at the year-end was £20.6m (2023: £18.8m). Our focus remains on the principle of not chasing higher turnover levels with compromised margins and as such the performance is in line with the expectations as set by the board. The directors consider these performance indicators to be satisfactory. The company maintains a satisfactory order book that entails all current secured jobs which is used as an indicator of future business activity levels.

 

The key non-financial performance indicators of the company are timely and quality delivery of the provision of construction services as per agreements with clients, and stakeholder relationships.

 

The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business performance review.

 

Outlook and future developments

The company’s strategic focus is to enhance its market position, to invest in and to continue developing its core strengths across the hotel, residential, commercial and community sectors. It continues to see challenging turbulent conditions predominate across the industry, with competitive pressures impacting on margins and profitability. Despite the macro-economic conditions, the company’s track record on deliverance and integrated offer of design, construction, boutique, and be-spoke solutions has enabled it to secure significant projects.

 

Our people remain at the heart of our business. They have shown great resilience and dedication during the construction industry's prolonged period of adverse conditions.

Vision, mission and values

Our vision is exciting and ambitious. We aim to target profitable growth, build business within our key markets and with our existing clients, whilst also exploring further opportunities to broaden our client base and pursue new markets. We will also build on our considerable success and expertise to provide a truly integrated service for our clients.

 

Mission — To be the contractor of choice for all our clients and to continue to build positive relationships to deliver excellence.

 

Values - The guiding principles behind the growth of Vascroft Contractors Ltd have been to provide quality, value, experience, partnership, service excellence and consistency. Living and working by these principles, is at the heart of our success. Our team of dedicated professionals are enhanced with continuous professional developments through various mediums of training. Coupled with our commitment to putting our clients’ needs first, we derive great pleasure in exceeding their expectations. We continue to build on the principles of being accountable, with a can-do approach to deliver as one integrated team.

 

We strive to offer an unbeatable range of advisory, construction and refurbishment services and thrill at taking on challenges that have defeated others. Providing a truly integrated one stop shop solution for clients, our approach to all of these challenges has remained consistent over the decades.

 

A team of approximately 100 professionals is also integral to our success. Our staff are undoubtedly our greatest assets. They are committed to putting our customers’ needs first and all share a passion for the company. Many of them have been with us for years and they know it’s more important to do what’s right rather than what's easy. We know it’s important to employ the best because, that way, we deliver the best. We provide continuous staff development through training, seminars and exhibitions. This ensures our staff are up to date with current legislation, technological changes and modern methods of construction.

VASCROFT CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Section 172 statement

The directors, in good faith and in line with their duties have complied with the requirements of s172 of the Companies Act 2006, in promoting the long-term success of the Company for the benefit of all stakeholders. The following disclosure describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) and forms the directors’ statement required under section 414CZA of The Companies Act 2006.

 

Engagement with stakeholders

The directors consider its shareholders, employees, clients, suppliers, sub-contractors and local communities to be its core stakeholder groups. We are committed to effective engagement with all our stakeholders. We are mindful that success depends on our ability to engage effectively, work together constructively, and to consider all stakeholder views into account. We engage regularly with our stakeholders and address matters which concern them.

 

Shareholder

The group is headed by Vascroft Holdings Ltd. We create value for the Group by generating strong and sustainable results that translate into dividends. We discuss our performance in management meetings. The directors routinely engage with the Group on the performance of the business and develop a clear understanding of their needs and assess their perspectives through regular dialogue.

 

Employees

In line with Company’s ethos, protecting the health, safety and wellbeing of everyone who engages with our business is our number one priority. It continues to be our core focus, and we have sought to promote health and safety awareness updates to our employees and other stakeholders. This has also involved extensive training programs as well as an expansion of our health and safety team. Furthermore, we are committed to a diverse and inclusive work environment and helping our employees gain skills that support their personal ambitions and drive the business forward. The Company is conscious of the need to ensure effective training for employees and has developed various training initiatives inclusive of apprenticeships programs and supply chain CPD seminars of product and processes. All new employees attend a formal induction from our HR team, which includes a presentation on the company’s vision, mission and values.

 

Clients

We aim to develop long-term relationships with our clients by retaining their business as well as obtaining new clients through recommendations and tendering. Our order book remains resilient with secured projects to the value of £40m. Our mission statement is ‘to be the contractor of choice for all our clients and to continue to build positive relationships to deliver excellence’. We have a dedicated ‘After care’ department that specifically provides aftercare support to enhance client experience and ensure our projects are delivered to the highest possible standard.

 

Suppliers and Subcontractors

Our suppliers and subcontractors are critical to our operations, and we take a long-term collaborative approach to working with them. They take pride in representing our brand in the market. In addition to operating tender processes for a fair selection, we also strive to ensure payments are done in a timely manner to our supply chain and have continued doing so throughout the current challenging times.

 

Communities

As well as working on community projects such as temples, we also proactively engage with the local communities impacted by our projects to alleviate any concerns they may have. We engage with the local communities close to where we work in a number of ways, including regular project updates through letters and newsletters as well as visits to and from local schools and universities to build engagement. We encourage people to get in touch with us if they have any concerns.

 

Principal decisions

We define principal decisions as those that are material to the Company and those that are significant to our stakeholders. The Directors have considered the outcomes from our stakeholder engagement as well as the need to maintain the Company’s reputation for high standards of business conduct and to act fairly. As stated above, a significant amount of our workload is undertaken for existing and retained clients. As part of the procurement process for securing these projects there is normally a lot of emphasis on how we engage with our employers, suppliers, sub-contractors and the local communities we work in.

VASCROFT CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

This report was approved by the board and signed on its behalf.

Mr M S Vekaria
Director
29 November 2024
VASCROFT CONTRACTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company continued to be that of carrying out construction activities. Since incorporation in January 1977 it has specialised in the construction and refurbishment of high end residential projects, elegant hotels, prestigious restaurants, commercial developments, schools, religious buildings and medical centres.

 

The company has four in-house divisions, namely Vascroft Contractors, Vascroft Joinery Services, Vascroft Mechanical and Electrical Services and Vascroft Metal Fabrication.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £5,000,000. The directors do not recommend payment of a final dividend (2023: £4,000,000).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S K Vekaria
Mr M S Vekaria
Qualifying third party indemnity provisions

The company has granted an indemnity to one or more of its Directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Director's Report.

Auditor

The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As per the requirements of the Companies (Directors’ Report and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 which came into force on 1 April 2019, the company is required to present the carbon footprint of its operations and measures introduced to improve efficiency.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,025,112
1,034,611
VASCROFT CONTRACTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
65.83
65.49
- Fuel consumed for owned transport
64.22
69.05
130.05
134.54
Scope 2 - indirect emissions
- Electricity purchased
98.47
94.06
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
228.52
228.60
Intensity ratio
Kilogram C02e per £
0.0043
0.0051
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric Kg CO2e per £ Turnover, the recommended ratio for the sector.

 

Data Assumptions

• Assumption made that fleet and company owned vehicles are all medium engine sized.

• Sites excluded in this report are energy consumption controlled by Client.

Measures taken to improve energy efficiency

We have implemented the policies below for the purpose of increasing energy efficiency.

 

 

 

We are committed to responsible energy management and will practice energy efficiency throughout our organization, wherever it is cost effective. We recognize that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions. Company operates to ISO 14001:2015 Environment Management System and promotes sustainability in built environment design.

VASCROFT CONTRACTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr M S Vekaria
Director
29 November 2024
VASCROFT CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VASCROFT CONTRACTORS LIMITED
- 8 -
Opinion

We have audited the financial statements of Vascroft Contractors Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

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 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group's ability to continue as going concern.

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 contained within the annual report. 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. 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 course of 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 our audit:

VASCROFT CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VASCROFT CONTRACTORS LIMITED (CONTINUED)
- 9 -
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 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:

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 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.

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.

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

Extent to which the audit was considered capable of detecting irregularities , including fraud and non-compliance with laws and regulations

To identify risks of material misstatement due to any irregularities, including fraud and non-compliance with laws and regulations, we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

 

 

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

 

VASCROFT CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VASCROFT CONTRACTORS LIMITED (CONTINUED)
- 10 -

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

To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

 

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: Buildings Regulations, 2010 and healthcare and safety legislation regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Shilpa Chheda
Senior Statutory Auditor
For and on behalf of KLSA LLP
29 November 2024
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
VASCROFT CONTRACTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
2024
2023
Notes
£
£
Revenue
3
53,131,844
45,008,321
Cost of sales
(37,065,189)
(34,451,739)
Gross profit
16,066,655
10,556,582
Administrative expenses
(7,838,725)
(4,086,949)
Other operating income
43,171
37,642
Operating profit
4
8,271,101
6,507,275
Investment income
8
657,713
491,216
Profit before taxation
8,928,814
6,998,491
Tax on profit
9
(2,104,019)
(1,243,172)
Profit for the financial year
6,824,795
5,755,319

The income statement has been prepared on the basis that all operations are continuing operations.

VASCROFT CONTRACTORS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2024
31 August 2024
- 12 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
499,233
404,262
Investments
12
55
-
0
499,288
404,262
Current assets
Trade and other receivables falling due after more than one year
14
535,602
9,802,514
Trade and other receivables falling due within one year
14
24,857,889
14,222,674
Cash and cash equivalents
12,702,968
5,858,654
38,096,459
29,883,842
Current liabilities
15
(13,436,326)
(8,381,755)
Net current assets
24,660,133
21,502,087
Total assets less current liabilities
25,159,421
21,906,349
Non-current liabilities
16
(365,224)
(434,561)
Provisions for liabilities
Provisions
17
4,052,872
2,579,000
Deferred tax liability
18
124,808
101,066
(4,177,680)
(2,680,066)
Net assets
20,616,517
18,791,722
Equity
Called up share capital
20
55,100
55,100
Other reserves
8,269
8,269
Retained earnings
20,553,148
18,728,353
Total equity
20,616,517
18,791,722
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr S K Vekaria
Mr M S Vekaria
Director
Director
Company registration number 01293674 (England and Wales)
VASCROFT CONTRACTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Share capital
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 September 2022
55,100
8,269
16,973,034
17,036,403
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
5,755,319
5,755,319
Dividends
10
-
-
(4,000,000)
(4,000,000)
Balance at 31 August 2023
55,100
8,269
18,728,353
18,791,722
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
6,824,795
6,824,795
Dividends
10
-
-
(5,000,000)
(5,000,000)
Balance at 31 August 2024
55,100
8,269
20,553,148
20,616,517
VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
1
Accounting policies
Company information

Vascroft Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Vascroft Estate, 861 Coronation Road, Park Royal, London, NW10 7PT.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Vascroft Holdings Limited as at 31 August 2024. These consolidated financial statements are available from its registered office, Vascroft Estates, 861 Coronation Road, Park Royal, London, NW10 7PT.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The directors are not aware of any likely events, conditions or business risks beyond this period that may cast significant doubt on the company's ability to continue as a going concern. Accordingly, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and so continue to prepare to prepare these financial statements on the going concern

basis.

 

VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised.

 

Rendering of services

 

In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is reference to the stage of completion of each contract, once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to the Balance Sheet date on each project. Full provision is made for losses estimated by the directors on all contracts in the year in which the loss is first foreseen. Such estimates are based upon the directors' experience and relevant professional advice.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is recognised on receipt as per contractual terms.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% Reducing Balance
Fixtures and fittings
15% Reducing Balance
Motor vehicles
25% Reducing Balance

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 or loss.

1.5
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

 

 

 

 

VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

 

 

 

VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to the consolidated statement of comprehensive income in the year that the group becomes aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are charged to the provision carried in the statement of financial position.

1.12
Employee benefits

The costs 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 non-current 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.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15

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.

 

The Company provides a one-year warranty covering defects specific to its portion of contracts on construction projects, and accrues future estimated expenses against current operations.

 

The stage of completion of each contract is measured by work done which is certified by the internal and external valuers so that the appropriate amount is recognise in a given period.

VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Debtor recoverability

Where outstanding customer debt from 31 August 2024 has still to be wholly or partially recovered by the date of the approval of these financial statements, management have exercised judgment in providing for any bad or doubtful debt. Management has individually considered each outstanding remaining debt in terms of payment history, the status of the current commercial relationship and any future committed business in reaching their decision of the appropriate level of provision to make for each customer.

Rendering of services and loss-making contracts

In respect of long-term contracts, turnover represents the value of the work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion of each contract, once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to the Statement of Financial Position date on each project. Full provision is made for losses estimated by the directors on all contracts in the year in which the loss is first foreseen. Such estimates are based upon the directors' experience and relevant professional advice.

Useful Life of Property, Plant and Equipment

Management reviews the useful lives, depreciation methods and residual values of the items of tangible fixed assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of tangible fixed assets is disclosed in note 11 respectively.

 

Valuation of work in progress

The stage of completion of each contract is measured by work done which is certified by the internal valuer so that the appropriate amount is recognise in a given period

3
Revenue

An analysis of the company's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Construction services
53,131,844
45,008,321
VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
657,713
491,216
Rent receivable
23,101
23,487
Other income
20,070
14,155

All turnover arose within the United Kingdom.

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned property, plant and equipment
96,149
66,937
Loss/(profit) on disposal of property, plant and equipment
44,842
(2,402)
Operating lease charges
444,000
444,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
32,500
19,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production staff
25
25
Administrative staff
35
33
Management staff
2
2
Total
62
60
VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,490,144
3,576,268
Social security costs
135,883
138,782
Pension costs
374,392
368,061
4,000,419
4,083,111
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
525,189
509,322
Company pension contributions to defined contribution schemes
60,000
60,000
585,189
569,322

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
272,150
263,750
8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
41,529
31,536
Other interest income
616,184
459,680
Total income
657,713
491,216
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
41,529
31,536
VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,080,276
1,249,809
Deferred tax
Origination and reversal of timing differences
23,743
(6,637)
Total tax charge
2,104,019
1,243,172

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
8,928,814
6,998,491
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.51%)
2,232,204
1,505,725
Tax effect of expenses that are not deductible in determining taxable profit
264
390
Permanent capital allowances in excess of depreciation
(23,743)
5,710
Research and development tax credit
(128,449)
(261,724)
Movement in deferred tax
23,743
(6,637)
Effect of super tax deduction
-
0
(292)
Taxation charge for the year
2,104,019
1,243,172
10
Dividends
2024
2023
£
£
Interim paid
5,000,000
4,000,000
VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
11
Property, plant and equipment
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
501,588
179,714
384,810
1,066,112
Additions
38,431
19,619
204,329
262,379
Disposals
(130,404)
(75,451)
(109,089)
(314,944)
At 31 August 2024
409,615
123,882
480,050
1,013,547
Depreciation and impairment
At 1 September 2023
268,200
121,131
272,519
661,850
Depreciation charged in the year
27,184
11,732
57,233
96,149
Eliminated in respect of disposals
(89,653)
(56,412)
(97,620)
(243,685)
At 31 August 2024
205,731
76,451
232,132
514,314
Carrying amount
At 31 August 2024
203,884
47,431
247,918
499,233
At 31 August 2023
233,388
58,583
112,291
404,262
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
55
-
0
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023
-
Additions
55
At 31 August 2024
55
Carrying amount
At 31 August 2024
55
At 31 August 2023
-
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Uxbridge Ventures Limited
England and Wales
Finance company
Ordinary
54.54
14
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
2,677,499
1,364,651
Gross amounts owed by contract customers
3,467,031
1,881,608
Amounts owed by group undertakings
16,495,668
7,930,247
Other receivables
1,963,476
2,706,276
Prepayments and accrued income
254,215
339,892
24,857,889
14,222,674
Trade receivables
535,602
2,302,514
Other loans
-
7,500,000
Total debtors
25,393,491
24,025,188
15
Current liabilities
2024
2023
£
£
Trade payables
1,950,659
2,096,257
Corporation tax
880,276
649,809
Other taxation and social security
2,768,809
1,043,704
Accruals and deferred income
7,836,582
4,591,985
13,436,326
8,381,755
16
Non-current liabilities
2024
2023
£
£
Trade payables
365,224
434,561
VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
17
Provisions for liabilities
2024
2023
£
£
Provision for contract losses
4,052,872
2,579,000
Movements on provisions:
Provision for contract losses
£
At 1 September 2023
2,579,000
Additional provisions in the year
4,052,872
Reversal of provision
(2,579,000)
At 31 August 2024
4,052,872

Provisions for liabilities

Provisions are made for sales contracts where the company has a legal or constructive obligation to deliver services and a reliable estimate of the contract specific costs still expected to be incurred as of the balance sheet date exceed the related contract income to be earned. The excess cost provided for is charged as an expense to the profit and loss account in the period that the company becomes aware of the obligation and the liability is recorded in provisions. When costs are incurred, they are charged against the provision carried in the balance sheet.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
124,808
101,066
2024
Movements in the year:
£
Liability at 1 September 2023
101,066
Charge to profit or loss
23,742
Liability at 31 August 2024
124,808
VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
374,392
368,061

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

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
55,100
55,100
55,100
55,100
21
Financial commitments, guarantees and contingent liabilities

The company has given Composite Company Unlimited Multilateral guarantee to the group companies.

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
444,000
444,000
Between two and five years
810,148
1,254,148
1,254,148
1,698,148
23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
49,684
80,646
Key management personnel
3,652
13,722

 

 

 

 

 

VASCROFT CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
23
Related party transactions
(Continued)
- 28 -
Other information

The company has taken advantage of Financial Reporting Standard 102 section 33 "Related Party Disclosures" and has not disclosed transactions with group members on the basis that the results are included within consolidation financial statements of Vascroft Holdings Limited that are publicly available.

 

Loan amounting to £3,000,000 (2023: £7,500,000) were granted to group companies on commercial terms which are secured against debenture on the assets of the borrowing company.

 

Key management personnel compensation was £788,367 (2023: £764,416).

24
Ultimate controlling party

As at 31 August 2024, the ultimate parent and controlling party is the SAV Trust.

 

The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by Vascroft Holdings Limited, the immediate parent. Its registered head office is located at Vascroft Estate, 861 Coronation Road, Park Royal, London NW10 7PT.

2024-08-312023-09-01falseCCH SoftwareCCH Accounts Production 2024.200Mr S K VekariaMr M S VekariaMrs C Vorafalsefalse012936742023-09-012024-08-3101293674bus:Director12023-09-012024-08-3101293674bus:Director22023-09-012024-08-3101293674bus:CompanySecretary12023-09-012024-08-3101293674bus:RegisteredOffice2023-09-012024-08-3101293674bus:Agent12023-09-012024-08-31012936742024-08-31012936742022-09-012023-08-3101293674core:RetainedEarningsAccumulatedLosses2022-09-012023-08-3101293674core:RetainedEarningsAccumulatedLosses2023-09-012024-08-31012936742023-08-3101293674core:PlantMachinery2024-08-3101293674core:FurnitureFittings2024-08-3101293674core:MotorVehicles2024-08-3101293674core:PlantMachinery2023-08-3101293674core:FurnitureFittings2023-08-3101293674core:MotorVehicles2023-08-3101293674core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3101293674core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3101293674core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3101293674core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3101293674core:Non-currentFinancialInstruments2024-08-3101293674core:Non-currentFinancialInstruments2023-08-3101293674core:CurrentFinancialInstruments2024-08-3101293674core:CurrentFinancialInstruments2023-08-3101293674core:ShareCapital2024-08-3101293674core:ShareCapital2023-08-3101293674core:OtherMiscellaneousReserve2024-08-3101293674core:OtherMiscellaneousReserve2023-08-3101293674core:RetainedEarningsAccumulatedLosses2024-08-3101293674core:RetainedEarningsAccumulatedLosses2023-08-3101293674core:ShareCapital2022-08-3101293674core:RetainedEarningsAccumulatedLosses2022-08-3101293674core:PlantMachinery2023-09-012024-08-3101293674core:FurnitureFittings2023-09-012024-08-3101293674core:MotorVehicles2023-09-012024-08-3101293674core:UKTax2023-09-012024-08-3101293674core:UKTax2022-09-012023-08-310129367412023-09-012024-08-310129367412022-09-012023-08-310129367422023-09-012024-08-310129367422022-09-012023-08-3101293674core:PlantMachinery2023-08-3101293674core:FurnitureFittings2023-08-3101293674core:MotorVehicles2023-08-31012936742023-08-3101293674core:Subsidiary12023-09-012024-08-3101293674core:Subsidiary112023-09-012024-08-3101293674core:WithinOneYear2024-08-3101293674core:WithinOneYear2023-08-3101293674core:BetweenTwoFiveYears2024-08-3101293674core:BetweenTwoFiveYears2023-08-3101293674core:AllSubsidiariescore:SaleOrPurchaseGoods2023-09-012024-08-3101293674core:AllSubsidiariescore:SaleOrPurchasePropertyOrOtherAssets2022-09-012023-08-3101293674core:KeyManagementPersonnelcore:SaleOrPurchaseGoods2023-09-012024-08-3101293674core:KeyManagementPersonnelcore:SaleOrPurchaseGoods2022-09-012023-08-3101293674bus:PrivateLimitedCompanyLtd2023-09-012024-08-3101293674bus:FRS1022023-09-012024-08-3101293674bus:Audited2023-09-012024-08-3101293674bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP