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Registration number: 03999145

Bell Formwork & Civil Engineering Services Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Bell Formwork & Civil Engineering Services Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Balance Sheet

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 23

 

Bell Formwork & Civil Engineering Services Limited

Company Information

Directors

Mr R W Bell

Mr M R Bristow

Mr J R Smith

Company secretary

Mrs J L Bell

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Auditors

Cannon Williamson
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Bell Formwork & Civil Engineering Services Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the company is subcontracting in the construction industry.

Fair review of the business

During 2024, BFS achieved a strong performance through the continued focus on servicing our customers requirements, compliantly and efficiently. Through a combination of strong leadership, management and employing best in class workforce, the company achieved a strong financial
performance.

During the course of the year we continually invested in upskilling our workforce through providing training courses. We faced many challenges during the year, including but not limited to an increase in material costs, an increase in labour costs and most challenging a big increase in fuel costs with the
removal of the red diesel benefit.

Despite the above challenges and increases, the Directors are pleased to report that BFS made revenues in the year of £13,325,912 (2023 - £10,371,262) and a profit before tax of £4,292,158 (2023 – £2,181,158).

The business has continued to focus on gross margin maintenance through cost control and innovation to offset the macro-economic impacts the UK is experiencing including labour shortages and rising energy costs.

Financial Key Performance Indicators

The BFS Management assess performance together with regular forecasts and regular management accounts to measure progress. The financial key performance indicators are detailed below:

Revenue – This measure shows the success of the business in pricing works correctly to achieve profitability and allow the company continued growth.

Gross Margin – The gross margin and gross margin percentage are important indicators of financial performance and the company closely monitors margin achievement to understand any trends in pricing and operational performance.

Debtor and Creditor days and aged profiles – the company closely monitors its receipts and payments performance against terms to ensure not only working capital is effectively controlled, but to understand any issues quickly.

Due to the confidential nature and sensitivity of these measures, the targets and actual performance are not disclosed

Principal risks and uncertainties

 

Bell Formwork & Civil Engineering Services Limited

Strategic Report for the Year Ended 30 June 2024 (continued)

Volumes

BFS is reliant on securing sufficient volumes of projects, to support the business model. BFS has a broad range of clients and continues to look for more.

Material Pricing

BFS has core products in purchases, such as timber, concrete and rebar to name a few. Prices and trends are monitored continually to minimize this risk. BFS are fortunate to own a large storage yard where they can benefit from storing bulk purchases of these materials should pricing and cash flow allow.

War in Ukraine

This has had a direct impact on energy prices. The directors on constantly monitoring this and adjusting sales prices as necessary.

Approved and authorised by the Board on 2 January 2025 and signed on its behalf by:
 

.........................................
Mr R W Bell
Director

 

Bell Formwork & Civil Engineering Services Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr R W Bell

Mr M R Bristow

Mr J R Smith

Financial instruments

Objectives and policies

The company does not have any financial liabilties classed as financial instruments. The company does make use of its strong liquidity to invest in and hold equity financial instruments.

These assets are overseen by qualified fund managers and financial advisors. The aim is to exceed the return on capital represented by mainstream savings interest rates.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 2 January 2025 and signed on its behalf by:
 

.........................................
Mr R W Bell
Director

 

Bell Formwork & Civil Engineering Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Bell Formwork & Civil Engineering Services Limited

Independent Auditor's Report to the Members of Bell Formwork & Civil Engineering Services Limited

Opinion

We have audited the financial statements of Bell Formwork & Civil Engineering Services Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, 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 30 June 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Bell Formwork & Civil Engineering Services Limited

Independent Auditor's Report to the Members of Bell Formwork & Civil Engineering Services Limited (continued)

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 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:

 

Bell Formwork & Civil Engineering Services Limited

Independent Auditor's Report to the Members of Bell Formwork & Civil Engineering Services Limited (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and health and safety, employment and environmental law.
• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to amounts recoverable on contractual work.
• Assessing the extent of compliance, or lack of, with the relevant laws and regulations; in particular those that are central to the entities ability to continue in operation.
• Testing key revenue lines for evidence of management bias.
• Performing a physical verification of key assets..
• Obtaining third-party confirmation of material bank balances.
• Documenting and verifying all significant related party balances and transactions.
• Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Bell Formwork & Civil Engineering Services Limited

Independent Auditor's Report to the Members of Bell Formwork & Civil Engineering Services Limited (continued)

......................................
David Thomas Williamson (Senior Statutory Auditor)
For and on behalf of Cannon Williamson, Statutory Auditor

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

6 January 2025

 

Bell Formwork & Civil Engineering Services Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

13,074,369

10,373,922

Cost of sales

 

(8,029,948)

(7,054,228)

Gross profit

 

5,044,421

3,319,694

Distribution costs

 

(116,725)

(110,949)

Administrative expenses

 

(1,488,545)

(1,258,515)

Other operating income

4

11,100

11,100

Operating profit

6

3,450,251

1,961,330

Other interest receivable and similar income

7

507,330

220,228

Interest payable and similar charges

8

(38,184)

-

 

469,146

220,228

Profit before tax

 

3,919,397

2,181,558

Taxation

12

(1,007,116)

(465,331)

Profit for the financial year

 

2,912,281

1,716,227

Retained earnings brought forward

 

9,230,899

9,211,675

Dividends paid

 

(383,442)

(1,697,003)

Retained earnings carried forward

 

11,759,738

9,230,899

 

Bell Formwork & Civil Engineering Services Limited

(Registration number: 03999145)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

13

212,706

257,141

Investment property

14

230,000

230,000

Other financial assets

15

855,785

2,335,433

 

1,298,491

2,822,574

Current assets

 

Debtors

16

2,529,804

1,679,732

Cash at bank and in hand

 

10,136,837

5,951,030

 

12,666,641

7,630,762

Creditors: Amounts falling due within one year

18

(2,106,265)

(1,112,904)

Net current assets

 

10,560,376

6,517,858

Total assets less current liabilities

 

11,858,867

9,340,432

Provisions for liabilities

19

(61,609)

(72,013)

Net assets

 

11,797,258

9,268,419

Capital and Reserves

 

Called up share capital

1,070

1,070

Other reserves

36,450

36,450

Retained Earnings

11,759,738

9,230,899

Shareholders' funds

 

11,797,258

9,268,419

Approved and authorised by the Board on 2 January 2025 and signed on its behalf by:
 

.........................................
Mr R W Bell
Director

 

Bell Formwork & Civil Engineering Services Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

2,912,281

1,716,227

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

44,435

53,369

Profit on disposal of tangible assets

5

-

(20,601)

Finance income

7

(507,330)

(220,228)

Finance costs

8

38,184

-

Income tax expense

12

1,007,116

465,331

 

3,494,686

1,994,098

Working capital adjustments

 

Decrease in stocks

-

95,000

Increase in trade debtors

16

(850,072)

(279,325)

Increase/(decrease) in trade creditors

18

429,252

(288,430)

Increase in provisions

19

-

2,522

Cash generated from operations

 

3,073,866

1,523,865

Income taxes paid

12

(453,411)

(387,498)

Net cash flow from operating activities

 

2,620,455

1,136,367

Cash flows from investing activities

 

Interest received

7

507,329

220,228

Acquisitions of tangible assets

-

(48,220)

Proceeds from sale of tangible assets

 

-

46,500

Proceeds from disposal of investments in joint ventures and associates

 

1,590,983

-

Net cash flows from investing activities

 

2,098,312

218,508

Cash flows from financing activities

 

Interest paid

8

(38,184)

-

Dividends paid

23

(383,442)

(1,697,003)

Net cash flows from financing activities

 

(421,626)

(1,697,003)

Net increase/(decrease) in cash and cash equivalents

 

4,297,141

(342,128)

Cash and cash equivalents at 1 July

 

5,951,030

6,863,432

Purchase and revaluation of investments

 

(111,334)

(570,274)

Cash and cash equivalents at 30 June

 

10,136,837

5,951,030

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 2 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are recognised on an accruals basis in the period to which they relate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable properties. Observable market prices are used, adjusted if necessary for any difference in the nature, location or condition of the specific property. Changes in fair value are recognised in profit or loss. The fair value is considered annually, as this is considered to be the reaisable value no depreciation is charged.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Sale of goods

13,072,667

10,371,262

Grants received

1,702

2,660

13,074,369

10,373,922

The analysis of the company's turnover for the year by class of business is as follows:

2024
 £

2023
 £

Class 1

13,072,667

10,371,262

Class 2

1,702

2,660

13,074,369

10,373,922

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

3

Turnover (continued)

The analysis of the company's turnover for the year by market is as follows:

2024
 £

2023
 £

UK

13,074,369

10,373,922

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
 £

2023
 £

Rental income

11,100

11,100

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
 £

2023
 £

Gain/loss on disposal of property, plant and equipment

-

20,601

6

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

44,435

53,369

Operating lease expense - plant and machinery

1,492,432

932,958

Profit on disposal of property, plant and equipment

-

(20,601)

7

Other interest receivable and similar income

2024
 £

2023
 £

Interest income on bank deposits

322,792

36,794

Other finance income

184,538

183,434

507,330

220,228

8

Interest payable and similar expenses

2024
 £

2023
 £

Interest expense on other finance liabilities

38,184

-

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

726,212

695,070

Social security costs

74,975

77,975

Pension costs, defined contribution scheme

113,670

21,705

Other employee expense

33,583

24,945

948,440

819,695

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

2

2

Other departments

17

17

19

19

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

75,000

105,500

11

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

11,562

10,570


 

12

Taxation

Tax charged/(credited) in the profit and loss account

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

12

Taxation (continued)

2024
£

2023
£

Current taxation

UK corporation tax

1,017,520

453,411

Deferred taxation

Arising from origination and reversal of timing differences

(10,404)

11,920

Tax expense in the income statement

1,007,116

465,331

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

3,919,397

2,181,558

Corporation tax at standard rate

1,017,520

414,496

Effect of expense not deductible in determining taxable profit (tax loss)

-

104

Deferred tax credit relating to changes in tax rates or laws

(10,404)

-

UK deferred tax expense relating to changes in tax rates or laws

-

130,893

Tax increase from effect of capital allowances and depreciation

-

501

Tax decrease from changes in tax provisions due to legislation

-

(80,663)

Total tax charge

1,007,116

465,331

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

13

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

28,180

118,583

29,683

238,578

415,024

At 30 June 2024

28,180

118,583

29,683

238,578

415,024

Depreciation

At 1 July 2023

14,090

45,172

14,652

83,969

157,883

Charge for the year

2,818

14,683

2,115

24,819

44,435

At 30 June 2024

16,908

59,855

16,767

108,788

202,318

Carrying amount

At 30 June 2024

11,272

58,728

12,916

129,790

212,706

At 30 June 2023

14,090

73,411

15,031

154,609

257,141

Included within the net book value of land and buildings above is £11,272 (2023 - £14,090) in respect of freehold land and buildings.
 

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

14

Investment properties

2024
£

At 1 July

230,000

At 30 June

230,000

A valuation of the investment properties was carried out by Mr R W Bell, the director.

There has been no valuation of investment property by an independent valuer.

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

15

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2023

2,335,434

2,335,434

Revaluations

111,334

111,334

Additions

(1,590,983)

(1,590,983)

At 30 June 2024

855,785

855,785

Impairment

Carrying amount

At 30 June 2024

855,785

855,785

16

Debtors

2024
£

2023
£

Trade Debtors

7,153

489,203

Other debtors

861,755

3,053

Prepayments

196,760

173,320

Gross amounts due from customers for contract work

1,464,136

1,014,156

2,529,804

1,679,732

17

Cash and cash equivalents

2024
 £

2023
 £

Cash at bank

1,847,928

2,492,750

Short-term deposits

8,288,909

3,458,280

10,136,837

5,951,030

18

Creditors

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

18

Creditors (continued)

Note

2024
 £

2023
 £

Due within one year

 

Trade Creditors

 

497,738

451,281

Social security and other taxes

 

128,951

61,063

Other payables

 

75,193

11,034

Accrued expenses

 

376,957

126,209

Income tax liability

12

1,027,426

463,317

 

2,106,265

1,112,904

19

Provisions for liabilities

Deferred tax
£

Total
£

At 1 July 2023

72,013

72,013

Increase (decrease) in existing provisions

(10,404)

(10,404)

At 30 June 2024

61,609

61,609

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £113,670 (2023 - £21,705).

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

Ordinary A Non Voting Employee £1 of £1 each

10

10

10

10

Ordinary B Non Voting Employee £1 of £1 each

10

10

10

10

Ordinary C Non Voting Employee £1 of £1 each

10

10

10

10

Ordinary D Non Voting Employee £1 of £1 each

10

10

10

10

 

Bell Formwork & Civil Engineering Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

21

Share capital (continued)

Ordinary E Non Voting Employee £1 of £1 each

10

10

10

10

 

1,050

1,050

1,050

1,050

22

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

36,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2023 - £30,000).

23

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £Nil (2023 - £1,349.863) per each Ordinary Shares

 

-

 

1,349,863

Interim dividend of £12.00 (2023 - £2,289.10) per each Ordinary A Non Voting Employee £1

 

12,000

 

22,891

Interim dividend of £5,075.539 (2023 - £4,438.80) per each Ordinary B Non Voting Employee £1

 

50,795

 

44,388

Interim dividend of £10,549.813 (2023 - £10,590.80) per each Ordinary C Non Voting Employee £1

 

105,498

 

105,908

Interim dividend of £5,079.539 (2023 - £10,422.90) per each Ordinary D Non Voting Employee £1

 

50,795

 

104,229

Interim dividend of £10,549.813 (2023 - £3,500.00) per each Ordinary E Non Voting Employee £1

 

105,498

 

35,000

Interim dividend of £5,885.539 (2023 - £3,472.40) per each Ordinary G Non Voting Employee £1

 

58,855

 

34,724

   

383,442

 

1,697,003

Reconciliation to Dividends categories

Difference to be corrected

 

 

-