REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 April 2024 |
for |
Total Reclaims Demolition Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 April 2024 |
for |
Total Reclaims Demolition Limited |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
Total Reclaims Demolition Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Cabourn House, Station Street |
Bingham |
Nottinghamshire |
NG13 8AQ |
BANKERS: |
9 Church Street |
Mansfield |
Nottinghamshire |
NG18 1AF |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Strategic Report |
for the Year Ended 30 April 2024 |
The directors present their strategic report for the period 1 May 2023 to 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of demolition and materials reclamation. |
REVIEW OF BUSINESS |
Detailed below is a balanced and comprehensive review of the development and performance of Total Reclaims Demolition Limited (TRD), the business during 2023/24 and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and future challenges that TRD face. TRD's core business is in the demolition and construction industry. It is a leading UK demolition contractor. The company undertakes projects of a varied size and complexity from locations throughout the UK providing services across all demolition, reclamation, recycling and aggregate activities. |
The company's key financial performance indicators are turnover growth, operating profit and capital investment. |
30.04.24 | 30.04.23 |
£ | £ |
Turnover | 14,500,378 | 13,226,253 |
Operating profit | 913,975 | 578,752 |
Capital investment | 1,349,949 | 471,849 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are its reliance on the construction sector. Uncertainty revolves around predicting the future of this sector and the risk is managed by developing and investing in the business to match every expected requirement. The company uses information in the public domain alongside close communication with its customers to negate such risks. |
The company also faces, as do all similar businesses, inflationary pressures on costs and wages. The directors continue to produce up to date management information and forecasts to be proactive in their response and as evidenced by the improvements in turnover and margin are confident in the mitigation of this risk. |
FINANCIAL RISK MANAGEMENT, POLICIES AND OBJECTIVES |
The company finances its working capital requirements from a combination of retained profit and bank overdraft facilities. Larger capital purchases are usually part funded using hire purchase agreements. |
FUTURE DEVELOPMENTS |
The company will continue to obtain contracts for large demolition works within the U.K. The company will continue to recognise the importance of its ongoing investment in health and safety measures ensuring that the ever-changing requirements of the construction sector are met. |
ON BEHALF OF THE BOARD: |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of demolition and materials reclamation. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with section 414c (11) of the Companies Act 2006 (Strategic Report and Directors' Report Regulations 2013) to set out in the company's strategic report, information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Report of the Directors |
for the Year Ended 30 April 2024 |
AUDITORS |
The Auditors, Xeinadin Audit Limited t/a Xeinadin Auditing, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Total Reclaims Demolition Limited |
Opinion |
We have audited the financial statements of Total Reclaims Demolition Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 April 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Total Reclaims Demolition Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Total Reclaims Demolition Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
1) We obtained an understanding of the legal and regulatory framework applicable to the Company in the sector in which they operate. Due to the nature of the sector the Company operates in, health and safety is a key area. The company is also ISO accredited and has inspections by the BSI, whose reports were reviewed. |
2) We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to management. We corroborated our inquiries through review of the legal and professional expenditure incurred as well as available information on the Company's website. |
3) We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include: |
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- Challenging assumptions and judgements made by management in accounting estimates; |
- Identifying and testing journal entries, in particular any that appear unusual; |
- Review inspection reports by regulatory bodies and assess any impact, including renewal of necessary licences. In particular: certification under the Waste (England and Wales) Regulations 2011; HSE (Health & Safety Executive); BSI (British Standards Institution) for ISO accreditation. |
- Reviewed ledger and non-ledger transactions in order to identify any additional related party transactions or balances. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Total Reclaims Demolition Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Cabourn House, Station Street |
Bingham |
Nottinghamshire |
NG13 8AQ |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Income Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
858,703 | 545,527 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
925,672 | 582,266 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Other Comprehensive Income |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2024 |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Cash Flow Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid | ( |
) | ( |
) |
Tax refunded/(paid) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 500,720 | 147,955 |
Amount withdrawn by directors | (757,618 | ) | (15,481 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
263,628 |
Cash and cash equivalents at end of year | 2 | 1,030,141 | 829,296 |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Cash Flow Statement |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.4.24 | 30.4.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 125,840 | 90,765 |
Finance income | (11,697 | ) | (3,514 | ) |
1,610,326 | 1,178,361 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 1,030,141 | 829,296 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 829,296 | 608,883 |
Bank overdrafts | ( |
) |
829,296 | 263,628 |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Cash Flow Statement |
for the Year Ended 30 April 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.5.23 | Cash flow | changes | At 30.4.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 829,296 | 200,845 | 1,030,141 |
829,296 | 1,030,141 |
Debt |
Finance leases | (1,488,790 | ) | 710,846 | (1,033,830 | ) | (1,811,774 | ) |
Debts falling due |
within 1 year | (100,000 | ) | - | - | (100,000 | ) |
Debts falling due |
after 1 year | (225,000 | ) | 100,000 | - | (125,000 | ) |
(1,813,790 | ) | 810,846 | (1,033,830 | ) | (2,036,774 | ) |
Total | (984,494 | ) | 1,011,691 | (1,033,830 | ) | (1,006,633 | ) |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Total Reclaims Demolition Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
In determining the revenue and costs to be recognised each year for work done on demolition contracts, estimates are made in relation to final out-turn on each contract. On major demolition contracts, it is assessed, based on past experience, that their outcome can be estimated reliably during the early stages of the contract, but that costs incurred will be recoverable. Once the outcome can be estimated reliably the estimates of final out-turn on each contract may include cost contingencies to take account of the specific risks within each contract that have been identified during the early stages of the contract. The cost contingencies are reviewed on a regular basis throughout the contract life and are adjusted where appropriate. However, the nature of the risks on contracts are such that they often cannot be resolved until the end of the project and therefore may not reverse until the end of the project. |
For retentions which are due within 12 months from practical completion, where contracts were complete at the year end, 75% of the retention is recognised in the accounts. Where contracts are incomplete at the year end a range of 25% to 50% of the retention is recognised. |
Other sources of income include the sale of reclaimed materials and scrap, which are recognised as revenue once the goods have been delivered to the customer. |
Hire of machinery is recognised on a straight line basis over the life of the hire period. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses. |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments, which comprise cash and cash equivalents, debtors, creditors and loans and borrowings. The company has chosen to apply the provisions of Section 11 'Basic Financial Instruments' in full. |
(i) Cash and cash equivalents; |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with original maturities of three months or less. |
(ii) Debtors; |
Debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. |
(iii) Creditors and loans and borrowings; |
Creditors and loans and borrowings are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised costs using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. |
Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments, discounted at the market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial instruments are classified and accounted according to the substance of the contractual arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Functional currency and rounding |
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 £1. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30.4.24 | 30.4.23 |
£ | £ |
4. | OTHER OPERATING INCOME |
30.4.24 | 30.4.23 |
£ | £ |
Rents received |
Sundry receipts | 20,323 | 20,509 |
Government grants |
55,272 | 33,225 |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | EMPLOYEES AND DIRECTORS |
30.4.24 | 30.4.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.4.24 | 30.4.23 |
Production | 90 | 89 |
Management/office | 16 | 14 |
30.4.24 | 30.4.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.24 | 30.4.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Bad debts |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.24 | 30.4.23 |
£ | £ |
Bank interest |
Hire purchase interest |
8. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Current tax: |
UK corporation tax |
R&D Tax credit receipts | - | (46,779 | ) |
Adjustment in respect of prior |
period | 203 | - |
Total current tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
UK corporation tax has been charged at 25% . |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.4.24 | 30.4.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Depreciation on unqualifying assets | 437 | 340 |
Effect of capital allowances super-deduction | - | (16,268 | ) |
Research and development tax credits | ( |
) |
Change in tax rate used for deferred tax |
Total tax charge/(credit) | 222,701 | (1,669 | ) |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
Disposals | ( |
) |
At 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Transfer to ownership | (627,690 | ) | (98,039 | ) | (725,729 | ) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Transfer to ownership | (390,921 | ) | (77,389 | ) | (468,310 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
11. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The investment property was acquired in 2019 and the fair value has been determined by the directors with reference to the national land value index. They do not believe that an adjustment is required at the balance sheet date as the amount included already materially reflects fair value. |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Applications for payment made | 359,642 | 379,857 |
Amounts recoverable on |
contracts | 641,507 | 172,497 |
Other debtors |
Directors' current accounts | 325,536 | - |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
Attachment to earnings | 754 | 701 |
VAT | 121,223 | 92,364 |
Directors' current accounts | 70,367 | 1,729 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
15. | LOANS - continued |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.4.24 | 30.4.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Hire purchase contracts | 1,811,774 | 1,488,790 |
The obligations under hire purchase contracts and finance leases are secured on the assets to which they relate. |
A Mortgage debenture is held as security by National Westminster Bank Plc by way of a fixed and floating charge over current and future assets of the company. A further fixed charge is held with the same bank for a cash deposit. |
The bank loan is a facility received under the Coronavirus Business Interruption Loan Scheme (CBILS). As such, the UK government has provided the bank with a partial guarantee. To the extent that the guarantee provided by the UK government is not sufficient, the company has provided security by way of a debenture. |
A third party guarantee is in place with National Westminster Bank Plc. The security is for a related party company and is limited to £450,000. |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
18. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Balance at 30 April 2024 |
Deferred tax has been recognised at the prevailing rate of 25% and relates wholly to accelerated capital allowances. |
19. | ACCRUALS AND DEFERRED INCOME |
30.4.24 | 30.4.23 |
£ | £ |
Deferred government grants | 54,916 | 65,348 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary shares | £1 | 1,000 | 1,000 |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
At 30 April 2024 |
22. | PENSION COMMITMENTS |
Defined contribution scheme |
The company contributes to the individual personal pension plans of employees and directors. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents the contributions payable by the company to the personal pension plans. The company contributed £77,392 (2023: £71,652) in respect of employees and £Nil (2023: £12,000) in respect of directors. |
Total Reclaims Demolition Limited (Registered number: 03921753) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year amounts totalling £757,617 (2023 : £15,481) were advanced to directors, and £500,720 (2023: £147,955) was repaid. At 30 April 2024 an amount of £255,169 was due from (2023 : £1,729 due to directors) the directors of the company. These balances were interest free, unsecured, and repayable on demand. |
24. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant influence |
30.4.24 | 30.4.23 |
£ | £ |
Sales | 1,702 | 4,704 |
Purchases | 349,303 | 227,788 |
Amount due from related party | 600,128 | 550,903 |
Amount due to related party | 32,665 | 36,076 |
The above balances all relate to entities for which the directors of Total Reclaims Demolition Limited have significant shareholdings and/or control. All balances are interest free and repayable on demand. |
Key management personnel of the entity or its parent (in the aggregate) |
30.4.24 | 30.4.23 |
£ | £ |
Amount due from related party | 177,169 | - |
Amount due to related party | - | 1,729 |
25. | ULTIMATE CONTROLLING PARTY |
26. | CONTROL |
The control of the company is decided by virtue of the shareholdings. |