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REGISTERED NUMBER: 05578139 (England and Wales)







Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2024

for

Carver Engineering Services Limited

Carver Engineering Services Limited (Registered number: 05578139)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Carver Engineering Services Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Molloy
T J Sheppard
B Simms
N D Simms





SECRETARY: Miss H Stubbs





REGISTERED OFFICE: 11 Brunel Close
Brunel Industrial Estate
Blyth Road, Harworth
Doncaster
South Yorkshire
DN11 8QA





REGISTERED NUMBER: 05578139 (England and Wales)





AUDITORS: Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

Carver Engineering Services Limited (Registered number: 05578139)

Strategic Report
for the Year Ended 31 March 2024


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

Carver Engineering Services Limited is a trading subsidiary of the Carver Engineering Holdings Limited Group. The principal activity of the company are the general fabrication and engineering of steel products. The activity is split into four main divisions:

Railwork
General Fabrications
Highways
Mining Sales

REVIEW OF BUSINESS
The company continued to trade profitably during the financial year.

Turnover increased by £553,678 in 2024. The total turnover for the year was £13,047,354 compared to £12,493,676 (2023).

Gross profit margin was 17.7% compared to 20.4% in 2023.

Operating profit margin using profit before taxation was 5.7% compared to 9.6% in 2023.

Full details of the results attained are shown in the Statement of Comprehensive Income. The directors consider that the company has continued to perform well and is well placed to continue producing encouraging results in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a highly specialised sector which is influenced by public spending within the UK. While this environment remains challenging we understand the need to retain a diversified portfolio in order to spread risk and maximize profitability in a highly competitive market. The continuing success of the company is dependent upon the continued training and retention of key personnel. This will assist us in managing the uncertainties we face in the industry.

FUTURE DEVELOPMENTS
The company continues to diversify in engineering work for highway bridges and construction for large structures. The company is able to assimilate material and wage cost increases as they apply to the steel manufacturing industry and anticipate a further increase in turnover from government funded projects.

Railwork is the dominant activity with 64.1% (2023, 88.9%) of turnover generated from this principle activity. General fabrications produces 3.6% (2023, 9.3%) of total turnover. The remaining 32.3% turnover relates to highway construction which continues to grow while mining sales have largely ceased.

ON BEHALF OF THE BOARD:





T J Sheppard - Director


6 January 2025

Carver Engineering Services Limited (Registered number: 05578139)

Report of the Directors
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary "A" £1 shares
Ordinary "B" £1 shares 249,357 31 March 2024
Ordinary "C" £1 shares 132,938 31 March 2024


The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £382,295.

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

J Molloy
T J Sheppard
B Simms
N D Simms

DISCLOSURE IN THE STRATEGIC REPORT
The company has elected to set out the information required in the strategic report in a separate report, this includes a review of the business, future developments and details on the company's procedures relating to the principle risks and uncertainties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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.

Carver Engineering Services Limited (Registered number: 05578139)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T J Sheppard - Director


6 January 2025

Report of the Independent Auditors to the Members of
Carver Engineering Services Limited


Opinion
We have audited the financial statements of Carver Engineering Services Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Carver Engineering Services Limited


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.

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:

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 audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.

We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:

- Agreeing financial statement disclosures to supporting documentation
- Analytical procedures to identify any unusual or unexpected relationships
- Testing appropriateness of journal entries
- Review of accounting estimates for potential bias
- Enquire with management as to actual and potential litigation and claims
- Review of correspondence
- Visiting premises and identifying WIP and stock
- Enquiry of independent audit examinations and good standing
- Laws and regulations compliance with regard to work conducted onsite
- Sampling of sales for additional verification for turnover
- Sampling of purchases for additional verification of expenditure

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ism's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion.

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
Carver Engineering Services 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.




David Adams FCA (Senior Statutory Auditor)
for and on behalf of Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

6 January 2025

Carver Engineering Services Limited (Registered number: 05578139)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 4 13,047,354 12,493,676

Cost of sales (10,743,788 ) (9,942,513 )
GROSS PROFIT 2,303,566 2,551,163

Administrative expenses (1,576,764 ) (1,377,029 )
726,802 1,174,134

Other operating income 15,899 24,798
OPERATING PROFIT 6 742,701 1,198,932

Interest receivable and similar income 17,052 7,431
759,753 1,206,363

Interest payable and similar expenses 7 (665 ) 4,418
PROFIT BEFORE TAXATION 759,088 1,210,781

Tax on profit 8 (200,369 ) (223,555 )
PROFIT FOR THE FINANCIAL YEAR 558,719 987,226

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

558,719

987,226

Carver Engineering Services Limited (Registered number: 05578139)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 253,092 269,885

CURRENT ASSETS
Stocks 11 8,000 -
Debtors 12 4,840,376 4,960,320
Cash at bank and in hand 674,056 751,696
5,522,432 5,712,016
CREDITORS
Amounts falling due within one year 13 1,871,888 2,260,073
NET CURRENT ASSETS 3,650,544 3,451,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,903,636

3,721,828

CREDITORS
Amounts falling due after more than one
year

14

(13,195

)

(20,392

)

PROVISIONS FOR LIABILITIES 17 (56,460 ) (43,879 )
NET ASSETS 3,833,981 3,657,557

CAPITAL AND RESERVES
Called up share capital 18 4,982 4,982
Share premium 19 9,731 9,731
Retained earnings 19 3,819,268 3,642,844
SHAREHOLDERS' FUNDS 3,833,981 3,657,557

The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2025 and were signed on its behalf by:





T J Sheppard - Director


Carver Engineering Services Limited (Registered number: 05578139)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 - 3,028,637 - 3,028,637

Changes in equity
Issue of share capital 4,982 - 9,731 14,713
Dividends - (373,019 ) - (373,019 )
Total comprehensive income - 987,226 - 987,226
Balance at 31 March 2023 4,982 3,642,844 9,731 3,657,557

Changes in equity
Dividends - (382,295 ) - (382,295 )
Total comprehensive income - 558,719 - 558,719
Balance at 31 March 2024 4,982 3,819,268 9,731 3,833,981

Carver Engineering Services Limited (Registered number: 05578139)

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


1. STATUTORY INFORMATION

Carver Engineering Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company satisfies the criteria of being a qualifying entity under FRS 102. Its financial statements are consolidated into the financial statements of Carver Engineering Holdings Limited which are publicly available. As such advantage has been taken of the following reduced disclosures available under paragraph 1.12 of FRS 102;

(a) Disclosures in respect of each class of share capital has not been presented.
(b) No cashflow statement has been presented for the company.
(c) No disclosure has been given for the aggregate remuneration of key management.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the extent to which the company has obtained the right to consideration through the performance of its contractual obligations to its clients. Turnover is derived from ordinary activities and is stated net of discounts and VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 50% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Carver Engineering Services Limited (Registered number: 05578139)

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


3. ACCOUNTING POLICIES - continued
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.

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.

4. 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:

31.3.24 31.3.23
£    £   
Mining Sales (1,956 ) 88,727
General Fabrications 480,921 1,164,478
Railwork 8,367,662 11,119,229
Highways 3,178,948 121,242
Retention 1,021,779 -
13,047,354 12,493,676

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 13,047,354 12,493,676
13,047,354 12,493,676

Carver Engineering Services Limited (Registered number: 05578139)

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


5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,084,889 2,045,317
Social security costs 214,513 209,698
Other pension costs 57,138 42,171
2,356,540 2,297,186

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

Directors 4 4
Office and Administration 7 7
Production 47 49
58 60

31.3.24 31.3.23
£    £   
Directors' remuneration 37,728 35,780
Directors' pension contributions to money purchase schemes 5,597 6,203
Compensation to director for loss of office - 30,000

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

Money purchase schemes 3 3

6. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Equipment hire 465,181 1,030,458
Other operating leases 106,430 106,992
Depreciation - owned assets 68,007 57,702
Depreciation - assets on hire purchase contracts 6,392 19,424
Loss on disposal of fixed assets - 5,188
Auditors' remuneration 4,670 9,750
Other non- audit services 10,429 16,413

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Hire purchase interest 665 (4,418 )

Carver Engineering Services Limited (Registered number: 05578139)

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


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 187,788 224,349

Deferred tax 12,581 (794 )
Tax on profit 200,369 223,555

Reconciliation of total tax charge 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:

31.3.24 31.3.23
£    £   
Profit before tax 759,088 1,210,781
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

189,772

230,048

Effects of:
Expenses not deductible for tax purposes 298 49
Capital allowances in excess of depreciation - (5,748 )
Accelerated capital allowances 3,557 (794 )

Tax payable under S455 CTA 2010 6,742 -
Total tax charge 200,369 223,555

9. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary "B" shares of £1 each
Interim 249,357 249,723
Ordinary "C" shares of £1 each
Interim 132,938 123,296
382,295 373,019

Carver Engineering Services Limited (Registered number: 05578139)

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


10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 813,151 287,368 162,400 49,954 1,312,873
Additions 45,071 6,740 - 5,795 57,606
At 31 March 2024 858,222 294,108 162,400 55,749 1,370,479
DEPRECIATION
At 1 April 2023 685,028 198,427 112,163 47,370 1,042,988
Charge for year 43,298 14,352 12,560 4,189 74,399
At 31 March 2024 728,326 212,779 124,723 51,559 1,117,387
NET BOOK VALUE
At 31 March 2024 129,896 81,329 37,677 4,190 253,092
At 31 March 2023 128,123 88,941 50,237 2,584 269,885

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 April 2023 43,602 34,090 77,692
Transfer to ownership (43,602 ) - (43,602 )
At 31 March 2024 - 34,090 34,090
DEPRECIATION
At 1 April 2023 10,901 8,523 19,424
Charge for year - 6,392 6,392
Transfer to ownership (10,901 ) - (10,901 )
At 31 March 2024 - 14,915 14,915
NET BOOK VALUE
At 31 March 2024 - 19,175 19,175
At 31 March 2023 32,701 25,567 58,268

11. STOCKS
31.3.24 31.3.23
£    £   
Stocks 8,000 -

Carver Engineering Services Limited (Registered number: 05578139)

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


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,800,919 1,283,304
Amounts owed by group undertakings 910,449 1,030,853
Amounts recoverable on contract 812,278 2,374,879
Other debtors 1,024,585 -
Directors' loan accounts 19,976 1
Recoverable corporation tax 264 264
VAT 179,351 166,615
Prepayments 92,554 104,404
4,840,376 4,960,320

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 15) 7,197 15,597
Trade creditors 1,504,839 1,479,240
Amounts owed to group undertakings 96,852 462,402
Tax 84,566 124,349
Social security and other taxes 43,492 59,037
Other creditors 57,504 37,022
Directors' loan accounts - 4,957
Accruals 77,438 77,469
1,871,888 2,260,073

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 15) 13,195 20,392

Carver Engineering Services Limited (Registered number: 05578139)

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


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Gross obligations repayable:
Within one year 7,197 16,137
Between one and five years 13,195 20,392
20,392 36,529

Finance charges repayable:
Within one year - 540

Net obligations repayable:
Within one year 7,197 15,597
Between one and five years 13,195 20,392
20,392 35,989

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 17,802 17,802
Between one and five years - 17,802
17,802 35,604

16. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 20,392 35,989

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 56,460 43,879

Deferred
tax
£   
Balance at 1 April 2023 43,879
Provided during year 12,581
Balance at 31 March 2024 56,460

Carver Engineering Services Limited (Registered number: 05578139)

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


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2,672 Ordinary "A" £1 2,672 2,672
1,310 Ordinary "B" £1 1,310 1,310
1,000 Ordinary "C" £1 1,000 1,000
4,982 4,982

19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 3,642,844 9,731 3,652,575
Profit for the year 558,719 558,719
Dividends (382,295 ) (382,295 )
At 31 March 2024 3,819,268 9,731 3,828,999

20. PENSION COMMITMENTS

During the year the company made payments on behalf of its directors and employees to defined contribution pension schemes amounting to £27,840 (2023 - £27,715). Included in other creditors is a total amount of £5,263.72 (2023 - £6,837) relating to amounts remaining outstanding at the balance sheet date.

During the year the company also paid fees in relation to the administration of pension schemes for the benefit of three of the directors. The total amount paid in relation to these fees amounted to £5,597 (2023 - £6,023).

21. ULTIMATE PARENT COMPANY

Carver Engineering Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
J Molloy
Balance outstanding at start of year - 16,196
Amounts advanced 16,497 16,212
Amounts repaid - (32,408 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,497 -

Carver Engineering Services Limited (Registered number: 05578139)

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


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

P Molloy
Balance outstanding at start of year - 3,046
Amounts advanced - 2,852
Amounts repaid - (5,898 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

T J Sheppard
Balance outstanding at start of year (4,956 ) 6,343
Amounts advanced 14,089 4,926
Amounts repaid (5,654 ) (16,225 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,479 (4,956 )

All loans with directors are repayable on demand and interest has been charged at 2% per annum.

23. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
31.3.24 31.3.23
£    £   
Dividends paid 382,295 373,019
Amount due from related party - 1,030,852

Entities that provide key management personnel services to the entity
31.3.24 31.3.23
£    £   
Management charges 156,000 156,000
Amount due to related party 96,852 36,899

Other related parties
31.3.24 31.3.23
£    £   
Rent charge 85,660 85,600

24. ULTIMATE CONTROLLING PARTY

During the current and previous year the company was under the control of Carver Engineering Holdings Limited, a company registered in England and Wales, due to their 100% holding in the voting rights of the company.

Carver Engineering Holdings Limited is considered to be under the control of its directors as no individual is considered to hold sufficient voting rights to control the company.