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REGISTERED NUMBER: 09876975 (England and Wales)



GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

ELLIOTT WOOD HOLDINGS LIMITED

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


ELLIOTT WOOD HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr G J Elliott
Mr D N Morgan
Mr A J Downey
Mr J Souter
Mr A Smith
Mr G Georgiou
Mr S Read



REGISTERED OFFICE: 241 The Broadway
Wimbledon
SW19 1SD



REGISTERED NUMBER: 09876975 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Simon Medcalf FCA



AUDITORS: Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
In the year to April 2024, Elliott Wood delivered another strong performance, culminating in a fourth year of consecutive growth. The results for the year to April 2024 are shown on P10.

The directors are pleased to report an increase in group profit before tax of more than 50% rising to £1,336,550 (2023: £861,489), on income of £15,134,945 (2023: £14,887,956). The Society Building once again made a valuable contribution to this result, exceeding its individual profit target by 21%.

Profit has now increased by 71% over the last 3 years, with revenue increasing over the same period by 26%.

Further improvements in productivity and tighter control of overhead expenditure, including year-on-year savings on wages and directors' salaries, were contributing factors to profit performance, with staff numbers reducing from an average of 146 to 138 over the course of the financial year. Investment increased across targeted future growth areas, including technological advancement, sustainability, adaptive re-use, development infrastructure and heritage buildings.

As at 30th April 2024, the group had a healthy balance sheet, with a 11% increase in Shareholders' Funds to £5,536,861 (2023: £4,995,098).

The directors consider the results for the year to be encouraging.

PRINCIPAL RISKS AND UNCERTAINTIES
The business environment remains unsettled, although the directors acknowledge that this situation is unlikely to change in the foreseeable future.

The expectation that interest rates would fall to 4% or possibly as low as 3% by the end of 2025, now looks less certain, and the increase in Employers’ NI and changes to employment regulations will have a financial impact.

Geopolitical events, such as continuing volatility in the Middle East, the prolonged war between Ukraine and Russia, ongoing tensions with China, and the impending change of administration in the USA, affect business confidence and impact investment. Clearly, these events risk spikes in energy costs and supply prices.

Artificial Intelligence (AI) has already transformed many aspects of our lives and will continue to dominate the conversation. It offers tangible benefits in the form of increased productivity and improved service delivery, whilst at the same time heightening concerns over cybersecurity and the likely supplanting of certain job functions.

To mitigate these risks, Elliott Wood closely monitors its pipeline status and cost base. Quarterly budgetary reviews ensure the Board can react and adapt to both challenges and opportunities in a timely fashion. The directors maintain a close watch on working capital, and Key Performance Indicators (KPI's) are monitored monthly.

The group's cash position at the end of April 2024 net of bank loans increased to £1,905,084 (2023: £1,329,532).

Careful management of these metrics provides strong liquidity and greater balance sheet resilience.


ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

KEY PERFORMANCE INDICATORS
Key Performance Indicators monitored by the Board are net fee per fee earner, debtor days and cash reserves. Close management of these metrics ensures strong liquidity and provides flexibility in managing the business to meet its short to medium term obligations.

BUSINESS PLAN
The outlook for the 12 months to April 2025 is positive, with profitability and net assets expected to increase.

The business will continue to adapt to the changing expectations of its clients, employees and community, and to double down on its dedication to societal and environmental excellence and shaping the voice and vision of Elliott Wood.

Key objectives are reinforcing UK market leadership in adaptive re-use and regenerative design; developing strategic advisory services; and accelerating the use of technology to drive operational and project efficiency. Sales emphasis will remain on securing high value, high fee projects which align with the group's purpose and where it can bring about better outcomes.

The group will continue to strengthen its already excellent team, whilst ensuring salaries and benefits track above industry average. It will hold true to its defining ETHICS principles (Education, Technology, Health, Infrastructure, Culture and Sustainability) and ongoing resolve to Engineer a Better Society.

The directors will continue to assess and mitigate potential risks and, where necessary, adjust the business plan to underpin the resilience and robustness of the business.

ON BEHALF OF THE BOARD:





Mr D N Morgan - Director


16 January 2025

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
During the year interim dividends of 14.5p per share were declared and paid.

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

Mr G J Elliott
Mr D N Morgan
Mr A J Downey
Mr J Souter
Mr A Smith
Mr G Georgiou

Other changes in directors holding office are as follows:

Mr S Read - appointed 5 February 2024

DONATIONS AND EXPENDITURE
Charitable donations totalling £7,617 (2023: £4,358) were made during the year. No benefiting organisation received donations of £2,000 or more during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


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

ON BEHALF OF THE BOARD:





Mr D N Morgan - Director


16 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELLIOTT WOOD HOLDINGS LIMITED

Opinion
We have audited the financial statements of Elliott Wood Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group 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 group's and the parent 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 Group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELLIOTT WOOD HOLDINGS LIMITED


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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELLIOTT WOOD HOLDINGS 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:

The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

- the nature of the industry or sector, the control environment and business performance;
- the results of enquiries of management about their own identification and assessment of the risks of irregularities;
- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

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

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in respect of the recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing material legal costs in the period;
- performing analytical procedures to identify unusual or unexpected relationships;
- reviewing correspondence with HMRC;
- testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias;
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
- testing a sample of projects worked on during the period and the associated revenue that has been recongised.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELLIOTT WOOD HOLDINGS LIMITED


The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

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




Simon Medcalf FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

16 January 2025

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 15,134,945 14,887,956

Administrative expenses 13,857,328 14,064,159
1,277,617 823,797

Other operating income 2,945 31,406
OPERATING PROFIT 4 1,280,562 855,203

Interest receivable and similar income 63,174 19,901
1,343,736 875,104

Interest payable and similar expenses 6 7,186 13,615
PROFIT BEFORE TAXATION 1,336,550 861,489

Tax on profit 7 (6,053 ) (31,537 )
PROFIT FOR THE FINANCIAL YEAR 1,342,603 893,026
Profit attributable to:
Owners of the parent 1,342,603 893,026

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,342,603 893,026


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,342,603

893,026

Total comprehensive income attributable to:
Owners of the parent 1,342,603 893,026

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 754,984 1,145,531
Tangible assets 11 492,780 710,910
Investments 12 127,000 77,000
1,374,764 1,933,441

CURRENT ASSETS
Debtors 13 5,471,353 4,926,574
Cash at bank and in hand 2,194,565 1,763,910
7,665,918 6,690,484
CREDITORS
Amounts falling due within one year 14 3,238,205 3,257,039
NET CURRENT ASSETS 4,427,713 3,433,445
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,802,477

5,366,886

CREDITORS
Amounts falling due after more than
one year

15

(184,223

)

(290,395

)

PROVISIONS FOR LIABILITIES 19 (81,393 ) (81,393 )
NET ASSETS 5,536,861 4,995,098

CAPITAL AND RESERVES
Called up share capital 20 5,000,000 5,000,000
Employee benefit trust 21 (135,325 ) (43,930 )
Other reserves 21 (75,000 ) (75,000 )
Retained earnings 21 747,186 114,028
SHAREHOLDERS' FUNDS 5,536,861 4,995,098

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





Mr D N Morgan - Director


ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 5,025,000 5,025,000
5,025,000 5,025,000

CURRENT ASSETS
Debtors 13 - 114,800
Cash at bank 161 207
161 115,007
CREDITORS
Amounts falling due within one year 14 86,280 48,851
NET CURRENT (LIABILITIES)/ASSETS (86,119 ) 66,156
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,938,881

5,091,156

CAPITAL AND RESERVES
Called up share capital 20 5,000,000 5,000,000
Employee benefit trust 21 (135,325 ) (43,930 )
Other reserves 21 (75,000 ) (75,000 )
Retained earnings 21 149,206 210,086
SHAREHOLDERS' FUNDS 4,938,881 5,091,156

Company's profit for the financial year 648,565 318,113

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





Mr D N Morgan - Director


ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Employee
share Retained benefit Other Total
capital earnings trust reserves equity
£    £    £    £    £   
Balance at 1 May 2022 5,000,000 (388,998 ) (150,930 ) (168,000 ) 4,292,072

Changes in equity
Dividends - (390,000 ) - - (390,000 )
Total comprehensive income - 893,026 - - 893,026
Sale or issue of shares - - 107,000 93,000 200,000
Balance at 30 April 2023 5,000,000 114,028 (43,930 ) (75,000 ) 4,995,098

Changes in equity
Dividends - (709,445 ) - - (709,445 )
Total comprehensive income - 1,342,603 - - 1,342,603
Own shares purchased - - (91,395 ) - (91,395 )
Balance at 30 April 2024 5,000,000 747,186 (135,325 ) (75,000 ) 5,536,861

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Employee
share Retained benefit Other Total
capital earnings trust reserves equity
£    £    £    £    £   
Balance at 1 May 2022 5,000,000 281,973 (150,930 ) (168,000 ) 4,963,043

Changes in equity
Dividends - (390,000 ) - - (390,000 )
Total comprehensive income - 318,113 - - 318,113
Sale or issue of shares - - 107,000 93,000 200,000
Balance at 30 April 2023 5,000,000 210,086 (43,930 ) (75,000 ) 5,091,156

Changes in equity
Dividends - (709,445 ) - - (709,445 )
Total comprehensive income - 648,565 - - 648,565
Own shares purchased - - (91,395 ) - (91,395 )
Balance at 30 April 2024 5,000,000 149,206 (135,325 ) (75,000 ) 4,938,881

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,367,336 2,020,593
Interest paid (6,752 ) (9,760 )
Interest element of hire purchase
payments paid

(434

)

(3,855

)
Tax paid (78,272 ) 203,268
Net cash from operating activities 1,281,878 2,210,246

Cash flows from investing activities
Purchase of tangible fixed assets (13,063 ) (124,300 )
Purchase of fixed asset investments (50,000 ) (77,000 )
Sale of tangible fixed assets 3,008 -
Interest received 63,174 19,901
Net cash from investing activities 3,119 (181,399 )

Cash flows from financing activities
Loan repayments in year (106,172 ) (106,170 )
Capital repayments in year (38,725 ) (261,566 )
Equity dividends paid (709,445 ) (390,000 )
Net cash from financing activities (854,342 ) (757,736 )

Increase in cash and cash equivalents 430,655 1,271,111
Cash and cash equivalents at
beginning of year

2

1,763,910

492,799

Cash and cash equivalents at end
of year

2

2,194,565

1,763,910

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,336,550 861,489
Depreciation charges 621,740 781,410
Profit on disposal of fixed assets (3,008 ) -
Finance costs 7,186 13,615
Finance income (63,174 ) (19,901 )
1,899,294 1,636,613
Increase in trade and other debtors (610,407 ) (612,594 )
Increase in trade and other creditors 78,449 996,574
Cash generated from operations 1,367,336 2,020,593

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 2,194,565 1,763,910
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 1,763,910 492,799


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 1,763,910 430,655 2,194,565
1,763,910 430,655 2,194,565
Debt
Finance leases (38,725 ) 38,725 -
Debts falling due within 1 year (105,258 ) - (105,258 )
Debts falling due after 1 year (290,395 ) 106,172 (184,223 )
(434,378 ) 144,897 (289,481 )
Total 1,329,532 575,552 1,905,084

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Elliott Wood Holdings 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 General Information page.

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


2. ACCOUNTING POLICIES

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

Basis of consolidation
The consolidated financial statements incorporate the results of Elliott Wood Holdings Limited and all of its subsidiary undertakings as at 30 April 2024.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Revenue is recognised on a time basis throughout the course of individual contracts. This involves an assessment of the stage of completion and the likely future outcome of each project. Estimates and judgments are an inherent part of this assessment, however the actual future outcome may deviate from the estimated outcome.

Uncertainties also exist in relation to the interpretation of complex tax legislation and changes in tax laws. At the balance sheet date, tax liabilities and assets are based on management's judgements around the application of the tax regulations. A provision is made for the best estimate of any additional liability only when it is assessed to be probable that an economic outflow will arise.

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 amounts recoverable from clients for professional services provided during the period, net of value added tax. Revenue is recognised when the amount can be reliably measured and it is probable that future economic benefits will flow to the company.

Unbilled revenue on individual client assignments is included as unbilled amounts for client work within trade and other receivables.

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Goodwill
Goodwill arising on consolidation, representing the excess of the fair value of the consideration paid over the fair value of the net assets acquired is being amortised evenly over a period of ten years.

Other goodwill acquired by the group from Elliott Wood Partnership 2016 LLP, is continuing to be amortised over its remaining estimated useful life of eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 25% on cost and 10% on cost
Plant and machinery - 25% on cost

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

Current tax is recognised at the amount of tax expected to be payable or receivable on the taxable profit or loss for the current year using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Where appropriate this amount is then amended for any adjustments in respect of prior periods.

Current or deferred taxation assets and liabilities are not discounted.

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.

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset. The capital element of lease obligations is recorded as a liability on inception of the
arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease, unless the directors consider that a different basis is representative of the pattern of the benefit that will be derived from the use of the associated asset.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,646,196 7,796,644
Social security costs 850,578 732,172
Other pension costs 408,186 421,746
8,904,960 8,950,562

The average number of employees during the year was as follows:
2024 2023

All staff including directors 138 146

The average number of employees by undertakings that were proportionately consolidated during the year was 138 (2023 - 146 ) .

2024 2023
£    £   
Directors' remuneration 683,213 714,708
Directors' pension contributions to money purchase schemes 37,531 36,491

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 136,100 130,240
Pension contributions to money purchase schemes 7,150 6,600

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 800,752 802,491
Depreciation - owned assets 231,193 390,862
Profit on disposal of fixed assets (3,008 ) -
Goodwill amortisation 390,547 390,549

5. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

24,425

22,900

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 6,752 9,760
Hire purchase 434 3,855
7,186 13,615

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (6,723 ) (12,715 )
Prior year tax 670 (18,822 )

Tax on profit (6,053 ) (31,537 )

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,336,550 861,489
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 19 %)

334,138

163,683

Effects of:
Expenses not deductible for tax purposes 38,123 40,160
Depreciation in excess of capital allowances 53,454 44,622
Adjustments to tax charge in respect of previous periods 670 (18,822 )
R&D enhanced deductions (431,982 ) (332,903 )
Amortisation of goodwill 94,373 71,723
Utilisation of b/fwd tax losses (94,829 ) -
Total tax credit (6,053 ) (31,537 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 709,445 390,000

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 3,879,370
AMORTISATION
At 1 May 2023 2,733,839
Amortisation for year 390,547
At 30 April 2024 3,124,386
NET BOOK VALUE
At 30 April 2024 754,984
At 30 April 2023 1,145,531

11. TANGIBLE FIXED ASSETS

Group
Long Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 May 2023 566,739 1,635,418 2,202,157
Additions - 13,063 13,063
At 30 April 2024 566,739 1,648,481 2,215,220
DEPRECIATION
At 1 May 2023 236,628 1,254,619 1,491,247
Charge for year 57,483 173,710 231,193
At 30 April 2024 294,111 1,428,329 1,722,440
NET BOOK VALUE
At 30 April 2024 272,628 220,152 492,780
At 30 April 2023 330,111 380,799 710,910

12. FIXED ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Shares in group undertakings - - 5,025,000 5,025,000
Other investments not loans 127,000 77,000 - -
127,000 77,000 5,025,000 5,025,000

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:

Group

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Historic building archives 127,000 77,000
Company
Shares in
group
undertakin
£   
COST
At 1 May 2023
and 30 April 2024 5,025,000
NET BOOK VALUE
At 30 April 2024 5,025,000
At 30 April 2023 5,025,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Elliott Wood Partnership Limited
Registered office: United Kingdom
Nature of business: Structural & Civil Engineers
%
Class of shares: holding
Ordinary 100.00

Elliott Wood Limited
Registered office: United Kingdom
Nature of business: Provision of management services
%
Class of shares: holding
Ordinary 100.00

TBS Workspaces Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,801,449 3,550,301 - -
Amounts owed by group undertakings - - - 114,800
Other debtors 152,641 140,363 - -
Tax - 12,715 - -
Prepayments and accrued income 1,175,010 916,741 - -
5,129,100 4,620,120 - 114,800

Amounts falling due after more than one year:
Other debtors 200,000 200,000 - -
Tax 142,253 106,454 - -
342,253 306,454 - -

Aggregate amounts 5,471,353 4,926,574 - 114,800

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16)
105,258

105,258

-

-
Hire purchase contracts (see note 17) - 38,725 - -
Trade creditors 1,004,596 783,592 - -
Amounts owed to group undertakings - - 80,580 43,930
Tax 29,077 87,631 - -
Social security and other taxes 192,665 204,948 - -
VAT 465,009 660,583 - -
Other creditors 136,494 144,943 - -
Accruals and deferred income 1,305,106 1,231,359 5,700 4,921
3,238,205 3,257,039 86,280 48,851

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) 184,223 290,395

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 105,258 105,258
Amounts falling due between one and two years:
Bank loans - 1-2 years 105,258 105,258
Amounts falling due between two and five years:
Bank loans - 2-5 years 78,965 185,137

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 38,725

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 548,554 897,462
Between one and five years 3,155,053 2,908,512
In more than five years 882,924 1,678,019
4,586,531 5,483,993

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 289,481 395,653

A subsidiary company has bank borrowings which are secured by a debenture over all assets of that company.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 81,393 81,393

Group
Deferred
tax
£   
Balance at 1 May 2023 81,393
Balance at 30 April 2024 81,393

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000,000 Ordinary £1 5,000,000 5,000,000

At 30 April 2024 the Employee Benefit Trust held 72,000 shares in the company, which it acquired for £91,395.

ELLIOTT WOOD HOLDINGS LIMITED (REGISTERED NUMBER: 09876975)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

21. RESERVES

Group
Employee
Retained benefit Other
earnings trust reserves Totals
£    £    £    £   

At 1 May 2023 114,028 (43,930 ) (75,000 ) (4,902 )
Profit for the year 1,342,603 - - 1,342,603
Dividends (709,445 ) - - (709,445 )
Own shares purchased - (91,395 ) - (91,395 )
At 30 April 2024 747,186 (135,325 ) (75,000 ) 536,861

Company
Employee
Retained benefit Other
earnings trust reserves Totals
£    £    £    £   

At 1 May 2023 210,086 (43,930 ) (75,000 ) 91,156
Profit for the year 648,565 - - 648,565
Dividends (709,445 ) - - (709,445 )
Own shares purchased - (91,395 ) - (91,395 )
At 30 April 2024 149,206 (135,325 ) (75,000 ) (61,119 )

The other reserve relates to consideration paid for shares purchased into treasury.

22. CONTINGENT LIABILITIES

A subsidiary company has provided guarantees in respect of borrowings of related individuals who hold an interest in the company. At the balance sheet date the value of the outstanding borrowings was £197,000 (2023: £270,851).

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year loans subsisted between the group and its directors. At the balance sheet date the group was owed £248,232 by its directors (2023 - £244,890).