13
false
false
false
false
true
false
false
false
false
false
false
true
false
false
false
false
false
false
2023-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,532,673
1,710,336
85,758
35,364
121,122
xbrli:pure
xbrli:shares
iso4217:GBP
05387564
2023-05-01
2024-04-30
05387564
2024-04-30
05387564
2023-04-30
05387564
2022-05-01
2023-04-30
05387564
2023-04-30
05387564
2022-04-30
05387564
core:PlantMachinery
2023-05-01
2024-04-30
05387564
core:FurnitureFittings
2023-05-01
2024-04-30
05387564
core:MotorVehicles
2023-05-01
2024-04-30
05387564
bus:RegisteredOffice
2023-05-01
2024-04-30
05387564
bus:OrdinaryShareClass1
2023-05-01
2024-04-30
05387564
bus:LeadAgentIfApplicable
2023-05-01
2024-04-30
05387564
bus:Director1
2023-05-01
2024-04-30
05387564
bus:Director4
2023-05-01
2024-04-30
05387564
bus:Director2
2023-05-01
2024-04-30
05387564
bus:Director3
2023-05-01
2024-04-30
05387564
core:WithinOneYear
2024-04-30
05387564
core:WithinOneYear
2023-04-30
05387564
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-30
05387564
core:PlantMachinery
2023-04-30
05387564
core:FurnitureFittings
2023-04-30
05387564
core:MotorVehicles
2023-04-30
05387564
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-04-30
05387564
core:PlantMachinery
2024-04-30
05387564
core:FurnitureFittings
2024-04-30
05387564
core:MotorVehicles
2024-04-30
05387564
core:DeferredTaxation
2023-05-01
2024-04-30
05387564
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-05-01
2024-04-30
05387564
core:UKTax
2023-05-01
2024-04-30
05387564
core:UKTax
2022-05-01
2023-04-30
05387564
core:RetainedEarningsAccumulatedLosses
2023-05-01
2024-04-30
05387564
core:RetainedEarningsAccumulatedLosses
2022-05-01
2023-04-30
05387564
bus:AllOrdinaryShares
2023-05-01
2024-04-30
05387564
bus:AllOrdinaryShares
2022-05-01
2023-04-30
05387564
core:RetainedEarningsAccumulatedLosses
2023-04-30
05387564
core:RetainedEarningsAccumulatedLosses
2022-04-30
05387564
core:RetainedEarningsAccumulatedLosses
2024-04-30
05387564
core:RetainedEarningsAccumulatedLosses
2023-04-30
05387564
core:ShareCapital
2024-04-30
05387564
core:ShareCapital
2023-04-30
05387564
core:BetweenOneFiveYears
2024-04-30
05387564
core:BetweenOneFiveYears
2023-04-30
05387564
core:AcceleratedTaxDepreciationDeferredTax
2024-04-30
05387564
core:AcceleratedTaxDepreciationDeferredTax
2023-04-30
05387564
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-30
05387564
core:PlantMachinery
2023-04-30
05387564
core:FurnitureFittings
2023-04-30
05387564
core:MotorVehicles
2023-04-30
05387564
core:DeferredTaxation
2023-04-30
05387564
core:DeferredTaxation
2024-04-30
05387564
bus:HighestPaidDirector
2023-05-01
2024-04-30
05387564
bus:HighestPaidDirector
2022-05-01
2023-04-30
05387564
bus:MediumEntities
2023-05-01
2024-04-30
05387564
bus:Audited
2023-05-01
2024-04-30
05387564
bus:Medium-sizedCompaniesRegimeForAccounts
2023-05-01
2024-04-30
05387564
bus:PrivateLimitedCompanyLtd
2023-05-01
2024-04-30
05387564
bus:FullAccounts
2023-05-01
2024-04-30
05387564
bus:OrdinaryShareClass1
2024-04-30
05387564
bus:OrdinaryShareClass1
2023-04-30
05387564
1
2023-05-01
2024-04-30
05387564
1
2022-05-01
2023-04-30
05387564
core:OfficeEquipment
2023-05-01
2024-04-30
05387564
core:OfficeEquipment
2023-04-30
05387564
core:OfficeEquipment
2024-04-30
COMPANY REGISTRATION NUMBER:
05387564
Year ended 30 April 2024
Independent auditor's report to the members |
7 |
|
|
Statement of income and retained earnings |
12 |
|
|
Statement of financial position |
13 |
|
|
Statement of cash flows |
14 |
|
|
Notes to the financial statements |
15 |
|
|
The directors present their strategic report for the year ended 30 April 2024. Principal activity The company's principal activity during the period was the construction and development of residential, public and commercial properties. Business review and performance measurement. The company operates in the UK as a contractor working on various residential, public and commercial projects. The company maintained a steady performance throughout the year, with turnover and profit remaining consistent with the previous financial year. This stability reflects the company's ability to adapt to a more settled industry environment while continuing to deliver on key contracts and maintain operational efficiency. Our strategic focus on quality project execution and fostering strong client relationships has supported sustained performance. The company's ongoing commitment to excellence, reliability, and client satisfaction remains central to our success. Looking ahead, we are confident that this solid foundation will enable us to capitalise on new opportunities and ensure continued success in the years to come. The company uses a comprehensive matrix of operational and financial Key Performance Indicators ("KPIs") to monitor and report on performance at all levels within the business. The principal KPIs reviewed at least monthly by the directors include: - Financial KPIs: Including those related to contribution and gross profit by project and general profitability and working capital management; - Client and operational KPIs: including those related to customer satisfaction, customer contact, strength of order book, project completion on time, and health and safety statistics; and - People KPIs: including those related to staff numbers & trends, site-staff capability, and staff turnover rate. The key financial indicators and financial performance of the company for the current and preceding year are as follows:
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Turnover |
17,924,711 |
18,178,435 |
|
Gross Profit |
2,846,172 |
2,688,090 |
|
Gross Profit Percentage |
16 |
15 |
|
Operating Profit |
1,923,302 |
1,963,146 |
|
Operating Profit Percentage |
11 |
11 |
|
|
|
|
The company's financial performance remained consistent with FY 2023. The company's turnover decreased in the year by £253K and operating profit by £40K. The company maintained a strong cash position throughout the year with cash at bank of £2.4m held at the year end. Future developments There are significant opportunities for our business, and we are well placed, with our breadth of experience to benefit from this. The business has been very successful at securing larger value contracts and over multiple years. The directors are mindful that longer term impacts of availability and price increases of materials and labour are likely to continue to exhibit an influence on our sector. The directors, however, are confident that necessary measures have been taken to enable the company to manage these risks effectively. Research and Development During the year the company incurred expenditure on Research & Development of £374,281 (2023 - £543,537). The expenditure primarily represents the design and development of complex civil engineering solutions. Going concern The directors have reviewed detailed cash flow and financial forecasts for the next 12 months. Throughout this review period, the company is forecast to retain strong cash reserves that will ensure it is able to meet its liabilities and allow for further investment in the growth of business activities. Therefore, having assessed the principal risks and all other relevant matters, the directors consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements of the company. Principle risks and uncertainties The directors are aware of the inherent risks in the construction industry and constantly monitor our market to identify and manage any potential impacts on current and future trading. Liquidity risks The company's view is that any exposure to liquidity risk is low. The cash flow and working capital requirement of the business are monitored by the management team on a regular basis. Credit risks The company's credit risk is primarily attributable to its trade receivable with key customers. The financial reliability of customers is assessed periodically. Health, safety and environmental management The health and safety of all stakeholders in the company is of key importance to the company. In order to control risk and prevent harm, the company is focused on demonstrating the highest standards of health and safety management. This is achieved by establishing robust health and safety procedures and ensuring that effective leadership, culture and organisational arrangements are in place. The company monitors significant health concerns, maintaining contingency plans to manage its operations and respond proportionately to any emerging risks, whilst always ensuring the health of all its stakeholders with whom it interfaces. Corporate social responsibility The company recognises and acknowledges that the conduct of its business has an impact on employees, its partners, its customers and suppliers and the economy, community and environment of its business activities. Employee involvement The company has a policy to keep employees informed on any issues which may impact on their employment. It is the company's policy that equal opportunity and career development are available to all irrespective of gender, age, nationality, religion, marital status or disability. The company complies with current legislation with regard to disabled persons and gives full and fair consideration to their employment, training and career development.
This report was approved by the board of directors on 27 January 2025 and signed on behalf of the board by:
Daniel O'Brien |
Trevor O'Brien |
Director |
Director |
|
|
Registered office: |
Hillside Works |
Catteshall Lane |
Godalming |
GU7 1LB |
|
Year ended 30 April 2024
The directors present their report and the financial statements of the company for the year ended
30 April 2024
.
Directors
The directors who served the company during the year were as follows:
Daniel O'Brien |
|
Denis O'Brien |
|
Michael O'Brien |
|
Trevor O'Brien |
|
|
|
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Disclosure of information in the strategic report
A separate strategic report has been prepared for O & D Construction Limited which includes information regarding the future developments, principal risks and uncertainties and information which would have been included in the business review.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
27 January 2025
and signed on behalf of the board by:
Daniel O'Brien |
Trevor O'Brien |
Director |
Director |
|
|
Registered office: |
Hillside Works |
Catteshall Lane |
Godalming |
GU7 1LB |
|
Independent Auditor's Report to the Members of
O & D Construction Ltd |
|
Year ended 30 April 2024
Opinion
We have audited the financial statements of O & D Construction Ltd (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report 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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates. Laws and regulations of direct significance in the context of the company include The Companies Act 2006, Health and Safety Act 1974 and UK Tax legislation. In addition, the company is subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These include anti-bribery legislation and employment law. Audit response to risks identified We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management's assessment of how the company complies with the relevant laws and regulations. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. An auditor conducting an audit in accordance with ISAs (UK) is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error and in our audit procedures described above. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other matter
In the prior year the company was classified as a small company under the Companies Act 2006 and as such the financial statements for the year ended 30 April 2022 were unaudited as the company was exempt from audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Foster |
(Senior Statutory Auditor) |
|
For and on behalf of |
Shipleys LLP |
Chartered accountants & statutory auditor |
5 Godalming Business Centre |
Woolsack Way |
Godalming |
Surrey |
GU7 1XW |
|
28 January 2025
Statement of Income and Retained Earnings |
|
Year ended 30 April 2024
|
2024 |
2023 |
Note |
£ |
£ |
Turnover |
4 |
17,924,711 |
18,178,435 |
|
|
|
|
Cost of sales |
15,078,540 |
15,490,345 |
|
------------- |
------------- |
Gross profit |
2,846,171 |
2,688,090 |
|
|
|
Administrative expenses |
951,369 |
753,444 |
Other operating income |
5 |
28,500 |
28,500 |
|
|
------------ |
------------ |
Operating profit |
6 |
1,923,302 |
1,963,146 |
|
|
|
|
Other interest receivable and similar income |
9 |
33,129 |
10,577 |
Interest payable and similar expenses |
10 |
6,621 |
11,048 |
|
------------ |
------------ |
Profit before taxation |
1,949,810 |
1,962,675 |
|
|
|
|
Tax on profit |
11 |
417,137 |
252,339 |
|
------------ |
------------ |
Profit for the financial year and total comprehensive income |
1,532,673 |
1,710,336 |
|
------------ |
------------ |
|
|
|
|
Dividends paid and payable |
12 |
(
760,000) |
(
580,000) |
|
|
|
|
Retained earnings at the start of the year |
3,900,035 |
2,769,699 |
|
------------ |
------------ |
Retained earnings at the end of the year |
4,672,708 |
3,900,035 |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
13 |
1,403,083 |
1,264,163 |
|
|
|
|
Current assets
Stocks |
14 |
427,701 |
422,474 |
Debtors |
15 |
4,190,698 |
3,023,067 |
Cash at bank and in hand |
2,424,843 |
2,215,282 |
|
------------ |
------------ |
|
7,043,242 |
5,660,823 |
|
|
|
|
Creditors: amounts falling due within one year |
16 |
3,652,395 |
2,939,093 |
|
------------ |
------------ |
Net current assets |
3,390,847 |
2,721,730 |
|
------------ |
------------ |
Total assets less current liabilities |
4,793,930 |
3,985,893 |
|
|
|
|
Provisions |
17 |
121,122 |
85,758 |
|
------------ |
------------ |
Net assets |
4,672,808 |
3,900,135 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
21 |
100 |
100 |
Profit and loss account |
22 |
4,672,708 |
3,900,035 |
|
------------ |
------------ |
Shareholders funds |
4,672,808 |
3,900,135 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
27 January 2025
, and are signed on behalf of the board by:
Daniel O'Brien |
Trevor O'Brien |
Director |
Director |
|
|
Company registration number:
05387564
Year ended 30 April 2024
Cash flows from operating activities
Profit for the financial year |
1,532,673 |
1,710,336 |
|
|
|
Adjustments for: |
|
|
Depreciation of tangible assets |
104,986 |
121,476 |
Other interest receivable and similar income |
(
33,129) |
(
10,577) |
Interest payable and similar expenses |
6,621 |
11,048 |
Gains on disposal of tangible assets |
– |
(
23,081) |
Tax on profit |
417,137 |
252,339 |
Accrued expenses/(income) |
413,668 |
(
866,862) |
|
|
|
Changes in: |
|
|
Stocks |
(
5,227) |
(
5,986) |
Trade and other debtors |
(
1,167,631) |
(
440,011) |
Trade and other creditors |
381,203 |
630,015 |
|
------------ |
------------ |
Cash generated from operations |
1,650,301 |
1,378,697 |
|
|
|
Interest paid |
(
6,621) |
(
11,048) |
Interest received |
33,129 |
10,577 |
Tax paid |
(
250,381) |
(
13,158) |
|
------------ |
------------ |
Net cash from operating activities |
1,426,428 |
1,365,068 |
|
------------ |
------------ |
|
|
|
Cash flows from investing activities
Purchase of tangible assets |
(
243,906) |
(
552,417) |
Proceeds from sale of tangible assets |
– |
32,230 |
|
------------ |
------------ |
Net cash used in investing activities |
(
243,906) |
(
520,187) |
|
------------ |
------------ |
|
|
|
Cash flows from financing activities
Proceeds/(repayments) from borrowings |
(
212,961) |
(
22,692) |
Dividends paid |
(
760,000) |
(
580,000) |
|
------------ |
------------ |
Net cash used in financing activities |
(
972,961) |
(
602,692) |
|
------------ |
------------ |
|
|
|
Net increase in cash and cash equivalents |
209,561 |
242,189 |
Cash and cash equivalents at beginning of year |
2,215,282 |
1,973,093 |
|
------------ |
------------ |
Cash and cash equivalents at end of year |
2,424,843 |
2,215,282 |
|
------------ |
------------ |
|
|
|
Notes to the Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hillside Works, Catteshall Lane, Godalming, GU7 1LB.
The company's principal activity during the period was the construction and development of residential and commercial properties.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Allowance for doubtful debts The company maintains allowances for doubtful accounts for estimated losses resulting from the subsequent inability of customers to make required payments. If the financial conditions of customers were to deteriorate, resulting in an impairment of their ability to make payments, then additional allowances may be required in future periods. Revenue income Revenue income includes work carried out but not yet invoiced or certified. This involves the use of judgement by management as to the value of work done. The carrying value at the year end is £1,531,253 (2023: £1,250,359). Impairment of assets Non-current assets are reviewed for impairment if an event or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset or cash generating unit is determined based on value-in-use calculations prepared on the basis of management's assumptions and estimates. The carrying value of non-current assets at the year end is £1,403,083 (2023: £1,264,163). No impairments have been recognised during the year.
Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes. Long term contracts Turnover represents the value of work done and certified during the year, in respect of its continuing activity from operations within the United Kingdom. Attributable profit is recognised as the difference between recorded turnover and related costs and therefore all foreseeable losses on existing contracts are provided in full. Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
2% Straight line on buildings
|
|
Plant and machinery |
- |
25% reducing balance |
|
Fixtures and fittings |
- |
25% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
£ |
£ |
Construction contracts |
17,924,711 |
18,178,435 |
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
|
2024 |
2023 |
|
£ |
£ |
Other operating income |
28,500 |
28,500 |
|
-------- |
-------- |
|
|
|
6.
Operating profit
Operating profit or loss is stated after charging/crediting:
|
2024 |
2023 |
|
£ |
£ |
Depreciation of tangible assets |
104,986 |
121,476 |
Gains on disposal of tangible assets |
– |
(
23,081) |
Operating lease charges |
24,371 |
24,741
|
Research and development |
435,210 |
543,537 |
Auditors remuneration |
16,000 |
15,000 |
|
--------- |
--------- |
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
Administrative staff |
13 |
11 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
£ |
£ |
Wages and salaries |
750,202 |
662,532 |
Social security costs |
83,990 |
78,901 |
Other pension costs |
84,937 |
25,443 |
|
--------- |
--------- |
|
919,129 |
766,876 |
|
--------- |
--------- |
|
|
|
8.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
|
2024 |
2023 |
|
£ |
£ |
Remuneration |
301,723 |
295,115 |
Company contributions to defined contribution pension plans |
66,337 |
13,583 |
|
--------- |
--------- |
|
368,060 |
308,698 |
|
--------- |
--------- |
|
|
|
The number of directors who accrued benefits under company pension plans was as follows:
|
2024 |
2023 |
|
No. |
No. |
Defined contribution plans |
3 |
3 |
|
---- |
---- |
|
|
|
Remuneration of the highest paid director in respect of qualifying services:
|
2024 |
2023 |
|
£ |
£ |
Aggregate remuneration |
104,669 |
102,220 |
Company contributions to defined contribution pension plans |
22,583 |
5,000 |
|
--------- |
--------- |
|
127,252 |
107,220 |
|
--------- |
--------- |
|
|
|
9.
Other interest receivable and similar income
|
2024 |
2023 |
|
£ |
£ |
Interest on cash and cash equivalents |
33,129 |
10,577 |
|
-------- |
-------- |
|
|
|
10.
Interest payable and similar expenses
|
2024 |
2023 |
|
£ |
£ |
Interest on banks loans and overdrafts |
6,621 |
11,048 |
|
------- |
-------- |
|
|
|
11.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
381,773 |
250,381 |
|
|
|
Deferred tax:
Deferred tax movement |
35,364 |
1,958 |
|
--------- |
--------- |
Tax on profit |
417,137 |
252,339 |
|
--------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the
standard rate of corporation tax in the UK
of
25
% (2023:
19.50
%).
|
2024 |
2023 |
|
£ |
£ |
Profit on ordinary activities before taxation |
1,949,810 |
1,962,675 |
|
------------ |
------------ |
Profit on ordinary activities by rate of tax |
487,452 |
387,034 |
Effect of expenses not deductible for tax purposes |
2,783 |
1,726 |
Effect of capital allowances and depreciation |
(
14,892) |
(
4,473) |
Deduction for qualifying R&D expenditure |
(
93,570)
|
(
133,906)
|
Deferred tax |
35,364 |
1,958 |
|
------------ |
------------ |
Tax on profit |
417,137 |
252,339 |
|
------------ |
------------ |
|
|
|
The Corporation tax rate of 19% generally applied to all companies whatever their size. From 1 April 2023, this rate was replaced by variable rates ranging from 19% to 25%.
A small profits rate of 19% will apply to companies whose profits are equal to or less than £50,000.
The main Corporation Tax rate is increased to 25% and will apply to companies with profits in excess of £250,000.
Companies with profits between £50,000 and £250,000 will pay tax at the main rate of 25% reduced by marginal relief. The marginal relief acts to adjust the rate of tax paid gradually increasing liability from 19% to 25%.
12.
Dividends
|
2024 |
2023 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
760,000 |
580,000 |
|
--------- |
--------- |
|
|
|
13.
Tangible assets
|
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 May 2023 |
943,945 |
573,842 |
57,216 |
243,289 |
44,085 |
1,862,377 |
Additions |
– |
154,660 |
– |
84,417 |
4,829 |
243,906 |
|
--------- |
--------- |
-------- |
--------- |
-------- |
------------ |
At 30 Apr 2024 |
943,945 |
728,502 |
57,216 |
327,706 |
48,914 |
2,106,283 |
|
--------- |
--------- |
-------- |
--------- |
-------- |
------------ |
Depreciation |
|
|
|
|
|
|
At 1 May 2023 |
22,813 |
367,410 |
41,299 |
138,777 |
27,915 |
598,214 |
Charge for the year |
2,535 |
63,657 |
3,979 |
30,137 |
4,678 |
104,986 |
|
--------- |
--------- |
-------- |
--------- |
-------- |
------------ |
At 30 Apr 2024 |
25,348 |
431,067 |
45,278 |
168,914 |
32,593 |
703,200 |
|
--------- |
--------- |
-------- |
--------- |
-------- |
------------ |
Carrying amount |
|
|
|
|
|
|
At 30 Apr 2024 |
918,597 |
297,435 |
11,938 |
158,792 |
16,321 |
1,403,083 |
|
--------- |
--------- |
-------- |
--------- |
-------- |
------------ |
At 30 Apr 2023 |
921,132 |
206,432 |
15,917 |
104,512 |
16,170 |
1,264,163 |
|
--------- |
--------- |
-------- |
--------- |
-------- |
------------ |
|
|
|
|
|
|
|
14.
Stocks
|
2024 |
2023 |
|
£ |
£ |
Raw materials and consumables |
14,797 |
9,570 |
Property stock |
412,904 |
412,904 |
|
--------- |
--------- |
|
427,701 |
422,474 |
|
--------- |
--------- |
|
|
|
15.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
2,585,172 |
1,725,216 |
Prepayments and accrued income |
47,492 |
47,492 |
Amounts recoverable on long term contracts |
1,531,253 |
1,250,359 |
Other debtors |
26,781 |
– |
|
------------ |
------------ |
|
4,190,698 |
3,023,067 |
|
------------ |
------------ |
|
|
|
16.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
– |
212,961 |
Trade creditors |
1,976,991 |
1,857,316 |
Accruals and deferred income |
716,477 |
302,809 |
Corporation tax |
381,773 |
250,381 |
Social security and other taxes |
563,814 |
306,680 |
Other creditors |
13,340
|
8,946
|
|
------------ |
------------ |
|
3,652,395 |
2,939,093 |
|
------------ |
------------ |
|
|
|
On 7 March 2012 a legal charge was issued in favour of National Westminster Bank PLC, securing a charge over the freehold land and building at Hillside Works, Catteshall Lane, Godalming, GU7 1LB. On 20 November 2015 a legal charge was issued in favour of National Westminster Bank PLC, securing a charge over the freehold land on the north side of Catteshall Lane, Godalming and Lammas Works, Catteshall Lane, Godalming, GU7 1LB. Both charges over the properties were released on 15 August 2023.
17.
Provisions
|
Deferred tax (note 18) |
|
£ |
At 1 May 2023 |
85,758 |
Additions |
35,364 |
|
--------- |
At 30 April 2024 |
121,122 |
|
--------- |
|
|
18.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions (note 17) |
121,122 |
85,758 |
|
--------- |
-------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Accelerated capital allowances |
121,122 |
85,758 |
|
--------- |
-------- |
|
|
|
19.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
84,937
(2023: £
25,443
).
20.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss |
5,036,796 |
3,940,498 |
|
------------ |
------------ |
|
|
|
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss |
2,706,809 |
2,382,032 |
|
------------ |
------------ |
|
|
|
21.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.
22.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
23.
Analysis of changes in net debt
|
At 1 May 2023 |
Cash flows |
At 30 Apr 2024 |
|
£ |
£ |
£ |
Cash at bank and in hand |
2,215,282 |
209,561 |
2,424,843 |
Debt due within one year |
(212,961) |
212,961 |
– |
|
------------ |
--------- |
------------ |
|
2,002,321 |
422,522 |
2,424,843 |
|
------------ |
--------- |
------------ |
|
|
|
|
24.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
20,700 |
20,744 |
Later than 1 year and not later than 5 years |
15,903 |
12,749 |
|
-------- |
-------- |
|
36,603 |
33,493 |
|
-------- |
-------- |
|
|
|
25.
Controlling party
The directors consider that the company is not under the control of any one individual.