Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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FOUNDATION PILING LIMITED
COMPANY INFORMATION
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FOUNDATION PILING LIMITED
CONTENTS
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FOUNDATION PILING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The Directors present their strategic report of Foundation Piling Limited ("the Company") for the year ended 30 April 2024.
The results from the past 12 months might best be described as flat.
Turnover has reduced to £19.3m, in large, due to a lack of confidence in the UK Construction market bringing with it a reduction in opportunities for undertaking larger scale commercial projects. Whilst the value of quotations returned has been maintained, a significant number of projects, including many for which the company had received early instructions to progress designs, have been delayed or have not yet made it through to the construction phase. Without these delays the year end results would be showing a more robust six figure profit. The profit before tax for the year is £27k. The year has also seen large players in the market such as the Buckingham & Henry Construction groups file for insolvency. Whilst Foundation Piling’s results show no impairment from these, they are seen by the board as symptomatic of a sector in which liquidity concerns for Principal Contractors have increased and continue to rise. The net asset position of the Company remains strong at £6.6m. Foundation Piling have a robust credit management policy including a credit insurance facility. As a result, provision for bad debt is less than 1% of turnover. On a more positive note, Y/E 2024 has seen a plateauing of the cost of living crisis and with it a steadying of wage demands. As the ground engineering industry moves to a completion of works on the initial phases of HS2, materials price inflation has also levelled off, although there have been further increases in fuel prices resulting from global uncertainty and specifically the war in Ukraine. The Directors continue to very closely monitor the supply chain for early indications of inflationary supply cost increases and have maintained a reduction in the validity period of quotations to ensure costs at the point of contract award reflect those used in preparation of quotations. .
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FOUNDATION PILING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
People At its five regional offices, the Company continues to undertake all design work in house with a strong team of chartered engineers preparing bespoke designs. On site, the company has a skilled, dedicated and valued workforce and continues to invest in training and development allied with modern and efficient plant. New entrants to the industry are encouraged and another apprentice was employed during the year. By ensuring that the Company values its employees, Foundation Piling continues to benefit from very low staff turnover. As a result the temporary reliance upon agency staff has reduced further during the period. The Company continues to maintain and monitor a robust Occupational Health and Wellbeing strategy to ensure the welfare of its staff and employs a Quality Environmental Health and Safety Manager to ensure the wellbeing of all employees and the conformance and improvement of the Company’s systems and policies. Markets and Opportunities Although financing costs for projects have increased, opportunities remain within an uncertain market. Amongst a wide range of industry accreditations, Foundation Piling has maintained the Constructionline Gold Standard. Active membership of the Federation of Piling Specialists organisation ensures that the company is increasingly respected within UK Ground Engineering industry. The Company maintains adequate comprehensive insurances in respect of its potential liabilities together with business interruption insurance and continues to insure against bad debt whilst enforcing a strict credit control system. The company’s in-house design offering is become increasingly unique within the market and remains supported by Professional Indemnity insurance. As the industry moves further to meeting environmental targets and reduction of CO2 emissions, the Company has disposed of older plant. The use of HVOs as a replacement for gas oil is continuing and the fleet continues to be fully compliant with current regulations. Plans for further investment in plant are advanced and, this year, the company has placed orders for new equipment including a CFA rig with drill depth capacity greater than any alternative rig currently operating in the UK market. Whilst Foundation Piling is not immune to global economic pressures, the Directors see opportunities for growth and have a strategy of plant renewal and replacement. This, coupled with a deep-rooted commitment to staff training and development, will ensure that the Company continues to occupy a place at the very forefront of the industry.
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FOUNDATION PILING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Major perceived threats to the Company’s trading position are:
• Higher interest rates will likely reduce investment and slow industry growth • Lack of investment within the concrete supply chain has resulted in plant breakdowns and interruptions in supply bringing with it adverse effects on programme • Concrete and steel reinforcement shortages continue due to HS2. • Materials price uncertainty in the medium to long term continues • UK Government has already instigated measures to recover costs of support to the economy during the pandemic through increased taxation • Imitation of the Company’s systems and design led ethos • Labour shortages that initially resulted from poaching of skilled operatives by HS2 contractors will continue, exacerbated by a lack of structured industry training • Inflationary wage pressures resulting from increases in taxes.
This report was approved by the board and signed on its behalf.
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FOUNDATION PILING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The loss for the year, after taxation, amounted to £303 (2023 - profit £1,475,809).
No dividends have been paid for the current year (2023 - £nil).
No dividend is proposed in relation to the 2023/24 year for payment post year end.
The directors who served during the year were:
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FOUNDATION PILING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The directors plan to continue the development of the Company and its business. Refer to the strategic report for further information.
There have been no significant events affecting the Company since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FOUNDATION PILING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING LIMITED
We have audited the financial statements of Foundation Piling Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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.
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FOUNDATION PILING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
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.
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.
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FOUNDATION PILING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING LIMITED (CONTINUED)
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 Auditors' 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:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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FOUNDATION PILING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date:
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FOUNDATION PILING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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FOUNDATION PILING LIMITED
REGISTERED NUMBER: 02309833
BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 33 form part of these financial statements.
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FOUNDATION PILING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Company is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is Ifton Colliery, Glyn Morlas Lane, St Martins, Oswestry, SY11 3DA.
The principal activity of the Company is the construction of bored pile foundations and ancillary works.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
3.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 4).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Foundation Piling (Holdings) Ltd as at 30 April 2024 and these financial statements may be obtained from Companies House.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
3.Accounting policies (continued)
In assessing the appropriateness of the going concern basis in preparing the accounts the Directors have considered the current financial position of the Company and the wider Group along with forecasts for the 2025 calendar year. In reviewing the forecasts the Directors have considered the headroom in the finance facilities which the Directors have a reasonable expectation will be renewed.
Despite the uncertainties in relation to the economic environment the Directors consider that the Company is well positioned and have reasonable expectations that it has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
3.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Leasehold property is not depreciated on the grounds that its residual value will at least be equal to the carrying value in the financial statements.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
3.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
3.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
3.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
3.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
3.Accounting policies (continued)
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Amounts recoverable on long term contracts Amounts recoverable on long term contracts are valued using the percentage of completion method. The estimation of the amount recoverable at year end includes the estimation of future costs to be incurred on a contract as well as the anticipated completion date of the contract assuming that revenue for the contract can be reliably measured. At the year end the carrying amount of amounts recoverable on long term contracts was £24,946 (2023: £150,007). (ii) Provisions for bad & doubtful debts Management closely review the outstanding trade debtor balances, considering ageing, payment history and credit risk. Specific bad debt provisions are recognised based on management’s best estimates at the balance sheet date.
The whole of the turnover is attributable to the construction of bored pile foundations and ancillary works.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 26
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 27
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Hire purchase liabilities are secured against the assets to which they relate.
Bank Loans are secured through fixed and floating charges against the assets of the Company.
Page 28
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Hire purchase liabilities are secured against the assets to which they relate.
Bank Loans are secured through fixed and floating charges against the assets of the Company.
Page 29
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 30
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 31
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £83,517 (2023: £45,012). Contributions totaling £3,849 (2023: £5,123) were payable to the fund at the balance sheet date.
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FOUNDATION PILING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The ultimate parent company is Foundation Piling (Holdings) Limited, a company incorporated in England and Wales. Copies of the Foundation Piling (Holdings) Limited Group accounts can be be obtained from Companies House.
The controlling parties are the directors of Foundation Piling (Holdings) Limited by virtue of their shareholdings in the Company.
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