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Registered number: 02309833










FOUNDATION PILING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
FOUNDATION PILING LIMITED
 
 
COMPANY INFORMATION


Directors
S J Edmondson 
M F Keaveny 
J R Peterson 
M K Keaveny 
T P Keaveny 




Company secretary
S Chadwick



Registered number
02309833



Registered office
Ifton Colliery
Glyn Morlas Lane

St Martins

Oswestry

Shropshire

SY11 3DA




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
FOUNDATION PILING LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 33


 
FOUNDATION PILING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The Directors present their strategic report of Foundation Piling Limited ("the Company") for the year ended 30 April 2024.

Business review
 
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.
.  
 
Page 1

 
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.

Page 2

 
FOUNDATION PILING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
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.




................................................
S J Edmondson
Director

Date: 29 January 2025

Page 3

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies 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 2006They 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.

Principal activity

The principal activity of the Company is the construction of bored pile foundations and ancillary works.

Results and dividends

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. 

Directors

The directors who served during the year were:

S J Edmondson 
M F Keaveny 
J R Peterson 
M K Keaveny 
T P Keaveny 

Page 4

 
FOUNDATION PILING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Future developments

The directors plan to continue the development of the Company and its business. Refer to the strategic report for further information. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWR Partnerswill 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.
 






................................................
S J Edmondson
Director

Date: 29 January 2025

Page 5

 
FOUNDATION PILING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


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.


Page 6

 
FOUNDATION PILING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 set out on page 4, 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.


Page 7

 
FOUNDATION PILING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING LIMITED (CONTINUED)


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 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.


Page 8

 
FOUNDATION PILING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING LIMITED (CONTINUED)


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 2006Our 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.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
30 January 2025
Page 9

 
FOUNDATION PILING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 5 
19,303,499
27,214,016

Cost of sales
  
(15,098,236)
(20,674,996)

Gross profit
  
4,205,263
6,539,020

Administrative expenses
  
(4,355,360)
(4,644,744)

Other operating income
 6 
252,748
-

Operating profit
 7 
102,651
1,894,276

Interest receivable and similar income
 10 
428
99

Interest payable and similar expenses
 11 
(76,252)
(82,179)

Profit before tax
  
26,827
1,812,196

Tax on profit
 12 
(27,130)
(336,387)

(Loss)/profit for the financial year
  
(303)
1,475,809

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 33 form part of these financial statements.

Page 10

 
FOUNDATION PILING LIMITED
REGISTERED NUMBER: 02309833

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,395,350
3,246,894

  
3,395,350
3,246,894

Current assets
  

Debtors: amounts falling due within one year
 14 
7,595,890
7,996,076

Cash at bank and in hand
 15 
55,948
373,891

  
7,651,838
8,369,967

Creditors: amounts falling due within one year
 16 
(3,295,636)
(3,713,560)

Net current assets
  
 
 
4,356,202
 
 
4,656,407

Total assets less current liabilities
  
7,751,552
7,903,301

Creditors: amounts falling due after more than one year
 17 
(512,128)
(729,303)

Provisions for liabilities
  

Deferred tax
 20 
(641,960)
(576,231)

Net assets
  
6,597,464
6,597,767


Capital and reserves
  

Called up share capital 
 21 
1,210
1,210

Profit and loss account
 22 
6,596,254
6,596,557

  
6,597,464
6,597,767


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
S J Edmondson
Director

Date: 29 January 2025

The notes on pages 13 to 33 form part of these financial statements.

Page 11

 
FOUNDATION PILING LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
1,210
5,120,748
5,121,958


Comprehensive income for the year

Profit for the year
-
1,475,809
1,475,809
Total comprehensive income for the year
-
1,475,809
1,475,809



At 1 May 2023
1,210
6,596,557
6,597,767


Comprehensive income for the year

Loss for the year
-
(303)
(303)
Total comprehensive income for the year
-
(303)
(303)


At 30 April 2024
1,210
6,596,254
6,597,464


The notes on pages 13 to 33 form part of these financial statements.

Page 12

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

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. 


2.


Summary of significant accounting policies and key accounting estimates

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

 
3.1

Basis of preparation of financial statements

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:

 
3.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

Page 13

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)

 
3.3

Going concern

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.

 
3.4

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 14

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)

 
3.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Long-term leasehold property
-
Nil%
Plant and machinery
-
6.67% - 15%
Motor vehicles
-
20%
Fixtures and fittings
-
15%

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.

 
3.6

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
3.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
3.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 15

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)

 
3.9

Financial instruments

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.
 
Page 16

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)


3.9
Financial instruments (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.
Page 17

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)


3.9
Financial instruments (continued)


 
3.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
3.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
3.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
3.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
3.14

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 18

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)

 
3.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
3.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
3.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
3.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
3.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)

 
3.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 20

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
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.


5.


Turnover

The whole of the turnover is attributable to the construction of bored pile foundations and ancillary works.

All turnover arose within the United Kingdom.


6.


Other operating income

2024
2023
£
£

Insurance claims receivable
252,748
-

252,748
-

Page 21

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Bad debts written off
137,894
741,289

Exchange differences
2,067
(1,141)

Other operating lease rentals
98,498
110,376

Fees payable to the Company's auditor for the audit of the Company's annual financial statements
14,300
13,700

(Profit)/loss on sale of assets
(96,654)
(28,294)


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,427,244
4,508,746

Social security costs
464,896
487,561

Cost of defined contribution scheme
130,455
99,510

5,022,595
5,095,817


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
90
99

Page 22

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
403,156
403,771

Company contributions to defined contribution pension schemes
40,302
3,963

443,458
407,734


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £88,254 (2023 - £119,459).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £37,000 (2023 - £1,321).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
428
99

428
99


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
42,262
35,952

Finance leases and hire purchase contracts
33,990
46,227

76,252
82,179
Page 23

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
38,599

Adjustments in respect of previous periods
(38,599)
(28,975)


(38,599)
9,624


Total current tax
(38,599)
9,624

Deferred tax


Origination and reversal of timing differences
65,729
326,763

Total deferred tax
65,729
326,763


Tax on profit
27,130
336,387
Page 24

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
26,827
1,812,196


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
6,707
353,378

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,785

Adjustments to tax charge in respect of prior periods
(38,599)
(28,975)

Other timing differences leading to an increase (decrease) in taxation
12,546
15,779

Book profit on chargeable assets
(24,164)
(5,517)

Unrelieved tax losses carried forward
70,640
-

Marginal relief
-
(63)

Total tax charge for the year
27,130
336,387


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
377,672
5,784,984
1,618,256
41,323
7,822,235


Additions
16,988
522,424
182,597
19,534
741,543


Disposals
-
(30,524)
(178,667)
-
(209,191)



At 30 April 2024

394,660
6,276,884
1,622,186
60,857
8,354,587



Depreciation


At 1 May 2023
-
3,367,423
1,168,238
39,680
4,575,341


Charge for the year on owned assets
-
351,374
170,156
2,160
523,690


Disposals
-
(24,419)
(178,667)
-
(203,086)


Impairment charge
-
63,292
-
-
63,292



At 30 April 2024

-
3,757,670
1,159,727
41,840
4,959,237



Net book value



At 30 April 2024
394,660
2,519,214
462,459
19,017
3,395,350



At 30 April 2023
377,672
2,417,561
450,018
1,643
3,246,894

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
563,534
281,491

Motor vehicles
363,956
240,549

927,490
522,040

Page 26

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Debtors

2024
2023
£
£


Trade debtors
3,460,508
3,925,006

Other debtors
4,074,284
3,845,192

Prepayments and accrued income
36,152
75,871

Amounts recoverable on long-term contracts
24,946
150,007

7,595,890
7,996,076



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
55,948
373,891

55,948
373,891


Page 27

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
188,889
188,889

Trade creditors
2,219,047
2,337,471

Amounts owed to group undertakings
163,274
108,274

Corporation tax
-
38,599

Other taxation and social security
104,962
123,412

Obligations under finance lease and hire purchase contracts
266,386
193,442

Other creditors
31,161
36,278

Accruals and deferred income
321,917
687,195

3,295,636
3,713,560


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
266,386
193,442

Bank Loans
188,889
188,889

455,275
382,331

Details of security provided:

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

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
78,703
265,467

Net obligations under finance leases and hire purchase contracts
229,348
119,759

Other creditors
79,523
219,523

Accruals and deferred income
124,554
124,554

512,128
729,303


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
229,348
119,759

Bank loans
78,703
265,467

308,051
385,226

Details of security provided:

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

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
188,889
188,889


188,889
188,889

Amounts falling due 1-2 years

Bank loans
78,703
188,889


78,703
188,889

Amounts falling due 2-5 years

Bank loans
-
76,578


-
76,578


267,592
454,356


Bank loans relate to a loan under the Coronavirus Business Interruption Loan Scheme (CBILS). Interest is being charged at 3% per annum and the balance is expected to be repaid in in monthly instalments by September 2025. The loan is secured through fixed and floating charges against the assets of the Company.


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
266,386
193,442

Between 1-5 years
229,348
119,759

495,734
313,201

Page 30

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Deferred taxation




2024


£






At beginning of year
(576,231)


Charged to the profit or loss
(65,729)



At end of year
(641,960)

The deferred tax balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(641,960)
(576,231)

(641,960)
(576,231)

Comprising:

Liability
(641,960)
(576,231)

(641,960)
(576,231)



21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,200 (2023 - 1,200) Ordinary shares of £1.00 each
1,200
1,200
10 (2023 - 10) Non-voting redeemable 'B' shares shares of £1.00 each
10
10

1,210

1,210


Page 31

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses less distributions made to shareholders.


23.


Capital commitments


At 30 April 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
1,483,860
1,916,000

1,483,860
1,916,000

24.


Pension commitments

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.


25.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
55,056
37,324

Later than 1 year and not later than 5 years
29,260
18,974

Later than 5 years
-
594

84,316
56,892

Page 32

 
FOUNDATION PILING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

26.


Related party transactions

At the end of the financial year, the directors of the Company had outstanding loan accounts totalling £79,522 (2023: £219,523). The balances are included within other creditors due in over one year. 
The Company entered into transactions with Foundation Piling Plant Limited, a company under common control. Total purchases made during the year totalled £850,000 (2023: £1,110,000). 
At year end, a loan account is due from Foundation Piling Plant Limited of £3,554,353 (2023: £3,338,998).  
The Company entered into transactions with Edmondson, Keaveny, Peterson Partnership, a partnership under common control. Total purchases made during the year totalled £25,000 (2023: £25,000).
The Company has taken advantage of the exemption under FRS102 not to disclose transactions with wholly owned group companies.


27.


Controlling party

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. 

 
Page 33