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Registered number: 02305383










FOUNDATION PILING (HOLDINGS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
FOUNDATION PILING (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


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




Registered number
02305383



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 (HOLDINGS) LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13 - 14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17 - 18
Notes to the financial statements
 
19 - 41


 
FOUNDATION PILING (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
The Directors present their strategic report 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 £62k.
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 Group remains strong at £7.6m.
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 (HOLDINGS) LIMITED
 

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

People
At its five regional offices, the Group 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 Group 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 Group 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 Group 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 Group 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 Group continues to occupy a place at the very forefront of the industry.

Page 2

 
FOUNDATION PILING (HOLDINGS) LIMITED
 

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

Principal risks and uncertainties
 
Major perceived threats to the Group’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 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 (HOLDINGS) 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £42,428 (2023 - £1,504,855).

No dividends have been paid for the current year (2023 - £nil).
No dividend is proposed in respect of the year for payment post year end.

Directors

The directors who served during the year were:

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

Future developments

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

Page 4

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


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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group 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 (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Foundation Piling (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 6

 
FOUNDATION PILING (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUNDATION PILING (HOLDINGS) 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

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


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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group 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 the Group 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 and the Group are 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 and Group'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.
 
Page 8

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




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.


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 (HOLDINGS) LIMITED
 
 
CONSOLIDATED 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
  
(4,319,442)
(4,608,885)

Other operating income
 6 
252,748
-

Operating profit
 7 
138,569
1,930,135

Interest receivable and similar income
 10 
428
99

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

Profit before taxation
  
62,745
1,848,055

Tax on profit
 12 
(20,317)
(343,200)

Profit for the financial year
  
42,428
1,504,855

  

Unrealised surplus on revaluation of tangible fixed assets
  
239,464
-

Deferred tax on revaluation of properties
  
(59,866)
-

Other comprehensive income for the year
  
179,598
-

Total comprehensive income for the year
  
222,026
1,504,855

Profit for the year attributable to:
  

Owners of the parent Company
  
42,428
1,504,855

  
42,428
1,504,855

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

The notes on pages 19 to 41 form part of these financial statements.

Page 10

 
FOUNDATION PILING (HOLDINGS) LIMITED
REGISTERED NUMBER: 02305383

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
4,445,350
4,057,430

  
4,445,350
4,057,430

Current assets
  

Debtors: amounts falling due within one year
 16 
7,598,718
7,998,904

Cash at bank and in hand
 17 
61,183
398,207

  
7,659,901
8,397,111

Creditors: amounts falling due within one year
 18 
(3,292,415)
(3,772,151)

Net current assets
  
 
 
4,367,486
 
 
4,624,960

Total assets less current liabilities
  
8,812,836
8,682,390

Creditors: amounts falling due after more than one year
 19 
(512,128)
(729,303)

Provisions for liabilities
  

Deferred taxation
 22 
(701,826)
(576,231)

Net assets
  
7,598,882
7,376,856

Page 11

 
FOUNDATION PILING (HOLDINGS) LIMITED
REGISTERED NUMBER: 02305383
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
6,416
6,416

Share premium account
 24 
35,929
35,929

Revaluation reserve
 24 
179,598
-

Profit and loss account
 24 
7,376,939
7,334,511

  
7,598,882
7,376,856


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 19 to 41 form part of these financial statements.

Page 12

 
FOUNDATION PILING (HOLDINGS) LIMITED
REGISTERED NUMBER: 02305383

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,050,000
810,536

Investments
 15 
1,200
1,200

  
1,051,200
811,736

Current assets
  

Debtors: amounts falling due within one year
 16 
166,102
111,102

Cash at bank and in hand
 17 
5,235
24,316

  
171,337
135,418

Creditors: amounts falling due within one year
 18 
(160,043)
(166,855)

Net current assets/(liabilities)
  
 
 
11,294
 
 
(31,437)

Total assets less current liabilities
  
1,062,494
780,299

  

Provisions for liabilities
  

Deferred taxation
 22 
(59,866)
-

  
 
 
(59,866)
 
 
-

Net assets
  
1,002,628
780,299

Page 13

 
FOUNDATION PILING (HOLDINGS) LIMITED
REGISTERED NUMBER: 02305383
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 23 
6,416
6,416

Share premium account
 24 
35,929
35,929

Revaluation reserve
 24 
179,598
-

Profit and loss account
 24 
780,685
737,954

  
1,002,628
780,299


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

Page 14

 
FOUNDATION PILING (HOLDINGS) LIMITED
 

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


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£
£

At 1 May 2022
6,416
35,929
-
5,829,656
5,872,001
5,872,001


Comprehensive income for the year

Profit for the year
-
-
-
1,504,855
1,504,855
1,504,855


Other comprehensive income for the year
-
-
-
-
-
-


Total comprehensive income for the year
-
-
-
1,504,855
1,504,855
1,504,855


Total transactions with owners
-
-
-
-
-
-


At 1 May 2023
6,416
35,929
-
7,334,511
7,376,856
7,376,856


Comprehensive income for the year

Profit for the year
-
-
-
42,428
42,428
42,428

Surplus on revaluation of freehold property
-
-
239,464
-
239,464
239,464

Deferred tax on revaluation
-
-
(59,866)
-
(59,866)
(59,866)


Other comprehensive income for the year
-
-
179,598
-
179,598
179,598


Total comprehensive income for the year
-
-
179,598
42,428
222,026
222,026


Total transactions with owners
-
-
-
-
-
-


At 30 April 2024
6,416
35,929
179,598
7,376,939
7,598,882
7,598,882


The notes on pages 19 to 41 form part of these financial statements.

Page 15

 
FOUNDATION PILING (HOLDINGS) LIMITED
 

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


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 May 2022
6,416
35,929
-
708,908
751,253


Comprehensive income for the year

Profit for the year
-
-
-
29,046
29,046


Total transactions with owners
-
-
-
-
-


At 1 May 2023
6,416
35,929
-
737,954
780,299


Comprehensive income for the year

Profit for the year
-
-
-
42,731
42,731

Surplus on revaluation of freehold property
-
-
239,464
-
239,464

Deferred tax on revaluation
-
-
(59,866)
-
(59,866)


Other comprehensive income for the year
-
-
179,598
-
179,598


Total transactions with owners
-
-
-
-
-


At 30 April 2024
6,416
35,929
179,598
780,685
1,002,628


The notes on pages 19 to 41 form part of these financial statements.

Page 16

 
FOUNDATION PILING (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
42,428
1,504,855

Adjustments for:

Depreciation of tangible assets
523,690
502,819

Impairments of fixed assets
63,292
-

Loss on disposal of tangible assets
(96,654)
(28,294)

Interest paid
76,252
82,179

Interest received
(428)
(99)

Taxation charge
20,317
343,200

Decrease in debtors
400,186
687,661

(Decrease) in creditors
(647,268)
(2,174,296)

Corporation tax received
-
28,975

Net cash generated from operating activities

381,815
947,000


Cash flows from investing activities

Purchase of tangible fixed assets
(741,543)
(532,304)

Sale of tangible fixed assets
102,759
101,187

Interest received
428
99

HP interest paid
(33,990)
(46,227)

Net cash from investing activities

(672,346)
(477,245)
Page 17

 
FOUNDATION PILING (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(186,764)
(188,889)

Repayment of/new finance leases
182,533
(317,256)

Interest paid
(42,262)
(35,952)

Net cash used in financing activities
(46,493)
(542,097)

Net (decrease) in cash and cash equivalents
(337,024)
(72,342)

Cash and cash equivalents at beginning of year
398,207
470,549

Cash and cash equivalents at the end of year
61,183
398,207


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
61,183
398,207

61,183
398,207


Page 18

 
FOUNDATION PILING (HOLDINGS) 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 in England. The address of its registered office is Ifton Colliery, Glyn Morlas Lane, St Martins, Oswestry, SY11 3DA. 
The principal activity of the Group 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 Group management to exercise judgement in applying the Group's accounting policies (see note 4).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
3.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2014.

Page 19

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

3.Accounting policies (continued)

  
3.3

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.

 
3.4

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 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 Group is well positioned and have reasonable expectations that it has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

 
3.5

Foreign currency translation

Functional and presentation currency

The Group'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.

Page 20

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

3.Accounting policies (continued)

 
3.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

 
3.7

Operating leases: the Group as lessee

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

 
3.8

Leased assets: the Group 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.

 
3.9

Interest income

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

Page 21

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

3.Accounting policies (continued)

 
3.10

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.

 
3.11

Borrowing costs

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

 
3.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
3.13

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 22

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

3.Accounting policies (continued)

 
3.14

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:

Freehold property
-
Nil %
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.

Properties are not depreciated on the grounds that their residual value will at least be equal to the carrying values in the financial statements.

 
3.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
 

Page 23

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

3.Accounting policies (continued)

 
3.16

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.

 
3.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. 

 
3.18

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.

 
3.19

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
 

 
3.20

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.

 
3.21

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.

 
3.22

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.
 
Page 24

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

3.Accounting policies (continued)


3.22
Provisions for liabilities (continued)

Increases in provisions are generally charged as an expense to profit or loss. 

 
3.23

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group 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 Group's Balance sheet when the Group 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.
 
Page 25

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

3.Accounting policies (continued)


3.23
Financial instruments (continued)


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 Group'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.

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.
 
Page 26

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

3.Accounting policies (continued)


3.23
Financial instruments (continued)


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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 27

 
FOUNDATION PILING (HOLDINGS) 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 Group 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 end of the year 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 28

 
FOUNDATION PILING (HOLDINGS) 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
£
£

Profit on sale of tangible fixed assets
(96,654)
(28,294)

Exchange differences
2,067
(1,141)

Other operating lease rentals
62,498
74,376

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

Bad debts written off
137,894
741,289


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
4,427,244
4,501,810

Social security costs
464,896
487,561

Cost of defined contribution scheme
130,455
99,510

5,022,595
5,088,881


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


        2024
        2023
            No.
            No.







Employees
90
99

Page 29

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
403,156
403,771

Group 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 Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £37,000 (2023 - £1,312).


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 30

 
FOUNDATION PILING (HOLDINGS) 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
-
45,412

Adjustments in respect of previous periods
(45,412)
(28,975)


(45,412)
16,437


Total current tax
(45,412)
16,437

Deferred tax


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

Total deferred tax
65,729
326,763


Tax on profit
20,317
343,200
Page 31

 
FOUNDATION PILING (HOLDINGS) 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
62,745
1,848,055


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
20,866
360,371

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,605

Adjustments to tax charge in respect of prior periods
(45,412)
(28,975)

Other timing differences leading to an increase (decrease) in taxation
(1,613)
-

Timing differences net of movement in tax rates
-
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
20,317
343,200


Factors that may affect future tax charges

There are no factors that may affect future tax charges. 


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £42,731 (2023 - £29,046).

Page 32

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

14.


Tangible fixed assets

Group






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

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
810,536
377,672
5,784,984
1,618,256
41,323
8,632,771


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


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


Revaluations
239,464
-
-
-
-
239,464



At 30 April 2024

1,050,000
394,660
6,276,884
1,622,186
60,857
9,404,587



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
1,050,000
394,660
2,519,214
462,459
19,017
4,445,350



At 30 April 2023
810,536
377,672
2,417,561
450,018
1,643
4,057,430

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 33

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

           14.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 May 2023
810,536


Revaluations
239,464



At 30 April 2024

1,050,000






At 30 April 2024
-



Net book value



At 30 April 2024
1,050,000



At 30 April 2023
810,536

The 2024 valuations were performed on an open market basis by MRICS, qualified chartered surveyors, on behalf of Allsop LLP. 






Page 34

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
1,200



At 30 April 2024
1,200





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Foundation Piling Limited
Ifton Colliery Glyn Morlas Lane, St Martins, Oswestry, Shropshire, SY11 3DA
Ordinary
100%


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


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

Amounts owed by group undertakings
-
-
163,274
108,274

Other debtors
4,077,112
3,848,020
2,828
2,828

Prepayments and accrued income
36,152
75,871
-
-

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

7,598,718
7,998,904
166,102
111,102


Page 35

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

17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
61,183
398,207
5,235
24,316

61,183
398,207
5,235
24,316



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
188,889
188,889
-
-

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

Corporation tax
-
45,412
-
6,813

Other taxation and social security
104,962
123,412
-
-

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

Other creditors
181,826
186,942
150,655
150,654

Accruals and deferred income
331,305
696,583
9,388
9,388

3,292,415
3,772,151
160,043
166,855



The following liabilities were secured:
Group
Group
2024
2023
£
£

Bank loans
188,889
188,889

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

455,275
382,331

Details of security provided:

Bank loans are secured against the property of the Group.
Hire purchase liabilities are secured against the assets to which they relate.

Page 36

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

19.


Creditors: Amounts falling due after more than one year

Group
Group
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:
Group
Group
2024
2023
£
£


Bank loans
78,703
265,467

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

308,051
385,226

Details of security provided:

Bank loans are secured against the property of the Group.
Hire purchase liabilities are secured against the assets to which they relate.

Page 37

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


20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
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 Group.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
266,386
193,442

Between 1-5 years
229,348
119,759

495,734
313,201

Page 38

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

22.


Deferred taxation


Group



2024


£






At beginning of year
(576,231)


Charged to profit or loss
(65,729)


Charged to other comprehensive income
(59,866)



At end of year
(701,826)

The provision for deferred taxation is made up as follows:

Group
Group
Company
2024
2023
2024
£
£
£

Accelerated capital allowances
(641,960)
(576,231)
(59,866)

Revaluation of properties
(59,866)
-
-

(701,826)
(576,231)
(59,866)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,416 (2023 - 6,416) Ordinary shares of £1.00 each
6,416
6,416


Page 39

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

24.


Reserves

Share premium account

The share premium account comprises the cumulative difference between the price paid for shares and their nominal value.

Revaluation reserve

The revaluation reserve represents movements in the valuation of the Company's properties in excess of
historic cost net of related deferred tax.

Profit and loss account

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

25.


Analysis of net debt




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

398,207

(337,024)

61,183

Debt due after 1 year

(265,467)

186,764

(78,703)

Debt due within 1 year

(339,543)

-

(339,543)

Finance leases

(313,201)

(182,533)

(495,734)


(520,004)
(332,793)
(852,797)


26.


Capital commitments




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


Group
Group
2024
2023
£
£

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

1,483,860
1,916,000

Page 40

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

27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group 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.


28.


Commitments under operating leases

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


Group
Group
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

29.


Related party transactions

At the end of the financial year, the directors of the Group had outstanding loan accounts totalling £230,178 (2023: £370,177). Of this balance £150,655 (2023: £150,654) is included within other creditors falling due within one year and £79,523 (2023: £219,523) is included within other creditors due over one year.  
The Group 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 for the balance of £3,554,353 (2023: £3,338,998).  
The Group 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), with £Nil (2023: £Nil) owed at year end.
The Company has taken advantage of the exemption under FRS102 not to disclose transactions with wholly owned group companies.


30.


Controlling party

The controlling parties are the Directors of Foundation Piling (Holdings) Limited by virtue of their shareholdings in the Company.

 
Page 41