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REGISTERED NUMBER: 05285429 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

FALCO CONSTRUCTION LIMITED

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


FALCO CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Mr B Griffin
Mr A Seyfi



REGISTERED OFFICE: 2 Mountside
Stanmore
Middlesex
HA7 2DT



REGISTERED NUMBER: 05285429 (England and Wales)



SENIOR STATUTORY AUDITOR: Christopher Andrews ACA



AUDITORS: Mountsides Limited
Chartered Accountants
& Statutory Auditors
2 Mountside
Stanmore
Middlesex
HA7 2DT

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their strategic report for the year ended 31st March 2024.

REVIEW OF BUSINESS
The directors consider that the key financial performance indicators (KPIs) are those that communicate the financial performance and strength of the company as a whole to its members. These KPIs comprise turnover, operating profit and shareholders' funds.

Turnover increased by 17.9% to £30,896,587 during the year. Gross margins fell from 14.0% to 11.4% due to increased cost pressures. This was in line with the directors' expectations. Operating profit decreased slightly and remained satisfactory at £2,302,107, resulting in Shareholders Funds totalling £1,824,794 at the year end.

The company is exempt from the requirement to disclose details of non-financial key performance indicators as it is a medium sized company.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's financial risk management objectives consist of identifying and monitoring those risks which have an adverse impact on the value of the company's financial assets and liabilities or on reported profitability and on the cash flows of the company.

The company's principal financial instruments comprise cash balances and various items such as trade debtors and trade and other creditors which arise directly from trading operations.The main purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks.

LIQUIDITY RISK
The company minimises its exposure to liquidity risk by managing cash generation by its operations with cash collection targets set. In this way the company ensures that sufficient funds are available for day to day operations and planned expansions.

CREDIT RISK
The principal credit risk arises from trade receivables and amounts recoverable on contracts. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis, based on a combination of payment history and third party references.

FUTURE DEVELOPMENTS
During the year under review the company reported a solid profitable performance due to the increase in activity. The directors continue to make every effort to source new contracts and control costs, and believe the company is well positioned to continue to operate profitably.

ON BEHALF OF THE BOARD:





Mr B Griffin - Director


20th December 2024

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of utility support services.

DIVIDENDS
No dividends will be distributed for the year ended 31st March 2024.

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

Mr B Griffin
Mr A Seyfi

OTHER MATTERS
The Granard EOT acquired the business on 1st March 2021, and the company is funding the acquisition from profits and reserves, with a view to encouraging more involvement and greater motivation among the company's workforce.

During the year, contributions of £2,750,000 (2023:£3,000,000) were made to The Granard EOT from reserves.

DISCLOSURE IN THE STRATEGIC REPORT
The company has set out the business review, principal risks and uncertainties and future developments in the strategic report on page 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director of the company must, in determining how amounts are presented within items in the profit and loss account and balance sheet, have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles and practice.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


AUDITORS
The auditors, Mountsides Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr B Griffin - Director


20th December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FALCO CONSTRUCTION LIMITED


Opinion
We have audited the financial statements of Falco Construction Limited (the 'company') for the year ended 31st March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st March 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FALCO CONSTRUCTION LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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:

Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to but not limited to, Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates. Audit procedures performed included:
- Enquiries with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
- Reviewing the financial statements for compliance with the Companies Act 2006.
- Evaluating and challenging the reasonableness of accounting estimates.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FALCO CONSTRUCTION LIMITED


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




Christopher Andrews ACA (Senior Statutory Auditor)
for and on behalf of Mountsides Limited
Chartered Accountants
& Statutory Auditors
2 Mountside
Stanmore
Middlesex
HA7 2DT

23rd December 2024

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 30,896,587 26,197,493

Cost of sales (27,389,784 ) (22,532,255 )
GROSS PROFIT 3,506,803 3,665,238

Administrative expenses (1,230,802 ) (1,339,043 )
2,276,001 2,326,195

Other operating income 26,106 7,362
OPERATING PROFIT 5 2,302,107 2,333,557

Interest receivable and similar income 12,829 5,604
2,314,936 2,339,161

Interest payable and similar expenses 6 (1,275 ) (4,512 )
PROFIT BEFORE TAXATION 2,313,661 2,334,649

Tax on profit 7 (580,405 ) (451,846 )
PROFIT FOR THE FINANCIAL YEAR 1,733,256 1,882,803

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,733,256

1,882,803

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 8 674,574 884,623

CURRENT ASSETS
Debtors 9 3,164,174 3,219,461
Cash at bank 1,594,520 2,132,197
4,758,694 5,351,658
CREDITORS
Amounts falling due within one year 10 (3,452,858 ) (3,191,537 )
NET CURRENT ASSETS 1,305,836 2,160,121
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,980,410

3,044,744

PROVISIONS FOR LIABILITIES 12 (155,616 ) (203,206 )
NET ASSETS 1,824,794 2,841,538

CAPITAL AND RESERVES
Called up share capital 13 1,000 1,000
Retained earnings 1,823,794 2,840,538
SHAREHOLDERS' FUNDS 1,824,794 2,841,538

The financial statements were approved by the Board of Directors and authorised for issue on 20th December 2024 and were signed on its behalf by:





Mr B Griffin - Director


FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2022 1,000 3,957,735 3,958,735

Changes in equity
Total comprehensive income - 1,882,803 1,882,803
Contribution to EOT - (3,000,000 ) (3,000,000 )
Balance at 31st March 2023 1,000 2,840,538 2,841,538

Changes in equity
Total comprehensive income - 1,733,256 1,733,256
Contribution to EOT - (2,750,000 ) (2,750,000 )
Balance at 31st March 2024 1,000 1,823,794 1,824,794

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,843,503 3,903,351
Interest paid (1,275 ) -
Interest element of hire purchase or finance
lease rental payments paid

-

(4,512

)
Contribution to EOT (2,750,000 ) (3,000,000 )
Tax paid (546,350 ) (307,528 )
Net cash from operating activities (454,122 ) 591,311

Cash flows from investing activities
Purchase of tangible fixed assets - (921,718 )
Sale of tangible fixed assets 14,660 11,451
Interest received 12,829 5,604
Net cash from investing activities 27,489 (904,663 )

Cash flows from financing activities
Capital repayments in year - (16,525 )
Amount withdrawn by directors (111,044 ) (86,335 )
Net cash from financing activities (111,044 ) (102,860 )

Decrease in cash and cash equivalents (537,677 ) (416,212 )
Cash and cash equivalents at beginning of
year

2

2,132,197

2,548,409

Cash and cash equivalents at end of year 2 1,594,520 2,132,197

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST MARCH 2024


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

31.3.24 31.3.23
£    £   
Profit before taxation 2,313,661 2,334,649
Depreciation charges 207,863 135,151
Profit on disposal of fixed assets (12,474 ) (11,443 )
Finance costs 1,275 4,512
Finance income (12,829 ) (5,604 )
2,497,496 2,457,265
Decrease in trade and other debtors 160,962 708,239
Increase in trade and other creditors 185,045 737,847
Cash generated from operations 2,843,503 3,903,351

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,594,520 2,132,197
Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,132,197 2,548,409


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 2,132,197 (537,677 ) 1,594,520
2,132,197 (537,677 ) 1,594,520
Total 2,132,197 (537,677 ) 1,594,520

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Falco Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make significant judgements, estimates and assumptions in the process of applying the company’s accounting policies. These estimates, judgements and assumptions are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements include revenue recognition and the carrying value of trade debtors and amounts recoverable on construction contracts. To the extent that the directors believe debtors not to be recoverable, they have been provided for in the financial statements.

TURNOVER
Turnover represents amounts invoiced for the value of services supplied by the company, net of any discounts and Value Added Tax.

Turnover has also been recognised in respect of long term contracts, with the value of work completed, but unbilled at the balance sheet date being taken to turnover and the associated costs, where not invoiced at that date, being accrued for.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over term of lease
Plant and machinery - over 3-4 years
Motor vehicles - at varying rates on cost
Computer equipment - 25% on reducing balance

FINANCIAL INSTRUMENTS
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment of assets are recognised in the statement of comprehensive income.


FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


3. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOVERNMENT GRANTS
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred.

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 1,436,107 1,468,885
Social security costs 196,640 190,296
Other pension costs 161,963 129,129
1,794,710 1,788,310

The average number of employees during the year was as follows:
31.3.24 31.3.23

Project management and site operations 17 14
Office administration and management 16 16
33 30

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. EMPLOYEES AND DIRECTORS - continued

31.3.24 31.3.23
£    £   
Directors' remuneration 115,540 136,629
Directors' pension contributions to money purchase schemes 60,000 40,000

5. OPERATING PROFIT

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

31.3.24 31.3.23
£    £   
Hire of plant and machinery 1,449,155 1,193,348
Depreciation - owned assets 207,863 135,151
Profit on disposal of fixed assets (12,474 ) (11,443 )
Auditors' remuneration 10,000 10,000
Operating lease payments - land & buildings 74,000 -
Operating lease payments - other 743,750 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest 1,275 -
Hire purchase interest - 4,512
1,275 4,512

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 627,995 248,269

Deferred tax (47,590 ) 203,577
Tax on profit 580,405 451,846

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


7. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 2,313,661 2,334,649
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

578,415

443,583

Effects of:
Expenses not deductible for tax purposes 1,988 5,395
Income not taxable for tax purposes (3,118 ) -
Timing differences 3,120 (48,464 )
Enhanced capital allowances - 51,332
Total tax charge 580,405 451,846

8. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 175,955 51,144 1,088,705 17,788 1,333,592
Disposals - - (103,193 ) - (103,193 )
At 31st March 2024 175,955 51,144 985,512 17,788 1,230,399
DEPRECIATION
At 1st April 2023 146,732 51,144 241,868 9,225 448,969
Charge for year 29,223 - 176,134 2,506 207,863
Eliminated on disposal - - (101,007 ) - (101,007 )
At 31st March 2024 175,955 51,144 316,995 11,731 555,825
NET BOOK VALUE
At 31st March 2024 - - 668,517 6,057 674,574
At 31st March 2023 29,223 - 846,837 8,563 884,623

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 727,394 177,157
Amounts recoverable on
contracts 2,010,848 2,654,411
Other debtors 83,334 154,508
Directors' current accounts 105,675 -
Prepayments 236,923 233,385
3,164,174 3,219,461

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 1,384,707 1,368,825
Corporation Tax 330,600 248,955
Social security and other taxes 52,621 74,762
VAT 1,180,990 986,320
Other creditors 146,696 143,271
Directors' current accounts - 5,369
Accrued expenses 357,244 364,035
3,452,858 3,191,537

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 817,750 729,349
Between one and five years 1,289,960 1,864,608
2,107,710 2,593,957

12. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 155,616 203,206

Deferred
tax
£   
Balance at 1st April 2023 203,206
Credit to Statement of Comprehensive Income during year (47,590 )
Balance at 31st March 2024 155,616

The deferred tax balance represents timing differences on capital allowances.

FALCO CONSTRUCTION LIMITED (REGISTERED NUMBER: 05285429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

14. RELATED PARTY DISCLOSURES

During the year, the company paid rent of £74,000 (2023:£74,000) to B & A Properties (London) Limited, a company owned jointly by the directors.

The company also leased plant and motor vehicles from B & A Properties (London) Limited for £228,561 (2023:£51,239).

At the year end, the Directors owed the company £105,675 which has subsequently been repaid.

The directors are the key management personnel in the company. During the year a total of key management personnel compensation of £190,949 (2023:£193,758) was paid.

15. ULTIMATE CONTROLLING PARTY

The controlling party is The Granard EOT.

The Granard EOT acquired the business on 1st March 2021, and the company is funding the acquisition from profits and reserves, with a view to encouraging more involvement and greater motivation among the company's workforce.