REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
FALCO CONSTRUCTION LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
2 Mountside |
Stanmore |
Middlesex |
HA7 2DT |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
2,276,001 | 2,326,195 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,314,936 | 2,339,161 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Contribution to EOT | - | (3,000,000 | ) | (3,000,000 | ) |
Balance at 31st March 2023 |
Changes in equity |
Total comprehensive income | - |
Contribution to EOT | - | (2,750,000 | ) | (2,750,000 | ) |
Balance at 31st March 2024 |
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 |
Interest paid | ( |
) |
Interest element of hire purchase or finance lease rental payments paid |
( |
) |
Contribution to EOT | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount withdrawn by directors | (111,044 | ) | (86,335 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 1,275 | 4,512 |
Finance income | (12,829 | ) | (5,604 | ) |
2,497,496 | 2,457,265 |
Decrease in trade and other debtors |
Increase in trade and other creditors |
Cash generated from operations |
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 | ( |
) | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
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 |
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 |
Directors' pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Operating lease payments - land & buildings |
Operating lease payments - other |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank interest |
Hire purchase interest |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
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 |
Disposals | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
Amounts recoverable on |
contracts |
Other debtors |
Directors' current accounts | 105,675 | - |
Prepayments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Corporation Tax |
Social security and other taxes |
VAT | 1,180,990 | 986,320 |
Other creditors |
Directors' current accounts | - | 5,369 |
Accrued expenses |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
12. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 155,616 | 203,206 |
Deferred |
tax |
£ |
Balance at 1st April 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31st March 2024 |
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: | £ | £ |
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. |