Company registration number 04416972 (England and Wales)
Heneghan & Sons Limited
Annual Report and Financial Statements
for the year ended 30 April 2024
Heneghan & Sons Limited
Company Information
Directors
M E Heneghan
P W Heneghan
J Whitehead
J McDermott
J Cook
(Appointed 1 September 2023)
Company number
04416972
Registered office
3 Landmark Court
Revie Road
Beeston
Leeds
West Yorkshire
LS11 8JT
Auditor
B M Howarth Ltd
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
Heneghan & Sons Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Notes to the financial statements
11 - 17
Heneghan & Sons Limited
Strategic Report
for the year ended 30 April 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Review of the business
The Company continues to undertake groundworks and cabling for the telecommunications industry.
Results and performance
The results of the Company for the year, as set out on pages 8 to 17, show a profit on ordinary activities before tax of £16,642,856 (2023: Profit £11,658,633). The shareholders’ funds of the Company total £7,789,224 (2023: £13,285,708).
The performance of the Company during the financial year is in line with expectations.
Business environment
The telecoms market remains buoyant because of market pressure from the public for greater digital services and government focus on providing fibre internet accessibility throughout the country.
The wider marketplace remains very competitive, with wholesale / large retail internet providers looking to control their cost base through negotiated rate reductions and geographically standardised rate cards.
Strategy
The Company’s success is dependent on the proper selection, pricing and ongoing management of the contracts it applies for and is awarded. Compliance with the contracts’ parameters is crucial, hence we must continue to maintain a high standard of quality control. We adopt the ‘Right First Time’ approach to our work. The Company will continue its efforts on achieving growth in its existing sector by tendering for further contracts that are suitable in size and geographical location.
Key performance indicators
We have continued to make progress throughout the year in relation to key elements of our strategy. The Board monitors the progress of the Company by reference to the following KPIs:
Turnover – 2024: £53,176,801 (2023: £34,182,589)
Turnover has increased by 55.57%.
Operating profit – 2024: £16,548,100 (2023: £11,640,716)
Operating profit has increased due to a change in the nature of the contracts undertaken and the resulting benefits of our increased investment in additional management resources.
Heneghan & Sons Limited
Strategic Report (continued)
for the year ended 30 April 2024
- 2 -
Principal risks and uncertainties
The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval. Compliance with regulation, legal and ethical standards is a high priority for the Company and the management take on an important oversight role in this regard. The Board is responsible for satisfying itself that an internal control framework exists to manage financial risks.
The largest internal risk is the concentration of revenue, and the board are actively looking to reduce the Groups’ exposure by exploring diverse revenue streams and looking to secure work with other clients with the Telecoms industry.
There are uncertainties in the telecoms industry around funding and the consolidation/mergers of businesses in this sector could affect new build opportunities. Several Alt-Nets have either failed or recently consolidated with others proving the volatility of the industry.
Sustainability disclosures and other environmental governances are evolving rapidly and the unknown impacts on ways of working and potential costs of implementation pose possible future risks to profit targets.
Other risks from our core business arise from accidental damage to other utilities infrastructure, potential claims for sub-standard work, and inclement weather as result of climate change.
Future developments
Since the transition into Employee Ownership, the board has focused on the staff within the group.
We understand the importance of the staff in our business and are constantly pushing to benchmark salaries, having a competitive benefits package and we remain the go-to Employer of choice with the industry.
We continue to explore Civils and groundworks opportunities in our desired geographies and have employed a Framework Director to push forwards in new areas of work in which there are synergies with our current workforce.
M E Heneghan
Director
29 January 2025
Heneghan & Sons Limited
Directors' Report
for the year ended 30 April 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company during the year continued to be that of civil engineering.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P A Heneghan
(Resigned 31 March 2024)
L Heneghan
(Resigned 31 March 2024)
M E Heneghan
P W Heneghan
T A Heneghan
(Resigned 31 March 2024)
J Whitehead
J McDermott
J Cook
(Appointed 1 September 2023)
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £17,975,000. The directors do not recommend payment of a final dividend.
Auditor
The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Heneghan & Sons Limited
Directors' Report (continued)
for the year ended 30 April 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M E Heneghan
Director
29 January 2025
Heneghan & Sons Limited
Independent Auditor's Report
to the member of Heneghan & Sons Limited
- 5 -
Opinion
We have audited the financial statements of Heneghan & Sons Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Heneghan & Sons Limited
Independent Auditor's Report
to the member of Heneghan & Sons Limited (continued)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by Directors;
Identifying and testing journal entries to ensure they are appropriate;
Sample testing of income and expenditure to ensure correct cut-off has been applied.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
Heneghan & Sons Limited
Independent Auditor's Report
to the member of Heneghan & Sons Limited (continued)
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.
James Bell
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
29 January 2025
Heneghan & Sons Limited
Statement of Income and Retained Earnings
for the year ended 30 April 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
53,176,801
34,182,589
Cost of sales
(32,336,122)
(18,693,837)
Gross profit
20,840,679
15,488,752
Administrative expenses
(4,292,579)
(3,848,036)
Operating profit
3
16,548,100
11,640,716
Interest receivable
6
200,771
22,793
Interest payable
7
(106,015)
(4,876)
Profit before taxation
16,642,856
11,658,633
Tax on profit
8
(4,164,240)
(2,095,328)
Profit for the financial year
12,478,616
9,563,305
Retained earnings brought forward
13,285,608
6,908,160
Dividends
9
(17,975,000)
(3,185,857)
Retained earnings carried forward
7,789,224
13,285,608
The income statement has been prepared on the basis that all operations are continuing operations.
Heneghan & Sons Limited
Statement Of Financial Position
as at 30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
227,911
236,688
Current assets
Stocks
11
340,439
901,235
Debtors
12
10,983,946
9,791,062
Cash at bank and in hand
7,361,781
11,147,320
18,686,166
21,839,617
Creditors: amounts falling due within one year
13
(11,089,555)
(8,749,444)
Net current assets
7,596,611
13,090,173
Total assets less current liabilities
7,824,522
13,326,861
Provisions for liabilities
Deferred tax liability
14
35,198
41,153
(35,198)
(41,153)
Net assets
7,789,324
13,285,708
Capital and reserves
Called up share capital
15
100
100
Profit and loss reserves
7,789,224
13,285,608
Total equity
7,789,324
13,285,708
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
P W Heneghan
Director
Company registration number 04416972 (England and Wales)
Heneghan & Sons Limited
Statement of cash flows
for the year ended 30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
17,525,519
6,213,493
Interest paid
(106,015)
(4,876)
Income taxes paid
(3,384,960)
(255,365)
Net cash inflow from operating activities
14,034,544
5,953,252
Investing activities
Purchase of tangible fixed assets
(65,454)
(111,609)
Proceeds from disposal of tangible fixed assets
19,600
Interest received
200,771
22,793
Net cash generated from/(used in) investing activities
154,917
(88,816)
Financing activities
Dividends paid
(17,975,000)
(3,185,857)
Net cash used in financing activities
(17,975,000)
(3,185,857)
Net (decrease)/increase in cash and cash equivalents
(3,785,539)
2,678,579
Cash and cash equivalents at beginning of year
11,147,320
8,468,741
Cash and cash equivalents at end of year
7,361,781
11,147,320
Heneghan & Sons Limited
Notes to the financial statements
for the year ended 30 April 2024
- 11 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
20% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies
(continued)
- 12 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
200,771
22,793
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
20,500
18,450
Depreciation of owned tangible fixed assets
64,627
49,227
Profit on disposal of tangible fixed assets
(9,996)
-
Operating lease charges
142,404
83,430
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 13 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
8
8
Production
30
16
Admin and management
27
19
Total
65
43
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,884,059
1,637,249
Social security costs
134,296
142,198
Pension costs
319,935
533,484
3,338,290
2,312,931
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
333,773
287,803
Company pension contributions to defined contribution schemes
31,215
454,655
364,988
742,458
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
127,988
14,425
Company pension contributions to defined contribution schemes
881
155,526
6
Interest receivable
2024
2023
£
£
Interest income
Interest on bank deposits
200,771
22,793
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 14 -
7
Interest payable
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
813
320
Other finance costs:
Other interest
105,202
4,556
106,015
4,876
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
4,170,195
2,142,550
Adjustments in respect of prior periods
(71,380)
Total current tax
4,170,195
2,071,170
Deferred tax
Origination and reversal of timing differences
(5,955)
24,158
Total tax charge
4,164,240
2,095,328
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
16,642,856
11,658,633
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
4,160,714
2,273,433
Tax effect of expenses that are not deductible in determining taxable profit
9,439
8,830
Adjustments in respect of prior years
(71,380)
Effect of change in corporation tax rate
(750)
Group relief
(120,753)
Permanent capital allowances in excess of depreciation
1,887
5,948
Deferred tax adjustments in respect of prior years
(7,800)
Taxation charge for the year
4,164,240
2,095,328
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 15 -
9
Dividends
2024
2023
£
£
Interim paid
17,975,000
3,185,857
10
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
58,973
204,047
46,476
91,886
27,790
429,172
Additions
23,469
3,778
38,207
65,454
Disposals
(22,150)
(22,150)
At 30 April 2024
58,973
227,516
50,254
130,093
5,640
472,476
Depreciation and impairment
At 1 May 2023
21,230
127,675
13,483
20,405
9,691
192,484
Depreciation charged in the year
7,549
23,704
6,981
23,538
2,855
64,627
Eliminated in respect of disposals
(12,546)
(12,546)
At 30 April 2024
28,779
151,379
20,464
43,943
244,565
Carrying amount
At 30 April 2024
30,194
76,137
29,790
86,150
5,640
227,911
At 30 April 2023
37,743
76,372
32,993
71,481
18,099
236,688
11
Stocks
2024
2023
£
£
Stock and work in progress
340,439
901,235
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
725,902
4,948,529
Amounts owed by group undertakings
5,145,114
Other debtors
717,211
2,294,275
Prepayments and accrued income
4,395,719
2,548,258
10,983,946
9,791,062
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 16 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,974,473
2,338,950
Amounts owed to group undertakings
2,791,118
Corporation tax
2,920,232
2,134,997
Other taxation and social security
908,341
1,101,608
Other creditors
699,946
1,595,072
Accruals and deferred income
1,795,445
1,578,817
11,089,555
8,749,444
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
46,177
41,153
Short term timing differences
(10,979)
-
35,198
41,153
2024
Movements in the year:
£
Liability at 1 May 2023
41,153
Credit to profit or loss
(5,955)
Liability at 30 April 2024
35,198
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Heneghan & Sons Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 17 -
16
Related party transactions
2024
2023
Amounts due to related parties
£
£
Other related parties
2,791,118
953,679
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control over the company
5,143,823
-
Other related parties
11,104
2,274,890
17
Ultimate controlling party
The company's parent undertaking is Heneghan Holdings Limited, which is registered in England and Wales, its registered office is Unit 3 Landmark Court, Leeds, England, LS11 8JT.
The company's ultimate parent undertaking is Heneghan Trustees Limited, which is registered in England and Wales, its registered office is Unit 3 Landmark Court, Leeds, England, LS11 8JT.
The smallest and largest undertaking for which the company is a member and for which group financial statements are prepared is Heneghan Holdings Limited.
18
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
12,478,616
9,563,305
Adjustments for:
Taxation charged
4,164,240
2,095,328
Finance costs
106,015
4,876
Investment income
(200,771)
(22,793)
Gain on disposal of tangible fixed assets
(9,996)
-
Depreciation and impairment of tangible fixed assets
64,627
49,227
Movements in working capital:
Decrease in stocks
560,796
313,437
Increase in debtors
(1,192,884)
(5,371,427)
Increase/(decrease) in creditors
1,554,876
(418,460)
Cash generated from operations
17,525,519
6,213,493
19
Company information
Heneghan & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Landmark Court, Revie Road, Beeston, Leeds, West Yorkshire, LS11 8JT.
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