Company Registration No. SC244614 (Scotland)
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
COMPANY INFORMATION
Directors
R McDowell
D Palmer
A Reilly
L Reilly
T Reilly
N Whyte
Secretary
T Reilly
Company number
SC244614
Registered office
Unit 3
Imperial Park
West Avenue
Linwood
Renfrewshire
United Kingdom
PA12FB
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
Solicitors
Lindsays
100 Queen Street
G1 3DN
United Kingdom
Glasgow
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Fair review of the business
The directors are pleased to report that City Gate Construction (Scotland) Limited has continued to expand its business operations in the year. Turnover from the core business increased by 19% from £37.54m to £44.76m. Gross profit increased from £7.52m to £10.14m, resulting in an increased gross margin from 20.0% to 22.7%.
Trading results for the year to April 2025 are encouraging with anticipated turnover to remain similar to that of 2024. Cash generation remains strong with the current cash position in excess of £3m. With a healthy order book and positive outlook, the prospects for the business remain extremely encouraging and the directors aim to continue to build on this position in the future.
City Gate Construction (Scotland) Ltd will continue to invest in training, health and safety and quality management systems, all of which are key to delivering a safe working environment for our employees and customers and at the same time produce on time delivery and quality workmanship for our clients.
Employer Owner Trust (EOT)
The company shares, held by Leo Reilly (100%) were sold on the 4th of April 2024 to CGC EOT Ltd.
The EOT has been formed in support of an employee benefit trust to facilitate a employee ownership via an indirect holding.
Principal risks and uncertainties
The principal risks and uncertainties affecting the business include the following:
Health and safety: health and safety risks are continually assessed by management, and we constantly look to ensure that we provide a safe working environment for all.
Contract risk: the Company conducts a significant element of its business under customer contracts. The key to the management of contract risk is robust tendering procedures supported by effective operational management.
Commercial relationships: the Company maintains strong relationships with its key customers and has established credit control procedures in place. Appropriate credit terms are agreed with all customers, and these are closely managed.
The effect of legislation and other regulatory changes: the Company monitors forthcoming and current legislation to ensure it adheres to regulatory requirements.
City Gate Construction (Scotland) Limited has expanded its market share and remains positive about the future.
Key performance indicators
Key financial indicators include the monitoring of the management of profitability and working capital.
Regular monitoring of staff turnover and strict adherence to health and safety standards are also considered key to solid financial performance.
Environmental
The Company takes its responsibility for environmental matters seriously. Further details of the Company’s energy and carbon usage and environmental initiatives are included on the director’s report.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Section 172 statement
Section 172(1) of the Companies Act 2006 provides that a director of a company must act in a way that he considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to various other stakeholder interests – below are the six key factors:
the likely consequences of any decision in the long term;
the interests of the Company’s employees;
the need to foster the Company’s business relationships with suppliers, customers and others;
the impact of the Company’s operations on the community and the environment;
the desirability of the Company maintaining a reputation for high standards of business conduct; and
the need to act fairly as between members of the Company.
Stakeholder engagement
1. Shareholders
The directors and senior management team actively engage with a wide range of stakeholders who are impacted by the operations and success of the company. Regular operational and finance meetings are held where views are engaged and exchanged in support of the company making well-informed decisions.
The Company is long established and has been independently owned providing for a strong heritage and deep understanding of its customers, suppliers and staff.
2. Customers
Our customers are our lifeblood whom we value highly. We place considerable value on the engagement of our customers through the senior management and business development teams meeting on a regular basis to discuss current and potential projects/frameworks/tenders.
3. Our people
The success of the Company is through the continued development and commitment of its employees. Experienced staff are well placed to effectively manage the complexities of the industry it works within. Retention and recruitment of staff is a top priority where investment continues to be made.
The Company is committed to the promotion of the safety, health and wellbeing of its employees and those who may be involved by its operations.
4. Suppliers
We place considerable value on the engagement of our suppliers and subcontractors. Building lasting commercial relationships, working inclusively with all types of business through clear and fair procurement processes. Meeting on a regular basis to discuss processes, performance, terms and conditions.
D Palmer
Director
30 January 2025
CITY GATE CONSTRUCTION (SCOTLAND) 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 continued to be that of construction services being repairs, refurbishments and facility management.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £11,600,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R McDowell
D Palmer
A Reilly
L Reilly
T Reilly
N Whyte
Auditor
The auditor, Johnston Carmichael LLP, were appointed during the year and are deemed to be reappointed under section 487(2) of the Companies Act 2006.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Energy and carbon report
From financial years beginning after 1 April 2019, large UK companies are required to report publicly on their global energy use and carbon emissions within their Directors’ Report. This requirement has been implemented by the Department for Business, Energy and Industrial Strategy (BEIS).
Emissions reported upon are:
Scope 1 (Direct emissions): Emissions from the company’s own motor vehicles and plant & equipment. Data for this disclosure has been sourced from kilometres travelled by the vehicle fleet.
Scope 2 (Indirect emissions): Electricity purchased and consumed within the business. Data for this disclosure has been sourced from supplier statements.
Scope 3 (Other Indirect emissions): Indirect emissions primarily arising on accommodation for employees and sub-contractors. Data for this disclosure has been sourced from number of nights.
Data is presented in kWh and Tonnes of CO2e and calculations have been made using the 2024 UK government CHG Conversion Factors for company reporting.
Intensity Ratios presented express energy consumption in both kWh and tonnes of CO2e against full time employees at the time of reporting. Data has however only been presented in this report for the year ended 31 December 2023 as this is the first reporting period. This does not align with the financial reporting period.
Environmental Board Strategy
The business has implemented tangible targets to reduce fuel usage without impacting standard business activities in line with our social responsibility commitments. Our targets include reducing the average vehicle mileage by 10% year on year, reducing the total fleet size by 20% over a 3 year period and reducing the total driving time of operatives by 15% year on year and all targets were achieved within the current accounting period, in turn reducing both costs and carbon emissions. This has been achieved by active fleet management , van behaviour analysis, introducing incentives for vehicle sharing and switching to Electric Vehicles and by removing almost all travel to/from suppliers by introducing a robust stock programme for all common materials.
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
D Palmer
Director
30 January 2025
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
- 6 -
Opinion
We have audited the financial statements of City Gate Construction (Scotland) Limited (‘the company’) for the year ended 30 April 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 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 the audit:
The information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
- 7 -
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
T
Certain disclosures of Directors’ remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors’ responsibilities statement set out on page 5, 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 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:
Companies Act 2006;
UK Tax legislation;
Health and safety legislation;
Employment legislation; and
UK Generally Accepted Accounting Practice.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
- 8 -
Extent to which the audit is considered capable of detecting irregularities, including fraud
We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, and relevant correspondence with regulatory bodies.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:
In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:
Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;
Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias;
Performing sales cutoff testing ensuring transactions were recorded in the appropriate accounting period by verifying the accuracy of sales and revenue recognition at the end of the reporting period;
Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and
Agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
James Hamilton (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
30 January 2025
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
44,755,193
37,544,330
Cost of sales
(34,611,403)
(30,026,666)
Gross profit
10,143,790
7,517,664
Administrative expenses
(7,328,847)
(6,183,889)
Other operating income
2,675
36,785
Operating profit
4
2,817,618
1,370,560
Interest receivable and similar income
7
487,943
109,291
Interest payable and similar expenses
8
(24,488)
(33,576)
Profit before taxation
3,281,073
1,446,275
Tax on profit
9
(466,344)
(174,992)
Profit for the financial year
2,814,729
1,271,283
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
£
£
Profit for the year
2,814,729
1,271,283
Other comprehensive income
-
-
Total comprehensive income for the year
2,814,729
1,271,283
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
997,555
1,307,648
Current assets
Stocks
12
179,255
98,398
Debtors falling due after more than one year
13
33,813
Debtors falling due within one year
13
15,256,176
14,309,405
Cash at bank and in hand
3,151,684
8,615,566
18,587,115
23,057,182
Creditors: amounts falling due within one year
14
(16,340,592)
(12,002,520)
Net current assets
2,246,523
11,054,662
Total assets less current liabilities
3,244,078
12,362,310
Creditors: amounts falling due after more than one year
15
(104,080)
(416,442)
Provisions for liabilities
Provisions
17
311,667
237,667
Deferred tax liability
18
198,916
293,515
(510,583)
(531,182)
Net assets
2,629,415
11,414,686
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
2,629,315
11,414,586
Total equity
2,629,415
11,414,686
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
D Palmer
Director
Company Registration No. SC244614
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
10,143,303
10,143,403
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
1,271,283
1,271,283
Balance at 30 April 2023
100
11,414,586
11,414,686
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
2,814,729
2,814,729
Contributions to Employee Ownership Trust
10
-
(11,600,000)
(11,600,000)
Balance at 30 April 2024
100
2,629,315
2,629,415
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
6,183,966
492,397
Interest paid
(24,488)
(33,576)
Income taxes paid
(112,564)
(317,297)
Net cash inflow from operating activities
6,046,914
141,524
Investing activities
Purchase of tangible fixed assets
(57,279)
(42,607)
Proceeds on disposal of tangible fixed assets
35,261
33,878
Interest received
487,943
109,291
Net cash generated from investing activities
465,925
100,562
Financing activities
Payment of finance leases obligations
(376,721)
(305,767)
Dividends paid
(11,600,000)
Net cash used in financing activities
(11,976,721)
(305,767)
Net decrease in cash and cash equivalents
(5,463,882)
(63,681)
Cash and cash equivalents at beginning of year
8,615,566
8,679,247
Cash and cash equivalents at end of year
3,151,684
8,615,566
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information
City Gate Construction (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 3 Imperial Park, West Avenue, Linwood, Renfrew, Renfrewshire, United Kingdom, PA1 2FB.
1.1
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At 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. The directors have prepared a detailed cashflow forecast in making this assessment. true
In assessing the future cashflow’s of the company, the directors have considered the requirement to pay contributions to the Employee Ownership Trust (“The Trust”) to enable the Trust to fund the deferred consideration arising from the purchase of Ordinary Shares of the company. The contributions will be made only where the company has sufficient cash reserves available and future contributions are planned based on cash flow modelling whilst ensuring sufficient capital for regular and planned business activities. Therefore the directors are satisfied that the company will continue to generate sufficient cash resources to meet it’s obligations as they fall due.
Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.4
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 improvements
19% straight line
Plant and equipment
20% reducing balance
Computers
25% 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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.8
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants are recognised in accordance with the performance model. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Long-term contracts
The assessment of long-term contracts involves making estimates regarding the expected profit or loss on these contracts. Management conducts this evaluation using detailed cost analyses, progress reports, and their prior experience with similar contracts. Adjustments are made to account for significant post-reporting date events that may affect the final projected margins. Both costs and revenues may need to be revised as future developments occur and uncertainties are addressed.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction, refurbishment, and maintenance
44,755,193
37,544,330
2024
2023
£
£
Other significant revenue
Interest income
487,943
109,291
Grants received
2,675
36,785
The whole of the turnover is attributable to the Company's principal activity of construction, refurbishment and maintenance contracts.
All turnover arose within the United Kingdom,
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(2,675)
(36,785)
Fees payable to the company's auditor for the audit of the company's financial statements
29,500
18,600
Depreciation of owned tangible fixed assets
148,743
162,433
Depreciation of tangible fixed assets held under finance leases
182,305
243,030
Loss/(profit) on disposal of tangible fixed assets
1,063
(20,361)
Operating lease charges
236,776
-
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Direct labour
158
158
Administration
66
65
Total
224
223
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
7,660,701
6,997,803
Social security costs
761,066
795,122
Pension costs
566,370
614,338
8,988,137
8,407,263
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
452,000
571,784
Company pension contributions to defined contribution schemes
373,778
370,798
825,778
942,582
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 6).
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
97,917
134,011
Company pension contributions to defined contribution schemes
87,910
7,560
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
487,943
109,291
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
487,943
109,291
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
167
Other finance costs:
Interest on finance leases and hire purchase contracts
24,488
33,362
Other interest
47
24,488
33,576
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
869,079
112,543
Adjustments in respect of prior periods
(308,135)
Total current tax
560,944
112,543
Deferred tax
Origination and reversal of timing differences
(94,600)
62,449
Total tax charge
466,344
174,992
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 22 -
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
3,281,073
1,446,275
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
820,268
281,879
Tax effect of expenses that are not deductible in determining taxable profit
82,906
1,967
Adjustments in respect of prior years
(308,135)
(95,750)
Research and development tax credit
(131,642)
Deferred tax adjustments in respect of prior years
13,756
Fixed asset differences
2,947
(26,860)
Taxation charge for the year
466,344
174,992
10
Dividends
2024
2023
£
£
Interim paid
11,600,000
Upon completion of the purchase agreement between L Reilly and CGC EOT Limited, the company made a distribution to the Employee Ownership Trust to fund the initial consideration payable.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
162,245
593,793
96,785
2,000,550
2,853,373
Additions
22,950
1,500
32,829
57,279
Disposals
(19,925)
(230,145)
(250,070)
At 30 April 2024
162,245
596,818
98,285
1,803,234
2,660,582
Depreciation and impairment
At 1 May 2023
97,345
312,461
60,722
1,075,197
1,545,725
Depreciation charged in the year
30,827
58,145
9,297
232,779
331,048
Eliminated in respect of disposals
(11,764)
(201,982)
(213,746)
At 30 April 2024
128,172
358,842
70,019
1,105,994
1,663,027
Carrying amount
At 30 April 2024
34,073
237,976
28,266
697,240
997,555
At 30 April 2023
64,900
281,332
36,063
925,353
1,307,648
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
42,240
57,142
Motor vehicles
515,233
832,630
557,473
889,772
12
Stocks
2024
2023
£
£
Raw materials and consumables
179,255
98,398
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,898,871
3,642,156
Gross amounts owed by contract customers
8,599,190
5,982,322
Other debtors
4,668,967
4,679,602
Prepayments and accrued income
89,148
5,325
15,256,176
14,309,405
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
33,813
Total debtors
15,256,176
14,343,218
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
289,329
353,688
Trade creditors
3,842,084
2,755,780
Corporation tax
560,923
112,544
Other taxation and social security
1,594,884
1,248,136
Other creditors
322,841
156,846
Accruals and deferred income
9,730,531
7,375,526
16,340,592
12,002,520
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
104,080
416,442
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
289,329
353,688
In two to five years
104,080
416,442
393,409
770,130
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
17
Provisions for liabilities
2024
2023
£
£
Provision for dilapidation
311,667
237,667
Movements on provisions:
Provision for dilapidation
£
At 1 May 2023
237,667
Additional provisions in the year
74,000
At 30 April 2024
311,667
Provision for dilapidation relates to costs to restore leasehold properties to their original condition at the end of the lease terms.
18
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
219,027
296,761
Short term timing differences
(20,111)
(3,246)
198,916
293,515
2024
Movements in the year:
£
Liability at 1 May 2023
293,515
Credit to profit or loss
(94,599)
Liability at 30 April 2024
198,916
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
566,370
614,338
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £24,454 (2023: £28,163) were payable to the plan at the reporting date and are included in creditors.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
222,949
170,344
Between two and five years
840,996
190,326
In over five years
359,268
1,423,213
360,670
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
22
Related party transactions
During the year, Directors repaid £8,369 including interest to the Company (2023 - £8,369). Interest of £919 (2023 - £1,114) was charged at a rate of 2.5% (2023 - 2.5%). The balance due from Directors at 30 April 2024 is £33,788 (2023 - £41,238) and is repayable in instalments over 5 years.
During the year, the Company advanced Shareholders £Nil (2023 - £320,509). Net expenses reimbursed by the company to Shareholders amounted to £Nil (2023 - £Nil). Amounts required to be repaid during the year amounted to £Nil (2023 - £314,745) and no interest was charged during the year (2023 - £Nil). No balance is due to Shareholders at 30 April 2024 (2023 - £Nil).
Rentals of £150,000 (2023 - £150,000) were paid to other related parties.
Included in debtors is £4,635,178 (2023 - £4,635,178) due from other related parties. The loan is interest free and repayable on demand and the amount is guaranteed by the common shareholder.
The company continued work on the construction contract for a related party with the same common shareholder. As disclosed in note 24, the common shareholder ceased to be a shareholder following execution of the share purchase agreement; however, they continue to be a director. At the year end the value of the work carried out amounted to £8.9m and is included within turnover in the current and previous financial year. The amount currently outstanding and included in amounts recoverable on long-term contracts is £6.0m.
23
Ultimate controlling party
On 04 April 2024, a share purchase agreement was executed between L Reilly, the sole shareholder and 100% owner of City Gate Construction (Scotland) Limited, and CGC EOT Limited, a company incorporated in Scotland as the sole trustee of the City Gate Construction (Scotland) Employee Ownership Trust. Prior to this agreement, City Gate Construction (Scotland) Limited was wholly owned by L Reilly.
24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,814,729
1,271,283
Adjustments for:
Taxation charged
466,344
174,992
Finance costs
24,488
33,576
Investment income
(487,943)
(109,291)
Loss/(gain) on disposal of tangible fixed assets
1,063
(20,361)
Depreciation and impairment of tangible fixed assets
331,048
405,463
Increase in provisions
74,000
56,000
Movements in working capital:
(Increase)/decrease in stocks
(80,857)
95,827
Increase in debtors
(912,958)
(4,178,076)
Increase in creditors
3,954,052
2,762,984
Cash generated from operations
6,183,966
492,397
CITY GATE CONSTRUCTION (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
25
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
8,615,566
(5,463,882)
3,151,684
Obligations under finance leases
(770,130)
376,721
(393,409)
7,845,436
(5,087,161)
2,758,275
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