Registration number:
Structural Soils Limited
for the Period from 3 April 2023 to 31 March 2024
Structural Soils Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Structural Soils Limited
Company Information
Directors |
A Barby-Moule A R Handcock B J Hinch K P Jones Bridges C Elms S J Mackereth A A Ryder M Williams S G O Williams P J Witherington D Xirouchakis |
Company secretary |
S Evans |
Registered office |
|
Auditors |
|
Structural Soils Limited
Strategic Report for the Period from 3 April 2023 to 31 March 2024
The directors present their strategic report for the period from 3 April 2023 to 31 March 2024.
Principal activity
The principal activity of the company is the provision of ground investigation, geotechnical consultancy, contaminated land assessment, geotechnical soil rock and material laboratory testing services and in-situ testing and monitoring.
Fair review of the business
The Company is well recognised within the industry as a high-quality supplier and is now one of a handful of businesses delivering large ground investigations for strategic government and energy infrastructure projects. The company expects to continue providing these services in the near term.
The Company continues to strengthen its reputation as a high-quality provider of large-scale site and ground investigation services on strategic national and regional developments, both for end clients and through large multinational consultancies and contractors. Although operations were predominantly focused in the UK, the laboratory business continued to conduct regular testing for overseas clients, whilst increasing the scope of work it can offer and earning additional accreditations, including the ability to safely undertake geotechnical testing on materials with known hazardous contaminants. The Company continues to enjoy a high level of repeat business from key clients and framework agreements through which a large portion of revenue is generated.
Structural Soils Limited joined RSK Group in 2007. As in previous years, the Company continues to capitalise on the opportunities available within RSK, providing drilling, monitoring and lab services to other companies within the group, and utilising services such as geophysical, material and chemical lab testing in return.
Results for the year
Turnover and operating profit both increased compared to the previous year, with turnover moving to £28.7m (2023: £22.0m) and the operating profit increasing to £1.56m (2023: £0.0m). Performance in the year was significantly influenced by the realisation of a very large strategic project for National Highways, which was delivered almost in its entirety within the financial year. This single project provided over 50% of the companies revenue and alongside other projects allowed extremely high levels of staff and plant utilisation throughout Q1-Q3 pushing both sales and profit performance ahead of budget. In particular the intensity of work required to deliver the projects undertaken in the year allowed significant commercial benefit to be realised from recent Capital equipment investment, including Sonic Drilling rigs, Geologging equipment and Advanced laboratory testing equipment.
In 2024, the Company were listed for four nominations: UK Geotechnical Team of the Year, Ground Investigation Specialist of the Year, Ground Investigation Project of the Year and Excellence in Outreach.
Key performance indicators
The Company’s key financial and other performance indicators during the year were as follows;
Structural Soils Limited
Strategic Report for the Period from 3 April 2023 to 31 March 2024
2024 (£) |
2023 (£) |
% Change |
|
Turnover |
28,731,965 |
21,995,824 |
31% |
Operating Profit |
1,558,251 |
130 |
>100% |
Profit for Financial Year before taxation |
1,171,712 |
(48,864) |
>100% |
Shareholder’s Funds |
278,466 |
796,020 |
-65% |
Average Number of employees |
262 |
255 |
3% |
Corporate responsibility and core values
Structural Soils Limited offers high-quality ground investigation solutions that aim to add real value to the construction industry and the community. The Company operates with five core values:
Collaboration
The Company respects the opinion and effort of staff, clients and suppliers, working together to achieve goals.
Technical excellence, quality and innovation
The Company offers high-quality solutions based on technical excellence, experience and innovation and remains open-minded to continually advance it's services. Professional skill and judgement is exercised in an honest and fair environment.
Financial integrity
The Company remains financially stable company by safeguarding revenue and controlling costs, delivering value for money to clients. It provides financial security for employees and honours commitments to suppliers.
Ethical standards
Structural Soils adheres to ethical practices and acts with integrity. The Company treats others fairly and professionally and does not act in a way that could disadvantage others. Social values are incorporated into day-to-day business and health and safety is prioritised.
Legacy
The Company actively encourages diversity within the ground investigation industry, supporting a culture in which everyone thrives. It prioritise sustainability and drives change through training and supporting staff to succeed. In doing so it nurtures the next generation of ground investigation employees.
Key principles
The directors continue to run the business according to 9 key principles:
- Hiring, retaining and rewarding talented and dedicated people;
- Building enduring client relationships;
- Encouraging continuous improvement and innovation;
- Promoting a learning culture in a positive work environment;
- Making strategic investments for sustainable growth;
- Committing to strong, predictable financial performance;
- Maintaining unwavering commitment to health and safety;
- Promoting the concept of sustainability in al that we do; and
- Encouraging staff consultation and clear communication.
Structural Soils Limited
Strategic Report for the Period from 3 April 2023 to 31 March 2024
Our Commitment to our People
The directors recognise that our people are the key to our success as an organisation, and we strive to engage with all our employees, making sure everyone is involved in the development of our business and is proud to be part of it.
Equal opportunities
The Company is committed to equality, diversity and inclusion which is core to our company culture. This is integral to the success of our business and supports our corporate responsibility and sustainability efforts. To help the Company fully embrace equality, diversity and inclusion, The Company has pledged the following:
• Champion equality, diversity and inclusion from the top of the organisation.
• Acknowledge and tackle unconscious bias.
• Communicate and educate about the importance of equality, diversity and inclusion at all levels of our business, making this part of our everyday conversations.
• Empower our workforce through the introduction of employee networks.
We believe in equal opportunities for all employees and applicants and oppose all forms of unlawful or unfair discrimination in relation to a protected characteristic. All employees and applicants, whether part time, full time or temporary, will be treated fairly and with respect.
The Company is committed to ensuring that every employee has a working environment that promotes dignity and respect, and where individual differences and contributions of employees are recognised and valued.
As directors it is also important to us that we look after the wellbeing of our employees, so we subscribe to the group’s wellbeing policy which is built on five interconnected wellbeing pillars: physical, mental, social, financial and environmental. This policy is delivered through a diverse calendar of activities aimed at engaging, educating and connecting employees.
Principal risks and uncertainties
The directors are required to identify risks that might adversely affect the Company's business in the medium and long-term. The directors have considered the risks to the business and means to manage those risks. The primary risks, and means of risk management, are:
- Failure to maintain a sufficient employee resource at appropriate levels of seniority and experience. The directors recognise that having a sufficient resource to undertake projects is critical to the continued success of the company. To that end, we are committed to all the components of Investors In People and seek to be an employer of choice. We aim to hire the most talented of people; we communicate widely and openly to create a sense of community across the group; we provide learning and development opportunities; and we strive to empower every employee to meet their full potential. In this way we plan to look after our clients' needs in an exemplary fashion. The directors monitor people metrics, including retention statistics to identify any trends or issues.
Structural Soils Limited
Strategic Report for the Period from 3 April 2023 to 31 March 2024
-
Financial risk management. The company's operations expose it to a variety of financial risks and these risks need to be considered throughout the lifetime of a project. The directors operate an internal review process so that tenders are reviewed before submission to a client. Risk of late payment by clients and bad debts could result in the company having insufficient cash to pay suppliers in a timely fashion. The directors have considered this and have adequate working capital facilities, allowing for late payments by clients and pressure from creditors for more prompt settlement of accounts. A primary strategy employed by the directors to minimise financial risk is one of diversity of operations as set out above with a mix of services, clients, projects and geographical spread of operations.
- Global economy. Rising inflation and the risk of recession present risk to all businesses. To mitigate this risk, we remain as diverse as possible, strengthening our offer in sectors which we consider most resilient. The Company is also very nimble, able to make decisions very quickly and pivot to different market sectors when required. We closely manage costs to remain competitive in the marketplace.
- Climate change. The directors have followed the Task Force on Climate-Related Financial Disclosures methodology to assess the potential risks to the business that climate change poses and identify mitigation measures. Climate change is likely to generate huge demand for our services, so although there may be some disruption to our supply chain, the more likely consequence of climate change is an increase in work for RSK as our clients assess the likely impact of climate change and then implement works to adapt to flood risk, sea level rise and more extreme weather events.
- Termination of projects or failure to win work in our core markets. We strive to delight our clients and keep abreast of their requirements and expectations through regular communication, project reviews, client satisfaction surveys and wider market assessments. We want to work to the highest technical and health and safety standards. We hold current certifications to ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 for all operations. These three internationally recognised standards for health, safety, quality and environmental management are combined as an integrated management system. DNV (UKAS 013) assesses ongoing conformance and effectiveness of this integrated management system through regular audits and evaluations of office and site-based activities. We also hold a BS EN ISO/IEC 17025:2017 accreditation for in-house geotechnical testing laboratories in Bristol, Castleford, Hemel Hempstead and Tonbridge. This continuous improvement process provides reassurance to our customers that the services they are procuring are legally compliant and implement best practice principles across all business activities.
Structural Soils Limited
Strategic Report for the Period from 3 April 2023 to 31 March 2024
Section 172(1) statement
The directors of the company must act in accordance with a set of general duties as detailed in section 172 of the UK Companies Act 2006. A director of a company must act in a way they
consider, in good faith, would be most likely to promote the success of the company for the benefits of its members, and in doing so have regard to:
- 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 RSK Group.
All directors are required to complete a directors' duty training module which provides them with an overview of the general duties and further support is provided by the RSK Group company
secretary.
As a large organisation the directors fulfil their duties through a governance framework that delegates day to day responsibilities to its employees with appropriate review and assurance processes in place.
The directors have regard to the likely consequences of any decision in the long term in all aspects of the business. The "Principal Risks and Uncertainties" section of the company's Strategic Report
sets out the company's approach to management of risks that might adversely affect the company's
business in the medium and long term.
The company is committed to being a responsible employer, our directors recognising that our people are the key to success. We strive to engage with all our employees, making sure everyone is
involved in the development of our business and feels pride in it. Please refer to "Our commitment to our people" section of the company's Strategic Report for more details.
Our directors appreciate that the communities in which we operate are a key stakeholder and engagement with such communities is detailed in our Corporate Responsibility and Sustainability Route Map.
A reputation for high standards of business conduct is crucial to the business and its future success. This underpins everything we do and influences the decisions that the directors make.
Throughout the year, the directors have considered the impact of their decisions on all relevant stakeholders and have taken steps to ensure that these decisions are aligned with the long-term success of the company.
Structural Soils Limited
Strategic Report for the Period from 3 April 2023 to 31 March 2024
Key Event
In October 2023 Structural Soils held a two day Senior management gathering to take a strategic look at the business with the aim of specifically identifying areas for improvement.
Stakeholders affected
Investors, employees, clients and suppliers.
Actions and Impacts
The outcome of the event lead to development of an IT Steering group and a Business Planning Steering group, both of which meet monthly to ensure the specific group of actions derived from the management gathering and any future business needs or challenges are dealt with as particular projects with defined targets and objectives.
Approved and authorised by the
......................................... |
Structural Soils Limited
Directors' Report for the Period from 3 April 2023 to 31 March 2024 (continued)
The directors present their report and the financial statements for the period from 3 April 2023 to 31 March 2024.
Directors of the company
The directors who held office during the period were as follows:
Dividends
In the financial year dividends of £1.5m were paid to group companies (2023: £nil).
Greenhouse Gas Emissions, Energy Consumption, and Energy Efficiency Action
The Company has taken the exemption available to subsidiary companies not to disclose information in respect of greenhouse gas emissions, energy consumption and energy efficiency action given this is disclosed in the consolidated financial statements of RSK Group Limited.
Going concern
The Directors have acknowledged the latest guidance on going concern from the Financial Reporting Council and considered various relevant matters noted here. The company participates in RSK Group’s (the Group) centralised treasury arrangements and so shares banking arrangements with its subsidiaries. As at 31 March 2024 the funds comprised £1bn committed acquisition facility and the Group has a £50m revolving credit facility with NatWest bank. These facilities were extended from 2028 to 2030 in September 2024. In September 2024 RSK Group received £520m preferred equity investment from a consortium of investors. The Company is party to cross guarantee arrangements relating to a borrowing facility provided by Ares Management to RSK Group Limited. The amount borrowed under this agreement at 31 March 2024 is £1,060,136,000 (2023: £765,384,000).
As at 31 March 24 the Company had net current liabilities of £2,288,869 (2023: net current assets £4,076,412).The directors have received a Letter of Support from the parent company.
The facilities will finance growth, both organic and acquisitive and associated working capital requirements.
After a thorough review, the Group’s consolidated business plan, forecasts and projections show that it is expected to operate within its facilities.
Structural Soils Limited
Directors' Report for the Period from 3 April 2023 to 31 March 2024 (continued)
The Group has established contracts and master service agreements with several customers across a wide range of sectors and markets and has a significant pipeline of committed work, tenders in progress and opportunities. The Directors believe that the Group will continue to manage its business risks successfully despite uncertain economic conditions in some business sectors and countries.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue to operate for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. Accordingly, they have continued to adopt a going concern basis in the preparation of the annual report and financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Auditors
BDO LLP was appointed as auditor in the year, and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Structural Soils Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Strategic Report, the Director's 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Structural Soils Limited
Independent Auditor's Report to the Members of Structural Soils Limited
Opinion on the financial statements
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the period 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 have audited the financial statements of Structural Soils Limited (“the Company”) for the period ended 31 March 2024 which comprise Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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).
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Director's 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 included in the Annual report and financial statements, other than the financial statements and our auditor’s report 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.
Structural Soils Limited
Independent Auditor's Report to the Members of Structural Soils Limited
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
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 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, 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.
Structural Soils Limited
Independent Auditor's Report to the Members of Structural Soils Limited
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.
Extent to which the audit was 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:
Non-compliance with laws and regulations
Based on:
• |
Our understanding of the Company and the industry in which it operates; |
• |
Discussion with management and those charged with governance; and |
• |
Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations. |
We considered the significant laws and regulations to be the United Kingdom’s Generally Accepted Accounting Practice and UK tax legislation.
The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be Companies Act 2006, General Data Protection Rules (GDPR), Anti-Bribery Act, Employment Law and Health & Safety legislation.
Our procedures in respect of the above included:
• |
Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations; |
• |
Review of legal expenditure accounts to understand the nature of expenditure incurred; and |
• |
Review of financial statement disclosures and agreeing to supporting documentation. |
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
• |
Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; |
• |
Obtaining an understanding of the Company’s policies and procedures relating to: |
Structural Soils Limited
Independent Auditor's Report to the Members of Structural Soils Limited
• |
Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; |
• |
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and |
• |
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. |
Based on our risk assessment, we considered the areas most susceptible to fraud to be the posting of inappropriate journals, the estimation of stage of completion of long term contracts in revenue at the year end and the recoverability of work in progress.
Our procedures in respect of the above included:
• |
Testing a sample of journal entries throughout the period, which met a defined risk criterion, by agreeing to supporting documentation; |
• |
Testing the stage of completion for significant contracts open at the period end to ensure that revenue has been accurately reflected within this period’s financial statements; |
• |
Assessing significant estimates made by management for bias in assessment of the stage of completion for open contracts at the year end; and |
• |
Obtaining a sample of year-end external valuation certificates and testing the recoverability of WIP balances by checking post year-end certificates and cash receipts. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 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 are to become aware of it.
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.
Structural Soils Limited
Independent Auditor's Report to the Members of Structural Soils 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 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.
......................................
For and on behalf of
Manchester, UK
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Structural Soils Limited
Profit and Loss Account for the Period from 3 April 2023 to 31 March 2024
Note |
2024 |
(As restated) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
1,558,251 |
130 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(386,539) |
(48,994) |
||
Profit/(loss) before tax |
|
( |
|
Tax on profit/(loss) |
( |
|
|
Profit for the financial period |
|
|
The above results were derived from continuing operations.
Structural Soils Limited
Statement of Comprehensive Income for the Period from 3 April 2023 to 31 March 2024
2024 |
2023 |
|
Profit for the period |
|
|
Actuarial loss on defined benefit pension schemes |
( |
( |
Total comprehensive income for the period |
|
|
Structural Soils Limited
(Registration number: 00828694)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
10,000 |
10,000 |
|
Capital contribution reserve |
761,021 |
761,021 |
|
Profit and loss account |
(492,555) |
24,999 |
|
Shareholders' funds |
278,466 |
796,020 |
Approved and authorised by the
......................................... |
Structural Soils Limited
Statement of Changes in Equity for the Period from 3 April 2023 to 31 March 2024
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 4 April 2022 |
|
- |
( |
( |
Profit for the period |
- |
- |
|
|
Other comprehensive expense |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
|
|
Other capital redemption reserve movements |
- |
761,021 |
- |
761,021 |
At 2 April 2023 |
10,000 |
761,021 |
24,999 |
796,020 |
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 3 April 2023 |
|
|
|
|
Profit for the period |
- |
- |
|
|
Other comprehensive expense |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
|
|
Dividends paid |
- |
- |
( |
( |
At 31 March 2024 |
|
|
( |
|
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Accounting policies |
Structural Soils Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of the registered office is given on the company information page and the nature of the company's principal activities are set out in the strategic report. The financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. Details of the significant judgements and estimates are provided below.
Company disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
• the requirements of Section 9 Consolidated and Separate Financial Statements paragraph 9.3(a).
Going concern
The Directors have acknowledged the latest guidance on going concern from the Financial Reporting Council and considered various relevant matters noted here. The company participates in RSK Group’s (the Group) centralised treasury arrangements and so shares banking arrangements with its subsidiaries. As at 31 March 2024 the funds comprised £1bn committed acquisition facility and the Group has a £50m revolving credit facility with NatWest bank. These facilities were extended from 2028 to 2030 in September 2024. In September 2024 RSK Group received £520m preferred equity investment from a consortium of investors. The Company is party to cross guarantee arrangements relating to a borrowing facility provided by Ares Management to RSK Group Limited. The amount borrowed under this agreement at 31 March 2024 is £1,060,136,000 (2023: £765,384,000).
As at 31 March 24 the Company had net current liabilities of £2,288,869 (2023: net current assets £4,076,412).The directors have received a Letter of Support from the parent company.
The facilities will finance growth, both organic and acquisitive and associated working capital requirements.
After a thorough review, the Group’s consolidated business plan, forecasts and projections show that it is expected to operate within its facilities.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
The Group has established contracts and master service agreements with several customers across a wide range of sectors and markets and has a significant pipeline of committed work, tenders in progress and opportunities. The Directors believe that the Group will continue to manage its business risks successfully despite uncertain economic conditions in some business sectors and countries.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue to operate for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. Accordingly, they have continued to adopt a going concern basis in the preparation of the annual report and financial statements.
Prior period errors
Historically, staff costs were fully allocated to administrative expenses. Following a review, it has been determined that apportioning staff costs between cost of sales and administrative expenses provides a more accurate reflection of the company’s performance.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | |
Cost of sales | 5,676,942 | 5,075,745 |
Administrative expenses | (5,676,942) | (5,075,745) |
Judgements
No significant judgements have had to be made by management in preparing these financial statements. |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
(ii) Amounts recoverable on contracts
Management make estimates regarding the recognition of income from contracts. Such estimates are calculated on the bases explained in the accounting policy for revenue.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Operating profit includes attributable profit on long-term completed contracts and amounts recoverable on uncompleted contracts, the latter being included within debtors due within one year.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generate income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax balances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the different between the fair value of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10-20% straight line |
Fixtures and fittings |
25-33% straight line |
Motor vehicles |
25% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Short-term debtors are measured at transaction price, less any impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Creditors
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Defined benefit pension obligation
The company operates a defined benefit scheme, which was closed to new members as of 1 April 2002. The assets of the scheme are held separately from those of the company. The members' pension benefits under the scheme were paid up with effect from 5 April 2003. No further benefits are accruing under the scheme.
The obligation of the defined benefit pension schemes is recognised on the balance sheet and represents the difference between the fair value of the plan assets and the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is updated on an annual basis, by independent actuaries, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. The amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'actuarial gain/loss on defined benefit pension scheme'.
The cost of the defined benefit plan, recognised in the statement of comprehensive income as employee costs, except where included in the cost of an asset, comprises:
a) The increase in net pension benefit liability arising from employee service during the period; and
b) The cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying a discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the profit and loss account as 'interest expense'.
Financial instruments
Financial assets and liabilities are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets
Basic financial assets, including trade and other receivables, loans receivable from other Group companies, investments in subsidiary companies and cash and cash equivalents, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at the market rate of
interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any provision for impairment.
Impairment of financial assets
At each reporting date the company assesses whether there is objective evidence that a financial asset is impaired. If such evidence exists, the company recognises an impairment loss which is measured as the difference between the carrying amount and the present value of the future cashflows, discounted at the original effective interest rate. Impairment losses are recognised in profit or loss.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Impairment losses are reversed if the reversal can be objectively related to an event occurring after the impairment was recognised. The reversal of the impairment will be recognised in profit or loss.
Financial liabilities
Basic financial liabilities, including trade and other payables, hire purchase contracts and loans payable to other Group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at the market rate of interest.
Debt instruments are subsequently carried at amortised cost using the effective interest method.
Derecognition of financial instruments
A financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire, or the company transfers the financial asset and substantially all the risks and rewards
of ownership have been transferred.
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled, or expires.
Turnover |
The analysis of the company's revenue for the period from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
The whole of the turnover arose solely within the United Kingdom.
Other operating income |
The analysis of the company's other operating income for the period is as follows:
2024 |
2023 |
|
Research and Development Expenditure credits |
571,399 |
337,905 |
During the year, the Company received a research and development (R&D) tax credit in respect of qualifying R&D expenditure incurred. The tax credit has been recognised as other income as it is considered to be in the nature of a government grant.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Foreign exchange gains |
( |
( |
Operating lease expense |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Defined contribution pension cost |
252,346 |
235,999 |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on defined benefit pension deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Other interest paid |
- |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
- |
Pension interest expense |
|
|
|
|
The interest expense on other finance liabilities of £322,764 (2023:£Nil) relates to interest charged on the intercompany loan with RSK Environment.
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
2024 |
2023 |
|
Technical and professional |
|
|
Management and administration |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase scheme |
|
|
380,848 |
331,644 |
The remuneration in the table above relates to 6 directors (2023: 6) who are remunerated by the company. The other directors’ remuneration is borne by the company’s ultimate parent, RSK Group Limited. No direct recharge is made to the company for services provided, but an estimate of the cost of these directors’ time is incorporated into the management charge charged to the company from RSK Group Limited.
During the period the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
( |
Factors affecting tax charge for the year
The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
Tax decrease arising from group relief |
( |
- |
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
Tax decrease from effect of super deduction adjustment |
- |
( |
Total tax charge/(credit) |
|
( |
Factors that may affect future tax charges
There are no factors which may affect the future tax charge.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 3 April 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
Depreciation |
||||
At 3 April 2023 |
|
|
|
|
Charge for the period |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
Carrying amount |
||||
At 31 March 2024 |
|
|
|
|
At 2 April 2023 |
|
|
|
|
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Vehicles, plant and machinery |
1,165,904 |
1,394,169 |
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 3 April 2023 |
|
Carrying amount |
|
At 31 March 2024 |
|
At 2 April 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
Spring Lodge
England |
|
|
|
Subsidiary undertakings |
PB Drilling Limited The principal activity of PB Drilling Limited is |
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Stocks |
2024 |
2023 |
|
Consumables |
|
|
There is no material difference between the replacement cost of stocks and the amounts stated above.
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
|
|
Corporation tax receivable |
|
|
|
|
The total Corporation tax receivable balance of £636,315 (2023: £548,455) relates to a Research and Development Expenditure Credit.
Cash at bank and in hand |
2024 |
2023 |
|
Cash at bank and in hand |
|
|
Creditors |
2024 |
2023 |
|
Due within one year |
||
Obligations under finance lease and hire purchase contracts |
|
|
Trade creditors |
|
|
Amounts owed by group undertakings |
|
|
Social security and other taxes |
|
|
Other payables |
|
|
Accruals |
|
|
Group relief payable |
210,884 |
210,884 |
Deferred income |
|
|
|
|
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
2024 |
2023 |
|
Due after one year |
||
Obligations under finance lease and hire purchase contracts |
|
|
Amounts due to related parties |
- |
|
618,700 |
6,535,760 |
Within amounts owed to group undertakings is an intercompany loan balance of £3,585,351 due to RSK Environment, which is repayable on demand. Interest is charged at 8% and accrues annually.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £252,346 (2023 - £235,999).
Defined benefit pension schemes
The company operates a defined benefit scheme. The assets of the scheme are held separately from those of the company, being invested with insurance companies. The scheme is closed to new members as of 1 April 2002. The members' pension benefits under the scheme were made paid up with effect from 5 April 2003. No further benefits are accruing under the scheme. A comprehensive actuarial valuation of the Company pension scheme, using the projected unit credit method, was carried out on 5 April 2021, and showed a deficiency on a current funding level basis of £151,000. From April 2019, the company has been required to pay minimum contributions of £50,300 per annum increasing by 3% per annum.
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the balance sheet are as follows:
2024 |
2023 |
|
Fair value of scheme assets |
|
|
Present value of defined benefit obligation |
( |
( |
905,000 |
600,000 |
|
Changes in asset ceiling |
(905,000) |
(600,000) |
Defined benefit pension scheme surplus/(deficit) |
- |
- |
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
2024 |
|
Present value at start of period |
|
Interest cost |
|
Actuarial gains and losses |
( |
Benefits paid |
( |
Present value at end of period |
|
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
2024 |
|
Fair value at start of period |
|
Interest income |
|
Return on plan assets, excluding amounts included in interest expense |
( |
Actuarial gains and losses |
|
Employer contributions |
|
Benefits paid |
( |
Fair value at end of period |
|
Analysis of assets
The major categories of scheme assets are as follows:
2024 |
2023 |
|
Equity instruments |
|
|
Structured debt |
64 |
74 |
100 |
100 |
Return on scheme assets
2024 |
2023 |
|
Return on scheme assets |
|
( |
The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Principal actuarial assumptions
The principal actuarial assumptions at the balance sheet date are as follows:
2024 |
2023 |
|
Discount rate |
|
|
Future salary increases |
|
|
Inflation |
|
|
Post retirement mortality assumptions
2024 |
2023 |
|
Current UK pensioners at retirement age - male |
20.00 |
21.00 |
Current UK pensioners at retirement age - female |
22.00 |
22.00 |
Future UK pensioners at retirement age - male |
21.00 |
22.00 |
Future UK pensioners at retirement age - female |
24.00 |
24.00 |
Remeasurements (recognized in other comprehensive income)
2024 |
2023 |
|||
000s |
000s |
|||
£ |
£ |
|||
Effect of changes in assumptions |
(77) |
(914) |
||
Effect of experience adjustments |
11 |
132 |
||
(Return) on plan assets (excluding interest income) |
(162) |
289 |
||
(Return) on reimbursement rights (excluding interest income) |
- |
- |
||
Changes in asset ceiling (excluding interest income) |
276 |
561 |
||
Total remeasurements included in OCI |
48 |
68 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,000.00 |
|
10,000.00 |
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Dividends |
2024 |
2023 |
|||
£ |
£ |
|||
Final dividend of £1,500,000 (2023 - £Nil) |
1,500,000 |
- |
||
Contingent liabilities |
The company is party to cross guarantee arrangements relating to a borrowing facility provided by Ares Management to RSK Group Limited. The amount borrowed under this agreement at 31 March 2024 is £1,060,136,000 (2023: £765,384,000).
The company is also a guarantor of any trading and other obligations of any RSK Group member that may be a Junior Creditor in the related Subordination Deed.
Related party transactions |
There are no other related party transactions to disclose other than the directors' remuneration which is disclosed in the Directors' remuneration note. The Company has not disclosed transactions with wholly owned members of the Group as permitted by FRS102 33.1A.
Post-Balance Sheet Events |
There have been no significant events affecting the company since the financial period-end which require disclosure in the financial statements.
Structural Soils Limited
Notes to the Financial Statements for the Period from 3 April 2023 to 31 March 2024
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.