Company registration number 02499497 (England and Wales)
STRUCTURA UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
STRUCTURA UK LIMITED
COMPANY INFORMATION
Directors
P Mackett
M Patel
D Rickman
R Sanders
D Rickman
A Beal
Secretary
M Patel
Company number
02499497
Registered office
Unit 1
Oakcroft Road
Chessington
Surrey
KT9 1RH
Auditor
David Howard
1 Park Road
Hampton Wick
Kingston upon Thames
Surrey
KT1 4AS
STRUCTURA UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 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 - 29
STRUCTURA UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present the strategic report for the year ended 31 May 2024.
Review of the business
The directors are pleased to report an extremely good year trading resulting in a profit of £1,441,867 (2023: £555,218).
Financial key performance indicators
The key profitability ratios reflect the improved trading for the year as follows:
Gross profit margin: 26.49% (2023: 33.25%)
Profitability ratio: 7.23% (2023: 4.48%)
The directors are confident in the ongoing profitability of the company.
Principal risks and uncertainties
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management, risk and internal controls. Compliance with regulation, legal and ethical standards is a high priority for the company and the compliance team and finance department take on an important oversight role in this regard. The Board is responsible for satisfying itself that a proper internal control framework exists to manage financial risks and that controls operate effectively.
Financial risk management objectives and policies
The company's principal financial instruments comprise of bank balances, trade creditors, trade debtors and finance lease agreement. The main purpose of these instruments is to raise funds and to finance the company's operations. The company's approach to the financial instruments concerned is shown below.
a) The company is a lessee in respect of finance lease assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet payments when they arise.
b) Trade debtors are managed in respect in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
c) Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Future developments
The directors remain confident in the ongoing sound basis and structure of the company. We actively engaged in the supply of alternative services for sustainable construction, and in combination with an upturn in the demand for our traditional specialist services, have a secured order book for works throughout the UK for short, medium and long-term opportunity. We are confident in our ongoing profitability as a carbon neutral business, actively targeting the works in which we excel.
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STRUCTURA UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
M Patel
Director
26 February 2025
- 2 -
STRUCTURA UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of fabrication and fixing of light metal work.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £563,049. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Mackett
M Patel
D Rickman
R Sanders
D Rickman
A Beal
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the
directors have elected to prepare the financial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company
law the directors must not approve the financial statements unless they are satisfied that they give a true and
fair view of the state of affairs of the company and of the profit or loss of the company for that period. In
preparing these financial statements, the directors are required to:
Select suitable accounting policies and then apply them consistently;
Make judgements and accounting estimates that are reasonable and prudent;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Post reporting date events
There have been no subsequent events that require disclosure or adjustments to the financial statements.
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STRUCTURA UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Auditor
The auditors, David Howard, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
M Patel
Director
26 February 2025
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STRUCTURA UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STRUCTURA UK LIMITED
Opinion
- 5 -
We have audited the financial statements of Structura UK Limited (the 'company') for the year ended 31 May 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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.
STRUCTURA UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STRUCTURA UK LIMITED
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non‐compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non‐compliance with law and regulations, was as follows:
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STRUCTURA UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STRUCTURA UK LIMITED
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
Companies Act 2006,
FRS 102,
Employment legislation,
Tax legislation.
We assessed the extent of compliance with the laws and regulations identified above through making enquires of management and reviewing board minutes; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non‐compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non‐compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind the significant transactions, or transactions that unusual or outside the company's usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
Management bias in the estimates and judgements made;
Management override of controls;
Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non‐compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non‐compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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STRUCTURA UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STRUCTURA UK LIMITED
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.
Nicola King
Senior Statutory Auditor
For and on behalf of David Howard
26 February 2025
Chartered Accountants
& Statutory Auditors
1 Park Road
Hampton Wick
Kingston upon Thames
Surrey
TW1 4AS
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STRUCTURA UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
2024
2023
Notes
£
£
Turnover
3
19,930,176
12,404,876
Cost of sales
(14,651,564)
(8,280,241)
Gross profit
5,278,612
4,124,635
Administrative expenses
(3,767,716)
(3,517,462)
Other operating income
4,860
6,750
Operating profit
4
1,515,756
613,923
Interest receivable and similar income
8
5,437
3,341
Interest payable and similar expenses
9
(79,326)
(62,046)
Profit before taxation
1,441,867
555,218
Tax on profit
10
(186,197)
87,292
Profit for the financial year
1,255,670
642,510
The profit and loss account has been prepared on the basis that all operations are continuing operations.
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STRUCTURA UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
2024
2023
£
£
Profit for the year
1,255,670
642,510
Other comprehensive income
-
-
Total comprehensive income for the year
1,255,670
642,510
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STRUCTURA UK LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
255,947
179,492
Current assets
Stocks
13
107,875
140,145
Debtors
14
5,834,127
5,215,908
Cash at bank and in hand
727,378
252,216
6,669,380
5,608,269
Creditors: amounts falling due within one year
15
(3,106,996)
(2,454,973)
Net current assets
3,562,384
3,153,296
Total assets less current liabilities
3,818,331
3,332,788
Creditors: amounts falling due after more than one year
16
(271,100)
(478,178)
Net assets
3,547,231
2,854,610
Capital and reserves
Called up share capital
20
1,500
1,500
Profit and loss reserves
3,545,731
2,853,110
Total equity
3,547,231
2,854,610
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
M Patel
Director
Company Registration No. 02499497
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STRUCTURA UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,500
2,210,600
2,212,100
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
642,510
642,510
Balance at 31 May 2023
1,500
2,853,110
2,854,610
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
1,255,670
1,255,670
Dividends
11
-
(563,049)
(563,049)
Balance at 31 May 2024
1,500
3,545,731
3,547,231
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STRUCTURA UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
1,733,615
(437,450)
Interest paid
(79,326)
(62,046)
Taxes refunded
269,644
Net cash inflow/(outflow) from operating activities
1,654,289
(229,852)
Investing activities
Purchase of tangible fixed assets
(157,542)
(148,556)
Proceeds from disposal of tangible fixed assets
56,262
Interest received
5,437
3,341
Net cash used in investing activities
(152,105)
(88,953)
Financing activities
Repayment of bank loans
(431,980)
123,272
Payment of finance leases obligations
(31,993)
94,321
Dividends paid
(563,049)
Net cash (used in)/generated from financing activities
(1,027,022)
217,593
Net increase/(decrease) in cash and cash equivalents
475,162
(101,212)
Cash and cash equivalents at beginning of year
252,216
353,428
Cash and cash equivalents at end of year
727,378
252,216
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STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
Company information
Structura UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Oakcroft Road, Chessington, Surrey, KT9 1RH.
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 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 Company's accounting policies (see note 2).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. 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.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to stage of completion of the contract activity at the reporting end date. Variation in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipts is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
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.
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STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
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.
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 land and buildings
Straight line over the period of the lease
Plant and machinery
25% per year on net book value
Fixtures, fittings & equipment
15% per year on net book value
Motor vehicles
25% per year on net book value
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
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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.
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
1.6
Stocks
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Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
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.
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
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.
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.
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STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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.
- 18 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
1.11
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.
1.12
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.
1.13
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.
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.
1.14
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.
- 19 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
U.K
19,906,174
12,386,781
Republic of Ireland
24,002
18,096
19,930,175
12,404,877
2024
2023
£
£
Other revenue
Interest income
5,437
3,341
Grants received
4,860
6,750
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
19
7,388
Depreciation of tangible fixed assets held under finance leases
36,232
20,113
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor
£
£
For audit services
Audit of the financial statements of the company
9,450
7,500
- 20 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Factory
6
7
Site workers
39
36
Administrative
35
35
Total
80
78
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,066,035
3,424,560
Social security costs
340,845
400,858
Pension costs
94,671
90,675
3,501,551
3,916,093
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
29,913
479,738
Company pension contributions to defined contribution schemes
-
3,016
29,913
482,754
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
111,858
- 21 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,437
2,904
Other interest income
437
Total income
5,437
3,341
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
62,541
55,761
Other finance costs:
Interest on finance leases and hire purchase contracts
16,785
6,285
79,326
62,046
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
186,197
(87,292)
- 22 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
10
Taxation
(Continued)
The actual charge/(credit) 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
1,441,867
555,218
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
360,467
105,491
Tax effect of expenses that are not deductible in determining taxable profit
6,549
7,026
Tax effect of income not taxable in determining taxable profit
(552)
Gains not taxable
(5,840)
Permanent capital allowances in excess of depreciation
(39,462)
(21,438)
Depreciation on assets not qualifying for tax allowances
20,271
10,493
Research and development tax credit
(161,628)
(182,472)
Taxation charge/(credit) for the year
186,197
(87,292)
11
Dividends
2024
2023
£
£
Final paid
563,049
During the year, the directors and their close family members had interest in dividends of £563,049.
- 23 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
12
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
112,883
367,186
214,314
43,303
737,686
Additions
15,877
6,340
135,325
157,542
At 31 May 2024
112,883
383,063
220,654
178,628
895,228
Depreciation
At 1 June 2023
112,464
245,824
185,800
14,106
558,194
Depreciation charged in the year
419
34,310
5,228
41,130
81,087
At 31 May 2024
112,883
280,134
191,028
55,236
639,281
Carrying amount
At 31 May 2024
102,929
29,626
123,392
255,947
At 31 May 2023
419
121,362
28,514
29,197
179,492
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 machinery
93,944
115,735
13
Stocks
2024
2023
£
£
Raw materials and consumables
107,875
140,145
- 24 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,665,978
5,031,827
Corporation tax recoverable
87,292
87,292
Other debtors
7,750
11,470
Prepayments and accrued income
73,107
85,319
5,834,127
5,215,908
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans & overdrafts
17
649,690
899,852
Obligations under finance leases
18
32,542
39,275
Trade creditors
1,439,935
856,603
Corporation tax
186,197
Other taxation and social security
586,338
429,235
Other creditors
149,277
177,205
Accruals and deferred income
63,017
52,803
3,106,996
2,454,973
The bank loans are secured by a debenture over the assets of the company dated 4 October 1996.
Obligations under finance lease are secured against the assets to which the finance relates.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
17
181,818
363,636
Obligations under finance leases
18
89,282
114,542
271,100
478,178
The bank loans are secured by a debenture over the assets of the company dated 4 October 1996.
Obligations under finance lease are secured against the assets to which the finance relates.
- 25 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
17
Loans and overdrafts
2024
2023
£
£
Bank loans
831,508
1,263,488
Payable within one year
649,690
899,852
Payable after one year
181,818
363,636
The long-term loans are secured by a debenture over the assets of the company dated 4 October 1996.
18
Finance lease or hire purchase obligations
2024
2023
Future minimum lease payments due under hire purchase contracts:
£
£
Within one year
32,542
39,275
In two to five years
89,282
114,542
121,824
153,817
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
94,671
90,675
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.
- 26 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" ordinary shares of £1 each
1,200
1,200
1,200
1,200
"B" ordinary shares of £1 each
300
300
300
300
1,500
1,500
1,500
1,500
The "A" and "B" ordinary shares shall rank pari passu in all respects save that the "B" ordinary shareholders shall not be entitled to attend or vote at the general meetings of company, and will not participate in any distribution of assets on the winding up of the company after repayment of capital, arrears, and accruals of dividends.
21
Operating lease commitments
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
2024
2023
£
£
£
Land & buildings and Others
Land and building
Others
Within one year
156,676
37,379
219,622
Between two and five years
-
1,950
66,279
156,676
39,329
285,901
- 27 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
22
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
439,507
479,738
The company rents trading premises from Oakcroft Investments, a partnership between M Patel, R Sanders, and D Rickman. The company has entered into a formal 20 year lease at a current annual rent £146,176. All transactions are conducted on normal commercial terms.
At the yearend, the company owed £134,810 (2023: £164,273) to the directors.
Dividends amounting to £563,049 (2023: £NIL) were paid to the directors of the company during the year.
No guarantees have been given or received.
23
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
1,255,670
642,510
Adjustments for:
Taxation charged/(credited)
186,197
(87,292)
Finance costs
79,326
62,046
Investment income
(5,437)
(3,341)
Gain on disposal of tangible fixed assets
-
(30,736)
Depreciation of tangible fixed assets
81,087
60,605
Movements in working capital:
Decrease/(increase) in stocks
32,270
(56,145)
Increase in debtors
(618,219)
(773,103)
Increase/(decrease) in creditors
722,721
(251,994)
Cash generated from/(absorbed by) operations
1,733,615
(437,450)
- 28 -
STRUCTURA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
24
Analysis of changes in net debt
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
252,216
475,162
727,378
Borrowings excluding overdrafts
(1,263,488)
431,980
(831,508)
Obligations under finance leases
(153,817)
31,993
(121,824)
(1,165,089)
939,135
(225,954)
- 29 -
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