Registered number:
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
COMPANY INFORMATION
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MONTEL CIVIL ENGINEERING LIMITED
CONTENTS
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MONTEL CIVIL ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Directors present the Strategic Report of Montel Civil Engineering Limited (the "Company") for the year ended 31 May 2024.
The Company continues to be engaged as a regional civil engineering contractor working out of its head office in Worcester, covering most aspects of civil engineering. Regional coverage now spans the Midlands, South West and East of England, providing a consistent service delivery to our clients, both in the public and private sector. The client base is primarily blue chip with the work being undertaken as principal contractor. The Company carries out projects ranging in value from minor works through to array of multi-million pound schemes, the Company has built a strong reputation as a pro-active, user friendly civil engineering contractor. The Company continues to be an owner managed business and the philosophy remains on the values instilled over recent years with the aim to be the civil engineering contractor of choice.
The Directors aim to present a balanced and brief review of the development and performance of the business during the year and its position at the end of the year. Our review is appropriate to the size and nature of the business.
In the year ended 31 May 2024, the Company recorded its first ever trading loss with Turnover of £25.6m (2023 - £33.2m) and an operating loss of £856k (2023 – Profit of £1,821k). Turnover and Margin were impacted as a result of challenging market conditions leading to a number of secured and preferred contractor projects being delayed and pushed into the 2024-2025 financial year. Against these challenging economic conditions, the Company has shown a strong resilience by tailoring its business strategy to prevailing market conditions leading 2024-2025 having a more balanced portfolio of work spanning multiple sectors. During the year, the Directors have reviewed the company’s client base, market sectors and bid selectivity, recognising the risks and exposure associated within each, and have implemented a strict bid/no bid criteria. Our strategy is to reduce reliance on main contractor competitively tendered schemes, with an increase focus on frameworks such as Thames Water Runway 2, Warwickshire and Hereford Council Highways and Public Realm schemes. At 31 May 2024, the company had a future forward order book of £22.2 million, with further key potential orders of £23.8 million. As a result, the Company entered 2024-25 with 100% of the year’s budgeted workload either secured or having preferred contractor status. We expect the UK construction market to continue to remain challenging during the remainder of 2024, following the general election and with interest rates continuing to remain high, starving the house building sector. The Directors are feeling more confident for 2025 returning to a gradual level of growth within the industry, stimulated by an increase level in government spending on infrastructure and a recovery within the house building sector from interest rate reductions. Results The results for the year ended 31 May 2024 are set out in the financial statements. The Company's loss before taxation was £727k (2023: Profit- £1,869k). The loss for the financial year was £596k (2023: Profit- £1,494k). The Company had net assets of £3.9m at year end, down from net assets of £5.0m from the prior year.
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MONTEL CIVIL ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Health, Safety and the Environment
The health, safety and well-being of all who work with us and around us is of the utmost importance: our care for colleagues, contractors and stakeholders. The Accident Incidence Rate (AIR) for 2024 for our employees and supply chain was 0 (2023: 12.07). This is significantly better than the HSE benchmark for the industry. The AIR measures serious injuries and accidents leading to more than seven day’s absence from work. The AIR has continued to maintain at this point following the 2024 financial year. In 2024, our Company achieved its second consecutive annual RoSPA Gold Safety Award. The Company continues to concentrate on its management of health and safety in 2024-2025 with the objectives clearly focused on leading indicators to prevent incidents and injuries. Social Value With the Company's ever increasing commitment to our Corporate Social Responsibility and Community Engagement, we have a dedicated, directly employed, team that are allocated specifically to this subject matter. Whilst the site management team are the first point of contact for our clients, their consultants, statutory bodies, and adjacent properties, Montel allocates one of our Customer Liaison Managers to pertinent schemes – to proactively engage with our neighbours, local businesses, retail premises, and those interested stakeholders wishing to gain further knowledge regarding the project; as well as nearby schools – so that we can positively promote our industry, encourage students to consider careers in construction and civil engineering, whilst also explaining the health & safety risks associated with building sites.
New Work
As with all businesses, we require a steady flow of new business in order to provide the revenue to cover the company’s costs. We actively monitor and manage the pipeline of projects in conversion from tender to contract. Weekly meetings are held, attended by the Chief Executive Officer and Regional Directors, where the pipeline of opportunities is discussed and updated with actions agreed. This links with the “Approval to Bid” process which considers opportunities and removes those which are not in line with our desired risk profile. The Company maintains an active business development team and new business targets and wins are reported on a monthly basis to the Board of Directors. Maintaining the Company’s position on the many Framework Agreements with public sector, and public utility bodies is at the core of the Company’s strategy and the Company maintains close dialogue with all awarding and monitoring bodies. Contract Delivery Certainty of contract delivery remains a key focus and we expect to see further improvements as our system and process modernisation is bedded in. Contracts are monitored closely, and each month costs and likely outcomes are reviewed in detail by Contract Managers and the Company’s commercial team. We continue to monitor compliance with legislation both at project and business unit level and are not aware of any material issues in this regard.
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MONTEL CIVIL ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Supply Chain and Inflation The construction industry generally has recently suffered from labour shortages and inflationary pressures in respect of material prices. We work closely with our customers and suppliers to monitor and mitigate, where possible, the impact of external events beyond the Company’s control. Volatility within the supply chain manufacturing processes, particularly for key inputs such as energy, fuel and materials as well as wage inflation, will continue to fluctuate for some time to come. To mitigate risk, the Company carefully considers overall project durations, along with the introduction of fluctuation clauses which allow the price of contracts to be adjusted to reflect changes in the law, the cost of materials and/ or the cost of labour during the construction periods. Going Concern The Directors regularly review financial forecasts, including cashflow projections, in order to ensure that the Company will be able to meet its financial obligations. Detailed forecasts are updated on a monthly basis, whilst rolling 13 week cashflow forecasts are updated each week. The Company is in regular dialogue with its shareholders and have representation at a monthly Board of Directors meeting. Financial risk management policy The Company’s principal financial instruments comprise of cash. The main purpose of this financial instrument is the finance for the Company’s operations. The Company has various other financial instruments, such as trade debtors and trade creditors, which arise directly from its operations. The Company does not enter into derivative transactions. The main risks arising from the Company's financial instruments are liquidity risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. Liquidity Risk The Company's objective is to maintain a healthy cash balance through its use of cash forecasting and management tools. Credit Risk The Company only trades with recognised, creditworthy third parties. Receivables balances are monitored on an ongoing basis with the result that the Company's exposure to bad debts is not significant.
This report was approved by the board on 3 September 2024 and signed on its behalf.
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MONTEL CIVIL ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £596k (2023 - profit £1,494k).
Dividends paid during the year were £500k (2023 - £117k). No final dividend was proposed.
The directors who served during the year were:
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MONTEL CIVIL ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
There have been no significant events affecting the Company since the year end.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MONTEL CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTEL CIVIL ENGINEERING LIMITED
We have audited the financial statements of Montel Civil Engineering Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
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MONTEL CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTEL CIVIL ENGINEERING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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MONTEL CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTEL CIVIL ENGINEERING LIMITED (CONTINUED)
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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, key laws and regulations that we identified included:
∙Companies Act;
∙Tax Legislation; and
∙Health and Safety and Employment Legislation.
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙management bias in respect of accounting estimates and judgements made;
∙management override of control; and
∙posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance/ review of available correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙Reviewing minutes of meetings of those charged with governance, where available;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular review of amounts recoverable on contracts and accruals.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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MONTEL CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONTEL CIVIL ENGINEERING LIMITED (CONTINUED)
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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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
Statutory Auditors
158 Edmund Street
B3 2HB
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MONTEL CIVIL ENGINEERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
REGISTERED NUMBER: 08949189
BALANCE SHEET
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 31 form part of these financial statements.
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MONTEL CIVIL ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Montel Civil Engineering Limited is a private limited company, limited by shares and incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 08949189. The nature of the company's operations and principal activities are described in the Strategic report on page 1.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements level of rounding is to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
The Company enters into construction contracts on a fixed and variable fee basis. The contract is assessed to determine whether it contains a single combined performance obligation or multiple performance obligations. The Company recognises the performance obligation related turnover over time using the percentage of completion method of accounting. The percentage of completion is calculated based on the ratio of costs incurred to date compared with the total expected costs for that contract. Profit on such contracts in progress is taken when the outcome of the contract can be assessed with reasonable certainty. Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of costs incurred, if it is probable that they will be recovered. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately and held on the balance sheet in accruals. The estimation technique used in attributing profit made on contracts to a particular period is reviewed with reference to forecasts monitored by contract managers on a contract by contract basis. These focus on turnover and costs to complete and enable an assessment to be made of the final outturn of each contract. Turnover for contract variations, and claims in respect of completing projects ahead of a targeted cost are included as variable consideration in the Company’s estimate of the transaction price only if it is highly probable that a significant reversal of revenue will not occur. In making this assessment, the Company considers its historical record of performance on similar contracts, whether the Company has access to the labour and materials resources needed to meet the contract programme, and the potential impact of other reasonably foreseen constraints. Contract assets, which are included in ‘debtors’ as “amounts recoverable on long term contracts”, are recognised as the proportion of performance obligations fulfilled by the Company and for which the definitive right to receive cash was subject to approval and receipt of a payment certificate. Contract assets are converted into a trade debtor, also included in ‘debtors’, at the point the amount is certified and invoiced; resulting in the Company's unconditional right to receive cash. Contract assets therefore represent a portion of future payments receivable by the Company under existing contracts. When payments received from customers exceed turnover recognised to date on a particular contract, any excess (a contract liability) is included in 'trade and other payables' as contract liabilities, “payments on account”. Material costs incurred in bidding for and mobilising contracts that related directly to a contract and are incurred in securing the contract are also included as part of the contract costs if they can be separately identified and measured reliably from the point that it is probable the contract will be obtained. The Company has taken advantage of the practical exemption to expense the incremental costs of obtaining a contract when the amortisation period of the asset otherwise recognised would have been one year or less.
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
The following judgment (apart from those involving estimation) has had the most significant effect on the amounts recognised in the financial statements. - Revenue recognition When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion based on actual costs incurred to the end of the accounting period compared to forecasted costs to determine the appropriate amount to be recognised in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. In determining the stage of completion, the Company has appropriate systems for cost estimating, forecasting and revenue and costs reporting. The system also requires consistent judgment (forecasting) of the final outcome of the contract. Estimates are an inherent part of this assessment and the actual future outcome may deviate from the estimated outcome, however, historical experience has shown that estimates are, on the whole, sufficiently reliable.
The whole of the turnover is attributable to the civil engineering undertaken by the company.
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The Company has estimated losses of £650,000 (2023 - £nil) available for carry forward against future trading profits.
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Included within other debtors are loans made to directors of the business amounting to £50,889 (2023 - £258,101). Details surrounding these loans are disclosed in the notes to these financial statements.
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Share premium account
Profit and loss account
There has been a restatement to the financial statements for the comparative year ended 31 May 2023 to correct the split of debtors and creditors within one year and greater than one year. There has been no restatement to the overall net assets shown in the balance sheet as at 31 May 2023. The adjustment has resulted in debtors and creditors within one year reducing by £473,492 and £103,826 respectively and debtors and creditors greater than one year increasing by £473,492 and £103,826 respectively.
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Transactions with directors and controlling parties:
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MONTEL CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The company is controlled by J E Kirkland and I J Ansell.
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