Registration number:
Concrete Repairs Limited
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Brebners
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Concrete Repairs Limited
Contents
Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Income Statement |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Concrete Repairs Limited
Company Information
Directors |
A P Rimoldi S S Patel D P King S E Jones R M Soutar |
Registered office |
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Auditor |
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Concrete Repairs Limited
Strategic Report for the Year Ended 30 June 2024
The directors present their strategic report for the year ended 30 June 2024.
Principal activity
The principal activity of the company is the structural maintenance, repair, strengthening and upgrade of reinforced concrete structures of any type. In addition, the company offers restoration services to heritage buildings and structures.
Fair review of the business
The results for 23/24 financial year confirm a very strong trading period. The company reports growth in sales, profitability and cash generation.
The company provides structural asset maintenance and repair services, predominately for UK infrastructure. These services are delivered to major UK public utilities and statutory bodies including power, water, marine, renewable energy and especially highways. Much of this work is procured through framework agreements where the company acts as either a Tier 1 or a Tier 2 supplier. The company continues to focus on long-term relationships with its varied client base.
In addition to formal trading agreements there has been a continuous flow of opportunities across both the private and public sectors in all the company’s UK regional offices and the branch office in Melbourne Australia.
To support increasing sales, recruitment and training of new staff in a highly competitive market remains a priority and a cost across the business.
Maintaining a safe and inclusive workplace for all employees is a prime objective. The company recognises the individuality and dignity of all its staff and will not tolerate unfairness or discrimination.
The company prides itself in supporting the career aspirations of all employees. Formal and informal training and self-improvement is available to all. The resulting staff turnover remains far below industry norms.
The company recognises its corporate social responsibility. Charities are actively supported through the personal fund-raising efforts of staff. Local community projects are identified and undertaken free of any charge. The impact of the company’s activity on the environment is closely monitored as is the generation of CO2. By comparison with alternatives, company projects are very sustainable. These factors greatly assist the company and its clients in achieving improvements in sustainability targets.
The 23/24 period showed strong growth, stability and a growing order book. The Board and the senior management team are confident of strong future trading. The company continues to adapt positively to the changing national and international marketplace.
During the year the group undertook a reorganisation and the company’s parent undertaking disposed of two fellow subsidiaries to local management. As part of this reorganisation some inter group debt was written off.
Concrete Repairs Limited
Strategic Report for the Year Ended 30 June 2024
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£ |
63,836,905 |
46,734,305 |
(Decrease)/increase in turnover |
% |
37 |
45 |
Gross profit percentage |
% |
15 |
17 |
Cash at bank and in hand |
£ |
5,277,565 |
4,238,487 |
Net current assets |
£ |
2,342,016 |
3,299,934 |
Net profit margin |
% |
1 |
2 |
Non-financial KPI's
The company seeks to ensure that responsible business practice is fully integrated into the management of all of its operations and into the culture of all parts of its business. It believes that the consistent adoption of responsible business practice is essential for operational excellence, which in turn, ensures the delivery of its core objectives of sustained real growth in profitability.
In a company this size the directors consider there are collectively numerous non-financial performance indicators but none individually are key.
Principal risks and uncertainties
Significant risks identified within the businesses include;
• Availability of experienced resources, both directly and indirectly.
• Cash flow, delayed payments and bad debts.
• Motivation and retention of key staff.
• Sufficient market opportunities to support strategic planning
• Poor contract performance and cost control
• Global issues e.g. energy and material prices, inflation.
The Directors and senior management team treat the management and reduction of these risks as a priority. Changes have been implemented to strategic plans to allow for expected market conditions in future trading. The Board expects an improved performance in future trading after reduction to most cost heads and a strong order book.
The Board are supported by an excellent management team and remain confident of successful future trading.
The directors oversee clear and effective risk management policies and procedures that cover all major financial transactions of the company. The directors are of the opinion that there is an adequate process in place to identify and evaluate significant risks.
Significant identified risks to the business include;
The availability of sufficient opportunities and retention of key customer contracts under the continuing implications of the UK leaving the European Union on government and corporate budgets that may affect infrastructure (both buildings and transportation), restoration, energy and utilities sales contracts. The company has diversified its operations and management are expecting to maintain its strategic plans and forecasts as indicated by a strong order book.
Concrete Repairs Limited
Strategic Report for the Year Ended 30 June 2024
Maintaining adequate cash flow especially where extended credit or delayed payments by customers and the risks of potential bad debts. The company has arranged bank facilities to enable it to cover any cash shortfalls during trading and/or seasonal cycles.
Availability of adequate direct and indirect resources to perform contracts, both from maintaining adequate cash flow facilities and from retaining key suppliers of materials and services. The directors continue to maintain ongoing relationships with both suppliers and subcontractors.
Retention of key staff and subcontractors to enable significant contracts to be performed and completed in agreed timetables and budgets.
The impact of inflationary pressures on energy and material costs and increase in interest rates continued to be far more of a challenge with the risks on profitability and increased borrowing costs, plus increased risk for our customers in financing major construction projects. In the expectation of reduced sales, business plans are flexed, costs across the group are reviewed and cash management becomes the highest priority. This unexpected risk has been quickly understood and well managed. The outcome of these changes will positively effect future trading.
Reviews are carried out regularly to evaluate existing controls and develop future strategy for the management of risk.
Financial control is maintained through monthly monitoring of performance against forecast and other KPIs with particular attention to cash management.
At the end of the period the company has received record orders for future work. The Board and the senior management team remain confident of future success.
Section 172(1) statement
Specifically, the Act requires each directors to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole, and in doing so have regard (amongst other matters) to:
• The likely consequences of any decisions in the long term
• The interest 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 environment
• The desirability of the company maintaining a reputation for high standards of business conduct; and
• The need to act fairly as between shareholders of the company.
This statement outlines how we are meeting the requirements outlined in section 172(1) of the Companies Act 2006 when performing their duty to promote the success of the company.
Long term decisions:
In assessing the likely consequences of decisions in the long term, we consider the current and future marketplaces for the business. We continually review the strategy for sustainable growth and consider the risks and uncertainties surrounding our decisions. All long-term decisions are taken and represent the best interest of all our stakeholders.
Concrete Repairs Limited
Strategic Report for the Year Ended 30 June 2024
Our People
The culture of our organisation is shaped by our employees, and we recognise the crucial role they play in driving the success and achievement of our business objectives. We encourage our staff to grow, share ideas, and receive recognition for their contributions.
To address our clients’ needs effectively, we have both internal and external training departments dedicated to developing our employees' skills. We regularly review their personal development and provide opportunities to help them advance further in their careers.
We are committed to promoting diversity, equality, and inclusion through fair recruitment processes, equitable pay, comprehensive training, and transparent policies.
Supporting our employees’ mental health is a priority. We provide access to resources through our Employee Assistance Program and onsite mental health champions. We encourage open discussions about concerns and support employees through these channels.
With an uncompromising approach to health and safety, we foster a workplace where employees can provide feedback through various platforms, helping us maintain the safest working environment possible.
Business Relationships (Suppliers, customers, others)
The company is flexible and works collaboratively with our clients. This has helped us secure a high percentage of repeat business across all sectors as either a Principal Contractor or specialist sub-contractor.
The company engages with both suppliers and clients on a collaborative basis either by our actions or through more formal arrangements. Good relationships are maintained through the Social Value schemes that we undertake with the assistance of our supplier chain partners to the benefit of our clients. The company regularly engages in providing Clients with Early Contractor Involvement on technically challenging schemes, making use of our industry leading expertise to provide efficient value engineered solutions for difficult projects. The company regularly wins awards for our projects, and this is done in conjunction with our supply chain partners and clients to promote our technical ability, teamwork and the relationships we have.
Concrete Repairs Limited
Strategic Report for the Year Ended 30 June 2024
The community and the environment
Our Strategy associated with the community and environment is set out by the board of Directors. A key part of this strategy has been to fully understand the carbon emissions produced by the company by measuring our scopes 1,2 and 3 emissions. This work will be undertaken with an external consultant and will require the adaptation of current processes and procedures. Working from this baseline that will be outlined in a BCA report, a coherent future of decarbonisation will be agreed by the board.
Training and the transfer of information across the business will be key to promote these changes and enable the carbon reduction plan to be understood by employees.
Existing policies and procedures provide the guiding principles to be followed. These will be reviewed by the board as necessary to reflect any necessary changes with the overall strategic plan.
Engagement with our stakeholders and in particular our supply chain and material suppliers will be necessary in pursuit of this plan.
The board plans to proceed with the adoption of PAS 2080, the management of carbon on projects and aim of certification by the end of 2025. As the company’s work is fundamentally sustainable we consider we are in an ideal position to help clients manage this process.
The board encourage the support of local communities through our social value involvement. Plans include further training, monitoring of social value impact using the Thrive portal and the involvement of an external consultant to provide industry leading advice
Business Conduct and Ethics
The Board’s intent is always to maintain high standards of business conduct and governance in all the Company’s operations, which is critical in maintaining our reputation within the Construction Industry. Our directors and employees are trained on a range of business conduct principles including:
• Data Protection and Privacy
• Modern Slavery
• Corporate criminal offence
• Anti-bribery and corruption
• Anti-money laundering
The Need to Act Fairly as Between Various Shareholders
The board governs the company at a strategic level, setting its overall direction and tracking performance against objectives annually. Its purpose is to assess the impact of the company on all stakeholders, and to drive the greatest benefit for all shareholders
Financial instruments
Objectives and policies
The company had no hedging arrangements at 30th June 2024. Any exchange risk is managed through the use of accounts held in foreign currencies with its bankers.
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds and finance the company's operations.
Concrete Repairs Limited
Strategic Report for the Year Ended 30 June 2024
Price risk, credit risk, liquidity risk and cash flow risk
The company's approach to price, credit, liquidity and cash flow risks applicable to the financial instruments concerned is shown below.
The company has agreed credit facilities with its bankers to manage its credit risk. Any liquidity and cash flow risks are met through the company maintaining positive cash balances and monitoring their requirements regularly.
Trade debtors are managed 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.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Future developments
The year under consideration reflects continued strong trading for the business in light of the cost of living crisis and inflationary pressures experienced in the UK. Whilst there are many and varied opportunities it remains important that clients' needs are understood and best value solutions can be offered. The company's core speciality of structural repair and strengthening continues to account for the majority of sales in all regions. Much of this work is through publicly funded bodies. Of note is the company's continued presence in both the Highways and Water sectors. Repeat work continues to be derived through framework agreements across the UK.
The company has continued to invest in both the external façade and restoration sectors. These two activities are now contributing positively and it is expected that further growth will be seen in future trading as the experience builds. The company's presence in alternative energy continues with an improving workload in the wind generation sector.
The generation of cash remains a priority allowing future market expansion to be considered. The company continues to be risk averse not only to safeguard its financial position but to maintain the very highest standards of safety and health in the workplace. Significant training opportunities are available to staff at all levels not only to help individual careers but to maintain professionalism and integrity across the business. The company recognises its Corporate Social Responsibility and strives to enhance its position in the community.
The Board and its senior management team are confident of continuing successful trading.
Approved by the
.........................................
Director
Concrete Repairs Limited
Directors' Report for the Year Ended 30 June 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
Principal activity
The principal activity of the company is the structural maintenance, repair, strengthening and upgrade of reinforced concrete structures of any type. In addition, the company offers restoration services to heritage buildings and structures.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of future developments and financial risk management and exposure.
Dividends
Interim dividends of £588,000 (2023: £826,000) were paid during the year. No final dividend is proposed.
Donations
During the year the company made the following contributions: |
||||
2024 |
2023 |
|||
£ |
£ |
|||
Charitable |
12,965 |
9,512 |
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No political donations were made during the year. |
Concrete Repairs Limited
Directors' Report for the Year Ended 30 June 2024
Engagement with employees
The company's policy is to consult and discuss with employees, through meetings, on matters likely to affect employees' interests, or matters of concern to them. Information on matters of concern to employees is communicated internally to achieve a common awareness of the financial and economic factors affecting the performance of the company. The employees are encouraged to take an active role in these discussions and consultations by the directors of the company.
Additionally all employees are communicated with through the company's internal intranet webpage with announcements shown automatically on accessing the internet. Policy changes are notified to employees via e-mail directing them to the updates on our document library held on our intranet. The company also produces a biannual newsletter and further information is available through the company's own website.
Employment of disabled persons
The company's policy is to offer equal opportunities to all persons, including disabled persons, applying for vacancies having regard to their aptitudes and abilities in relation to the jobs for which they apply. The opportunity also exists for continuing employment and appropriate training for such employees including those who become disabled during the employment with the company.
Policy on the payment of creditors
The company does not follow any specific code or standard on payment practice. However, it is the company's policy negotiate terms with its suppliers and to ensure that they are aware of the terms of payment when business is agreed. Every effort is made to adhere to these terms and payment is made when it can be confirmed that goods and services have been provided in accordance with the relevant contract conditions.
The creditor payment period of the company for the year was 20 days (2023: 36 days).
Streamlined energy and carbon reporting
Concrete Repairs Limited's SECR report, in line with The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, details UK energy use and greenhouse gas (GHG) emissions for the 2023 and 2024 financial years. This includes gas combustion (stationary and mobile), purchased electricity, and transport fuels, along with a selected intensity ratio and energy efficiency measures.
Methodology
The methodologies used to measure the following energy usage and GHG emissions data are in accordance with the 2019 HM Government Environmental Reporting Guidelines: Including SECR Guidance and GHG Protocol Corporate Standard. Emissions factors have been obtained through 2023 and 2024 UK Government’s GHG Conversions Factors for Company Reporting. As per the GHG Protocol and Environmental Reporting Guidelines the emissions data used for the years 2023 and 2024 year will be divided into Scopes 1, 2 and 3 as per the tables below.
2024 Emissions |
|
Tonnes CO2 equivalent (tCO2e) |
|
Scope 1 (gas and transportation fuel) |
312 |
Scope 2 (electricity) |
38 |
Scope 3 (employee-owned vehicle fuel) |
250 |
Total |
600 |
Concrete Repairs Limited
Directors' Report for the Year Ended 30 June 2024
2023 Emissions |
|
Tonnes CO2 equivalent (tCO2e) |
|
Scope 1 (gas and transportation fuel) |
378 |
Scope 2 (electricity) |
54 |
Scope 3 (employee-owned vehicle fuel) |
308 |
Total |
740 |
Comparison with prior year figures
The UK Government’s SECR policy requires Concrete Repairs Limited to disclose the energy use and resultant GHG emissions for the current financial year as well as the prior year. The figures representing Concrete Repairs' energy use and associated emissions for the year ending 30 June 2024 have been presented above alongside the figures for 30 June 2023.
Emissions have decreased by 19% (140 tCO2e), demonstrating the company's long term commitment to reducing emissions.
The 2023/24 SECR reporting period will be used as a baseline for future comparisons.
The baseline year will be reviewed and re-designated if there is a significant organisational change.
Intensity Metric
Scope one (1), two (2) and three (3), carbon intensity: 8.7 tCO2e/£m (2023: 14.7 tCO2e/£m)
The intensity metric is calculated as tonnes of CO2e per £1 million of annual turnover.
Efficiency Measures Taken (2023 / 2024)
1) Replacement of site fuels with diesel HVO. Hydrotreated Vegetable Oil is a direct replacement for diesel which is produced from renewable biomass instead of fossil fuel derived diesel.
2) Installation of solar panels is proceeding for all operated facilities. One office is already outfitted with solar panels.
3) Existing natural gas heating systems planned to be replaced with electrified heating to remove the combustion of natural gas.
4) Upon tariff changeover point the company is procuring tariffs supplied with a higher proportion of renewable energy and where possible changing onto a fully renewable energy tariff.
5) Installation of EV charging points at its site to accommodate a future electric vehicle salary sacrifice scheme.
Concrete Repairs Limited
Directors' Report for the Year Ended 30 June 2024
Disclosure of information to the auditor
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.
Approved by the Board on
.........................................
S S Patel
Director
Concrete Repairs Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 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.
Concrete Repairs Limited
Independent Auditor's Report to the Members of Concrete Repairs Limited
for the Year Ended 30 June 2024
Opinion
We have audited the financial statements of Concrete Repairs Limited (the 'company') for the year ended 30 June 2024, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 June 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 opinion.
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 original financial statements were 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, 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Concrete Repairs Limited
Independent Auditor's Report to the Members of Concrete Repairs Limited
for the Year Ended 30 June 2024
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year 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. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 (set out on page 12), 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.
Concrete Repairs Limited
Independent Auditor's Report to the Members of Concrete Repairs Limited
for the Year Ended 30 June 2024
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws and health and safety legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
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, collusion, omission, misrepresentation or forgery.
Concrete Repairs Limited
Independent Auditor's Report to the Members of Concrete Repairs Limited
for the Year Ended 30 June 2024
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
130 Shaftesbury Avenue
London
W1D 5AR
Concrete Repairs Limited
Income Statement for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Restructuring costs |
(1,315,216) |
- |
|
Other operating income |
|
|
|
Operating profit |
249,072 |
1,023,201 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(97,206) |
(102,410) |
||
Profit before tax |
|
|
|
Tax on profit |
|
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
Concrete Repairs Limited
Statement of Comprehensive Income for the Year Ended 30 June 2024
2024 |
2023 |
|
Profit for the year |
|
|
Foreign currency translation (losses)/gains |
( |
|
Total comprehensive income for the year |
|
|
Concrete Repairs Limited
Statement of Financial Position as at 30 June 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 assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
.........................................
S S Patel
Director
Company registration number: 00781062
Concrete Repairs Limited
Statement of Changes in Equity for the Year Ended 30 June 2024
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 June 2023 |
14 |
14 |
4,103,000 |
4,103,028 |
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 July 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 June 2024 |
|
|
|
|
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
Cathite House
23A Willow Lane
Mitcham
Surrey
CR4 4TU
The principal activity of the company is the structural maintenance, repair, strengthening and upgrade of reinforced concrete structures of any type. In addition, the company offers restoration services to heritage buildings and structures.
The address of its registered office is:
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Going concern
The company made a profit after tax for the year ended 30 June 2024 of £398,509 and had net assets at that date of £3,908,779.
The directors have considered the effect of the ongoing economic uncertainty in the UK and, although there is no certainty as to when it will end, the director’s view is that the impact is manageable. The company has been able to continue trading during this period of economic uncertainty due to high inflation increasing interest rates, without affecting revenues, and has been able to continue to generate profits. The company has restructured its operations to ensure more efficiencies within the business, which has resulted in reduced costs.
The directors have produced stressed cashflow forecasts for the next 12 months, which demonstrates that the company has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods or provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company’s activities.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Provision is made for foreseeable losses.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises the aggregate of current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Land and buildings |
10-19% Straight line |
Furniture, fittings and equipment |
33% Straight line |
Motor vehicles |
33% Straight line |
Other tangible assets |
16.7% Straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software |
3 years |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 income statement 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.
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Finance 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 Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Financial instruments
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2024 |
2023 |
|
Construction Contracts |
|
|
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Rest of world |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Management charges receivable |
140,080 |
248,127 |
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
- |
|
Foreign exchange losses |
|
|
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Impairment of trade debtors |
77,674 |
- |
Restructuring costs |
1,315,216 |
- |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company during the year, analysed by category was as follows:
2024 |
2023 |
|
Operational |
|
|
Administration and support |
|
|
|
|
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
33,750 |
43,364 |
506,584 |
477,054 |
Some directors' remuneration is met by the ultimate parent undertaking.
During the year 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 |
|
|
Auditor's remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
( |
Subvention payments |
( |
- |
(243,057) |
(118,568) |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year 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 before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Write off of subvention payments no longer due |
( |
- |
Deferred tax credit |
( |
- |
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Over provision of tax in prior year |
( |
( |
Tax decrease arising from group relief |
( |
- |
Tax decrease from effect of adjustment in research and development tax credit |
( |
- |
Movement in provisions |
( |
( |
Total tax credit |
( |
( |
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated capital allowances |
( |
- |
Provisions |
|
- |
|
- |
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Provisions |
- |
( |
- |
|
Tax credit is due to enhanced R&D tax credits claimed for 2023 and 2024 in the year.
Intangible assets |
Software |
Total |
|
Cost or valuation |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Amortisation |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Carrying amount |
||
At 30 June 2024 |
- |
- |
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 July 2023 |
|
|
|
|
|
Additions |
|
|
|
- |
|
Disposals |
- |
- |
( |
- |
( |
Foreign exchange movements |
- |
|
|
|
|
At 30 June 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 July 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
Foreign exchange movements |
- |
|
|
|
|
At 30 June 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 30 June 2024 |
|
|
|
- |
|
At 30 June 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above are additions of £554,846 relating to assets under construction.
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Investments in subsidiaries, joint ventures and associates |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2023 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 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 |
||||
|
England |
Ordinary |
|
|
Subsidiary undertakings |
Standmark Limited The principal activity of Standmark Limited is |
Stocks |
2024 |
2023 |
|
Other inventories |
- |
|
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Gross amount due from customers for contract work |
|
|
|
Deferred tax assets |
|
- |
|
Corporation tax asset |
|
- |
|
Total current trade and other debtors |
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
- |
91,666 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Increase / (decrease) in existing provisions |
( |
( |
At 30 June 2024 |
( |
( |
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
14 |
|
14 |
Reserves |
The profit and loss account includes all current and prior retained profits and losses.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Retained earnings |
Total |
|
Foreign currency translation gains/losses |
( |
( |
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Retained earnings |
Total |
|
Foreign currency translation gains/losses |
|
|
|
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
- |
|
|
|
The bank loan is secured on investment properties held by the subsidiary undertaking and a fixed charge over the assets of the company.
Obligations under leases and hire purchase contracts |
Hire purchase and Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
- |
|
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 |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Concrete Repairs Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Contingent liabilities |
There are contingent liabilities in respect of actual and potential claims by third parties under contracting and other arrangements entered into during the normal course of business. Whilst the outcome of these matters is uncertain, the Directors believe that appropriate provision has been made within the accounts.
Related party transactions |
Summary of transactions with parent and fellow subsidiaries
In accordance with FRS 102 33.1A, exemption has been taken not to disclose transactions in the year between group undertakings which are wholly owned within the group.
During the year management charges of £148,080 (2023: £248,127) were received from fellow subsidiary undertakings.
During the year sales of £64,431 (2023: £153,449) were made to fellow subsidiary undertakings.
During the year purchases of £737,956 (2023: £749,291) and rent paid of £208,000 (2023: £208,000) were made to fellow subsidiary undertakings.
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
The most senior parent entity producing publicly available financial statements is