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Registration number: 05676721

Centura Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Centura Group Limited

Contents

Company Information

1

Strategic Report

2 to 6

Directors' Report

7 to 9

Statement of Directors' Responsibilities

10

Independent Auditor's Report

11 to 14

Consolidated Income Statement

15

Consolidated Statement of Comprehensive Income

16

Consolidated Statement of Financial Position

17

Statement of Financial Position

18

Consolidated Statement of Changes in Equity

19 to 20

Statement of Changes in Equity

21

Consolidated Statement of Cash Flows

22 to 23

Notes to the Financial Statements

24 to 42

 

Centura Group Limited

Company Information

Directors

A P Rimoldi

S S Patel

A C Came

C J Martin

J F Drewett

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Centura Group 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 and fair review of the business

Centura Group Ltd is the holding company of several businesses which operate in the construction sector. The bulk of those activities trade and are based in the United Kingdom with one branch office in Australia.

The principal activity of Centura Group is to provide support services to group companies. Support services provided include SHEQ and other quality management systems, all finance functions, human resources, training and group marketing.

The period recorded strong trading and cash generation. Improvements in sales and profitability have continued throughout the period.

All group companies provide contracting or professional services to the building and civil engineering infrastructure sectors. The management teams of all the individual businesses recognise and identify risks and opportunities that affects them. Business operations focus on sustainability, impact on the environment and importantly maintaining a safe and inclusive workplace.

In line with group strategy to rationalize operations two smaller trading companies have been acquired by their management in the period.

Financial KPI's

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£

67,667,345

50,478,355

Increase/(decrease) in turnover

%

34

40

Gross profit percentage

%

17

19

Operating profit percentage

%

3

1

Cash at bank and in hand

£

5,462,059

4,418,301

Net current (liabilities)/assets

£

1,522,671

857,803

Non-financial KPI's

The group 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 group this size the directors consider there are collectively numerous non-financial performance indicators but none individually are key.

 

Centura Group Limited

Strategic Report for the Year Ended 30 June 2024

Principal risks and uncertainties

Significant risks identified within the businesses include;

• Poor cash flow, delayed payments and bad debts
• Availability of experienced resources, both directly and indirectly
• Motivation and retention of key staff
• Sufficient market opportunities to maintain strategic planning
• Poor contract performance and cost control
• Global issues including high inflation and rising energy and material prices.

The Directors and senior management teams treat the management and reduction of these risks as a priority. The group objectives and strategic plans are regularly updated to suit expected market conditions. The Board is expecting further strong performance in future trading and remains ready to quickly adapt to prevailing market conditions.

Maintaining adequate cash flow especially where extended credit or delayed payments by customers and the risks of potential bad debts. The group 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 group has received record orders for future work. The Board and the senior management team remain confident of future success.

 

Centura Group Limited

Strategic Report for the Year Ended 30 June 2024

Section 172(1) statement

Specifically, the Act requires each director to act in the way they consider, in good faith, would be most likely to promote the success of the group 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 interests of the group’s employees
• The need to foster the group’s business relationships with suppliers, customers, and others
• The impact of the group’s operations on the community and environment
• The desirability of the group maintaining a reputation for high standards of business conduct; and
• The need to act fairly between shareholders of the group.

This Statement outlines how we are meeting the requirements outlined under section 172(1) of the Companies Act 2006 when performing their duty to promote the success of the group.

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.

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 group 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 group 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 group 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 group 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.

 

Centura Group 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 group by measuring our scopes 1,2 and 3 emissions. This work will be undertaken with an external consultant and will require the adaption 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 group’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 group’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 between various shareholders:

The board governs the group at a strategic level, setting its overall direction and tracking performance against objectives annually. Its purpose is to assess the impact of the group on all stakeholders, and to drive the greatest benefit for all shareholders.

Our Values:

• Uncompromising health and safety management
• Sustainability, diversity and care for the environment
• Integrity and professionalism at all times
• Provide a safe and caring workplace
• Promote quality, innovation and value
• Collaborative working with all our customers and stakeholders
• Encourage, support and develop our staff

 

Centura Group Limited

Strategic Report for the Year Ended 30 June 2024

Financial instruments

Objectives and policies

The group'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 group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The group's approach to price, credit, liquidity and cash flow risks applicable to the financial instruments concerned is shown below.

The group has agreed credit facilities with its bankers to manage its credit risk. Any liquidity and cash flow risks are met through the group 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.

Sales are determined via a contract tendering process and are recognised on a stage of completion basis, with provisions made for foreseeable losses.

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 group'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 group's continued presence in both the Highways and Water sectors. Repeat work continues to be derived through framework agreements across the UK.

The group 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 group'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 group 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 group 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 Board on 14 February 2025 and signed on its behalf by:

.........................................
A P Rimoldi
Director

 

Centura Group Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the consolidated financial statements for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

A P Rimoldi

S S Patel

A C Came

C J Martin

J F Drewett

Dividends

Particulars of recommended dividends are detailed in note 23 to the financial statements.

Engagement with employees

The group'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 Group. The employees are encouraged to take an active role in these discussions and consultations by the directors of the group.

Additionally all employees are communicated through the Groups 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 Group also produces a biannual newsletter and further information is available through the Group’s own website.

Employment of disabled persons

The group'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 their employment with the group.


Policy on the payment of creditors

The group does not follow any specific code or standard on payment practice. However, it is the group'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 group for the year was 21 days (2023: 38 days).


Streamlined energy and carbon reporting

Centura Group’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 stationary combustion, purchased electricity, and transport fuels, along with a turnover based intensity ratio and disclosures on energy efficiency measures.

 

Centura Group Limited

Directors' Report for the Year Ended 30 June 2024


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 financial years 2023 and 2024 year will be divided into Scopes 1, 2 and 3, see tables below:
 

2024 Emissions

Tonnes CO2 equivalent (tCO2e)

Scope 1

312

Scope 2

38

Scope 3

250

Total

600

2023 Emissions

Tonnes CO2 equivalent (tCO2e)

Scope 1

378

Scope 2

54

Scope 3

308

Total

740

Planned Efficiency Measures

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 Group are procuring tariffs supplied with a higher proportion of renewable energy and where possible changing onto a fully renewable energy tariff. A market-based analysis shall be implemented alongside location-based when this changeover has occurred in future reporting periods.
5) Installation of EV charging points at its site to accommodate a future electric vehicle salary sacrifice scheme.
 

 

Centura Group Limited

Directors' Report for the Year Ended 30 June 2024

Branches outside the United Kingdom

The Group has a branch in Australia.

Disclosure of information in the Strategic Report

The Group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group'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 financial instruments and future developments.

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 group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 14 February 2025 and signed on its behalf by:

.........................................
S S Patel
Director

 

Centura Group 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 group and the company and of the profit or loss of the group 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 UK 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 group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Centura Group Limited

Independent Auditor's Report to the Members of
Centura Group Limited

Opinion

We have audited the financial statements of Centura Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the company's affairs as at 30 June 2024 and of the group's 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group'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.

 

Centura Group Limited

Independent Auditor's Report to the Members of
Centura Group Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial 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 group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 10], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Centura Group Limited

Independent Auditor's Report to the Members of
Centura Group Limited

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 Group 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 Group 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.

 

Centura Group Limited

Independent Auditor's Report to the Members of
Centura Group Limited

Use of our report

This report is made solely to the group'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 group'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 group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Darren Bond (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

14 February 2025

 

Centura Group Limited

Consolidated Income Statement for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

67,667,345

50,478,355

Cost of sales

 

(56,084,820)

(41,127,275)

Gross profit

 

11,582,525

9,351,080

Administrative expenses

 

(9,713,152)

(8,674,648)

Operating profit

4

1,869,373

676,432

Gain on disposal of subsidiary

 

-

50,488

Other interest receivable and similar income

6,278

2,362

Interest payable and similar expenses

5

(103,151)

(117,087)

Profit before tax

 

1,772,500

612,195

Taxation

9

51,298

137,319

Profit for the financial year

 

1,823,798

749,514

Profit/(loss) attributable to:

 

Owners of the company

 

1,772,298

742,288

Minority interests

 

51,500

7,226

 

1,823,798

749,514

 

Centura Group Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

Note

2024
£

2023
£

Profit for the year

 

1,823,798

749,514

Foreign currency translation gains/losses

 

(4,758)

84,904

Capitalisation of own reserves

 

-

(233,200)

Total comprehensive income for the year

 

1,819,040

601,218

Total comprehensive income attributable to:

 

Owners of the company

 

1,767,540

593,992

Minority interests

 

51,500

7,226

 

1,819,040

601,218

 

Centura Group Limited

Consolidated Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

19,564

213,104

Tangible assets

11

2,773,510

2,250,349

 

2,793,074

2,463,453

Current assets

 

Stocks

13

-

25,458

Debtors

14

14,151,601

12,351,001

Cash at bank and in hand

 

5,462,059

4,418,301

 

19,613,660

16,794,760

Creditors: Amounts falling due within one year

16

(18,090,989)

(15,936,957)

Net current assets

 

1,522,671

857,803

Total assets less current liabilities

 

4,315,745

3,321,256

Creditors: Amounts falling due after more than one year

16

(1,015,531)

(1,236,287)

Provisions for liabilities

17

(132,382)

(151,177)

Net assets

 

3,167,832

1,933,792

Capital and reserves

 

Called up share capital

19

303,600

303,600

Share premium reserve

20

121,800

121,800

Capital redemption reserve

20

-

535,600

Profit and loss account

20

2,624,870

896,730

Equity attributable to owners of the company

 

3,050,270

1,857,730

Minority interests

 

117,562

76,062

Total equity

 

3,167,832

1,933,792

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

.........................................

A P Rimoldi
Director

Company registration number: 05676721

 

Centura Group Limited

Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

12

3,197,413

3,156,438

Current assets

 

Debtors

14

838,356

1,307,095

Cash at bank and in hand

 

12,373

6,153

 

850,729

1,313,248

Creditors: Amounts falling due within one year

16

(2,859,888)

(3,506,829)

Net current liabilities

 

(2,009,159)

(2,193,581)

Net assets

 

1,188,254

962,857

Capital and reserves

 

Called up share capital

19

303,600

303,600

Share premium reserve

121,800

121,800

Capital redemption reserve

-

535,600

Retained earnings

762,854

1,857

Shareholders' funds

 

1,188,254

962,857

The company made a profit after tax for the financial year of £800,397 (2023 - profit of £816,845).

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

.........................................

A P Rimoldi
Director

Company registration number: 05676721

 

Centura Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 July 2022

303,600

-

302,400

913,288

1,519,288

78,836

1,598,124

Profit for the year

-

-

-

742,288

742,288

7,226

749,514

Other comprehensive income

-

-

-

(148,296)

(148,296)

-

(148,296)

Total comprehensive income

-

-

-

593,992

593,992

7,226

601,218

Dividends

-

-

-

(488,750)

(488,750)

(10,000)

(498,750)

New share capital subscribed

13,200

121,800

-

-

135,000

-

135,000

Purchase of own share capital

(13,200)

-

233,200

(121,800)

98,200

-

98,200

At 30 June 2023

303,600

121,800

535,600

896,730

1,857,730

76,062

1,933,792

 

Centura Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 July 2023

303,600

121,800

535,600

896,730

1,857,730

76,062

1,933,792

Profit for the year

-

-

-

1,772,298

1,772,298

51,500

1,823,798

Other comprehensive income

-

-

-

(4,758)

(4,758)

-

(4,758)

Total comprehensive income

-

-

-

1,767,540

1,767,540

51,500

1,819,040

Dividends

-

-

-

(575,000)

(575,000)

(10,000)

(585,000)

Transfers

-

-

(535,600)

535,600

-

-

-

At 30 June 2024

303,600

121,800

-

2,624,870

3,050,270

117,562

3,167,832

 

Centura Group Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 July 2022

303,600

-

302,400

28,762

634,762

Profit for the year

-

-

-

816,845

816,845

Other comprehensive income

-

-

-

(233,200)

(233,200)

Total comprehensive income

-

-

-

583,645

583,645

Dividends

-

-

-

(488,750)

(488,750)

New share capital subscribed

13,200

121,800

-

-

135,000

Purchase of own share capital

(13,200)

-

233,200

(121,800)

98,200

At 30 June 2023

303,600

121,800

535,600

1,857

962,857

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 July 2023

303,600

121,800

535,600

1,857

962,857

Profit for the year

-

-

-

800,397

800,397

Total comprehensive income

-

-

-

800,397

800,397

Dividends

-

-

-

(575,000)

(575,000)

Transfers

-

-

(535,600)

535,600

-

At 30 June 2024

303,600

121,800

-

762,854

1,188,254

 

Centura Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,823,798

749,514

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

296,654

305,754

Profit on disposal of tangible assets

(2,121)

(10,542)

Profit from disposals of investments

-

(50,488)

Finance income

(6,278)

(2,362)

Finance costs

5

103,151

117,087

Income tax expense

9

(51,298)

(137,319)

Foreign exchange gains/losses

 

(4,802)

84,905

 

2,159,104

1,056,549

Working capital adjustments

 

Decrease in stocks

13

25,458

963

Increase in trade debtors

14

(1,732,273)

(3,555,788)

Increase in trade creditors

16

2,432,687

5,618,885

Cash generated from operations

 

2,884,976

3,120,609

Income taxes (paid)/received

9

(140,806)

55,847

Net cash flow from operating activities

 

2,744,170

3,176,456

 

Centura Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from investing activities

 

Interest received

6,278

2,362

Acquisitions of tangible assets

(628,157)

(62,227)

Proceeds from sale of tangible assets

 

4,046

10,542

Acquisition of subsidiaries

12

-

(1,400,000)

Proceeds from sale of subsidiary undertakings

 

1

-

Cash disposed on sale of subsidiary

(5,831)

-

Net cash flows from investing activities

 

(623,663)

(1,449,323)

Cash flows from financing activities

 

Interest paid

5

(103,151)

(105,444)

Proceeds from issue of ordinary shares, net of issue costs

 

-

135,000

Payments for purchase of own shares

 

-

(135,000)

Proceeds from bank borrowing draw downs

 

-

1,300,000

Repayment of bank borrowing

 

(267,753)

(281,197)

Redemption of shares classified as liabilities

 

-

(355,000)

Payments to finance lease creditors

 

(1,417)

(20,859)

Interest on preference shares

 

-

(11,643)

Dividends paid

(585,000)

(383,750)

Net cash flows from financing activities

 

(957,321)

142,107

Net increase in cash and cash equivalents

 

1,043,758

1,871,246

Cash and cash equivalents at 1 July

 

4,418,301

2,547,055

Cash and cash equivalents at 30 June

 

5,462,059

4,418,301

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal place of business is:
Cathite House
23A Willow Lane
Mitcham
Surrey
CR4 4TU

The principal activity of the company is to provide management services to all group companies. The principal activity of the group is specialised construction services.

2

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'.

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

No Income Statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £800,397 (2023 - profit of £816,845).

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The group had made a profit after tax for the year ended 30 June 2024 of £1,823,798 and had net assets at that date of £3,167,832.

The directors have considered the effect of the ongoing economic uncertainty in the UK and, although there is no certainty as to when this will end, the directors' view is that the impact is manageable. The group has restructured its operations to ensure more efficiencies within the business, which has resulted in reduced costs.

Current management accounts indicate continued group profitability and the directors have produced stressed cashflow forecasts for the next 12 months, which demonstrates that the group 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 group has adequate resources to continue in operational existence for the foreseeable future.

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainty may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Useful economic lives of tangible assets

Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The group exercises judgement to determine these useful lives and residual values.

Cost provisions

Provisions are made for foreseeable losses and for costs where invoices are yet to be received on long-term contracts, using the stage of completion method noted below.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for construction contracts 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 construction contractors and 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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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 group operates and generates taxable income.

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

straight line over 10 years

Software

straight line over 3 years

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.

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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

Leasehold property

straight line over 10 years

Plant and machinery

straight line over 6 years

Fixtures, fittings and equipment

straight line over 3 years

Motor vehicles

straight line over 3 years

Land and buildings

straight line over 25 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the 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 group’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 group 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.


 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

3,894,872

3,897,499

Construction contracts

63,772,473

46,580,856

67,667,345

50,478,355

The analysis of the group's Turnover for the year by market is as follows:

2024
£

2023
£

UK

61,652,776

45,230,377

Rest of world

6,014,569

5,247,978

67,667,345

50,478,355

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

103,114

92,678

Amortisation expense

193,540

213,076

Foreign exchange losses

2,701

68,985

Operating lease expense - plant and machinery

310,800

233,887

Profit on disposal of property, plant and equipment

(2,121)

(10,542)

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

103,151

105,444

Interest on preference shares

-

11,643

103,151

117,087

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

23,129,972

19,528,517

Social security costs

1,608,567

1,366,434

Pension costs, defined contribution scheme

605,615

521,916

Other employee expense

24,687

14,357

25,368,841

21,431,224

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

144

145

Other departments

211

163

355

308

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

1,112,568

911,940

Contributions paid to money purchase schemes

41,957

37,584

1,154,525

949,524

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

5

5

In respect of the highest paid director:

2024
£

2023
£

Remuneration

290,813

273,830

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Auditor's remuneration

2024
£

2023
£

Audit of these financial statements

7,499

6,750

Audit of the financial statements of subsidiaries

45,675

43,500

53,174

50,250


 

9

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

174,463

158,946

Over/under provision in the prior period

(205,618)

(309,962)

(31,155)

(151,016)

Deferred taxation

Arising from origination and reversal of timing differences

(20,143)

13,697

Tax receipt in the income statement

(51,298)

(137,319)

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,772,500

612,195

Corporation tax at standard rate

443,125

125,500

Effect of expense not deductible in determining taxable profit (tax loss)

8,083

6,086

Tax increase (decrease) from effect of capital allowances and depreciation

45,677

27,292

Tax increase (decrease) from other short-term timing differences

(11,080)

-

Tax increase (decrease) from effect of adjustment in research and development tax credit

(278,092)

-

Deferred tax expense (credit) relating to changes in tax rates or laws

(20,143)

-

Deferred tax expense (credit) arising from timing differences

-

13,697

Effect of revenues exempt from taxation

-

68

Increase (decrease) in UK and foreign current tax from adjustment for prior periods

(238,868)

(309,962)

Total tax credit

(51,298)

(137,319)

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

26,701

Tax losses

(14)

Revaluation of property from acquisition

115,389

Provisions

(13,499)

 

128,577

2023

Liability
£

Accelerated capital allowances

30,657

Tax losses

(14)

Revaluation of property from acquisition

131,196

Provisions

(13,109)

 

148,730

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Provisions

1,829

-

1,829

-

2023

Asset
£

Liability
£

Provisions

1,829

-

1,829

-

10

Intangible assets

Group only

Goodwill
 £

Software
 £

Total
£

Cost or valuation

At 1 July 2023

3,234,988

165,234

3,400,222

At 30 June 2024

3,234,988

165,234

3,400,222

Amortisation

At 1 July 2023

3,021,884

165,234

3,187,118

Amortisation charge

193,540

-

193,540

At 30 June 2024

3,215,424

165,234

3,380,658

Carrying amount

At 30 June 2024

19,564

-

19,564

At 30 June 2023

213,104

-

213,104

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Tangible assets

Group

Land and buildings
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

2,297,338

560,000

557,008

348,618

3,762,964

Additions

554,846

34,702

38,609

-

628,157

Disposals

-

(8,227)

(86,602)

(103,035)

(197,864)

Foreign exchange movements

-

23

764

59

846

At 30 June 2024

2,852,184

586,498

509,779

245,642

4,194,103

Depreciation

At 1 July 2023

174,642

500,741

491,435

345,797

1,512,615

Charge for the year

8,423

40,961

53,002

729

103,115

Eliminated on disposal

-

(8,190)

(86,602)

(101,147)

(195,939)

Foreign exchange movements

-

14

729

59

802

At 30 June 2024

183,065

533,526

458,564

245,438

1,420,593

Carrying amount

At 30 June 2024

2,669,119

52,972

51,215

204

2,773,510

At 30 June 2023

2,122,696

59,259

65,573

2,821

2,250,349

Land and buildings of £2,100,000 was brought into the group on 31 March 2021 when the group acquired Standmark Limited. At the date of acquisition the properties held in Standmark Limited were classified as investment properties. Following the acquisition of Standmark Limited, they were reclassified as land and buildings and the directors considered that the fair value at the date of acquisition was their deemed costs, as stated above, in accordance with FRS102. The historical cost of land and buildings is £2,027,800.

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

12

Investments

Company

2024
£

2023
£

Investments in subsidiaries

3,197,413

3,156,438

Subsidiaries

£

Cost or valuation

At 1 July 2023

3,156,438

Additions

40,975

At 30 June 2024

3,197,413

Provision

Carrying amount

At 30 June 2024

3,197,413

At 30 June 2023

3,156,438

During the year 2 subsidiaries were transferred from Centura Holdings Limited to the company at original cost.

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Details of subsidiary 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 location

Share class

Proportion of voting rights and shares held

     

2024

2023

Concrete Repairs Limited

England

Ordinary

100%

100%

         

Centura Holdings Limited

England

Ordinary

100%

100%

         

Buxton Associates (Consulting Engineers) Limited *

England

Ordinary

95%

95%

         

Equilux Limited *

England

Ordinary

0%

100%

         

CRL Surveys Limited

England

Ordinary

90%

90%

         

Lifespan Structures Limited

England

Ordinary

90%

90%

         

F J Samuely & Partners Limited *

England

Ordinary

100%

100%

         

Standmark Limited *

England

Ordinary

100%

100%

         

* Indicates those that are indirect holdings

On 30 April 2024, the subsidiary undertaking Equilux Ltd was sold. Further details on disposal of investments are included in note 27.

Subsequent to 30 June 2024, Buxton Associates (Consulting Engineers) Limited was wound up and dissolved. On 1 August 2024, the subsidiary undertaking F J Samuely & Partners Limited was sold.

13

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

-

25,458

-

-

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

14

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

8,114,925

7,463,750

47,037

-

Amounts owed by related parties

26

-

-

617,387

1,243,735

Other debtors

 

665,533

273,940

152,408

61,531

Prepayments

 

130,810

268,746

-

-

Gross amount due from customers for contract work

 

5,169,979

4,342,539

-

-

Deferred tax assets

9

3,803

2,026

1,829

1,829

Corporation tax asset

9

66,551

-

19,695

-

 

14,151,601

12,351,001

838,356

1,307,095

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

5,462,059

4,418,301

12,373

6,153

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

14,416

62,830

-

-

Trade creditors

 

3,230,488

4,302,036

121,457

26,849

Amounts due to related parties

26

-

-

2,132,312

2,838,317

Social security and other taxes

 

1,954,503

1,843,943

51,362

48,090

Other payables

 

4,895,355

5,199,853

523,014

574,820

Accruals

 

7,702,277

4,004,099

31,743

18,626

Corporation tax liability

9

-

105,410

-

127

Deferred income

 

293,950

418,786

-

-

 

18,090,989

15,936,957

2,859,888

3,506,829

Due after one year

 

Loans and borrowings

21

1,015,531

1,236,287

-

-

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 July 2023

150,980

150,980

Increase (decrease) in existing provisions

(18,598)

(18,598)

At 30 June 2024

132,382

132,382

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £605,614 (2023 - £521,915).

19

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

303,600

303,600

303,600

303,600

         

Ordinary shares

As regards return of capital, proceeds shall be applied firstly in paying the Redeemable Cumulative Preference Shareholders the nominal value of shares held and any unpaid dividend, secondly the balance of the proceeds being distributed amongst the holders of the Ordinary shares according to the amounts paid up.

Except where otherwise specified the Ordinary Shares and Redeemable Cumulative Preference shares rank pari passu.

20

Reserves

Group

The capital redemption reserve records the nominal value of shares repurchased by the company. During the year a capital reduction was agreed and the balance of this reserve was transferred to the profit and loss reserve.

The profit and loss account records retained earnings and accumulated losses.
 

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

21

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

1,015,531

1,236,287

-

-

Hire purchase secured on the assets concerned.

Bank borrowings are secured on the group's land and buildings.

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

14,416

61,413

-

-

Hire purchase contracts

-

1,417

-

-

14,416

62,830

-

-

Hire purchase secured on the assets concerned.

Bank borrowings are secured on the group's land and buildings.

22

Obligations under leases and hire purchase contracts

Group

Hire purchase and Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

20,741

Later than one year and not later than five years

-

1,535

-

22,276

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

276,809

140,665

Later than one year and not later than five years

377,191

230,334

654,000

370,999

The amount of non-cancellable operating lease payments recognised as an expense during the year was £207,178 (2023 - £93,189).

23

Dividends

   

2024

 

2023

   

£

 

£

Interim dividends declared

 

585,000

 

498,750

   

585,000

 

498,750

         

24

Contingent liabilities

Group

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.

25

Analysis of changes in net debt

Group

At 1 July 2023
£

Financing cash flows
£

At 30 June 2024
£

Cash and cash equivalents

Cash

4,418,301

1,043,758

5,462,059

Borrowings

Long term borrowings

(1,236,287)

286,433

(949,854)

Short term borrowings

(61,413)

(18,680)

(80,093)

Lease liabilities

(1,417)

1,417

-

(1,299,117)

269,170

(1,029,947)

 

3,119,184

1,312,928

4,432,112

 

Centura Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

26

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

1,796,673

1,443,081

Dividends paid to directors

 

2024
£

2023
£

   

Aggregate dividends paid to directors

500,000

425,000

     
         

 

Summary of transactions with subsidiaries

Amounts to and from group undertakings are aggregated as permitted by FRS 102 and shown separately in debtors and creditors.

In accordance with FRS 102 paragraph 33.1A exemption is taken not to disclose transactions in the year between wholly owned group undertakings.

 

27

Disposal of subsidiaries

During the year the group decided to simplify some of its operations by disposing of one loss making subsidiary undertaking. On 30 April 2024, Equilux Ltd was sold for £1 consideration.

During the year this subsidiary contributed post tax profits of £506,125 (2023: £244,106 losses). The net liabilities at the date of disposal were £Nil and a profit on disposal of £4,113 was recognised in the statement of income. Cash flows generated by this subsidiary for the reporting period until their disposal are as follows:

2024

2023

Equilux Ltd

£

£

Operating activities

(2,267)

(2,244)

Cash flows from discontinued operations

(2,267)

(2,244)

On 31st July 2024 the group disposed of another subsidiary, F J Samuely and Partners Limited, for £50,000.

On the 8th October 2024 notice was issued for the strike off of Buxton Associates (Consulting Engineers) Limited.