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UNIVERSAL PILING AND CONSTRUCTION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
COMPANY INFORMATION


Directors
R A Lowe 
R T Taylor 
D Macarthur-Bagnall (appointed 1 January 2025)




Registered number
03728536



Registered office
1st Floor Ashbrook House
Forest Street

Sutton-in-Ashfield

Nottinghamshire

NG17 1BH




Independent auditors
Barnett & Turner Accountants Ltd
Chartered Accountants & Statutory Auditor

Cromwell House

68 West Gate

Mansfield

Nottinghamshire

NG18 1RR




Bankers
Barclays Bank plc
Market Place

Mansfield

Nottinghamshire

NG18 1HR





 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Analysis of net debt
14
Notes to the financial statements
15 - 31


 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The directors present their strategic report for the year ended 31 August 2024.

Business review
 
Following a period of growth in the 2022-23 accounting period, the Universal Group board focussed on maintaining turnover levels while being more selective on the works we tendered for.  This has resulted in a more consistent work flow and increased profit.   
 
The piling division has been focussing on CP7 rail Frameworks and has already been successful in becoming a delivery partner for the South Renewals Enterprise, carrying out Earthworks in Kent, Sussex and Wessex.  Following the successful delivery of our first project, there is great potential for years of consistent work through the partnership.  There are many other frameworks throughout the UK with various main contractors, with the divisions actively tendering and securing long term contracts. 
 
Our civils division has had a very positive year, delivering some high profile leisure schemes across the uk, under the DLL framework.   The management structure has been re-organised to allow for more control at a senior management level and enable continued growth.
 
A focus on Frameworks across all divisions has also allowed the company to confidently make more positive long term decisions in terms of investment and employment.  We are now monitoring a longer term work bank, with visibility of 12 months of future secured work

Page 1

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Principal risks and uncertainties
 
Following the collapse of Buckingham Group and growing uncertainty in the construction industry, it is a reality that companies of all sizes big and small are susceptible to business failure. The board has now introduced more rigorous guidelines on the Clients we should contract with and the types of work we are willing to carry out, in order to significantly reduce the risk to the business. 
 
A mainstream in both the labour and piling divisions is on the rail network. The CP7 contracts to date have been slow to deliver work (with the exception of SRE), with latest forecasts suggesting it could be 9 months behind in the procurement process. Although SRE looks very positive, we will need to monitor the progress of other CP7 frameworks and adjust budgets and expectations accordingly. 
 
A further risk to the industry is Government funded projects, such as rail and council leisure facilities. With the new labour government having a large deficit to deal with, there is uncertainty for the continuation of HS2 and other political moves that might disrupt funding in these areas.  The increase in National Insurance and other taxes will have a negative bearing on all businesses, so it is imperative this is taken into account in future budgets and tenders. 
Price risk
Labour costs are showing a significant increase, especially for skilled specialist trades. The company's objective is to minimise risks and uncertainties to the level of the market place in which it operates. Labour costs will increase further due to the increase in Employers' National Insurance contributions.
Cash flow and liquidity risk
Business forecasts identifying, in particular, liquidity requirements are produced frequently whilst internal controls ensure the safegaurding of the company's assets.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. In order to achieve this, part of the debtor book is subject to invoice financing, improving the matching of cash flows in respect of costs and revenues.
The company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring there are sufficient funds to meet the payments through appropriate cash management using cash flow forecasts.
Credit risk
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. The amounts presented in the balance sheet are net of allowances for bad and doubtful debts.
In respect of bank balances, surplus cash is held with the company's bankers, HSBC. As an A-rated bank, the directors consider this to be among one of Britain's strongest and safest options, and feel the company's short-term cash is consequently in a low-risk category.

Page 2

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Financial key performance indicators
 
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Other key performance indicators
 
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This report was approved by the board on 12 March 2025 and signed on its behalf.



R A Lowe
Director

Page 3

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company continued to be that of the provision of ground engineering, labour and piling plant hire services.

Results and dividends

The profit for the year, after taxation, amounted to £913,833 (2023 - £230,412).

Dividends of £482,000 (2023 - £265,662) have been paid during the year.

Directors

The directors who served during the year were:

R A Lowe 
R T Taylor 

Page 4

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Future developments

There is a big impetus placed on earthworks in the next CP7 control period.  This involves Embankment and Cutting remediation, which is the piling division’s principal specialisation, which will allow us to invest in the latest drilling equipment, training and potentially establish a regional office in the South. The Board has identified specialist plant and equipment, such as the latest Movax & accessories (sheet piling), soilnailing equipment, establishing full in house IRATA capability and slope climbing machinery. This will focus our specialism to restricted access piling, sheet piling and  soilnailing/rock bolting in all restricted access situations.
 
The yard is expanding, with not only internal maintenance work from our piling division, but also with its own client base in servicing, manufacturing and fabrication.  We are looking to purchase a much larger unit with land to build a new office.  This would expand the capacity of the yard to take on the full potential of the services they provide but would allow both the yard and head office to be together, increasing efficiency and saving on lost rents from multiple locations.
 
Our leisure framework continues to grow, with larger more prestigious projects.  There is opportunity within the framework to continue this upward trend, expanding the management structure for a sensible, controlled but positive divisional growth.  The recent business failure of ISG Ltd has opened up a large work bank within the leisure framework and talks are ongoing on building up the civils and build division to comfortably take on more projects.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnett & Turner Accountants Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 12 March 2025 and signed on its behalf.
 





R A Lowe
Director

Page 5

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSAL PILING AND CONSTRUCTION LIMITED
 

Opinion


We have audited the financial statements of Universal Piling and Construction Limited (the 'company') for the year ended 31 August 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows, the analysis of net debt, and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 August 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSAL PILING AND CONSTRUCTION LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement set out on page 4, 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.


Page 7

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSAL PILING AND CONSTRUCTION LIMITED (CONTINUED)


Auditors' 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 auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, the Companies Act 2006 and current tax legislation.

We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, particularly in relation to depreciation and amounts recoverable on contracts.

Testing key revenue lines, in particular cut-off, for evidence of management bias.

Performing a physical verification of key assets.

Obtaining third-party confirmation of material bank and loan balances.

Documenting and verifying all significant related party balances and transactions.

Page 8

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIVERSAL PILING AND CONSTRUCTION LIMITED (CONTINUED)


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan Wilson FCA CTA (senior statutory auditor)
For and on behalf of
Barnett & Turner Accountants Ltd
Chartered Accountants
Statutory Auditor
Cromwell House
68 West Gate
Mansfield
Nottinghamshire
NG18 1RR

14 March 2025
Page 9

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
32,445,767
34,088,345

Cost of sales
  
(27,949,732)
(31,442,903)

Gross profit
  
4,496,035
2,645,442

Administrative expenses
  
(4,353,967)
(4,180,164)

Other operating income
 5 
1,166,835
1,967,445

Operating profit
 6 
1,308,903
432,723

Interest receivable and similar income
 10 
-
6,175

Interest payable and similar expenses
 11 
(109,578)
(87,717)

Profit before tax
  
1,199,325
351,181

Tax on profit
 12 
(285,492)
(120,769)

Profit for the financial year
  
913,833
230,412

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 31 form part of these financial statements.

Page 10

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
REGISTERED NUMBER: 03728536

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 14 
7,601
11,611

Tangible assets
 15 
1,000,049
1,024,272

  
1,007,650
1,035,883

Current assets
  

Stocks
 16 
66,431
155,586

Debtors: amounts falling due within one year
 17 
4,859,965
6,963,122

Cash at bank and in hand
 18 
1,275,493
2,132,810

  
6,201,889
9,251,518

Creditors: amounts falling due within one year
 19 
(5,607,101)
(8,611,259)

Net current assets
  
 
 
594,788
 
 
640,259

Total assets less current liabilities
  
1,602,438
1,676,142

Creditors: amounts falling due after more than one year
 20 
(496,487)
(990,652)

Provisions for liabilities
  

Deferred tax
 24 
(219,338)
(230,710)

Net assets
  
886,613
454,780


Capital and reserves
  

Called up share capital 
 25 
150
150

Profit and loss account
 26 
886,463
454,630

  
886,613
454,780


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.



R A Lowe
Director


The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
150
489,880
490,030



Profit for the year
-
230,412
230,412

Dividends: Equity capital
-
(265,662)
(265,662)



At 1 September 2023
150
454,630
454,780



Profit for the year
-
913,833
913,833

Dividends: Equity capital
-
(482,000)
(482,000)


At 31 August 2024
150
886,463
886,613


The notes on pages 15 to 31 form part of these financial statements.

Page 12

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,308,903
432,723

Adjustments for:

Amortisation of intangible assets
4,960
(655)

Depreciation of tangible assets
301,368
239,101

Loss on disposal of tangible assets
(4,475)
(8,717)

Decrease/(increase) in stocks
89,155
(27,332)

Decrease in debtors
2,108,612
782,341

(Decrease)/increase in creditors
(2,367,849)
371,273

Corporation tax (paid)/received
(35,399)
200

Net cash generated from operating activities

1,405,275
1,788,934


Cash flows from investing activities

Purchase of intangible fixed assets
(950)
(8,505)

Purchase of tangible fixed assets
(304,622)
(446,707)

Sale of tangible fixed assets
31,953
8,717

Interest received
-
6,175

HP interest paid
(39,470)
(24,934)

Net cash from investing activities

(313,089)
(465,254)

Cash flows from financing activities

Repayment of loans
(273,333)
(315,000)

New/(repayment of) finance leases
(43,530)
160,342

Movements on invoice discounting
(1,080,532)
491,233

Dividends paid
(482,000)
(265,662)

Interest paid
(70,108)
(62,784)

Net cash used in financing activities
(1,949,503)
8,129

Net (decrease)/increase in cash and cash equivalents
(857,317)
1,331,809

Cash and cash equivalents at beginning of year
2,132,810
801,001

Cash and cash equivalents at the end of year
1,275,493
2,132,810


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,275,493
2,132,810


Page 13

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024





At 1 September 2023
Cash flows
New finance leases
At 31 August 2024
£

£

£

£

Cash at bank and in hand

2,132,810

(857,317)

-

1,275,493

Debt due after 1 year

(374,444)

224,444

-

(150,000)

Debt due within 1 year

(273,333)

48,888

-

(224,445)

Finance leases

(623,575)

469,400

(425,869)

(580,044)


861,458
(114,585)
(425,869)
321,004

The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Universal Piling and Construction Limited (company number: 03728536)  is a company incorporated and domiciled in England. Its registered office and principal place of business is situated at 1st Floor Ashbrook House, Forest Street, Sutton-in-Ashfield, Nottinghamshire NG17 1BH.
The principal activity of the company is the provision of ground engineering, labour and piling plant hire services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is supported by its bankers in the form of CBILS and factoring facilities.  Discussions with the bank give the directors no reason to believe this support will be withdrawn in the foreseeable future.  The directors have reviewed the working capital requirements of the business and anticipated cash flows for the 12 months ended 31 March 2026.
On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future.  Thus, they continue to adopt the going concern basis of preparation of the financial statements. 

Page 15

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 16

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 17

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight-line or reducing balance basis.

Depreciation is provided on the following basis:

Leasehold property improvements
-
20% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Work-in-progress and amounts recoverable on contracts

Work-in-progress and amounts recoverable on contracts are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, including labour and attributable overheads.  Classification as work-in-progress or amounts recoverable on contracts is determined by the stage of completion of each project at the balance sheet date.

At each balance sheet date, work-in-progress and amounts recoverable on contracts are assessed for impairment and, if impaired, the carrying amount is reduced to selling price less costs to complete and sell.  The impairment loss is recognised immediately in profit or loss.

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement
Page 18

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 19

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Depreciation and amortisation of fixed assets
Determining the appropriate rate of depreciation and amortisation of fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
Work-in-progress valuation
Determining the value of work-in-progress involves an assessment of the stage of completion of each project at the reporting date.  Completion is measured in terms of the costs incurred to date compared to the total expected cost, and is assessed on a project by project basis.
Profit is not recognised until the project is at least 20% complete.  Provision is made to recognise project costs and revenues relevant to the stage of completion at the reporting date.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Management charges
1,162,000
1,812,000

Net rents receivable
-
2,300

Sundry income
4,835
153,145

1,166,835
1,967,445


Page 20

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Other operating lease rentals
76,865
90,387

Depreciation and amortisation
306,328
238,446

(Profit)/loss on sale of assets
(4,475)
(8,717)


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
11,500
10,300

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,352,166
3,306,706

Social security costs
340,203
335,011

Cost of defined contribution scheme
49,846
44,833

3,742,215
3,686,550


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Admin and management
41
39



Operational
28
22

69
61

Page 21

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
144,283
137,576



10.


Interest receivable

2024
2023
£
£


Other interest receivable
-
6,175


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
68,444
61,782

Finance leases and hire purchase contracts
39,470
24,934

Other interest payable
1,664
1,001

109,578
87,717


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
297,064
24,869

Adjustments in respect of previous periods
(200)
-


296,864
24,869


Total current tax
296,864
24,869

Deferred tax


Origination and reversal of timing differences
(11,372)
95,900

Total deferred tax
(11,372)
95,900


Tax on profit
285,492
120,769
Page 22

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,199,325
351,181


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
299,831
75,574

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,019
1,725

Capital allowances for year in excess of depreciation
(4,786)
(43,010)

Utilisation of tax losses
-
(9,420)

Adjustments to tax charge for previous years
(200)
-

Book profit on chargeable assets
(11,372)
95,900

Total tax charge for the year
285,492
120,769


13.


Dividends

2024
2023
£
£


Dividends paid on ordinary shares
482,000
265,662

Page 23

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Intangible assets




Computer software

£



Cost


At 1 September 2023
30,060


Additions
950



At 31 August 2024

31,010



Amortisation


At 1 September 2023
18,449


Charge for the year on owned assets
4,960



At 31 August 2024

23,409



Net book value



At 31 August 2024
7,601



At 31 August 2023
11,611



Page 24

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Tangible fixed assets





Leasehold property improve- ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 September 2023
100,569
1,665,033
588,210
42,565
50,873
2,447,250


Additions
-
54,706
236,633
4,846
8,436
304,621


Disposals
-
(45,663)
(15,195)
-
-
(60,858)



At 31 August 2024

100,569
1,674,076
809,648
47,411
59,309
2,691,013



Depreciation


At 1 September 2023
24,241
1,076,855
257,243
32,563
32,074
1,422,976


Charge for the year on owned assets
20,113
70,059
30,466
2,985
11,458
135,081


Charge for the year on financed assets
-
52,521
113,766
-
-
166,287


Disposals
-
(18,185)
(15,195)
-
-
(33,380)



At 31 August 2024

44,354
1,181,250
386,280
35,548
43,532
1,690,964



Net book value



At 31 August 2024
56,215
492,826
423,368
11,863
15,777
1,000,049



At 31 August 2023
76,327
588,178
330,966
10,002
18,799
1,024,272

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
210,084
309,591

Motor vehicles
285,795
244,752

495,879
554,343

Page 25

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Work-in-progress

2024
2023
£
£

Long-term contract balances
66,431
155,586


Long-term contract balances consist of:

2024
2023
£
£


Costs to date less provision for losses
66,431
155,586



17.


Debtors

2024
2023
£
£


Trade debtors excluding factored debts
26,635
1,386,264

Factored debts
1,293,847
2,053,926

Other debtors
579,457
1,824,768

Prepayments and accrued income
167,490
277,967

Amounts recoverable on long term contracts
2,702,213
1,335,333

Tax recoverable
90,323
84,864

4,859,965
6,963,122






Sales ledger balances in respect of labour-only contracts are factored.


18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,275,493
2,132,810


Page 26

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
224,445
273,333

Payments received on account
-
1,184,022

Trade creditors
2,867,001
4,073,446

Corporation tax
330,249
63,326

Other taxation and social security
643,864
323,054

Obligations under finance lease and hire purchase contracts
252,366
238,571

Proceeds of factored debts
644,172
1,724,704

Other creditors
426,295
527,870

Accruals and deferred income
218,709
202,933

5,607,101
8,611,259


Obligations under finance lease and hire purchase contracts are secured on the related assets.  
Proceeds of factored debts are secured on the related sales ledger balance and by personal guarantees given by the directors.
The bank loans are CBILS facilities, secured by directors' personal guarantees.  The bank also has a fixed and floating charge over all other assets of the company.


20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
150,000
374,444

Net obligations under finance leases and hire purchase contracts
327,678
385,004

Other creditors
18,809
231,204

496,487
990,652


Page 27

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
224,445
273,333

Amounts falling due 1-2 years

Bank loans
150,000
224,445

Amounts falling due 2-5 years

Bank loans
-
150,000


374,445
647,778



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
252,366
238,571

Between 1-5 years
327,678
385,004

580,044
623,575

Page 28

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

23.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,275,493
2,132,810

Financial assets that are debt instruments measured at amortised cost
1,899,939
5,264,955

3,175,432
7,397,765


Financial liabilities


Financial liabilities measured at amortised cost
3,894,426
9,209,950


Financial assets measured at fair value through profit or loss comprise cash and bank balances.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade and other creditors and accruals.


24.


Deferred taxation




2024


£






At beginning of year
(230,710)


Charged/(credited) to profit or loss
11,372



At end of year
(219,338)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
219,338
230,710

Page 29

 
UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100
20 (2023 - 20) Ordinary 'A' shares of £1.00 each
20
20
10 (2023 - 10) Ordinary 'B' shares of £1.00 each
10
10
20 (2023 - 20) Ordinary 'C' shares of £1.00 each
20
20

150

150

The ordinary shares, ordinary 'B' shares and ordinary 'C' shares carry full voting, dividend and capital distribution rights.  The ordinary 'A' shares carry rights to dividends and capital distributions but are non-voting.



26.


Reserves

Profit and loss account

Total comprehensive income for the year after dividends is retained and carried forward in the profit and
loss account


27.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £49,846 (2023 - £44,834). Contributions totalling £10,930 (2023 - £11,859) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 31 August 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
17,136
17,148

Later than 1 year and not later than 5 years
66,150
17,720

83,286
34,868

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UNIVERSAL PILING AND CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

29.


Related party transactions

The company occupies premises owned by UPAC Corporate LLP, a limited liability partnership incorporated and domiciled in England, controlled by the directors of this company.  During the year rent of £17,136 (2023 - £17,136) was paid to UPAC Corporate LLP.  This is an arm's length transaction.
The company trades with other companies controlled by the directors and shareholders of this company.  Sales to these companies during the year amounted to £14,279,606 (2023 - £13,198,984) and £6,606 (2023 - £8,459) was outstanding at the balance sheet date in respect of these sales.  Purchases from these companies amounted to £131,617 (2023 - £595,885) and £nil (2023 - £130,349) was outstanding at the balance sheet date in respect of these purchases. Extended credit terms are available.
The company has given and received financial support to and from other entities controlled by the directors and shareholders of this company.  These loans are interest free and with no fixed repayment terms.  Other debtors include £564,663 (2023 - £617,278) and other creditors include £18,809 (2023 - £231,204) in respect of these loans, of which £18,809 falls due after more than one year. 


30.


Controlling party

The company is controlled equally by the two directors.

 
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