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COMPANY REGISTRATION NUMBER: 00795798
Henderson & Taylor Public Works Limited
Financial Statements
31 March 2024
Henderson & Taylor Public Works Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Strategic report
1
Directors' report
4
Independent auditor's report to the members
6
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15
Henderson & Taylor Public Works Limited
Strategic Report
Year ended 31 March 2024
The directors are pleased to present the Strategic Report for Henderson & Taylor for the financial year ending 31st March 2024. This report outlines our performance, key achievements, challenges, and future outlook. Financial Performance During the financial year, the company achieved a revenue of £25.9m, representing a decrease compared to the previous year (£33.8m). The net profit for the year stood at £202,283 reflecting our efforts in cost management and revenue optimisation. Our financial position remains strong with a total asset base of £10.3m and equity of £4.4m. Business Highlights - Thurrock Highways Term Service Contract - Contract start 1st April 2023 with an eight-year contract award, providing a secure pipeline of approx. £72m. - Expansion into new markets, including securing key frameworks such as the Eastern Highways Alliance (£800m framework), Pagabo Framework, NHS DPS Framework. - Continuation of our long-term local authority clients across the South and East of the UK. - Introduction of new services including the delivery of footways using innovation to reduce programme and increase the quality. - Increase in our portfolio of key strategic clients including local authorities, multinationals and National Infrastructure Asset Management Businesses. - The purchase of the Henderson & Taylor facility in Chadwell St Mary by the shareholders. Challenges and Risks The business faced several challenges during the year, including: - Market fluctuations affecting revenue. With multiple major projects delayed as a result of design and third-party factors. This has impacted our forecast turnover with a reduction of £4.1m from forecast. - As a business we have focused on tendering and delivery of individual schemes within the range of £300,000 - £10m and moving away for the delivery of schemes <£300,000. These schemes run on a longer timescale than the lower value schemes. This has seen a reduction in turnover for the year but with an improved forecast turnover with secured projects for the following year. The profitability has improved in the delivery of fewer higher value schemes. - Government investment in key long-term contracts was delayed leading to a reduction in turnover. - Due to the fact that we had difficulties valuing our aggregate stockpiles in 2023 which had a negative impact on our accounts, and consequently, our credit rating, we have now removed the aggregate stock from our figures until we sell the material. At that time, it will appear as sales with no costs. Corporate Social Responsibility (CSR) Initiatives We remain committed to our social and environmental responsibilities. Key CSR initiatives undertaken during the year include: - Environmental sustainability with a reuse of arisings measured at 98% of delivered works. Circa 24,000m3 in the year. - Community engagement programs, including ongoing support for local foodbanks, several schools local to our major projects, housing charities and hiring of local apprentices.
Future Outlook Looking ahead, Henderson & Taylor is focused on sustainable growth and expansion. Key strategic priorities include: - We have strategically positioned Henderson & Taylor in the highways maintenance sector, with a secure workload of £225 million. Our forecast workload is fundamentally secure and not at risk from external elements such as the housing market. The belief is that further funding to stimulate the economy will be put into the national infrastructure with H&T ideally positioned to deliver it with our outstanding reputation. - The Company has continued to expand its' commercial department with the appointment of a new Commercial Manager. He has rapidly settled into the management team and is already delivering value. - Further development of our rail division's long-term relationships with local rail clients, including the civil engineering works and building works for Rail Stations in South Essex. - Confidence in the upcoming spend with funding secured for our clients including levelling up Tilbury (£22.4m), the Dartford Town Centre Scheme (£12m) and Harlow Sustainable Transport Corridor (£26m). - We have invested into innovative highways recycling equipment including a Arjes 250 Impact crusher and low loader transport, to enable the business to improve our highways recycling directly on works sites. This reduces our environmental impact and improves profitability. - The through flow of new work has substantially picked up and we are forecasting a return to £30 million plus turnover for 24/25. Conclusion I would like to extend my gratitude to our employees, and stakeholders for their unwavering support and contributions. We remain committed to delivering value and ensuring the continued success of Henderson & Taylor Public Works Limited
This report was approved by the board of directors on 6 March 2025 and signed on behalf of the board by:
J A Lynch
Director
Registered office:
Suite1, First Floor
1 Duchess Street
London
W1W 6AN
Henderson & Taylor Public Works Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
J A Lynch
M Lynch
M M Lynch
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Financial instruments
The company's principal financial instruments are all basic and comprise cash balances, trade and other debtors, trade and other creditors. The purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks:
Liquidity risk
The company operates a working capital facility which provides short term flexibilty to meet fluctuation in the amount and timing of future cashflows.
Credit risk
The principal credit risk arises from the loss of customer-base and resulting income. This would occir as a result of degradation of current business relationships in a competitive market. To manage the risk, the business continues to nurture its relationships with all clients, thereby reducing the risk of occurrence.Additionally, the directors look to identify new markets and customers to continue to reduce these risks further.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 6 March 2025 and signed on behalf of the board by:
J A Lynch
Director
Registered office:
Suite1, First Floor
1 Duchess Street
London
W1W 6AN
Henderson & Taylor Public Works Limited
Independent Auditor's Report to the Members of Henderson & Taylor Public Works Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Henderson & Taylor Public Works Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material mistatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations indentified above through making enquiries of management and inspecting legal correspondence We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual or potential litigation and claims;and - reviewing correspondence with HMRC and the company's legal advsiors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Mattei
(Senior Statutory Auditor)
For and on behalf of
Leaman Mattei
Chartered accountants & statutory auditor
Suite 1, First floor
1 Duchess Street
London
W1W 6AN
7 March 2025
Henderson & Taylor Public Works Limited
Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
25,902,200
33,832,255
Cost of sales
21,953,735
27,582,069
-------------
-------------
Gross profit
3,948,465
6,250,186
Distribution costs
860,303
2,569,805
Administrative expenses
3,758,758
3,578,975
Other operating income
5
848,517
312,519
------------
------------
Operating profit
6
177,921
413,925
Other interest receivable and similar income
10
29,404
15,468
Interest payable and similar expenses
11
5,042
1,158
------------
------------
Profit before taxation
202,283
428,235
Tax on profit
12
( 1,490)
---------
---------
Profit for the financial year and total comprehensive income
202,283
429,725
---------
---------
All the activities of the company are from continuing operations.
Henderson & Taylor Public Works Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
128,382
177,390
Investments
15
50
50
---------
---------
128,432
177,440
Current assets
Stocks
16
141,280
1,931,198
Debtors
17
8,863,918
6,940,027
Cash at bank and in hand
1,155,562
3,024,600
-------------
-------------
10,160,760
11,895,825
Creditors: amounts falling due within one year
18
5,924,079
7,893,417
-------------
-------------
Net current assets
4,236,681
4,002,408
------------
------------
Total assets less current liabilities
4,365,113
4,179,848
Creditors: amounts falling due after more than one year
19
14,018
------------
------------
Net assets
4,365,113
4,165,830
------------
------------
Capital and reserves
Called up share capital
24
50,000
50,000
Profit and loss account
4,315,113
4,115,830
------------
------------
Shareholders funds
4,365,113
4,165,830
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 6 March 2025 , and are signed on behalf of the board by:
J A Lynch
Director
Company registration number: 00795798
Henderson & Taylor Public Works Limited
Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
50,000
3,686,105
3,736,105
Profit for the year
429,725
429,725
--------
------------
------------
Total comprehensive income for the year
429,725
429,725
At 31 March 2023
50,000
4,115,830
4,165,830
Profit for the year
202,283
202,283
--------
------------
------------
Total comprehensive income for the year
202,283
202,283
Dividends paid and payable
13
( 3,000)
( 3,000)
----
-------
-------
Total investments by and distributions to owners
( 3,000)
( 3,000)
--------
------------
------------
At 31 March 2024
50,000
4,315,113
4,365,113
--------
------------
------------
Henderson & Taylor Public Works Limited
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
202,283
429,725
Adjustments for:
Depreciation of tangible assets
61,221
66,199
Other interest receivable and similar income
( 29,404)
( 15,468)
Interest payable and similar expenses
5,042
1,158
Tax on profit
( 1,490)
Accrued income
( 482,305)
Changes in:
Stocks
1,789,918
( 1,821,680)
Trade and other debtors
( 1,923,891)
2,752,953
Trade and other creditors
( 708,163)
( 1,908,073)
------------
------------
Cash generated from operations
( 1,085,299)
( 496,676)
Interest paid
( 5,042)
( 1,158)
Interest received
29,404
15,468
Tax (paid)/received
( 36,560)
126,344
------------
---------
Net cash used in operating activities
( 1,097,497)
( 356,022)
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 12,213)
------------
---------
Net cash used in investing activities
( 12,213)
------------
---------
Cash flows from financing activities
Proceeds from borrowings
4,110
Proceeds from loans from group undertakings
( 511,242)
( 101,786)
Proceeds from loans from participating interests
( 198,216)
Payments of finance lease liabilities
( 50,980)
56,071
Dividends paid
( 3,000)
------------
---------
Net cash used in financing activities
( 759,328)
( 45,715)
------------
---------
Net decrease in cash and cash equivalents
( 1,869,038)
( 401,737)
Cash and cash equivalents at beginning of year
3,024,600
3,426,337
------------
------------
Cash and cash equivalents at end of year
1,155,562
3,024,600
------------
------------
Henderson & Taylor Public Works Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite1, First Floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at the balance sheet date the Company had net assets of £4,365,113 (2023: £4,165,830) and made a profit for the year of £202,283 (2023: £429,725). The directors believe that the Company will be able to continue to operate and meet its liabilities as they fall due for a period of at least one year from the date of approval of the financial statements. The financial statements have therefore been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
Significant judgements No critical accouting judgement was made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty No critical sources of estimation uncertainty were made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
25,902,200
33,832,255
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Commission receivable
4,980
Management charges receivable
848,517
307,539
---------
---------
848,517
312,519
---------
---------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
61,221
66,199
Impairment of trade debtors
17,604
--------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
20,000
12,500
--------
--------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Staff
55
54
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,836,086
2,788,562
Social security costs
315,020
286,736
Other pension costs
132,342
48,786
------------
------------
3,283,448
3,124,084
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
233,746
258,423
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
100,000
100,000
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on loans and receivables
21,965
Interest on bank deposits
7,439
15,468
--------
--------
29,404
15,468
--------
--------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
5,042
242
Other interest payable and similar charges
916
-------
-------
5,042
1,158
-------
-------
12. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax expense
37,315
Deferred tax:
Origination and reversal of timing differences
( 38,805)
----
--------
Tax on profit
( 1,490)
----
--------
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
202,283
428,235
---------
---------
Profit on ordinary activities by rate of tax
38,434
81,648
Effect of expenses not deductible for tax purposes
( 2,397)
( 1,874)
Effect of capital allowances and depreciation
( 42,458)
Deferred tax adjustment
( 38,806)
Loss surrender from group companies
( 36,037)
---------
---------
Tax on profit
( 1,490)
---------
---------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
3,000
-------
----
14. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
109,502
940,925
101,110
129,470
1,281,007
Additions
5,000
7,213
12,213
---------
---------
---------
---------
------------
At 31 March 2024
109,502
945,925
108,323
129,470
1,293,220
---------
---------
---------
---------
------------
Depreciation
At 1 April 2023
109,502
782,386
99,592
112,137
1,103,617
Charge for the year
44,636
1,759
14,826
61,221
---------
---------
---------
---------
------------
At 31 March 2024
109,502
827,022
101,351
126,963
1,164,838
---------
---------
---------
---------
------------
Carrying amount
At 31 March 2024
118,903
6,972
2,507
128,382
---------
---------
---------
---------
------------
At 31 March 2023
158,539
1,518
17,333
177,390
---------
---------
---------
---------
------------
15. Investments
Shares in participating interests
£
Cost
At 1 April 2023 and 31 March 2024
50
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
50
----
At 31 March 2023
50
----
The company's investments at the Balance Sheet date in the share capital of companies include the following:
Joint venture
NLTTT Ltd
Registered office: Top Floor, Claridon House, London Road, Stanford le Hope, Essex, SS17 OJU Nature of business: To build a new lower thames crossing
Class of shares: holding
Ordinary 50.00%
At 31 August 2023, the aggregate share capital and reserves in NLTTT Ltd was similar to prior year of (£367,514). NLTTT Ltd is a strategic investment by Henderson and Taylor Public Works Limited through which the company is expecting to obtain permission to build a tunnel outside of the M25.
16. Stocks
2024
2023
£
£
Raw materials and consumables
141,280
1,931,198
---------
------------
17. Debtors
2024
2023
£
£
Trade debtors
4,032,596
2,613,566
Amounts owed by group undertakings
946,724
443,611
Amounts owed by undertakings in which the company has a participating interest
4,530
4,530
Amounts owed by customers on construction contracts
3,178,258
3,411,853
Deferred tax asset
11,189
11,189
Prepayments and accrued income
652,100
248,679
Other debtors
38,521
206,599
------------
------------
8,863,918
6,940,027
------------
------------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,110
Trade creditors
4,734,027
5,088,896
Amounts owed to group undertakings
511,242
Amounts owed to undertakings in which the company has a participating interest
198,216
Accruals and deferred income
196,271
678,576
Corporation tax
172,823
209,383
Social security and other taxes
777,173
932,612
Obligations under finance leases and hire purchase contracts
5,091
42,053
Director loan accounts
392
392
Other creditors
34,192
232,047
------------
------------
5,924,079
7,893,417
------------
------------
19. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
14,018
----
--------
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
5,091
42,053
Later than 1 year and not later than 5 years
14,018
-------
--------
5,091
56,071
-------
--------
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in debtors (note 17)
11,189
11,189
--------
--------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 62,828 (2023: £ 48,786 ).
23. Financial instruments
The company's principal financial instruments are all basic and comprise cash balances, trade and other debtors. trade and other creditors. The purpose of these financial instruments is to provide finance for the company's operations.
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
25. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
3,024,600
(1,869,038)
1,155,562
Debt due within one year
(751,903)
742,310
(9,593)
Debt due after one year
(14,018)
14,018
------------
------------
------------
2,258,679
( 1,112,710)
1,145,969
------------
------------
------------