Company registration number 05539447 (England and Wales)
LINTOTT CONTROL SYSTEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
LINTOTT CONTROL SYSTEMS LIMITED
COMPANY INFORMATION
Directors
Mr N D Cocker
Mr M H Shadrick
(Appointed 10 October 2023)
Mr D C Owen
Mr J Thums
Company number
05539447
Registered office
Blake House
3 Frayswater Place
Cowley
Uxbridge
Middlesex
UB82AD
Auditor
Higson & Co (Nottingham) Limited
White House
Wollaton Street
Nottingham
NG1 5GF
Bankers
Virgin Money
11 Smithy Row
Nottingham
NG1 3EJ
LINTOTT CONTROL SYSTEMS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 11
Income statement
12
Statement of financial position
13
Statement of changes in equity
14
Notes to the financial statements
15 - 27
LINTOTT CONTROL SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The Company's principal activity is to design and manufacture digitally integrated, factory-built equipment and process software. The Company has performed well and had a successful growth in revenue for the year compared to the same period last year mainly as a result of the wider Galliford Try Holdings plc’s (“the Group”) synergy. Similarly, operating profit for the year has increased compared to the same period last year. Cash remains robust at a level of £2.203k against £4,879k in the prior period due to timing of working capital.

Section 172 Companies Act 2006

Section 172(1) of the Companies Act 2006 imposes a general duty on every company director to act, in good faith, in the way they consider would be most likely to promote the success of the Company for the benefit of its shareholders, while taking into account how the Company’s activities and Board decisions will affect its stakeholders. This statement explains how the Company’s Board complies with its obligations under s172 and is integrated and consistent with that disclosed in the consolidated Galliford Try Holdings plc’s (“the Group”) annual report for the year ended 30 June 2024.

The Company recognises the importance of its stakeholders’ views and actively engages with them, proactively considering their interests in the decisions we make and the sustainability objectives we have set ourselves.

Employees

We use the following mechanisms to outline our approach to employee priorities and gather feedback on our interactions:

Clients

Satisfied clients are essential for a sustainable and profitable business. We use the following mechanisms to outline our approach to client priorities and gather feedback on our interactions:

LINTOTT CONTROL SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Supply chain

We rely on suppliers to deliver our projects. We use the following mechanisms to outline our approach to supply chain priorities and gather feedback on our interactions:

Shareholders

We must act in the interests of our shareholders to maintain the capital needed to fund our activities.

Communities

We support the delivery of key infrastructure in communities and must meet the needs of local groups so we are welcomed and can carry out our work.

Standards of business conduct

The Board is acutely aware of the need to maintain high standards of business conduct. The Galliford Try Holdings plc group has a strong ethical culture, underpinned by our values, policies and our Code of Conduct, all of which are endorsed by the Board. The Code of Conduct sets out the ethical standards everyone in Galliford Try must adhere to and provides a framework to ensure we always behave in a way that reflects our values. The Group also has specific policies and procedures to prevent bribery and corruption, as described on page 46 of the Group's annual report for the year ended 30 June 2024.

Environmental impact

The Company’s environmental impact is integrated with and forms part of the wider Galliford Try Holdings plc group impact, details of which can be found on pages 22 to 23 and 31 to 35 of the Group's annual report for year ended 30 June 2024 which is publicly available.

 

Principal risks, uncertainties and key performance indicators

From the perspective of the Company, the principal risks and uncertainties are integrated with those of the Galliford Try Holdings plc group and are not managed separately. These are discussed within the Group’s annual report.

The directors monitor the Company's revenue, operating profit and cash as its key performance indicators which are noted under the review of business section of this report. The development, performance and position of Galliford Try Holdings plc, which includes the Company, is discussed in the Group’s annual report, which does not form part of this report. The Galliford Try Holdings plc annual report is publicly available.

LINTOTT CONTROL SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

Principal risk

Potential cause

Mitigation

Work winning:

We fail to secure an appropriate pipeline of projects to achieve our revenue and profitability

targets

  • A significant and sustained reduction in Government investment in infrastructure projects.

  • Delays to and/​or reduced levels of private sector investment due to macro- economic conditions.

  • We manage the potential impact of an economic downturn by building a strong order book.

  • We concentrate on sectors and clients with long-term growth and profitability potential.

  • We focus on securing positions on key procurement frameworks and repeat business with key clients.

  • We have robust review and approval controls for bids and contracts supported by a risk- based heat map tool to ensure that project selection is aligned to our risk appetite.

Project delivery:

We fail to deliver projects safely, on time, in agreement with contractual terms, and to a high quality for our clients

  • Programme delays and cost escalation.

  • Poor control of client and subcontractor variations and claims processes.

  • Contractual notices not given as per contract requirements.

  • Poor record-keeping and document management.

  • Poor design quality and/​or co- ordination.

  • An imbalance between supply and demand for materials results in higher-than- expected prices.

  • Unrealistic estimates, including cost to complete, inflation estimates, outcomes

of disputes, final value included in project forecasts.

  • Continued reinforcement of our behavioural safety programme Challenging Beliefs, Affecting Behaviour, and the introduction of Lead Indicators which target no harm.

  • Robust review and approval of contractual terms, pre-contract to ensure we do not sign up to contracts with onerous terms.

  • Monthly cross-disciplinary contract review meetings on all projects.

  • A values-driven approach to project delivery focusing on close collaboration and client satisfaction to enable achievement of end goals for both parties.

  • Standardised formats for monitoring and reporting project performance and forecasts.

  • Comprehensive commercial training.

  • A programme of commercial ‘health checks’ to provide an independent assessment of the project team’s reported project performance and forecast outturn.

Resources:

 

We fail to secure the right people and other resources necessary to deliver our projects

and manage our business

  • We are unable to attract, retain and/​or develop the right staff to meet our future needs, we mismatch our staffing levels to peaks and troughs in activity or lack diversity.

  • Lack of capacity in the supply chain due to high levels of activity in the sector.

  • Lack of geographical coverage.

  • Failure to comply with fair payment practices.

  • We develop long-term relationships with key suppliers to ensure that we remain a priority customer when resources and materials are in short supply.

  • We are committed to meeting the requirements of the Prompt Payment Code.

  • The business reviews its cash forecast weekly and monthly, and the Group prepares a detailed daily cash book forecast for the following eight-week period to highlight any

risk of intra-month fluctuations.

LINTOTT CONTROL SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

Principal risk

Potential cause

Mitigation

Regulatory compliance:

We fail to comply with requirements of the various legal and regulatory regimes in which we operate, resulting in a high-profile breach and regulatory

censure

  • Failure to update our procedures to reflect changes to key legislation and regulations.

  • Failure to provide sufficient and effective training to all staff.

  • Failure to implement effective compliance monitoring processes.

  • Galliford Try has comprehensive policies and guidance at every level including our Code of Conduct, mandatory regulatory and cyber security e-learning for all employees, an anonymous and independent whistleblowing helpline, regular legal updates and briefings, six-monthly compliance declarations, and conflict of interest registers and authorisations.

  • The Ethics and Compliance Committee, chaired by the General Counsel & Company Secretary, provides ongoing monitoring and oversight of policy and compliance activity in relation to key areas of legislation.

 

General

The Company’s profit for the financial period was £384k (2023: £774k), which will be added to reserves. Net assets as at 30 June 2024 were £3,345k (2023: £2,961k).

On behalf of the board

Mr D C Owen
Director
21 March 2025
LINTOTT CONTROL SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

The directors present their report and audited financial statements of Lintott Control Systems Limited ("the Company"), registered number 05539447 for the year ended 30 June 2024.

Dividends

The directors do not recommend the payment of a dividend (2023: £nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N D Cocker
Mr M H Shadrick
(Appointed 10 October 2023)
Mr D C Owen
Mr J Thums
Mr S Slessor
(Resigned 10 October 2023)

No directors hold any shares or directors loans in the Company.

Political and charitable donations

The Company is exempt from disclosing political and charitable donations as it is a wholly owned

subsidiary incorporated in the United Kingdom.

Financial risk management

The Company’s operations expose it to a variety of financial risks, including the effects of credit risk, liquidity risk, cash flow risk and interest rate risk. The policies to mitigate the potential impact of these financial risks are set by the directors, who monitor their effectiveness on a monthly basis during board meetings.

 

Where appropriate, credit checks are made prior to the acceptance of a new customer and these are reviewed on a periodic basis together with ongoing checks in respect of existing customers. Weekly reviews of the debtors ledger are carried out with the finance and sales teams and action initiated, as appropriate, to collect any overdue amounts, thus optimising the Company’s liquidity position.

 

Treasury is managed at both the Company and wider Group level, which gives a further level of support, which includes the review of interest rates and banking arrangements. Future cash projections and liquidity requirements are reviewed on an ongoing basis.

 

The wider Group actively maintains an appropriate level of cash reserves that are available for operations and planned expansions of the Group and Company as a whole. The Group ensures that sufficient cash reserves are made available to its subsidiary undertakings, including the Company.

Additional information on the Group's financial risk management which is consistent across each subsidiary (including the Company) can be found in the consolidated group financial statements of Galliford Try Holdings plc, copies of which are publicly available.

Qualifying third-party and pension scheme indemnity provisions

The Group maintains appropriate Directors’ and Officers’ Liability Insurance. In addition, individual qualifying third-party indemnities are given to the directors, which comply with the provisions of Section 236 of the Companies Act 2006, and were in force throughout the year and up to the date of signing the Annual Report.

LINTOTT CONTROL SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Employees

The Company is an equal opportunities employer.

 

It is the Company’s policy to give full and fair consideration to applications for employment by disabled persons, to continue wherever possible the employment of those who became disabled and to provide equal opportunities for the training, retraining, career development and promotion of disabled persons.

 

The establishment and maintenance of safe working practices are of the greatest importance to the Company and special training in health and safety is provided for employees.

 

Within the bounds of commercial confidentiality, management disseminates information to, and consults with, all levels of staff about matters that affect the progress of the Company and are of interest and concern to them as employees. This has been achieved through road shows hosted at all the major business sites and through updates on the intranet. The Company also encourages employee involvement in the Company's performance by the operation of employee incentive schemes in collaboration with the Group.

 

Further details are included within the section 172 statement within the Strategic report.

Future developments

The directors do not expect any significant changes to the principle activities of the Company in the foreseeable future.

Auditor

Higson & Co (Nottingham) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

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.

LINTOTT CONTROL SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Directors' confirmations

In the case of each director in office at the date the Directors’ report is approved:

• so far as the director is aware, there is no relevant audit information of which the Company’s

auditors are unaware;

• they have taken all the steps that they ought to have taken as a director in order to make

themselves aware of any relevant audit information and to establish that the Company’s

auditors are aware of that information.

Going concern

The Company is part of the wider Galliford Try Holdings plc group (the “Group”), and the directors of

the Group have assessed the full cash requirements of each Company over the coming 12 months. As

at 30 June 2024, the Group had substantial cash balances, no debt, and a strong forward secured order

book.

 

The directors of the Group have provided a letter of support that the Group will provide sufficient

operational and financial support to the Company to enable it, in the normal course of business, to meet

its liabilities as they fall due and carry on its business without curtailment for the foreseeable future.

Given the financial strength of the wider Group the directors consider that this financial support will

enable the Company to discharge its obligations in the ordinary course of business for a period of at

least twelve months from the date when the financial statements are authorised for issue. The directors

therefore consider it appropriate to continue to prepare the financial statements on a going concern

basis.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D C Owen
Director
21 March 2025
LINTOTT CONTROL SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINTOTT CONTROL SYSTEMS LIMITED
- 8 -
Opinion

We have audited the financial statements of Lintott Control Systems Limited (the 'company') for the year ended 30 June 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of 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 directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express ant 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 the other information, we are required to report that fact.

 

We have nothing to report in this regard.

LINTOTT CONTROL SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINTOTT CONTROL SYSTEMS LIMITED (CONTINUED)
- 9 -

Other Companies Act 2026 reporting

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

 

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:

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.

 

Extent to which the audit was capable of detecting irregularities, including fraud

 

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:

LINTOTT CONTROL SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINTOTT CONTROL SYSTEMS LIMITED (CONTINUED)
- 10 -

Non-compliance with laws and regulations

 

Based on:

we considered the significant laws and regulations to be, but not limited to, the Companies Act 2006 and UK tax legislation.

The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation.

 

Our procedures in respect of the above included:

 

Fraud

 

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls that are otherwise operating effectively.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

 

A further description of our responsibilities is available on the Financial Reporting Council's website at: http://www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's report.

LINTOTT CONTROL SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LINTOTT CONTROL SYSTEMS LIMITED (CONTINUED)
- 11 -

 

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.

Simon Skill FCA (Senior Statutory Auditor)
For and on behalf of Higson & Co (Nottingham) Limited, Statutory Auditor
Chartered Accountants
White House
Wollaton Street
Nottingham
NG1 5GF
21 March 2025
LINTOTT CONTROL SYSTEMS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£'000
£'000
Revenue
3
13,555
11,093
Cost of sales
(10,213)
(8,102)
Gross profit
3,342
2,991
Administrative expenses
(2,726)
(1,992)
Operating profit
4
616
999
Finance costs
7
(49)
(50)
Profit before taxation
567
949
Tax on profit
8
(183)
(175)
Profit and total comprehensive income for the financial year
384
774
LINTOTT CONTROL SYSTEMS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 13 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Non-current assets
Intangible assets
9
6
13
Property, plant and equipment
10
1,029
1,066
1,035
1,079
Current assets
Trade and other receivables
12
7,627
6,081
Cash and cash equivalents
2,203
4,879
9,830
10,960
Current liabilities
13
(6,687)
(8,175)
Net current assets
3,143
2,785
Total assets less current liabilities
4,178
3,864
Non-current liabilities
13
(821)
(893)
Provisions for liabilities
Deferred tax liabilities
16
(12)
(10)
Net assets
3,345
2,961
Equity
Called up share capital
17
50
50
Other reserves
18
37
37
Retained earnings
3,258
2,874
Total equity
3,345
2,961

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Mr D C Owen
Director
Company registration number 05539447 (England and Wales)
LINTOTT CONTROL SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Retained earnings
Total
£'000
£'000
£'000
£'000
Balance at 1 July 2022
50
37
2,100
2,187
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
774
774
Balance at 30 June 2023
50
37
2,874
2,961
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
384
384
Balance at 30 June 2024
50
37
3,258
3,345
LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information

General Information

Lintott Control Systems Limited ('the Company') is a limited company incorporated and domiciled in England and Wales (Registered number: 05539447). The address of the registered office is Lintott Control Systems Limited, Blake House, 3 Frayswater Place, Cowley, Uxbridge, Middlesex, UB8 2AD. Refer to note 20 for details of the immediate and ultimate parent undertaking. The principal activity of the Company is set out on page 2.

The financial statements are measured and presented in pounds sterling as that is the currency of the primary economic environment in which the Company operates. The amounts stated are denominated in thousands (£'000).

1.1
Accounting convention

These financial statements apply the recognition, measurement and presentation requirements of

international accounting standards in conformity with the requirements of the Companies Act 2006,

but make amendments where necessary in order to comply with the Act and take advantage of the

FRS 101 disclosure exemptions.

The Company is a qualifying entity for the purposes of FRS 101. The financial statements of the

Company have been prepared in accordance with FRS 101 and under the historical cost

convention, and in accordance with the Companies Act 2006.

Note 20 gives details of the Company’s ultimate parent and from where its consolidated financial

statements can be obtained which are prepared in accordance with UK-adopted International

Accounting Standards and with the requirements of the Companies Act 2006.

The disclosure exemptions adopted by the Company in accordance with FRS 101 are as follows:

• The requirements of IAS 7 to present cash flow statement.

• The requirements of paragraph 45(b) and 46 to 52 of IFRS 2, Share Based Payments

• The requirements of IFRS 7, Financial Instrument Disclosures

• The requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement

• The requirements of paragraph 30 and 31 of IAS 8 Accounting Policies

• The requirements of paragraph 17 of IAS 24, Related Party Disclosures, and the requirements

in IAS 24 to disclose related party transactions between two members of the Galliford Try

Holdings group.

• The requirements of paragraph 134 (d) to 134 (f) of IAS 36 Impairment of Assets.

• The requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115,

118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers.

• The requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90,

91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the

disclosure of details of indebtedness required by paragraph 61(1) of Schedule 1 to the

Regulations is presented separately for lease liabilities and other liabilities, and in total.

• Certain disclosure requirements under IFRS12 Disclosure of Interests in Other Entities.

• Certain disclosure requirements of Paragraph 38 and 40 of IAS1, Presentation of financial

statements

LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.2
Going concern

The Company is part of the wider Galliford Try Holdings plc group (the “Group”), and the directors of the Group have assessed the full cash requirements of each Company over the coming 12 months. As at 30 June 2024, the Group had substantial cash balances, no debt, and a strong forward secured order book.true

 

The directors of the Group have provided a letter of support that the Group will provide sufficient operational and financial support to the Company to enable it, in the normal course of business, to meet its liabilities as they fall due and carry on its business without curtailment for the foreseeable future. Given the financial strength of the wider Group the directors consider that this financial support will enable the Company to discharge its obligations in the ordinary course of business for a period of at least twelve months from the date when the financial statements are authorised for issue. The directors therefore consider it appropriate to continue to prepare the financial statements on a going concern basis.

1.3
Revenue

Revenue is recognised over time in fulfilling the performance obligations. Revenue comprises the fair value of the consideration received or receivable net of rebates, discounts and value added tax. Where consideration is subject to variability, the Company estimates the amount receivable. Revenue recognised is constrained to the amount which is highly probable not to result in a significant reversal in future period.

Where a modification to an existing contract occurs, the Company assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied or whether it is a modification to the existing performance obligation.

1.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Property, plant and equipment

All property, plant and equipment is stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated to write off the cost of each asset to estimated residual value over its expected useful life. The annual rates of depreciation on cost are as follows:-

Leasehold land and buildings
10% straight line
Office equipment and furniture
15% straight line
Plant and equipment
15% straight line
Computer equipment
33% straight line
Motor vehicles
25% straight line
Rental equipment
25% straight line

In addition to systematic depreciation, the book value of property, plant and equipment would be written down to estimated recoverable amount should any impairment in the respective carrying values be identified. The asset residual values, carrying values and useful life's are reviewed on an annual basis and adjusted if appropriate at each balance sheet date. Repairs and maintenance expenditure is expensed as incurred on an accruals basis.

1.6
Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established based on an expected credit loss model. The amount of the loss is recognised in the income statement.

When a trade receivable is uncollectible, it is written off against the impairment provision for trade receivables. Subsequent recoveries of amounts previously written off are credited to the income statement. Short-term trade receivables do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts.

1.7
Cash and cash equivalents

Cash and cash equivalents are carried in the balance sheet at nominal value. Bank deposits with an original term of more than three months are classified as short-term deposits where the cash can be withdrawn on demand and the penalty for early withdrawal is not significant.

1.8
Trade and other payables

Trade and other payables on normal terms are not interest bearing and are stated at their nominal value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate and subsequently held at amortised cost. The discount to nominal value is amortised over the period of the credit term and charged to finance costs using the effective interest rate. Changes in estimates of the final payment due are taken to the asset, in due course, to cost of sales in the income statement.

LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Taxation

Current income tax is based on the taxable profit for the year. Taxable profit differs from profit before taxation recorded in the income statement because it excludes items of income or expense that are taxable or deductible in other years or that are never taxable or deductible. The liability for current tax is calculated using rates that have been enacted, or substantively enacted, by the balance sheet date.

 

The Company surrenders tax losses and other allowances by group relief to other companies within the Galliford Try Holdings plc Group. The party accepting such surrender pays the Company an amount equal to the amount of tax such accepting party would have paid but for such surrender. Deferred income tax is provided using the balance sheet liability method, providing for all temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes with the exception of the initial recognition of goodwill arising on an acquisition.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on rates and laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying temporary differences can be deducted. Deferred income tax is charged or credited through the income statement, except when it relates to items charged or credited through the comprehensive income, when it is charged or credited there.

1.10
Retirement benefits

The Company operates a defined contribution pension scheme. The pension cost charge disclosed in note 5 represents contributions payable by the Company to the fund. Contributions to the defined contribution schemes are determined as a percentage of employees’ earnings and are charged to the income statement on an accruals basis.

1.11
Leases

Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for the use by the Company. Each lease payment is allocated between the liability and the finance cost. The finance cost is charged to the profit and loss over the lease term at a constant periodic rate of interest on the remaining balance of the liability. The right-of-use asset is depreciated over the lease term on a straight-line basis, unless the useful life of the asset is shorter than the lease term.

1.12

Interest income and expense

Interest income and expense is recognised on a time proportion basis using the effective interest method.

1.13

Dividend policy

Final dividend distribution to the Company's shareholders is recognised as a liability in the Company's financial statements in the year in which the dividends are approved by the Company's shareholders. Interim dividends are recognised when paid.

LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
2
Critical accounting estimates and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on

historical experience and various other factors that are believed to be reasonable under the

circumstances, the results of which form the basis of making judgements about the carrying value of assets and liabilities which are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

 

The directors do not consider there to be any critical accounting estimates or judgements.

 

3
Revenue

Revenue

Revenue and profit are recognised as follows:

Revenue stream

Nature, timing of satisfaction of performance obligations and significant payment terms

Fixed price

Contracts are typically accounted for as a single performance obligation; even when a contract (or multiple combined contracts) includes both design and build of engineered products, they are considered to form a single performance obligation as the two elements are not distinct in the context of the contract given that each is highly interdependent of the other.

The Company typically receives payments from the customer based on a contractual schedule of value that reflects the timing and performance of service delivery. Revenue is therefore recognised over time (the period of construction) based on an output model (reference to milestone reached, units delivered or work certified). Un-invoiced amounts are presented as contract assets. Management do not expect a financing component to exist.

 

Disaggregation of revenue

The Company derives its revenue from contracts with customers for the provision of services. All revenue is recognised over time.

2024
2023
£'000
£'000
Revenue analysed by class of business
Fixed price revenue stream
13,555
11,093
4
Operating profit
2024
2023
Operating profit for the year is stated after charging
£'000
£'000
Depreciation on leased assets
165
176
Depreciation on owned assets
34
42
Amortisation of intangible assets
7
17
LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Operating profit
(Continued)
- 20 -
Services provided by the Company's auditors

The auditors' remuneration is borne by Galliford Try Services Limited, a fellow subsidiary of Galliford Try Holdings plc.

 

5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production and sales
70
53
Administration and support
26
24
Management
7
12
Total
103
89

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
3,854
2,874
Social security costs
372
383
Pension costs
361
174
4,587
3,431

The disclosure above includes employees who are employed by Galliford Try Employment Limited, a fellow subsidiary company, who are seconded to Lintott Control Systems Limited, and their costs are recharged to the Company accordingly.

 

 

6
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
284
727
Company pension contributions to defined contribution schemes
37
26
321
753
LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
149
358
Company pension contributions to defined contribution schemes
25
13

The emoluments of two directors are paid by other subsidiaries within the Group. These directors are also directors of fellow subsidiaries of Galliford Try Holdings plc and it is not possible to make an accurate apportionment in respect of their emoluments to this subsidiary. Accordingly, the above details include no emoluments in respect of these directors. Their emoluments are disclosed where appropriate in the financial statements of the companies where significant costs are incurred.

7
Finance costs
2024
2023
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
49
50
8
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
146
186
Adjustments in respect of prior periods
36
(12)
Total UK current tax
182
174
Deferred tax
Origination and reversal of temporary differences
(5)
1
Adjustment in respect of prior periods
6
-
0
1
1
Total tax charge
183
175
LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Taxation
(Continued)
- 22 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£'000
£'000
Profit before taxation
567
949
Expected tax charge based on a corporation tax rate of 25.00% (2023: 20.50%)
142
195
Adjustment in respect of prior years
41
(12)
Non taxable income
-
(22)
Movement in deferred tax
-
1
Other
-
13
Taxation charge for the year
183
175

The total income tax expenses for the year of £183k (2023: £175k) is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 20.5%).

9
Intangible fixed assets
Computer software
£'000
Cost
At 30 June 2023
217
At 30 June 2024
217
Amortisation
At 30 June 2023
204
Charge for the year
7
At 30 June 2024
211
Carrying amount
At 30 June 2024
6
At 30 June 2023
13

 

LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
10
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Office equipment and furniture
Computer equipment
Motor vehicles
Rental equipment
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 July 2023
1,413
226
152
191
171
83
2,236
Additions
-
0
24
1
29
86
-
0
140
Disposals
(15)
-
0
-
0
-
0
(91)
(30)
(136)
At 30 June 2024
1,397
250
153
220
166
53
2,239
Accumulated depreciation
At 1 July 2023
469
167
143
190
146
55
1,170
Charge for the year
125
12
2
2
41
17
199
Eliminated on disposal
(14)
-
0
-
0
-
0
(117)
(29)
(160)
At 30 June 2024
580
179
145
192
71
43
1,210
Carrying amount
At 30 June 2024
817
71
8
28
95
10
1,029
At 30 June 2023
944
59
9
1
25
28
1,066
LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -

Property, plant and equipment includes right-of-use assets, as follows:

Land and buildings
Motor vehicles
Total
£'000
£'000
£'000
Net carrying value at 1 July 2022
1,062
70
1,132
Additions
13
-
13
Disposals
-
(14)
(14)
Depreciation charge
(132)
(34)
(166)
Net carrying value at 30 June 2023
943
22
965
Additions
-
86
86
Disposals
(15)
(84)
(99)
Depreciation charge
(111)
71
(40)
Net carrying value at 30 June 2024
817
95
912
11
Contracts with customers
2024
2023
Period end
Period end
£'000
£'000
Contracts in progress
Contract assets
2,415
2,008
Significant changes in the period
2024
2023
Contract assets
Contract liabilities
Contract assets
Contract liabilities
£'000
£'000
£'000
£'000
Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period
2,008
(4,197)
1,503
(2,895)
Revenue recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods
7,683
2,169
11,093
-
Transfers in the period from contract assets to trade receivables
(7,276)
-
(10,588)
-
Net cash received in advance of performance being fully satisfied
-
(921)
-
(1,302)

Contract assets and liabilities are included within "trade and other receivables" and "trade and other payables" respectively on the face of the Balance Sheet. Where there is a corresponding contract asset and liability in relation to the same contract, the balance shown is the net position. The timing of work performed (and thus revenue recognised), billing profiles and cash collection, results in trade receivables (amounts billed to date and unpaid), contract assets (unbilled amounts where revenue has been recognised) and customer advances and deposits (contract liabilities), where no corresponding work has yet to be performed, being recognised on the Company’s balance sheet.

LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
12
Trade and other receivables
2024
2023
£'000
£'000
Trade receivables
3,612
2,454
Provision for bad and doubtful debts
(176)
-
3,436
2,454
Contract assets (note 11)
2,415
2,008
VAT recoverable
99
-
Amount owed by parent undertaking
1,439
1,439
Amounts owed by fellow group undertakings
32
-
0
Other receivables
30
37
Prepayments and accrued income
176
143
7,627
6,081

Amounts owed by Group undertakings do not bear interest, have no fixed date of repayment and are repayable on demand.

13
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Redeemable preference shares
528
528
-
0
-
0
Trade and other payables
14
5,568
7,057
-
0
-
0
Corporation tax
377
195
-
-
Other taxation and social security
4
209
-
-
Lease liabilities
15
210
186
821
893
6,687
8,175
821
893
14
Trade and other payables
2024
2023
£'000
£'000
Trade payables
1,247
2,018
Payments received on account
2,950
4,197
Amounts owed to fellow group undertakings
160
-
Accruals and deferred income
796
358
Other payables
415
484
5,568
7,057

Amounts owed to fellow group undertakings are non-interest bearing, unsecured and repayable on demand.

LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
15
Lease liabilities
2024
2023
£'000
£'000
Current liabilities
210
186
Non-current liabilities
821
893
1,031
1,079
2024
2023
Amounts recognised in profit or loss include the following:
£'000
£'000
Interest on lease liabilities
49
50
Other leasing information is included in note .
16
Deferred taxation
Liabilities
2024
2023
£'000
£'000
Deferred tax balances
12
10

Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities.

Deferred income tax assets have been recognised in respect of all the losses and other temporary differences because it is probable that these will be recovered.

 

ACAs
£'000
Liability at 1 July 2022
9
Deferred tax movements in prior year
Charge/(credit) to profit or loss
1
Liability at 1 July 2023
10
Deferred tax movements in current year
Charge/(credit) to profit or loss
2
Liability at 30 June 2024
12
LINTOTT CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Deferred taxation
(Continued)
- 27 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50
50
18
Other reserves
2024
2023
£'000
£'000
At the beginning and end of the year
37
37
19
Guarantees and contingent liabilities

The ultimate parent company Galliford Try Holdings plc and Group subsidiary companies have entered into financial guarantees and counter indemnities in respect of bank and performance bonds issued on behalf of the group undertakings, in the normal course of the business amounting to £182.1m (2023: £165.5m).

Disputes arise in the normal course of business, some of which lead to litigation or arbitration procedures. The directors make proper provision in the financial statements when they believe a liability exists. Whilst the outcome of disputes and arbitration is never certain, the directors believe that the resolution of all existing actions will not have a material adverse effect on the Company's financial position.

20
Ultimate parent undertaking and controlling party

The immediate parent undertaking is Lintott Environmental Technologies Limited which is registered in England and Wales. The ultimate parent undertaking and controlling party is Galliford Try Holdings plc, which is registered in England and Wales. This is the only company into which the Company's results are consolidated. Copies of the consolidated Group financial statements of Galliford Try Holdings plc are publicly available from Galliford Try Holdings plc, Blake House, 3 Frayswater Place, Cowley, Uxbridge, Middlesex, UB8 2AD and on the Galliford Try Holdings plc website.

21
Post balance sheet events

No matters have arisen since the year end that requires disclosure in the financial statements.

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