Company registration number 14490704 (England and Wales)
HAM BAKER ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
HAM BAKER ENGINEERING LIMITED
COMPANY INFORMATION
Directors
Mr N Cocker
Mr D C Owen
M Shadrick
(Appointed 10 October 2023)
Secretary
Galliford Try Secretariat Services Limited
Company number
14490704
Registered office
Blake House
3 Frayswater Place
Cowley
Uxbridge
Middlesex
UB82AD
Accountants
Higson & Co (Nottingham) Limited
White House
Wollaton Street
Nottingham
NG1 5GF
HAM BAKER ENGINEERING LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 8
Independent auditor's report
9 - 12
Income statement
13
Statement of financial position
14
Statement of changes in equity
15
Notes to the financial statements
16 - 28
HAM BAKER ENGINEERING 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 activities are to provide asset inspection, maintenance, screen and distributor operations to the water sector. The Company has had a positive year generating revenues of £6,154k (2023: £1,292k) and operating profit of £497k (2023: £(1,693k) reflecting greater volume delivered. This aligns to an appropriate level of administrative expenses, moving the Company to a profitable position. The Company had a cash balance of £725k (2023: £2,213k) as at 30 June 2024
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:
Engagement through the Group’s Employee Forum; staff inductions with members of the Group’s Executive Board present; Group’s CEO roadshow; Group annual Graduate Welcome event, director site and office visits; Performance Development Reviews/one-to-ones and town halls.
Wider communication tools such as emails, videos, webcasts, while also monitoring various metrics such as employee churn, sickness leave and wider health and safety KPI’s.
Independent support such as access to our Employee Assistance Programme and whistleblowing hotline.
Encouraging and analysing independent employee feedback via employee surveys or external sites.
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:
Direct engagement through face-to-face, video or telephone client meetings; high-quality bid submissions, contract negotiation and management; client satisfaction surveys; site tours; business development activities such as attendance at exhibitions and Meet the Buyer events.
Indirect engagement such as project reports, marketing materials, an up-to-date website, press coverage and engaging in social media.
Project performance feedback.
HAM BAKER ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Supply chain
We rely on suppliers to deliver our principal activities. We use the following mechanisms to outline our approach to supply chain priorities and gather feedback on our interactions:
Direct engagement through Meet the Buyer events; workshops; face-to-face, video or telephone meetings; contract negotiation and management and toolbox talks.
Creating mutually-beneficial relationships through our Advantage through Alignment programme.
Indirect engagement such as via trade associations, project reports, an up-to-date website, press coverage, engaging in social media and involvement in the Considerate Constructors Scheme.
Shareholders
We must act in the interests of our shareholders to maintain the capital needed to fund our activities.
Communities
Through our principal activities, we serve the local communities and meet the needs of local groups, which is key to ensure we continue to be chosen as a partner of choice to carry out their needs.
Direct engagement such as through our membership of the Considerate Constructors Scheme, local newsletters, town hall meetings and exhibitions, school and college visits, site tours, Open Doors and local community engagement plans.
Indirect engagement such as an up-to-date website, press coverage and engaging in social media.
HAM BAKER ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
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 43 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 the Group's annual report 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.
Further details on those considered to be the key principal risks for the Company are listed below:
| | |
Work winning: We fail to secure an appropriate pipeline of projects to achieve our revenue and profitability targets | | 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. |
HAM BAKER ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
| | |
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 and subcontractors 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 (value cost analysis and cost and value reconciliation) 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 water sector. Lack of geographical coverage. Subcontractor insolvency. Failure to comply with fair payment practices.
| We develop long-term relationships with key suppliers and subcontractors to ensure that we remain a priority customer when resources and materials are in short supply. The Group’s Advantage through Alignment programme facilitates greater engagement with our key supply chain members and provides them with greater visibility of our pipeline of projects. We are committed to meeting the requirements of the Prompt Payment Code. We monitor subcontractor financial strength using a credit tracker on the Dun and Bradstreet portal, as well as performing due diligence on an ongoing basis with key suppliers and their management teams. Each business unit 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.
|
HAM BAKER ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
| | |
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 year was £419k (2023: £(1,361k), which will increased reserves. The Company had the net liabilities as at 30 June 2024 £942k (2023: £1.361k).
On behalf of the board
Mr D C Owen
Director
21 March 2025
HAM BAKER ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
The directors present their report and audited financial statements of Ham Baker Engineering Limited ("the Company"), registered number 14490704 for the year ended 30 June 2024.
Future developments
The directors do not expect any significant changes to the principal activities of the Company in the foreseeable future.
Dividends
The directors do not recommend the payment of a dividend (2023: £nil).
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 local 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 with 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.
Directors
The present directors of the Company are set out on page 1, all of whom served throughout the period and up to the date of signing the financial statements, except for:
M Shadrick (appointed 10 October 2023)
S Slessor (appointed a director on 17 November 2022 and resigned on 10 October 2023).
No directors hold any shares or director loans in the Company.
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
HAM BAKER ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
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.
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. Since 30 June 2024, the Group has maintained substantial cash balances, no debt, and a strong forward secured order book, with this expected to continue for the foreseeable future.
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.
Independent auditors
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.
Post balance sheet events
No matters have arisen since the year end that require disclosure in the financial statements.
HAM BAKER ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• state whether applicable United Kingdom Accounting Standards, including FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;
• make judgements 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 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. 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.
The Directors' report was approved by the board of directors on
21 March 2025
21 March 2025
and signed on its behalf by:
Mr D C Owen
Director
HAM BAKER ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAM BAKER ENGINEERING LIMITED
- 9 -
Opinion
We have audited the financial statements of Ham Baker Engineering 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:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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 contained within the annual report. 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.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
HAM BAKER ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAM BAKER ENGINEERING LIMITED (CONTINUED)
- 10 -
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 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.
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:
HAM BAKER ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAM BAKER ENGINEERING LIMITED (CONTINUED)
- 11 -
Non-compliance with laws and regulations
Based on:
Our understanding of the Company and the industry in which it operates;
Discussion with management and those charged with governance; and
Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations
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:
Review of minutes of meetings of those charged with governance for any instances of non- compliance with laws and regulations;
Review of correspondence with tax authorities for any instances of non-compliance with laws and regulations;
Review of financial statement disclosures and agreeing to supporting documentation.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
Obtaining an understanding of the Company’s policies and procedures relating to:
Detecting and responding to the risks of fraud; and
Internal controls established to mitigate risks related to fraud.
Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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:
Testing a sample of journal entries throughout the year, which met a defined risk criteria by agreeing these to supporting documentation, and
Assessing whether there was any evidence of bias by the Directors or management within the significant judgements and estimates.
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.
HAM BAKER ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAM BAKER ENGINEERING LIMITED (CONTINUED)
- 12 -
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
21 March 2025
Chartered Accountants
Statutory Auditor
White House
Wollaton Street
Nottingham
NG1 5GF
HAM BAKER ENGINEERING LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
8 month
Year
period
ended
ended
30 June
30 June
2024
2023
Notes
£000
£000
Revenue
3
6,154
1,292
Cost of sales
(3,925)
(1,519)
Gross profit/(loss)
2,229
(227)
Administrative expenses
(1,708)
(1,459)
Operating profit/(loss)
4
521
(1,686)
Finance costs
6
(24)
(7)
Profit/(loss) before taxation
497
(1,693)
Tax on profit/(loss)
7
(78)
332
Profit/(loss) and total comprehensive income for the financial year
419
(1,361)
HAM BAKER ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
- 14 -
2024
2023
Notes
£000
£000
£000
£000
Non-current assets
Intangible assets - goodwill
8
433
433
Other intangible assets
8
102
114
Property, plant and equipment
9
615
599
1,150
1,146
Current assets
Trade and other receivables
11
2,681
1,336
Cash and cash equivalents
725
2,213
3,406
3,549
Current liabilities
12
(5,257)
(5,780)
Net current liabilities
(1,851)
(2,231)
Total assets less current liabilities
(701)
(1,085)
Non-current liabilities
12
(221)
(230)
Provisions for liabilities
Deferred tax liabilities
15
(20)
(46)
Net liabilities
(942)
(1,361)
Equity
Called up share capital
Retained earnings
(942)
(1,361)
Total equity
(942)
(1,361)
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 14490704 (England and Wales)
HAM BAKER ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Retained earnings
Total
£000
£000
£000
Balance at 17 November 2022
-
-
Period ended 30 June 2023:
Loss and total comprehensive income
-
(1,361)
(1,361)
Balance at 30 June 2023
(1,361)
(1,361)
Year ended 30 June 2024:
Profit and total comprehensive income
-
419
419
Balance at 30 June 2024
(942)
(942)
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
1
Accounting policies
Company information
Ham Baker Engineering Limited ('the Company') is a limited company incorporated and domiciled in England and Wales (Registered number: 14490704). The address of the registered office is Blake House, 3 Frayswater Place, Cowley, Uxbridge, Middlesex, UB8 2AD. Refer to note 19 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 19 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 a 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 IFRS 12 Disclosure of Interests in Other Entities.
• Certain disclosure requirements of Paragraph 38 and 40 of IAS 1, Presentation of financial
statements
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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. Since 30 June 2024, the Group has maintained substantial cash balances, no debt, and a strong forward secured order book, with this expected to continue for the foreseeable future. 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 obligation. 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 periods.
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.
Revenue is recognised as follows:
Construction contracts
Revenue comprises the value of construction services transferred to a customer during the period. The results for the period include adjustments for the outcome of contracts executed in both the current and preceding years.
Fixed price contracts - the amount of revenue, calculated based on measurement of value to the customer of the services delivered to date, is recognised over time. In relation to profit recognition, the estimated final value includes variations, compensation events and certain claims where it is highly probable that there will not be a significant reversal. Provision will be made against any expected loss as soon as it is identified.
1.4
Goodwill
Goodwill arising on a business combination represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. It is recognised as an asset and reviewed for impairment at least annually or when there is a triggering event, by considering the net present value of future cash flows. For purposes of testing for impairment, the carrying value of goodwill is compared to its recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment is charged immediately to the income statement.
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.5
Intangible assets other than goodwill
Intangible assets include customer relationships acquired as part of a business combination. The intangibles are reviewed for impairment at least annually or where there is a triggering event. Intangible assets are stated at cost less accumulated amortisation and impairment. Cost is determined at the time of acquisition as being directly attributable costs or, where relevant, by using an appropriate valuation methodology. Amortisation is charged to the income statement.
Intangible assets (customer contracts and relationships) are being amortised on a straight-line
basis over up to 10 years.
1.6
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
2% Straight line
Fixtures and fittings
15% straight line
Plant and equipment
15% straight line
Motor vehicles
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 lives 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.
1.7
Impairment of tangible and intangible assets
The determination of the value of any impairment of goodwill and intangible assets requires an estimation of the value in use of the cash generating units, including the anticipated growth rate of revenue and costs, and requires the determination of a suitable discount rate to calculate the present value of the cash flows. Following a goodwill impairment review and sensitivity analysis, no impairment of goodwill was deemed necessary.
1.8
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.
1.9
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 and other receivables is established based on an expected credit loss model (general or simplified approach as detailed under impairment of financial assets). The amount of the loss is recognised in the income statement.
When a trade and other 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 and other receivables do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts.
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.10
Trade and other payables
Trade and other payables on normal terms are not interest bearing and are stated at their nominal value. Trade and other 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 and, in due course, to cost of sales in the income statement.
1.11
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 comprehensive income, when it is charged or credited there.
1.12
Retirement benefit obligations
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.
1.13
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 use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or 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.
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.14
Interest income and expense
Interest income and expense is recognised on a time proportion basis using the effective interest method.
1.15
Incremental costs to obtain a contract are capitalised to the extent the contract is expected to be sufficiently profitable for them to be recovered. All other costs to obtain a contract are expensed as incurred. Incremental costs to fulfil a contract are expensed unless they relate directly to an existing contract or specific anticipated contract, generate or enhance resources that will be used to satisfy the obligations under the contract and are expected to be recovered. These costs are amortised over the shorter of the duration of the contract or the period for which revenue and profit can be forecast with reasonable certainty. Where a contract becomes loss making, capitalised costs in relation to that contract are expensed immediately.
1.16
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.
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.
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
3
Revenue
Revenue and profit are recognised as follows:
| Nature, timing of satisfaction of performance obligations and significant payment terms |
| 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 and relates to one class of
business all generated in the UK. All revenue is recognised over time.
2024
2023
£000
£000
Revenue analysed by class of business
Revenue from contracts
6,154
1,292
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£000
£000
Depreciation of property, plant and equipment
190
61
Amortisation of intangible assets (included within administrative expenses)
12
8
(Profit)/loss on disposal of intangible assets
-
59
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.
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
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
20
30
Administration and support
19
3
Management
4
7
Total
43
40
Their aggregate remuneration comprised:
2024
2023
£000
£000
Wages and salaries
1,884
1,197
Social security costs
198
122
Pension costs
209
62
2,291
1,381
The disclosure includes employees who are employed by Galliford Try Employment Limited, a fellow subsidiary company, who are seconded to Ham Baker Engineering Limited and their costs are recharged to the Company accordingly.
Aggregate directors’ emoluments
The emoluments of all 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 company. 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 borne.
6
Finance costs
2024
2023
£000
£000
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
24
7
7
Taxation
2024
2023
£000
£000
Current tax
UK corporation tax on profits for the current period
104
-
Adjustments in respect of prior periods
-
(378)
Total UK current tax
104
(378)
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Taxation
2024
2023
£000
£000
(Continued)
- 23 -
Deferred tax
Origination and reversal of temporary differences
(26)
46
Total tax charge/(credit)
78
(332)
The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:
2024
2023
£000
£000
Profit/(loss) before taxation
497
(1,693)
Expected tax charge/(credit) based on a corporation tax rate of 025% (2023: 20.50%)
124
(347)
Effect of expenses not deductible in determining taxable profit
(46)
7
-
8
Taxation charge/(credit) for the year
78
(332)
8
Intangible fixed assets
Goodwill
Customer relationships
Total
£000
£000
£000
Cost
At 30 June 2023
433
122
555
At 30 June 2024
433
122
555
Amortisation and impairment
At 30 June 2023
8
8
Charge for the year
12
12
At 30 June 2024
20
20
Carrying amount
At 30 June 2024
433
102
535
At 30 June 2023
433
114
547
More information on impairment movements in the year is given in note .
Intangible assets amortisation is recorded in administrative expenses in the income statement.
The remaining period of amortisation on customer relationships is seven years.
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
9
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£000
£000
£000
£000
£000
Cost
At 1 July 2023
404
80
94
82
660
Additions
43
30
8
114
195
Disposals
(2)
(4)
(3)
(9)
At 30 June 2024
445
110
98
193
846
Accumulated depreciation and impairment
At 1 July 2023
22
5
34
61
Charge for the year
78
24
23
65
190
Eliminated on disposal
(20)
(20)
At 30 June 2024
100
29
23
79
231
Carrying amount
At 30 June 2024
345
81
75
114
615
At 30 June 2023
382
75
94
48
599
Property, plant and equipment includes right-of-use assets, as follows:
Land and buildings
Motor vehicles
Total
£000
£000
£000
Net carrying value at 17 November 2022
-
-
-
Additions
324
81
405
Depreciation charge
(17)
(34)
(51)
Net carrying value at 30 June 2023
307
47
354
Additions
-
113
113
Disposals
-
(3)
(3)
Depreciation charge
(58)
(45)
(103)
Net carrying value at 30 June 2024
249
112
361
There has been no impairment of property, plant and equipment during the year.
10
Contracts with customers
2024
2023
2023
Period end
Period end
Period start
£000
£000
£000
Contracts in progress
Contract assets
405
552
-
Contract liabilities
(736)
(64)
-
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Contracts with customers
(Continued)
- 25 -
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
552
64
-
-
Revenue recognised of which relates to performance obligations satisfied in the current period
-
-
1,292
-
Transfers in the period from contract assets to trade receivables
(147)
-
(740)
-
Net cash received in advance of performance obligations being fully satisfied
-
672
-
64
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 contract liabilities (customer advances and deposits), where no corresponding work has yet to be performed, being recognised on the Company’s balance sheet.
The amount of revenue recognised in the year from performance obligations satisfied in previous periods amounts to £nil.
11
Trade and other receivables
2024
2023
£000
£000
Trade receivables
1,103
270
Contract assets (note 10)
405
552
Corporation tax recoverable
274
378
Amounts owed by fellow group undertakings
631
Other receivables
191
117
Prepayments and accrued income
77
19
2,681
1,336
The Company surrenders tax losses and other allowances by group relief to other Galliford Try group companies. 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.
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
12
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£000
£000
£000
£000
Trade and other payables
13
5,118
5,658
Lease liabilities
14
139
122
221
230
5,257
5,780
221
230
13
Trade and other payables
2024
2023
£000
£000
Trade payables
144
543
Contract liabilities (note 10)
736
64
Amounts owed to fellow group undertakings
3,371
4,918
Accruals and deferred income
867
133
5,118
5,658
Amounts owed to fellow group undertakings are non-interest bearing, unsecured and repayable on demand.
14
Lease liabilities
2024
2023
Right of use assets
£000
£000
352
352
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2024
2023
£000
£000
Current liabilities
139
122
Non-current liabilities
221
230
360
352
2024
2023
Amounts recognised in profit or loss include the following:
£000
£000
Interest on lease liabilities
24
7
Other leasing information is included in note .
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
15
Deferred taxation
Liabilities
2024
2023
£000
£000
Deferred tax balances
20
46
ACAs
£000
Balance at 1 July 2022
Deferred tax movements in prior year
Charge/(credit) to profit or loss
38
Effect of change in tax rate - profit or loss
8
Liability at 1 July 2023
46
Deferred tax movements in current year
Charge/(credit) to profit or loss
(26)
Liability at 30 June 2024
20
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.
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
209
62
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
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.
HAM BAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
18
Ultimate parent undertakings and controlling party
The immediate parent undertaking is Galliford Try Construction 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.
19
Post balance sheet events
No matters have arisen since the year end that requires disclosure in the financial statements.
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