FOR THE YEAR ENDED 30 JUNE 2024
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FAHEY'S CONCRETE LIMITED
COMPANY INFORMATION
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FAHEY'S CONCRETE LIMITED
CONTENTS
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FAHEY'S CONCRETE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their strategic report for Fahey's Concrete Ltd for the year ending 30th June 2024.
The company has two principal activities:
1) The sale of ready mix concrete from their three batching plants, two in Cornwall and one in mid Devon 2) The quarrying and sale of aggregates and stone from their quarries. The main product line continues to be ready mix concrete which accounts for 92% of this gross turnover.
There has been continuing steady demand from the construction sector.
The profitability of ready mix still remains good and the company has a very strong position in the market. Over a number of years Fahey's Concrete Ltd has built significant competitive advantage over other local operators. The company’s gross profit has increased this year from £5.8m to £6.2m. The company continues to invest in the extraction of stone and aggregates from the quarries at Cansford and Okehampton. The directors still see the quarries as a long-term company asset, complimenting the core business of ready mix and investments for the future. Fahey's Concrete Ltd has always placed high importance on the quality assurance requirement for concrete and have developed a very good quality product, which is highly regarded. It continues to comply with all of the required British quality standards. This has given them good relationships with both customers and suppliers Overall financial performance continues to be very good. Operating profit before tax increased to £3.4m from £3.2m in 2023. There has been further significant investment in the plant and machinery and vehicles. The continued profitability allows Faheys to operate and invest in plant and equipment without any requirement for bank finance. The Joint venture with West Country Cement Ltd has now been trading for 8 years and is continuing to perform well. This has allowed for loan repayments to continue being paid to Faheys. The directors are very aware that they operate in a highly regulated sector. They dedicate a large amount of time and money towards regulatory requirements of their operation. In addition to in house expertise, they employ external consultants for technical, health and safety, environmental, and planning matters, to ensure they meet all the current requirements. The company directors and shareholders are confident that the business will continue to trade profitably for many years. The balance sheet continues to be very strong.
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FAHEY'S CONCRETE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The principal risks that could affect the company are
∙Compliance with quality standards.
∙Compliance with health and safety and environmental regulations.
∙The sourcing of raw materials for the production of ready mix concrete.
∙Recruitment of appropriately qualified staff.
The company has no borrowing and large cash deposits and therefore no credit risk. This provides comfort in covering any poor trading years and still being able to keep their employees.
The company has a very good reputation in Cornwall and Devon. They have a good share of the market and strive to maintain a quality product and high level of service to their customers. They have confidence regarding the future of the company.
Gross turnover has increased to £19.8m from £18.8m, a 5.2% increase.
Gross profit has increased to £6.2m from £5.8m, a 4.1% increase. Gross profit margin has remained consistent at 31%. Net profit before tax has increased to £3.4m from £3.2m, a 7.1% increase.
This report was approved by the board on 21 March 2025 and signed on its behalf.
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FAHEY'S CONCRETE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The profit for the year, after taxation, amounted to £2,581,366 (2023: £2,493,461).
The directors do not recommend the payment of a dvidend.
The directors who served during the year were:
∙A new concrete plant is under construction for the Camelford site.
∙The proposed new site at Roche is in early stages of construction and is likely to be completed in late 2025.
The company has a normal level of exposure to price, credit, liquidity and cash flow risk arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.
On the 25th October 2024, the share capital of Fahey's Concrete Limited was purchased by Fahey's Holdings Limited, by way of share for share exchange.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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FAHEY'S CONCRETE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
This report was approved by the board and signed on its behalf.
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FAHEY'S CONCRETE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
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FAHEY'S CONCRETE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S CONCRETE LIMITED
We have audited the financial statements of Fahey's Concrete Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 Auditors' 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.
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FAHEY'S CONCRETE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S CONCRETE LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•We have considered the nature of the industry and sector, control environment, business performance and key drivers for directors' remuneration;
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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FAHEY'S CONCRETE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S CONCRETE LIMITED (CONTINUED)
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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FAHEY'S CONCRETE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
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FAHEY'S CONCRETE LIMITED
REGISTERED NUMBER:02420211
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 28 form part of these financial statements.
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FAHEY'S CONCRETE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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FAHEY'S CONCRETE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Company is a private company limited by shares, registered in England & Wales, Company no. 02420211. The registered office is Little Oaks Carne Cross, St. Blazey, Par, Cornwall, England, PL24 2SX.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is GBP.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries can be excluded from consolidation by section 402 of the Companies Act 2006.
The directors are confident that the company will continue to trade for a period of at least 12 months from the date of approval and therefore these financial statements have been prepared on the going concern basis. The directors have based their assumptions on forecasts, substantial cash balance of the company at the year-end and strong performance in the year.
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (continued)
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Derecognition of financial instruments
Derecognition of financial assets
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (continued)
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Management do not consider there to be estimates of assumptions that pose a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period. The value of investment property is assessed at each year-end and this is estimated based on external factors, with consideration being made over the need for impairment of the value. Certain assumptions used in determining this value are at the judgement of directors.
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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FAHEY'S CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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