Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3075falsefalsethe sale of ready mix concrete and the quarrying and sale of aggregates and stone772023-07-01falsefalse 02420211 c:OtherRelatedParties 2023-07-01 2024-06-30 02420211 2022-07-01 02420211 2023-06-30 02420211 5 2022-07-01 2023-06-30 02420211 3 2022-07-01 2023-06-30 02420211 2 2022-07-01 2023-06-30 02420211 1 2022-07-01 2023-06-30 02420211 2022-07-01 2023-06-30 02420211 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 02420211 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 02420211 2024-06-30 02420211 6 2023-07-01 2024-06-30 02420211 2 2023-07-01 2024-06-30 02420211 1 2023-07-01 2024-06-30 02420211 5 2023-07-01 2024-06-30 02420211 3 2023-07-01 2024-06-30 02420211 2 2023-07-01 2024-06-30 02420211 1 2023-07-01 2024-06-30 02420211 2023-07-01 2024-06-30 02420211 c:UKTax 2022-07-01 2023-06-30 02420211 c:UKTax 2023-07-01 2024-06-30 02420211 c:Subsidiary1 1 2023-07-01 2024-06-30 02420211 c:Subsidiary1 2023-07-01 2024-06-30 02420211 c:ShareCapital 2023-06-30 02420211 c:ShareCapital 2024-06-30 02420211 c:RetainedEarningsAccumulatedLosses 2022-07-01 02420211 c:RetainedEarningsAccumulatedLosses 2023-06-30 02420211 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02420211 c:RetainedEarningsAccumulatedLosses 2024-06-30 02420211 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 02420211 e:RegisteredOffice 2023-07-01 2024-06-30 02420211 e:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02420211 f:PoundSterling 2023-07-01 2024-06-30 02420211 c:PlantMachinery 2023-06-30 02420211 c:PlantMachinery 2024-06-30 02420211 c:PlantMachinery 2023-07-01 2024-06-30 02420211 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02420211 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02420211 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-30 02420211 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-06-30 02420211 e:OrdinaryShareClass1 2023-06-30 02420211 e:OrdinaryShareClass1 2024-06-30 02420211 e:OrdinaryShareClass1 2023-07-01 2024-06-30 02420211 c:MotorVehicles 2023-06-30 02420211 c:MotorVehicles 2024-06-30 02420211 c:MotorVehicles 2023-07-01 2024-06-30 02420211 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02420211 c:LandBuildings 2023-06-30 02420211 c:LandBuildings 2024-06-30 02420211 c:JointVenture1 1 2023-07-01 2024-06-30 02420211 c:JointVenture1 2023-07-01 2024-06-30 02420211 c:FurnitureFittings 2023-06-30 02420211 c:FurnitureFittings 2024-06-30 02420211 c:FurnitureFittings 2023-07-01 2024-06-30 02420211 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02420211 e:FullAccounts 2023-07-01 2024-06-30 02420211 e:FRS102 2023-07-01 2024-06-30 02420211 c:FreeholdInvestmentProperty 2023-06-30 02420211 c:FreeholdInvestmentProperty 2024-06-30 02420211 e:Director5 2024-06-30 02420211 e:Director5 2023-07-01 2024-06-30 02420211 e:Director4 2024-06-30 02420211 e:Director4 2023-07-01 2024-06-30 02420211 e:Director3 2024-06-30 02420211 e:Director3 2023-07-01 2024-06-30 02420211 e:Director2 2023-07-01 2024-06-30 02420211 e:Director1 2024-06-30 02420211 e:Director1 2023-07-01 2024-06-30 02420211 c:TaxLossesCarry-forwardsDeferredTax 2023-06-30 02420211 c:TaxLossesCarry-forwardsDeferredTax 2024-06-30 02420211 c:OtherDeferredTax 2023-06-30 02420211 c:OtherDeferredTax 2024-06-30 02420211 c:AcceleratedTaxDepreciationDeferredTax 2023-06-30 02420211 c:AcceleratedTaxDepreciationDeferredTax 2024-06-30 02420211 c:CurrentFinancialInstruments 2023-06-30 02420211 c:CurrentFinancialInstruments 2024-06-30 02420211 e:CompanySecretary1 2023-07-01 2024-06-30 02420211 c:Buildings 2023-06-30 02420211 c:Buildings 2024-06-30 02420211 c:Buildings 2023-07-01 2024-06-30 02420211 c:Buildings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02420211 e:Audited 2023-07-01 2024-06-30 02420211 c:ReportableOperatingSegment5 2022-07-01 2023-06-30 02420211 c:ReportableOperatingSegment5 2023-07-01 2024-06-30 02420211 c:ReportableOperatingSegment3 2022-07-01 2023-06-30 02420211 c:ReportableOperatingSegment3 2023-07-01 2024-06-30 02420211 c:ReportableOperatingSegment2 2022-07-01 2023-06-30 02420211 c:ReportableOperatingSegment2 2023-07-01 2024-06-30 02420211 c:ReportableOperatingSegment1 2022-07-01 2023-06-30 02420211 c:ReportableOperatingSegment1 2023-07-01 2024-06-30 02420211 c:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2023-07-01 2024-06-30 02420211 c:OtherTransactionType1 2024-06-30 02420211 c:OtherTransactionType2 2024-06-30 02420211 c:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02420211
















FAHEY'S CONCRETE LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024


































img2093.png


FAHEY'S CONCRETE LIMITED

 
COMPANY INFORMATION


Directors
S A Fahey (appointed 26 February 2024)
N Fahey 
S J Crocker (appointed 26 February 2024)
S M Fahey (resigned 26 February 2024)
K J Fahey (resigned 26 February 2024)




Company secretary
S A Fahey



Registered number
02420211



Registered office
Little Oaks Carne Cross
St. Blazey

Par

Cornwall

PL24 2SX




Independent auditors
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN






FAHEY'S CONCRETE LIMITED


CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditors' report
6 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 28



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.

Principal activity
 
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.
 

BUSINESS REVIEW
 
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.

Page 1


FAHEY'S CONCRETE LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
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. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
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.





N Fahey
Director

Page 2


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.

Results and dividends

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.

Directors

The directors who served during the year were:

S A Fahey (appointed 26 February 2024)
N Fahey 
S J Crocker (appointed 26 February 2024)
S M Fahey (resigned 26 February 2024)
K J Fahey (resigned 26 February 2024)

Future developments

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.

Financial instruments

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.

Disclosure of information to auditors

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

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

Post balance sheet events

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.

Auditors

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3


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.
 






N Fahey
Director

Date: 21 March 2025

Little Oaks Carne Cross
St. Blazey
Par
Cornwall
PL24 2SX

Page 4


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 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

Page 5


FAHEY'S CONCRETE LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S CONCRETE LIMITED
Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


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


We have nothing to report in this regard.


Page 6


FAHEY'S CONCRETE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S CONCRETE LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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.


Auditors' responsibilities for the audit of the financial statements
 

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


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


Page 7


FAHEY'S CONCRETE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S CONCRETE LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Kevin Connor FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

24 March 2025
Page 8


FAHEY'S CONCRETE LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
19,861,675
18,810,058

Cost of sales
  
(13,625,884)
(12,985,804)

Gross profit
  
6,235,791
5,824,254

Distribution costs
  
-
(12,287)

Administrative expenses
  
(2,907,435)
(2,655,558)

Other operating income
 5 
45,421
30,507

Operating profit
 6 
3,373,777
3,186,916

Interest receivable and similar income
 10 
112,149
9,621

Interest payable and similar expenses
  
-
(112)

Profit before tax
  
3,485,926
3,196,425

Tax on profit
 11 
(904,560)
(702,964)

Profit after tax
  
2,581,366
2,493,461

  

  

Retained earnings at the beginning of the year
  
21,613,253
19,119,792

Profit for the year
  
2,581,366
2,493,461

Retained earnings at the end of the year
  
24,194,619
21,613,253
The notes on pages 13 to 28 form part of these financial statements.

Page 9


FAHEY'S CONCRETE LIMITED
REGISTERED NUMBER:02420211

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
7,315,690
5,415,972

Investments
 13 
150
150

Investment property
 14 
411,218
411,218

  
7,727,058
5,827,340

Current assets
  

Stocks
 15 
236,271
251,183

Debtors: amounts falling due within one year
 16 
5,386,191
5,138,398

Cash at bank and in hand
 17 
14,502,678
13,487,963

  
20,125,140
18,877,544

Creditors: amounts falling due within one year
 18 
(2,093,901)
(2,052,859)

Net current assets
  
 
 
18,031,239
 
 
16,824,685

Total assets less current liabilities
  
25,758,297
22,652,025

Provisions for liabilities
  

Deferred tax
 19 
(1,453,914)
(929,008)

Other provisions
 20 
(109,664)
(109,664)

  
 
 
(1,563,578)
 
 
(1,038,672)

Net assets
  
24,194,719
21,613,353


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
24,194,619
21,613,253

  
24,194,719
21,613,353


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





N Fahey
Director

Date: 21 March 2025

The notes on pages 13 to 28 form part of these financial statements.

Page 10


FAHEY'S CONCRETE LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,581,366
2,493,461

Adjustments for:

Depreciation of tangible assets
1,207,014
1,304,557

Loss on disposal of tangible assets
-
101,915

Interest paid
-
112

Interest received
(112,149)
(9,621)

Taxation charge
904,560
702,964

Decrease/(increase) in stocks
14,912
(52,333)

(Increase) in debtors
(549,162)
(506,932)

Decrease in amounts owed by joint ventures
301,369
-

Increase/(decrease) in creditors
223,202
(523,342)

Corporation tax (paid)
(551,567)
(240,386)

Net cash generated from operating activities

4,019,545
3,270,395


Cash flows from investing activities

Purchase of tangible fixed assets
(3,106,732)
(2,371,044)

Sale of tangible fixed assets
-
15,500

Interest received
101,902
9,621

Net cash from investing activities

(3,004,830)
(2,345,923)

Cash flows from financing activities

Interest paid
-
(112)

<-- Enter row heading -->
-
836

Net cash used in financing activities
-
724

Net increase in cash and cash equivalents
1,014,715
925,196

Cash and cash equivalents at beginning of year
13,487,963
12,562,767

Cash and cash equivalents at the end of year
14,502,678
13,487,963


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
14,502,678
13,487,963

14,502,678
13,487,963


The notes on pages 13 to 28 form part of these financial statements.

Page 11


FAHEY'S CONCRETE LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
Other non-cash changes
At 30 June 2024
£

£

£

£

Cash at bank and in hand

13,487,963

1,014,715

-

14,502,678

Debt due within 1 year

(43,754)

640

43,114

-



13,444,209
1,015,355
43,114
14,502,678

The notes on pages 13 to 28 form part of these financial statements.

Page 12


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

The 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:

 
2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

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.

 
2.3

GOING CONCERN

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.

 
2.4

REVENUE

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 13


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

PENSIONS

Defined contribution pension plan

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

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

 
2.8

CURRENT AND DEFERRED TAXATION

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

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

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

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


 
2.9

TANGIBLE FIXED ASSETS

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

Page 14


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.9
TANGIBLE FIXED ASSETS (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:

Freehold property
-
5%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance

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

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

 
2.10

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

ASSOCIATES AND JOINT VENTURES

Associates and Joint Ventures are held at cost less impairment.

 
2.13

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

FINANCIAL INSTRUMENTS

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

Financial instruments are recognised in the Company's 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
Page 16


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.18
FINANCIAL INSTRUMENTS (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.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements require management/Directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
 
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.


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Ready mix sales
18,192,095
17,015,749

Sand and blocks
1,484,276
1,617,371

Recovery
47,070
107,571

Haulage
138,234
69,367

19,861,675
18,810,058


All turnover arose within the United Kingdom.

Page 17


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


OTHER OPERATING INCOME

2024
2023
£
£

Rents receivable
34,184
30,507

Insurance claims receivable
11,237
-

45,421
30,507



6.


OPERATING PROFIT

The operating profit is stated after charging:

As restated
2024
2023
£
£

Depreciation
1,176,057
1,304,557

Exchange differences
-
101,915


7.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,500
18,150

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
15,900
8,300

Page 18


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


EMPLOYEES

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


As restated
2024
2023
£
£

Wages and salaries
3,588,887
3,081,395

Social security costs
414,158
348,812

Cost of defined contribution scheme
90,483
75,594

4,093,528
3,505,801


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


        2024
        2023
            No.
            No.







Production
72
70



Admin
5
5

77
75


9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
318,137
339,933

Company contributions to defined contribution pension schemes
5,333
3,153

323,470
343,086


During the year retirement benefits were accruing to 3 directors (2023: 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £111,331 (2023: £114,570).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,200 (2023: £3,153).


10.


INTEREST RECEIVABLE

2024
2023
£
£


Bank interest receivable
112,149
9,621

112,149
9,621

Page 19


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
400,194
441,814

Adjustments in respect of previous periods
(20,540)
-


379,654
441,814


TOTAL CURRENT TAX
379,654
441,814

DEFERRED TAX


Origination and reversal of timing differences
443,190
261,150

Adjustments in respect of prior periods
81,716
-

TOTAL DEFERRED TAX
524,906
261,150


TAX ON PROFIT
904,560
702,964

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

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

2024
2023
£
£


Profit on ordinary activities before tax
3,485,926
3,196,425


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)
871,482
799,106

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,426
-

Capital allowances for year in excess of depreciation
(33,524)
(235,310)

Adjustments to tax charge in respect of prior periods
(20,540)
29,085

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(1,857)

Deferred tax movements
81,716
261,150

Varying main rate of tax
-
(149,210)

TOTAL TAX CHARGE FOR THE YEAR
904,560
702,964



Page 20


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 21

FAHEY'S CONCRETE LIMITED



 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
  



12.


TANGIBLE FIXED ASSETS






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



COST 


At 1 July 2023
1,153,666
3,491,581
7,792,404
103,126
12,540,777


Additions
-
641,300
2,432,187
33,245
3,106,732



At 30 June 2024

1,153,666
4,132,881
10,224,591
136,371
15,647,509



DEPRECIATION


At 1 July 2023
302,813
1,827,559
4,928,105
66,328
7,124,805


Charge for the year on owned assets
6,054
308,676
886,457
5,827
1,207,014



At 30 June 2024

308,867
2,136,235
5,814,562
72,155
8,331,819



NET BOOK VALUE



At 30 June 2024
844,799
1,996,646
4,410,029
64,216
7,315,690



At 30 June 2023
850,853
1,664,022
2,864,299
36,798
5,415,972

The cost and depreciation brought forward have been adjusted to reflect prior period disposals which had not been proceesed in the prior year. The NBV of these disposals was £198,838.

Page 22

FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           12.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
844,799
850,853

844,799
850,853



13.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



COST 


At 1 July 2023
100
50
150



At 30 June 2024
100
50
150




Details of the subsidiary and joint venture are included in note 29.


SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

A.H. White (St.Austell) Limited - Dormant
Penince, Par, Cornwall, PL24 5SH
Ordinary Shares
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves

A.H. White (St.Austell) Limited - Dormant
100

Page 23


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

.SUBSIDIARY UNDERTAKINGS AND JOINT VENTURES (CONTINUED)


JOINT VENTURE


The following was a joint venture of the Company:


Name

Registered office

Holding

West Country Cement Limited
Glentor, Ashburton, Newton Abbot, United Kingdom, TQ13 7LF
50%


14.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 July 2023
411,218



AT 30 JUNE 2024
411,218

The  valuations were made by [Enter surveyor name here...], on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
336,218
336,218

336,218
336,218


15.


STOCKS

2024
2023
£
£

Raw materials
236,271
251,183

236,271
251,183



16.


DEBTORS

2024
2023
£
£


Trade debtors
2,668,607
2,394,065
Page 24


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.DEBTORS (CONTINUED)


Amounts owed by joint ventures and associated undertakings
1,998,631
2,300,000

Other debtors
520,716
261,280

Prepayments and accrued income
198,237
183,053

5,386,191
5,138,398



17.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
14,502,678
13,487,963

14,502,678
13,487,963



18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
1,442,766
1,250,096

Corporation tax
119,654
301,814

Other taxation and social security
336,540
299,338

Other creditors
43,476
44,116

Accruals and deferred income
151,465
157,495

2,093,901
2,052,859


Page 25


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


DEFERRED TAXATION




2024


£






At beginning of year
(929,008)


Charged to profit or loss
(524,906)



AT END OF YEAR
(1,453,914)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,447,082
921,011

Capital gains/ (losses)
11,858
11,857

Short term timing differences
(5,026)
(3,860)

1,453,914
929,008


20.


PROVISIONS




Other provisions

£





At 1 July 2023
109,664



AT 30 JUNE 2024
109,664

Other provisions are made up of the following: Spoil heap removal, scrap asset removal and  building removal.


21.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023: 100) Ordinary shares of £1.00 each
100
100


Page 26


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


RESERVES

Profit and loss account

The profit and loss account is the only reserve and consists of retained earnings plus £75,000 of non-distributable reserves from the revaluation of the investment property as detailed in note 14.


23.


PRIOR YEAR ADJUSTMENT

In the prior period, an element of the company's gross wages, £619,441, had been incorrectly classififed as national insurance contributions within the financial statements. These have now been presented within wages and salaries.
In the current year, it was identified that a number of tangible fixed assets held in the financial statements had been disposed of in the previous period. A prior year adjustment has been processed to recognise the disposal of fixed assets. The adjustment resulted in a reduction to cost b/fd of £3,317,064 with a corresponding reduction of depreciation b/fd of £3,200,726. This resulted in a prior period reduction to profit of £116,338.


24.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £90,483 (2023: £75,594). Contributions totalling £20,105 (2023: £15,440) were payable to the fund at the reporting date and are included in creditors.


25.


RELATED PARTY TRANSACTIONS

Details of West Country Cement Ltd, a joint venture are given in note 28. During the year Fahey's Concrete purchased raw materials from West Country Cement Ltd.These transactions were carried out at arms length and amounted to £3,405,664 in the year ended 30th June 2024. At the year end, £393,170, (2023: £388,667) was outstanding within trade creditors.
At the year end, the company owed Mr  KJ Fahey and Mrs SM Fahey £43,114 (2023: £43,753). This loan is interest free and repayable on demand.
During the year, the company advanced £515,436 (2023: £Nil)  to a company under common control. At the year end, £515,436 (2023: £Nil) was owed to the company by the company under common control. This balance is included within other debtors in note 16.
At the year end, the company was owed £5,280 by a director (2023: £261,280). During the year, £256,000 was repaid. This loan was repayable on demand and no interest was charged during the year.
During the year two close family members of a director were employed by the company and received remuneration for their role.


26.


POST BALANCE SHEET EVENTS

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.

Page 27


FAHEY'S CONCRETE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


CONTROLLING PARTY

As per note 26, the share capital of Fahey's Concrete Limited was purchased by Fahey's Holdings Limited, by way of share for share exchange. On the 25th October 2024, the Company became a wholly owned subsidiary of Fahey's Holdings Limited, a company incorporated in England and the controlling party is Mr N Fahey.
The Company is exempt from the requirement to prepare consolidated financial statements, as section 402 of the Companies Act 2006 allows for the exclusion of all its subsidiaries from consolidation.

 
Page 28