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REGISTERED NUMBER: 08802876 (England and Wales)







Carver Engineering Holdings Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024






Carver Engineering Holdings Limited (Registered number: 08802876)

Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Statement of Directors' Responsibilities 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Carver Engineering Holdings Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: T J Sheppard
J Molloy





REGISTERED OFFICE: 11 Brunel Close
Brunel Industrial Estate
Blyth Road, Harworth
Doncaster
South Yorkshire
DN11 8QA





REGISTERED NUMBER: 08802876 (England and Wales)





AUDITORS: Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

Carver Engineering Holdings Limited (Registered number: 08802876)

Group Strategic Report
for the Year Ended 31 March 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

Carver Engineering Holdings Limited is an investment holding company. The principal activities of the trading subsidiaries of the group continue to be the general engineering and fabrication of steel products. The group's main activities can be organised into the following four divisions:

Sales
Highways
Railwork
General fabrications

REVIEW OF BUSINESS
We consider that our key financial performance indicators are those which communicate the financial performance and strength of the group as a whole, these being turnover, gross margin and return on capital employed.

The turnover group by division was as follows:

2024 2023
£'000 £'000
Sales 1,233 223
Railwork 8,314 11,119
General fabrications 495 1,253
Highways 3,222 121
13,264 12,716

The gross profit margin for the group is 20.15% (2023 - 20.14%) with a subsequent profit before tax of £1,063,351 (2023 - £1,158,136).

The return on capital employed is 27.7% (2023 - 29.5%). Return on capital employed is calculated as profit before interest and taxation divided by capital employed, which comprises total assets less current liabilities.

PRINCIPAL RISKS AND UNCERTAINTIES
As for many other businesses of our size, the business environment in which we operate continues to be challenging. The market in which the organisation operates is highly specialised and influenced by both public spending within the UK infrastructure and continued spending in developing economies to which customers export mining equipment.

With these risks and uncertainties in mind the group is aware that any plans for the future development of the business maybe subject to unforeseen future events outside of our control.

ON BEHALF OF THE BOARD:





T J Sheppard - Director


27 March 2025

Carver Engineering Holdings Limited (Registered number: 08802876)

Report of the Directors
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of general engineering and fabrications of steel products.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIVIDENDS PAID TO MINORITY INTERESTS

During the year members of the Carver Engineering Holdings Limited group of companies paid dividends totalling £445,379 (2023 - £426,974) relating to shares held by minority interests within the group.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

T J Sheppard
J Molloy

DISCLOSURE IN THE STRATEGIC REPORT
The business review and other mandatory disclosures which the directors consider to be of strategic importance are disclosed in the strategic report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T J Sheppard - Director


27 March 2025

Carver Engineering Holdings Limited (Registered number: 08802876)

Statement of Directors' Responsibilities
for the Year Ended 31 March 2024


The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- 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 responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Carver Engineering Holdings Limited


Opinion
We have audited the financial statements of Carver Engineering Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Carver Engineering Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Carver Engineering Holdings Limited


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 a Report of the Auditors 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 proceduced 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:

As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates.

We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation. The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.

We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:

- Agreeing financial statement disclosures to supporting documentation.
- Analytical procedures to identify any unusual or unexpected relationships.
- Testing appropriateness of journal entries.
- Review of accounting estimates for potential bias.
- Review of minutes of meetings of those charged with governance.
- Enquire with management as to actual and potential litigation and claims.
- Review of correspondence.

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected
material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement.

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 Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




David Adams FCA (Senior Statutory Auditor)
for and on behalf of Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

27 March 2025

Carver Engineering Holdings Limited (Registered number: 08802876)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 13,264,576 12,716,692

Cost of sales (10,592,318 ) (10,155,926 )
GROSS PROFIT 2,672,258 2,560,766

Administrative expenses (1,645,976 ) (1,438,958 )
1,026,282 1,121,808

Other operating income - 1,500
OPERATING PROFIT 5 1,026,282 1,123,308

Interest receivable and similar income 37,734 30,412
1,064,016 1,153,720

Interest payable and similar expenses 6 (665 ) 4,416
PROFIT BEFORE TAXATION 1,063,351 1,158,136

Tax on profit 7 (274,668 ) (216,317 )
PROFIT FOR THE FINANCIAL YEAR 788,683 941,819

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

788,683

941,819

Profit attributable to:
Owners of the parent 325,662 501,252
Non-controlling interests 463,021 440,567
788,683 941,819

Total comprehensive income attributable to:
Owners of the parent 325,662 501,252
Non-controlling interests 463,021 440,567
788,683 941,819

Carver Engineering Holdings Limited (Registered number: 08802876)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - 2,040
Tangible assets 10 253,164 270,031
Investments 11 - -
253,164 272,071

CURRENT ASSETS
Stocks 12 8,000 -
Debtors 13 5,138,568 5,330,796
Cash at bank and in hand 698,683 915,554
5,845,251 6,246,350
CREDITORS
Amounts falling due within one year 14 2,388,261 2,719,775
NET CURRENT ASSETS 3,456,990 3,526,575
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,710,154

3,798,646

CREDITORS
Amounts falling due after more than one
year

15

(13,195

)

(20,392

)

PROVISIONS FOR LIABILITIES 18 (56,460 ) (43,879 )
NET ASSETS 3,640,499 3,734,375

CAPITAL AND RESERVES
Called up share capital 19 225 275
Share premium 20 10,531 10,531
Capital redemption reserve 20 175 100
Retained earnings 20 3,595,754 3,707,297
SHAREHOLDERS' FUNDS 3,606,685 3,718,203

NON-CONTROLLING INTERESTS 33,814 16,172
TOTAL EQUITY 3,640,499 3,734,375

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





T J Sheppard - Director


Carver Engineering Holdings Limited (Registered number: 08802876)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 5,064,795 5,064,795
5,064,795 5,064,795

CURRENT ASSETS
Debtors 13 489,436 2,016,591
Cash at bank 6,897 78,667
496,333 2,095,258
CREDITORS
Amounts falling due within one year 14 918,284 2,107,123
NET CURRENT LIABILITIES (421,951 ) (11,865 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,642,844

5,052,930

CAPITAL AND RESERVES
Called up share capital 19 225 275
Share premium 20 5,063,189 5,063,189
Capital redemption reserve 20 175 100
Retained earnings 20 (420,745 ) (10,634 )
SHAREHOLDERS' FUNDS 4,642,844 5,052,930

Company's profit/(loss) for the financial year 27,094 (7,581 )

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





T J Sheppard - Director


Carver Engineering Holdings Limited (Registered number: 08802876)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 April 2022 275 3,206,045 800

Changes in equity
Issue of share capital - - 9,731
Total comprehensive income - 501,252 -
Balance at 31 March 2023 275 3,707,297 10,531

Changes in equity
Reduction in share capital (50 ) (437,205 ) -
Total comprehensive income - 325,662 -
Balance at 31 March 2024 225 3,595,754 10,531
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 April 2022 100 3,207,220 2,579 3,209,799

Changes in equity
Issue of share capital - 9,731 - 9,731
Dividends - - (426,974 ) (426,974 )
Total comprehensive income - 501,252 440,567 941,819
Balance at 31 March 2023 100 3,718,203 16,172 3,734,375

Changes in equity
Reduction in share capital 75 (437,180 ) - (437,180 )
Dividends - - (445,379 ) (445,379 )
Total comprehensive income - 325,662 463,021 788,683
Balance at 31 March 2024 175 3,606,685 33,814 3,640,499

Carver Engineering Holdings Limited (Registered number: 08802876)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 275 (3,053 ) 5,063,189 100 5,060,511

Changes in equity
Total comprehensive income - (7,581 ) - - (7,581 )
Balance at 31 March 2023 275 (10,634 ) 5,063,189 100 5,052,930

Changes in equity
Reduction in share capital (50 ) (437,205 ) - 75 (437,180 )
Total comprehensive income - 27,094 - - 27,094
Balance at 31 March 2024 225 (420,745 ) 5,063,189 175 4,642,844

Carver Engineering Holdings Limited (Registered number: 08802876)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (465,114 ) 2,730,695
Interest paid - (2 )
Interest element of hire purchase payments
paid

(665

)

4,418
Tax paid (220,334 ) 151,402
Net cash from operating activities (686,113 ) 2,886,513

Cash flows from investing activities
Purchase of tangible fixed assets (57,606 ) (84,574 )
Sale of tangible fixed assets - 9,999
Interest received 37,734 30,412
Net cash from investing activities (19,872 ) (44,163 )

Cash flows from financing activities
Capital repayments in year (15,597 ) 16,953
Amount introduced by directors 890,302 476,334
Amount withdrawn by directors (43,855 ) (911,973 )
Share issue (50 ) -
Net cash from financing activities 830,800 (418,686 )

Increase in cash and cash equivalents 124,815 2,423,664
Cash and cash equivalents at beginning
of year

2

915,554

1,053,762

Cash and cash equivalents at end of year 2 698,683 915,554

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 1,063,351 1,158,136
Depreciation charges 74,472 77,708
Loss on disposal of fixed assets 2,040 5,188
Government grants - (1,500 )
Finance costs 665 (4,416 )
Finance income (37,734 ) (30,412 )
1,102,794 1,204,704
(Increase)/decrease in stocks (8,000 ) 64,314
(Increase)/decrease in trade and other debtors (1,202,278 ) 682,797
(Decrease)/increase in trade and other creditors (357,630 ) 778,880
Cash generated from operations (465,114 ) 2,730,695

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 698,683 915,554
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 915,554 1,053,762


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 915,554 (216,871 ) 698,683
915,554 (216,871 ) 698,683
Debt
Finance leases (35,989 ) 15,597 (20,392 )
(35,989 ) 15,597 (20,392 )
Total 879,565 (201,274 ) 678,291

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Carver Engineering Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The financial statements consolidate the financial statements of Carver Engineering Holdings Limited and all of its subsidiary undertakings.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover in respect of contracts is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured at fair value of the consideration received or receivable, excluding discounts and VAT.

Where the outcome of a contract can be estimated reliably, contract revenue is recognised by reference to the stage of completion at each reporting date. Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent that it is probable that it will be recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on reducing balance and 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Grants received
Government and other grants are recognised in the financial statements when receivable.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Sales 1,232,902 223,016
General Fabrication 495,400 1,253,206
Railwork 8,313,540 11,119,229
Highways 3,222,734 121,241
13,264,576 12,716,692

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,172,465 2,125,975
Social security costs 223,134 217,928
Other pension costs 60,344 45,217
2,455,943 2,389,120

The average number of employees during the year was as follows:
31.3.24 31.3.23

Monthly 61 62

31.3.24 31.3.23
£    £   
Directors' remuneration 51,396 47,688
Directors' pension contributions to money purchase schemes 6,928 7,530
Compensation to director for loss of office - 30,000

5. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Equipment hire 464,684 1,033,490
Other operating leases 106,430 106,992
Depreciation - owned assets 68,081 57,776
Depreciation - assets on hire purchase contracts 6,392 19,424
Loss on disposal of fixed assets 2,040 5,188
Computer software amortisation - 510
Auditors' remuneration 10,640 15,750
Auditors' remuneration for non audit work 7,836 11,550
Other non- audit services 12,432 17,927

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest paid - 2
Hire purchase 665 (4,418 )
665 (4,416 )

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 262,087 217,111

Deferred tax 12,581 (794 )
Tax on profit 274,668 216,317

UK corporation tax has been charged at 25 % .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 1,063,351 1,158,136
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

265,838

220,046

Effects of:
Expenses not deductible for tax purposes 298 969
Capital allowances in excess of depreciation - (6,774 )
Depreciation in excess of capital allowances 4,087 -
Utilisation of tax losses (1,716 ) (4,367 )
Adjustments to tax charge in respect of previous periods (6,420 ) -
Deferred tax 12,581 (794 )

Losses carried back - 7,237
Total tax charge 274,668 216,317

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


9. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 1 April 2023 5,100
Disposals (5,100 )
At 31 March 2024 -
AMORTISATION
At 1 April 2023 3,060
Eliminated on disposal (3,060 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 2,040

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 813,150 287,368 162,400 50,524 1,313,442
Additions 45,071 6,740 - 5,795 57,606
At 31 March 2024 858,221 294,108 162,400 56,319 1,371,048
DEPRECIATION
At 1 April 2023 685,029 198,426 112,162 47,794 1,043,411
Charge for year 43,298 14,352 12,560 4,263 74,473
At 31 March 2024 728,327 212,778 124,722 52,057 1,117,884
NET BOOK VALUE
At 31 March 2024 129,894 81,330 37,678 4,262 253,164
At 31 March 2023 128,121 88,942 50,238 2,730 270,031

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 43,602 34,090 77,692
Transfer to ownership (43,602 ) - (43,602 )
At 31 March 2024 - 34,090 34,090
DEPRECIATION
At 1 April 2023 10,901 8,523 19,424
Charge for year - 6,392 6,392
Transfer to ownership (10,901 ) - (10,901 )
At 31 March 2024 - 14,915 14,915
NET BOOK VALUE
At 31 March 2024 - 19,175 19,175
At 31 March 2023 32,701 25,567 58,268

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 5,064,795
NET BOOK VALUE
At 31 March 2024 5,064,795
At 31 March 2023 5,064,795

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Carver Engineering Services Ltd
Registered office: 11 Brunel Close, Brunel Industrial Estate, Blythe Road, Doncaster, DN11 8QA
Nature of business: General Engineering & Fabrications
%
Class of shares: holding
Ordinary "A" £1 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 3,833,981 3,657,557
Profit for the year 588,719 987,226

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


11. FIXED ASSET INVESTMENTS - continued

Carver Engineering Access & Safety Solutions Ltd
Registered office: 11 Brunel Close, Brunel Industrial Estate, Blythe Road, Doncaster, DN11 8QA
Nature of business: Engineering and safety solutions.
%
Class of shares: holding
Ordinary "A" £1 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 228,474 88,680
Profit/(loss) for the year 222,144 (37,829 )


12. STOCKS

Group
31.3.24 31.3.23
£    £   
Stocks 8,000 -

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 2,515,086 1,297,656 - -
Amounts owed by group undertakings - - 468,999 654,131
Amounts recoverable on contract 1,834,057 2,374,879 - -
Other debtors 488,264 489,623 7,167 477,812
Directors' loan accounts 39,431 885,878 13,270 884,648
Tax 264 7,501 - -
VAT 165,951 156,625 - -
Prepayments 95,515 118,634 - -
5,138,568 5,330,796 489,436 2,016,591

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Hire purchase contracts (see note 16) 7,197 15,597 - -
Trade creditors 1,766,655 2,393,795 - -
Amounts owed to group undertakings - - 910,449 2,101,123
Tax 158,865 124,349 1,835 -
Social security and other taxes 45,391 60,980 - -
Other creditors 58,666 37,303 - -
Accruals and deferred income 351,487 87,751 6,000 6,000
2,388,261 2,719,775 918,284 2,107,123

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 16) 13,195 20,392

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Gross obligations repayable:
Within one year 7,197 16,137
Between one and five years 13,195 20,392
20,392 36,529

Finance charges repayable:
Within one year - 540

Net obligations repayable:
Within one year 7,197 15,597
Between one and five years 13,195 20,392
20,392 35,989

Group
Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 17,802 17,802
Between one and five years - 17,802
17,802 35,604

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts 20,392 35,989

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


18. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 56,460 43,879

Group
Deferred
tax
£   
Balance at 1 April 2023 43,879
Charge to Statement of Comprehensive Income during year 12,581
Balance at 31 March 2024 56,460

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
225 Ordinary £1.00 225 275
NIL - -
NIL - -
225 275

20. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 3,707,297 10,531 100 3,717,928
Profit for the year 325,662 325,662
Share buyback (437,205 ) - 75 (437,130 )
At 31 March 2024 3,595,754 10,531 175 3,606,460

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 (10,634 ) 5,063,189 100 5,052,655
Profit for the year 27,094 27,094
Share buyback (437,205 ) - 75 (437,130 )
At 31 March 2024 (420,745 ) 5,063,189 175 4,642,619


Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


21. PENSION COMMITMENTS

During the year the group made payments on behalf of its directors and employees to defined contribution schemes amounting to £45,217 (2022 - £46,176).

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
J Molloy
Balance outstanding at start of year 365,319 331,879
Amounts advanced 21,908 381,531
Amounts repaid (360,753 ) (348,091 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,474 365,319

P Molloy
Balance outstanding at start of year 452,540 329,931
Amounts advanced 39,973 485,392
Amounts repaid (477,812 ) (362,783 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,701 452,540

T J Sheppard
Balance outstanding at start of year 525,104 434,043
Amounts advanced 21,948 534,987
Amounts repaid (529,549 ) (443,926 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,503 525,104

All loans with directors are repayable on demand. P Molloy resigned on 23 March 2022, however there remains a balance outstanding at year end.

23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.3.24 31.3.23
£    £   
Management charges 156,000 156,000
Amount due from related parties 468,999 654,131
Amount due to related party 54,000 1,476,503

Other related parties
31.3.24 31.3.23
£    £   
Rent charge 85,660 85,600

Carver Engineering Holdings Limited (Registered number: 08802876)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024


24. ULTIMATE CONTROLLING PARTY

The group is considered to be under the control of its directors Mr T Sheppard and Mr J Molloy.