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REGISTERED NUMBER: 04786614 (England and Wales)















Strategic Report, Directors' Report and

Audited Financial Statements for the Year Ended 30 June 2024

for

Wordsworth Excavations Limited

Wordsworth Excavations Limited (Registered number: 04786614)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Strategic Report 2

Directors' Report 6

Report of the Independent Auditors 8

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


Wordsworth Excavations Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr Thomas Stephen Wordsworth
Mr Mark Briggs
Mr Dean Lax
Mr Joseph Nelson
Mr Luke Woodhead



REGISTERED OFFICE: Unit 1 Wordsworth Business Park
Whaley Road
Barugh Green
Barnsley
South Yorkshire
S75 1FJ



REGISTERED NUMBER: 04786614 (England and Wales)



INDEPENDENT AUDITORS: Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Virgin Money
1A Peel Square
Barnsley
South Yorkshire
S70 2PL

Wordsworth Excavations Limited (Registered number: 04786614)

Strategic Report
for the Year Ended 30 June 2024


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

REVIEW OF BUSINESS
During the year the company continued to operate within the construction industry, with the majority of sales relating to the preparation and development of sites and excavation works.

Turnover decreased by 10.9% in the year, this was due to several factors. Overall it was a very difficult year for the construction industry. The UK was still suffering from the effects of high inflation and added to this the inclement weather, which affected our entire financial year, had a negative impact on company performance. The issues highlighted above also affected the Gross Profit Margin which decreased from 35.0% to 24.0%. On a positive note our customer relationships remain strong and this has led to a vastly improved performance post year end, whereby, the years losses have already been earned back by February 2025.

The company's key financial and other performance indicators during the year were as follows:

Unit 2024 2023

Turnover £'000 34,094 38,267
Turnover growth % (10.9 ) (1.3 )
Gross profit margin % 24.0 35.0
Profit / (Loss) before tax £'000 (2,311 ) 3,257

The increase in administrative expenses has been mainly driven by inflation which has resulted in higher employee costs and other expenses; however, the directors are satisfied with their current level. There have been no exceptional items within the year.

Since the year end the company has seen turnover and profitability increase consistently back to previous levels. These higher levels are expected to continue for both the short and medium term as we are still winning new projects with new and existing customers. We fully expect turnover for the current year to increase by over 50%, which demonstrates how the company has quickly recovered. We also expect our margins to return to previous levels and then remain robust throughout the new year as we continue to focus on efficiencies and productivity. Post year end, the company's HP liabilities have also drastically reduced by over 2.8m and will reduce significantly further by year end.

As in the previous year, the directors recognise that, even though interest rates are reducing, that it is in the best interest of the company to concentrate on debt reduction within the medium term whilst maintaining and improving profitability. The company's KPI's remain the same for the coming period.

1. Overall Profitability
2. Project Profitability
3. Debt Reduction
4. Employee Turnover and Retention
5. Health & Safety Performance
6. Sustainability


Wordsworth Excavations Limited (Registered number: 04786614)

Strategic Report
for the Year Ended 30 June 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The main factors outside our control include the actions of our competitors, government policy and the macroeconomic environment. Our directors and senior management regularly review the competitive threats we face in order to identify the appropriate actions to be taken.

On writing this report we do appreciate that there is a degree of economic uncertainty within the UK. But, there is a new Government now in place and the BOE has decreased its base interest rate, and is forecasting further reductions will happen over the next 12 months. Bearing this in mind, we fully expect to achieve the plans for the current financial year, and sales and profitability we increase dramatically from the previous year. Our directors continually keep abreast of economic developments both positive and negative which enables swift and decisive decision making for the betterment of the company.

The main factors within our control are, our internal operations, and the recruitment, retention and training of the workforce with the appropriate skills necessary to provide the high-level services required to retain key customers. We also continue to invest in the best equipment that is available to our industry. Our customer relationships are incredibly important to the future of the business and as such these remain a key priority.

SECTION 172(1) STATEMENT
Set out below is the Company's section 172 report as required by the Regulations. The Regulations require Wordsworth Excavations Ltd to report how the Directors of the Company have considered their duties under section 172 (of the Companies Act 2006 (the "Act")) ("Section 172"), to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to:

a) the likely consequences of any decisions in the long term; refer to "Review Of The Business" "The Future"

b) the interests of the company's employees; refer to "Employee Engagement & Wellbeing" and "Health & Safety"

c) the need to foster the company's business relationships with suppliers, customers and others; refer to "The Future" and "Carbon Reduction"

d) the impact of the company's operations on the community and the environment; refer to "Carbon Reduction"

e) the reputation for a high standard of business conduct; this is covered in "Review of the Business" "The Future" and "Carbon Reduction"

f) the need to act fairly between members of the company; this is summarised below:

The company recognises the importance of maintaining strong relationships with its key stakeholders (employees, customers, suppliers, lenders) in order to create sustainable long-term growth, and the directors believe in open dialogue and transparency with all its stakeholder groups. This in turn builds trust which is one of the foundations of our business strategy.

The Board of Directors is responsible for setting the company's strategy and the reporting and monitoring of its overall performance. The Board believes that by engaging with its stakeholders, ultimately ensures the proper discharge of their duties under section 172 (1).

EMPLOYEE ENGAGEMENT AND DECISION MAKING
Employee retention is a fundamental requirement of the business and also one of our key strengths. We recognise that attracting, training, developing and ultimately retaining our workforce is a necessity for our business ethos. We give great value to the opinions of our employees, and we involve our workforce in many of our decision making activities as we see them as our greatest asset. Empowering our employees through independent decision making and continual training enables our entire team to be as strong as possible. The great service we provide to our customers can only be achieved by having a truly motivated and adaptable workforce working to the best of their abilities at all times. We invest heavily in the best training available to ensure that our employees are kept up to date will the latest knowledge and practices, ensuring excellent performance day in, day out.


Wordsworth Excavations Limited (Registered number: 04786614)

Strategic Report
for the Year Ended 30 June 2024


STREAMLINED ENERGY AND CARBON REPORTING
In accordance with the requirements of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the Members would like to disclose the following information for the calendar year 2023:

2024 2023
Type of Emission Activity Mwh tCO2e MWh tCO2e
Scope 1 Transport 26,387.6 6,314.1 32,021.7 7,783.8
Subtotal 26,387.6 6,314.1 32,021.7 7,783.8

Scope 2
Grid Supplied
Electricity

75.0

15.5

71.4

13.8
Subtotal 75.0 15.5 71.4 13.8
Scope 3 Grey Fleet 32.2 7.5 250.7 60.1
Supplier Transport 800.7 203.5 1,662.0 427.6
Subtotal 832.8 211.1 1,912.7 487.7
Total 27,295.4 6,540.7 34,005.8 8,285.3


As specified above, the information presented is for the calendar year 2023. The directors believe that whilst this is not in line with the company accounting period, it is still considered to be relevant. The directors will continue to prepare reports in line with the calendar year going forwards and as such this information will be comparable.

Intensity Ratios

2024
Energy intensity: 800.6 MWh / £million Revenue - 213.2 Mwh / total staff
Emissions intensity: 192.1 tCO2e / £million Revenue - 51.1 tCO2e / total staff

2023
Energy intensity: 888.7 MWh / £million Revenue - 259.6 Mwh / total staff
Emissions intensity: 216.5 tCO2e / £million Revenue - 63.2 tCO2e / total staff

Methodology

The methodology for the calculation of the CO2 equivalent emissions and energy consumption is based on the Greenhouse Gas Protocol Corporate Accounting Standard, the 2019 UK Government Environmental Reporting Guidelines, and the UK Government 2023 version 1.1 published greenhouse gas emission and energy factors. The operational control approach has been applied.

Energy Efficient Actions

There has been continued investment in new plant to maintain a modern fleet with high energy efficiency and that provides telemetric data. This promotes efficient plant deployment and operation and so helps to improve energy efficiency and reduce emissions intensity.


Wordsworth Excavations Limited (Registered number: 04786614)

Strategic Report
for the Year Ended 30 June 2024

THE FUTURE
The director's ambitions are to continue to expand the business in our current core market whilst seeking to diversify strategically into other growth areas where we can utilise our existing skill sets. Given that our workforce is based throughout the UK we see opportunities for us to further nurture relationships with existing and new clients alike in geographical locations that have been restricted to us thus far. Throughout the year we have strengthened our management team to ensure we are well equipped to meet our targets. Our proven track record will enable us to grow as a specialist contractor inline with our clients' requirements. Due to the fact we are a strategic supply chain partner for some of the largest main contractors in the UK construction sector, we see excellent potential over the coming years. We also see the construction sector as a whole, being one of the key contributors to the upturn in economic growth within the UK. Finally, we recognise that Customer and Supplier relationships are key to our economic growth and as such we will continue to invest time and energy to ensure that we are as important to them as they are to us.

CARBON REDUCTION
Wordsworth Excavations continue to recognise that our activities in the construction sector have consequences to the carbon footprint not only of our business but to the communities where the projects we deliver are based. We have been involved for some time now in ensuring that we reduce the carbon omitted in the delivering of the contracts that we are awarded. In the medium term we will be adopting a pioneering approach to delivering sustainable earthworks to logistics, distribution, infrastructure and highways projects throughout the UK. We aim to be market leading in the modern approaches to both implementing the reduction and then ultimately accurately recording the amount of CO2 created. As part of this will soon receive accreditation for ISO14064. Once achieved we will then aim to take the ultimate step by ensuring that we become a Carbon Neutral business. We see this as a fundamental and non-negotiable path to creating the environment that we all wish to inhabit. By engaging with our customers, suppliers and workforce we as stakeholders to these projects share a desire and a vision to deliver this and do whatever is necessary to reach our desired goals.

HEALTH & SAFETY
The Company operates in an industry where health and safety risks are prominent day to day. The Company is also subject to stringent regulations from a health and safety perspective. A serious health and safety incident would not only have a significant effect on the people involved but also on the company's reputation and most probably its financial performance. The company continues to invest heavily in its Health & Safety procedures and culture and this is driven by the directors and our Health & Safety department, who's responsibility is the safety of our employees and the employees of our customers. Employees complete formal training on regular intervals and are required to obtain certificates which prove their competence to carry our procedures in a safe manner. The strong Health & Safety culture is driven by the Managing Director right down through all the levels of the company. The overall result of our Health & Safety Strategy is seen within our current H&S record which is excellent.

We also believe that our ability to retain our employees is directly influenced by the above and as such means that our performance on site remains and the highest level which again enhances our Health & Safety Performance.

ON BEHALF OF THE BOARD:





Mr Thomas Stephen Wordsworth - Director


28 March 2025

Wordsworth Excavations Limited (Registered number: 04786614)

Directors' Report
for the Year Ended 30 June 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of ground engineering, specialising in demolition, site clearance and preparation for development and excavation.

DIVIDENDS
A dividend of £2,500,000 was paid in the year (2023 - £700,000).

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

Mr Thomas Stephen Wordsworth
Mr Mark Briggs
Mr Dean Lax

Other changes in directors holding office are as follows:

Mr Joseph Nelson and Mr Luke Woodhead were appointed as directors after 30 June 2024 but prior to the date of this report.

Mr Ian Raymond Booth ceased to be a director after 30 June 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The business' principal financial instrument comprise bank balances, trade debtors, trade creditors and hire purchase agreements. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The business is a lessee in respect of assets under hire purchase agreements. The liquidity risk in respect of these is managed by ensuring that are are sufficient funds to meet the payments due.


Wordsworth Excavations Limited (Registered number: 04786614)

Directors' Report
for the Year Ended 30 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr Thomas Stephen Wordsworth - Director


28 March 2025

Report of the Independent Auditors to the Members of
Wordsworth Excavations Limited


Opinion
We have audited the financial statements of Wordsworth Excavations Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2024 and of its loss 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, 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 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.

Report of the Independent Auditors to the Members of
Wordsworth Excavations Limited


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 where 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 Statement of Directors' Responsibilities set out on page seven, 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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- minimal reliance was placed upon the operating effectiveness of internal controls in the design and
performance of our substantive procedures;

- discussions were held with management considering known or suspected non-compliance with laws,
regulations and fraud;

- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular
emphasis on those with unusual account combinations, entries crediting revenue and those without specific
descriptions;

- management assumptions in their significant accounting estimates were challenged and scrutinised.

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

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.

Report of the Independent Auditors to the Members of
Wordsworth Excavations Limited


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.




Tom Henshaw (Senior Statutory Auditor)
for and on behalf of Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR

28 March 2025

Wordsworth Excavations Limited (Registered number: 04786614)

Income Statement
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   

TURNOVER 3 34,093,552 38,266,548

Cost of sales (25,909,501 ) (24,877,824 )
GROSS PROFIT 8,184,051 13,388,724

Administrative expenses (9,705,227 ) (9,562,879 )
OPERATING (LOSS)/PROFIT 5 (1,521,176 ) 3,825,845

Interest receivable and similar income 15,216 -
(1,505,960 ) 3,825,845

Interest payable and similar expenses 6 (805,086 ) (568,713 )
(LOSS)/PROFIT BEFORE TAXATION (2,311,046 ) 3,257,132

Tax on (loss)/profit 7 712,995 (339,232 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (1,598,051 ) 2,917,900

Wordsworth Excavations Limited (Registered number: 04786614)

Other Comprehensive Income
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,598,051 ) 2,917,900


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(1,598,051

)

2,917,900

Wordsworth Excavations Limited (Registered number: 04786614)

Balance Sheet
30 June 2024

30/6/24 30/6/23
Notes £    £   
FIXED ASSETS
Tangible assets 9 19,345,989 20,643,081

CURRENT ASSETS
Stocks 10 155,236 136,162
Debtors 11 15,694,519 11,563,503
Cash at bank 217,692 -
16,067,447 11,699,665
CREDITORS
Amounts falling due within one year 12 (18,110,881 ) (12,588,256 )
NET CURRENT LIABILITIES (2,043,434 ) (888,591 )
TOTAL ASSETS LESS CURRENT LIABILITIES 17,302,555 19,754,490

CREDITORS
Amounts falling due after more than one
year

13

(7,288,044

)

(5,465,886

)

PROVISIONS FOR LIABILITIES 17 (2,760,844 ) (2,936,886 )
NET ASSETS 7,253,667 11,351,718

CAPITAL AND RESERVES
Called up share capital 18 100 100
Capital redemption reserve 19 25 25
Retained earnings 19 7,253,542 11,351,593
SHAREHOLDERS' FUNDS 7,253,667 11,351,718

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





Mr Thomas Stephen Wordsworth - Director


Wordsworth Excavations Limited (Registered number: 04786614)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 100 9,133,693 25 9,133,818

Changes in equity
Dividends - (700,000 ) - (700,000 )
Total comprehensive income - 2,917,900 - 2,917,900
Balance at 30 June 2023 100 11,351,593 25 11,351,718

Changes in equity
Dividends - (2,500,000 ) - (2,500,000 )
Total comprehensive income - (1,598,051 ) - (1,598,051 )
Balance at 30 June 2024 100 7,253,542 25 7,253,667

Wordsworth Excavations Limited (Registered number: 04786614)

Cash Flow Statement
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,467,224 5,398,520
Interest paid (43,086 ) (8,073 )
Interest element of hire purchase
payments paid

(762,000

)

(560,640

)
Interest received 15,216 -
Taxation refund 1,070,028 -
Net cash from operating activities 3,747,382 4,829,807

Cash flows from investing activities
Purchase of tangible fixed assets (20,920 ) (391,383 )
Sale of tangible fixed assets 603,417 1,999,673
Net cash from investing activities 582,497 1,608,290

Cash flows from financing activities
Hire purchase repayments (1,030,845 ) (5,982,290 )
Equity dividends paid (2,500,000 ) (700,000 )
Net cash from financing activities (3,530,845 ) (6,682,290 )

Increase/(decrease) in cash and cash equivalents 799,034 (244,193 )
Cash and cash equivalents at beginning
of year

2

(581,342

)

(337,149

)

Cash and cash equivalents at end of
year

2

217,692

(581,342

)

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30/6/24 30/6/23
£    £   
(Loss)/profit before taxation (2,311,046 ) 3,257,132
Depreciation charges 3,391,466 3,416,455
Loss on disposal of fixed assets 253,513 79,193
Finance costs 805,086 568,713
Finance income (15,216 ) -
2,123,803 7,321,493
(Increase)/decrease in stocks (19,074 ) 5,909
Increase in trade and other debtors (4,664,091 ) (2,947,599 )
Increase in trade and other creditors 6,026,586 1,018,717
Cash generated from operations 3,467,224 5,398,520

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 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 217,692 -
Bank overdrafts - (581,342 )
217,692 (581,342 )
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Bank overdrafts (581,342 ) (337,149 )


Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/7/23 Cash flow changes At 30/6/24
£    £    £    £   
Net cash
Cash at bank - 217,692 217,692
Bank overdrafts (581,342 ) 581,342 -
(581,342 ) 799,034 217,692
Debt
Finance leases (11,925,746 ) 1,030,845 (2,930,384 ) (13,825,285 )
(11,925,746 ) 1,030,845 (2,930,384 ) (13,825,285 )
Total (12,507,088 ) 1,829,879 (2,930,384 ) (13,607,593 )

4. MAJOR NON-CASH TRANSACTIONS

During the year £2,930,384 (2023 - £6,489,205) of tangible fixed assets were acquired under hire purchase or finance leasing arrangements.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

Wordsworth Excavations 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 Company 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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Plant and machinery is a highly material balance within the financial statements. As a result of this the depreciation charge on the assets has a significant impact upon the reported profitability of the company. The charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are reviewed annually to reflect current estimated economic utilisation, physical condition and planned de-commissions. The carrying amount of assets involving significant judgement is £18,449,682 (2023 - £19,453,337).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company values works done for a period of time and then applies for payment based upon the assessed valuation. Revenue is recognised on the valuations in line with the period in which the works were undertaken.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

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

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
All of the company's financial instruments may be classified as basic and are accounted for in accordance with section 11 of FRS 102 - 'Basic Financial Instruments'. The accounting policies for the key financial instruments of the company are set out below.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The Directors continue to identify risks in relation to the current economic environment. However, with inflation now under control, interest rates continuing to fall and forecast to fall further, and a new government in place, the Directors believe that the future remains very positive. This belief is substantiated by the excellent post year end performance. The directors appreciate the need for the company to remain in a strong financial position and despite the previous financial year being very challenging, we believe the current year, which has already shown an instant return to profitability, will result in a record performance for both turnover and profit. The directors believe that the ongoing economic challenges will have no major impact on the company's ability to continue as a going concern. This is because, we have an excellent management team, which has been strengthened even more in recent months and all employees remain fully committed to the strong performance of the company. The relationships with our customers and suppliers remain strong and we are seen as an integral part of our customers supply chain. We have also recently won several new contracts with new customers thus expanding our customer base.

The company has returned to profitability in the post year end period and is forecasting to have another excellent year ending 30 June 2025. The focus for the coming year is to ensure sales and profitability remain strong and consistent and exceed the current 12 month forecast, while reducing short term and long term debt.

In addition, cash flow forecasts have been prepared and the company will be able to meet its obligations as they fall due and operate within its overdraft facility limit. The company continues to have the ongoing support of its bankers and creditors.

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

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

30/6/24 30/6/23
£    £   
Rendering of services 34,093,552 38,266,548
34,093,552 38,266,548

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

30/6/24 30/6/23
£    £   
United Kingdom 34,093,552 38,266,548
34,093,552 38,266,548

4. EMPLOYEES AND DIRECTORS
30/6/24 30/6/23
£    £   
Wages and salaries 5,450,073 5,835,419
Social security costs 630,915 653,342
Other pension costs 131,354 126,797
6,212,342 6,615,558

The average number of employees during the year was as follows:
30/6/24 30/6/23

Operations 89 98
Administration and support 35 29
Directors 4 4
128 131

30/6/24 30/6/23
£    £   
Directors' remuneration 259,581 406,254
Directors' pension contributions to money purchase schemes 12,642 12,559

Information regarding the highest paid director is as follows:
30/6/24 30/6/23
£    £   
Emoluments etc 116,667 159,361
Pension contributions to money purchase schemes 1,321 1,346

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

30/6/24 30/6/23
£    £   
Hire of plant and machinery 5,750,902 3,599,734
Other operating leases 181,967 118,700
Depreciation - owned assets 188,670 715,204
Depreciation - assets on hire purchase contracts 3,202,796 2,701,251
Loss on disposal of fixed assets 253,513 79,193
Auditors' remuneration 19,900 19,000
Other non- audit services 3,100 3,000

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


6. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/24 30/6/23
£    £   
Bank interest 43,086 8,251
Interest payable - (178 )
Hire purchase 762,000 560,640
805,086 568,713

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
30/6/24 30/6/23
£    £   
Current tax:
UK corporation tax - (533,075 )
Adjustments for prior years (536,953 ) -
Total current tax (536,953 ) (533,075 )

Deferred tax (176,042 ) 872,307
Tax on (loss)/profit (712,995 ) 339,232

UK corporation tax has been charged at 25% (2023 - 19%).

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

30/6/24 30/6/23
£    £   
(Loss)/profit before tax (2,311,046 ) 3,257,132
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 19%)

(577,762

)

618,855

Effects of:
Expenses not deductible for tax purposes 47,090 45,285
Capital allowances in excess of depreciation - (253,506 )
Adjustments to tax charge in respect of previous periods (182,323 ) 332,340
Changes in tax rates - 129,333
Research and development credits - (533,075 )
Total tax (credit)/charge (712,995 ) 339,232

Deferred taxation in the financial statements has been provided at 25%, being the main rate of tax that has been substantively enacted at the balance sheet date which will be applicable for the reversal of timing differences.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


8. DIVIDENDS
30/6/24 30/6/23
£    £   
A Ordinary shares of £1 each
Interim - 595,000
B Ordinary shares of £1 each
Interim 2,500,000 105,000
2,500,000 700,000

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 26,462,573 59,616 1,745,304 28,267,493
Additions 2,930,384 - 20,920 2,951,304
Disposals (1,676,850 ) - (29,310 ) (1,706,160 )
At 30 June 2024 27,716,107 59,616 1,736,914 29,512,637
DEPRECIATION
At 1 July 2023 7,009,236 31,812 583,364 7,624,412
Charge for year 3,100,631 4,172 286,663 3,391,466
Eliminated on disposal (843,442 ) - (5,788 ) (849,230 )
At 30 June 2024 9,266,425 35,984 864,239 10,166,648
NET BOOK VALUE
At 30 June 2024 18,449,682 23,632 872,675 19,345,989
At 30 June 2023 19,453,337 27,804 1,161,940 20,643,081

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


9. TANGIBLE FIXED ASSETS - continued

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 July 2023 21,339,844 1,217,889 22,557,733
Additions 2,930,384 - 2,930,384
Transfer to ownership 1,921,526 - 1,921,526
At 30 June 2024 26,191,754 1,217,889 27,409,643
DEPRECIATION
At 1 July 2023 4,490,637 321,834 4,812,471
Charge for year 2,977,769 225,027 3,202,796
Transfer to ownership 883,581 - 883,581
At 30 June 2024 8,351,987 546,861 8,898,848
NET BOOK VALUE
At 30 June 2024 17,839,767 671,028 18,510,795
At 30 June 2023 16,849,207 896,055 17,745,262

Assets under hire purchase agreements are pledged as security for the agreement to which they relate.

10. STOCKS
30/6/24 30/6/23
£    £   
Stocks 155,236 136,162

11. DEBTORS
30/6/24 30/6/23
£    £   
Amounts falling due within one year:
Trade debtors 14,272,815 8,348,149
Other debtors - 1,950,000
Tax - 533,075
VAT 893,075 401,473
Prepayments 201,834 156,373
15,367,724 11,389,070

Amounts falling due after more than one year:
Trade debtors 326,795 174,433

Aggregate amounts 15,694,519 11,563,503

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Bank loans and overdrafts (see note 14) - 581,342
Hire purchase contracts (see note 15) 6,537,241 6,459,860
Trade creditors 10,393,987 4,941,634
Social security and other taxes 174,101 159,708
Other creditors 21,570 24,132
Deferred income 569,497 -
Accrued expenses 414,485 421,580
18,110,881 12,588,256

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30/6/24 30/6/23
£    £   
Hire purchase contracts (see note 15) 7,288,044 5,465,886

14. LOANS

An analysis of the maturity of loans is given below:

30/6/24 30/6/23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 581,342

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30/6/24 30/6/23
£    £   
Net obligations repayable:
Within one year 6,537,241 6,459,860
Between one and five years 7,288,044 5,465,886
13,825,285 11,925,746

Non-cancellable operating leases
30/6/24 30/6/23
£    £   
Within one year 22,852 66,794
Between one and five years 9,845 32,697
32,697 99,491

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


16. SECURED DEBTS

The following secured debts are included within creditors:

30/6/24 30/6/23
£    £   
Bank overdraft - 581,342
Hire purchase contracts 13,825,285 11,925,746
13,825,285 12,507,088

The bank overdraft is secured through a debenture over the fixed and floating assets of the company.

The hire purchase and finance lease liabilities are secured by the assets to which the agreements relate.

17. PROVISIONS FOR LIABILITIES
30/6/24 30/6/23
£    £   
Deferred tax 2,760,844 2,936,886

Deferred
tax
£   
Balance at 1 July 2023 2,936,886
Credit to Income Statement during year (176,042 )
Balance at 30 June 2024 2,760,844

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
82 A Ordinary £1 82 82
18 B Ordinary £1 18 18
100 100

Each class of share has full and equal voting rights, with the right to receive dividends.

Wordsworth Excavations Limited (Registered number: 04786614)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 11,351,593 25 11,351,618
Deficit for the year (1,598,051 ) (1,598,051 )
Dividends (2,500,000 ) (2,500,000 )
At 30 June 2024 7,253,542 25 7,253,567

Retained earnings are the accumulated earnings and losses of the company, net of dividends and transfers.

Capital redemption reserve is the nominal value of the historic purchase of own shares by the company.

20. RELATED PARTY DISCLOSURES

Other related parties

Wordsworth Crushing Limited

The company is a related party as director of Wordsworth Excavations Limited, Mr T Wordsworth, has joint control of the company alongside close family members.

Related party transactions with the company primarily are the hire of plant and machinery. During the period, £271,325 of sales were made to the company.

At the balance sheet date £8,121 was owed to Wordsworth Crushing Limited.

Wordsworth Property Developments Limited

The company is a related party as director of Wordsworth Excavations Limited, Mr T Wordsworth, has joint control of the company alongside close family members.

Related party transactions with the company primarily are the hire of plant and machinery. During the period, £303,724 of sales were made to the company.

At the balance sheet date £171,262 was owed from Wordsworth Property Developments Limited.

21. CONTROL

The controlling party is Mr Thomas Stephen Wordsworth.

The ultimate controlling party is Mr Thomas Stephen Wordsworth.