REGISTERED NUMBER: 11112010 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
C3 CONSTRUCTION GROUP LIMITED |
REGISTERED NUMBER: 11112010 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
C3 CONSTRUCTION GROUP LIMITED |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 8 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
C3 CONSTRUCTION GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
1 Merus Court |
Meridian Business Park |
Leicester |
LE19 1RJ |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report of the Company and the Group for the year ended 30 September 2024. |
Introduction |
The principal activity of the Group during the year was that of groundwork, general building and site engineering. |
Review of business |
Over the last 12 months the business has continued to expand despite a more challenging housing market, and is active on over 60 sites across the Midlands. This has been achieved by working for a growing number of housebuilders and establishing a reputation for quality and reliability. As the business is focused on site infrastructure work as well as groundworks, this provides a balance to housing which can slow down if market conditions dictate. |
The directors remain focused on cost control and growing market share. There has been considerable investment in plant and machinery to ensure the Group is using the best equipment and technology available. The company continues to develop and invest in its people and their training. |
Whilst the outlook for 2025 still has a number of macroeconomic challenges, the directors are confident in C3's position as a leading groundworker and that the Group's reputation will lead to a strong pipeline of opportunities in a market which still suffers from a lack of sufficient housing. |
Principal risks and uncertainties |
The management of the business and the execution of the Group's strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes are put in place to monitor and mitigate them. |
Credit risk |
New credit customers undergo credit checks and are only accepted once approved by the credit controller. The Group undertakes perpetual review processes to ensure debts are collected in a timely manner and to minimise the risk that debts become irrecoverable. |
Liquidity risk |
The Group is financed by appropriate long and short term finance to match the needs of the business. |
Financial key performance indicators |
The key performance indicators of the Group are turnover, gross profit margin and net profit margin. |
During the year turnover has decreased by £15,634,740 (11%) to £122,235,719 compared to £137,870,459 in 2023. |
During the year gross profit margin has decreased by £2,090,714 (9%) to £19,908,294 compared to £21,999,008 in 2023. |
During the year profit before tax has decreased by £2,885,611 (48%) to £3,034,031 compared to £5,919,642 in 2023. |
Other key performance indicators |
The non financial key performance indicator of the Group is compliance with UK health and safety regulations including UK building regulations. The Group had no instances of non compliance during the period. |
Directors' statement of compliance with duty to promote the success of the Group. |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
S172 (1) statement |
During the year, the directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 whilst performing their duties. Decisions have been made in good faith to benefit the members as a whole and to promote the success of the Group. |
Specifically, the directors have considered the following: |
S172 (1) (a) The likely consequences of any decision in the long term |
The directors understand the business and the environment in which it operates and the consequences of any long term decisions. There is a clear plan for growth which ensures they deliver a reputable service whilst satisfying both customer and shareholder needs. Improving environmental performance and operating processes are a fundamental part of the business strategy. This is key to ensuring that the Group delivers a duty of care for the benefit of future generations. |
S172 (1) (b) The interests of the Group's employees |
The directors regularly engage with employees through internal communications when making decisions to ensure that the best course of action is delivered in the long term and that the Group's strategy takes into consideration all stakeholders of the Group, including the employees. Employee welfare and wellbeing is of utmost importance. Within the industry that the Group operates, ensuring that all employees work in a safe and healthy environment is paramount. This is ensured through regular external health and safety compliance checks. |
S172 (1) (c) The need to foster the Group's business relationships with suppliers, customers and others |
Building relationships with customers and suppliers is critical to the success of the business. Building relationships with key suppliers enables the success of the Group by delivering a quality service whilst ensuring minimal impact to the environment. |
S172 (1) (d) The impact of the Group's operations on the community and the environment |
The Group recognises the importance of minimising the impact of operations on the community and the environment and takes into consideration the views of all stakeholders. |
S172 (1) (e) The desirability of the Group maintaining a reputation for high standards of business conduct |
The Group acknowledges that sustainable growth is only achievable by maintaining a reputation quality and adhering to the codes of good business practice. |
S172 (1) (f) The need to act fairly between members of the Group |
When making decisions, the directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group. |
On behalf of the board: |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the Company and the Group for the year ended 30 September 2024. |
Dividends |
The profit for the year, after taxation and minority interests, amounted to £1,552,165 (2023 - £3,336,836). |
During the year a dividend of £1,003,622 (2023 - £1,911,538) was recommended by the directors. |
Future developments |
Going forward the directors are aiming to grow the Group further whilst keeping tight control over the cost base. |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Directors |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
M Adams |
S J Adams |
C Haldane |
C E McCathie |
M R Proudlove |
Other changes in directors holding office are as follows: |
M C Weatherley - resigned 12 August 2024 |
Streamlined energy and carbon reporting |
C3 Construction Group Limited is exempt from the requirement to disclose SECR information. The below disclosure relates solely to C3 Construction Limited. |
The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations. |
The Companies Act 2006 (Directors' Report) Regulation 2018 requires C3 Construction Limited to disclose annual UK energy consumption, emissions, intensity metrics and all energy efficiency improvements implemented for the financial period. The following disclosures achieve 100% verifiable data coverage with no estimation. Energy and Greenhouse Gas emissions have been independently calculated by Net Zero Compliance (a division of Inspired Energy PLC). |
This report (including the Scope 1, 2 and 3 consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol - A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol - Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019). |
Government Emissions Factor Database 2024 version 1.1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period 01/10/2023 - 30/09/2024. Estimations were undertaken to cover missing billing periods for properties directly invoiced to C3 Construction Limited. These were calculated on a kWh/day pro-rata basis at the meter level. |
100% verifiable data coverage was achieved, with no estimations required. This has decreased from the FY2023 estimation level of 8.15%. Market-based emissions were calculated using a supplier-specific emissions factor based on the electricity that C3 Construction Limited procure. |
Consumption (kwh) and greenhouse gas emissions (tc02e) totals |
The following figures show the consumption and associated emissions for this reporting year for our operations, with figures from the previous reporting period included for comparison. |
Scope 1 consumption and emissions relate to direct combustion of natural gas, and fuels utilised for transportation operations, such as company vehicle fleets. |
Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day-to-day business operations. |
Scope 3 consumption and emissions relate to emissions resulting from sources not directly owned by us. This relates to grey fleet (business travel undertaken in employee-owned vehicles) only. |
Totals |
The total consumption (kWh) figures for energy supplies reportable by C3 Construction Limited are as follows: |
Grid supplied Electricity (scope 2) - 118,024 kWh (2023 - 108,100 kWh) |
Gaseous and other fuels (scope 1) - 34,170,285 kWh (2023 - 48,597,592 kWh) |
Transportation (scope 1) - 9,445,314 kWh (2023 - 9,692,757 kWh) |
Transportation (scope 3) - 116,939 kWh (2023 - 102,805 kWh) |
Total - 43,850,562 kWh (2023 - 58,501,254 kWh) |
The total emission (tC02e) figures for energy supplies reportable by C3 Construction Limited are as follows: |
Grid-supplied Electricity (Scope 2) - 24.44 tC02e (2023 - 22.38 tC02e) |
Gaseous and other fuels (Scope 1) - 8,764.34 tC02e (2023 - 12,465.07 tC02e) |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Transportation (Scope 1) - 2,230.91 tC02e (2023 - 2,291.16 tC02e) |
Transportation (Scope 3) - 26.06 tC02e (2023 - 23.12 tC02e) |
Total - 11,045.75 tC02e (2023 - 14,801.74 tC02e) |
Intensity metric |
An intensity metric of tC02e per £m revenue has been applied for our annual total emissions and are as follows: |
tC02e / £m revenue - 90.36 (2023 - 107.36) |
Energy efficiency improvements |
C3 Construction Limited is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years. |
Measures ongoing and undertaken through FY2023/24: |
Fleet Efficiency Upgrades |
Efforts are being taken to upgrade and replace fleet vehicles and site vehicles to the most fuel efficient alternatives available when possible. Due to the operational constraints of the business, full electrification is not possible, so these efforts aim to maximise efficiency of fuel used in necessary business operations. |
Document Digitisation |
This year has seen the implementation of a new system that has kept documents digitised and eliminated the need to print purchase orders, invoices, and supporting documents. This has eliminated the printing of around 7,500 documents per month, reducing energy usage as well as waste. |
Measures to be addressed In FY2025 |
Continued Fleet Efficiency Upgrades |
There will be continued efforts to upgrade fleet vehicles and site vehicles to the most fuel efficient alternatives available when possible, in order to maximise energy efficiency while balancing the needs of the business. |
Reporting Methodology |
Scope 1, 2 and 3 consumption and C02e emissions data has been calculated in line with the 2019 UK Government environmental reporting guidance. Emissions Factor Database 2024 version 1 has been used, utilising the published kWh gross calorific value (CV) and kgC02e emissions factors relevant for reporting period 01/10/2023 - 30/09/2024. |
Statement of directors' responsibilities |
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). 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. |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
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, Haines Watts Audit EM Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C3 CONSTRUCTION GROUP LIMITED |
Opinion |
We have audited the financial statements of C3 Construction Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 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 30 September 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 and the Report of the Directors, 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C3 CONSTRUCTION GROUP LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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. |
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: |
- | Enquiry of management and those charged with governance around actual, potential or suspected litigation,claims, non-compliance with applicable laws and regulations and fraud. |
- | Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of noncompliance with laws and regulations |
- | Performing audit work over the risk of management override, including testing of journal entries and otheradjustments for appropriateness, evaluating the business rationale of significant transactions outside thenormal course of business and reviewing accounting estimates for bias. |
- | Reviewing of financial statements disclosures and testing to supporting documentation to assess compliancewith applicable laws and regulations. |
- | Discussions with the engagement team in relation to how and where fraud might occur in the financialstatements and any potential indicators of fraud. |
- | Reviewing any minutes for meetings during the year. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those |
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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. |
for and on behalf of |
1 Merus Court |
Meridian Business Park |
Leicester |
LE19 1RJ |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Turnover | 4 | 122,235,719 | 137,870,459 |
Cost of sales | 102,327,425 | 115,871,451 |
Gross profit | 19,908,294 | 21,999,008 |
Administrative expenses | 16,240,469 | 15,400,677 |
3,667,825 | 6,598,331 |
Other operating income | 466,987 | 154,950 |
Operating profit | 7 | 4,134,812 | 6,753,281 |
Interest payable and similar expenses | 9 | 1,100,781 | 833,639 |
Profit before taxation | 3,034,031 | 5,919,642 |
Tax on profit | 10 | 964,477 | 1,470,527 |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year | 2,069,554 | 4,449,115 |
Profit attributable to: |
Owners of the parent | 1,552,165 | 3,336,836 |
Non-controlling interests | 517,389 | 1,112,279 |
2,069,554 | 4,449,115 |
Total comprehensive income attributable to: |
Owners of the parent | 1,552,165 | 3,336,836 |
Non-controlling interests | 517,389 | 1,112,279 |
2,069,554 | 4,449,115 |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 13 | 2,470,306 | 3,176,108 |
Tangible assets | 14 | 19,235,733 | 18,372,109 |
Investments | 15 | - | - |
21,706,039 | 21,548,217 |
Current assets |
Stocks | 16 | 5,468,066 | 4,570,473 |
Debtors | 17 | 24,942,060 | 27,795,295 |
Cash at bank | 2,746,834 | 2,784,915 |
33,156,960 | 35,150,683 |
Creditors |
Amounts falling due within one year | 18 | (28,875,814 | ) | (31,954,741 | ) |
Net current assets | 4,281,146 | 3,195,942 |
Total assets less current liabilities | 25,987,185 | 24,744,159 |
Creditors |
Amounts falling due after more than one year |
19 |
(9,362,254 |
) |
(9,633,664 |
) |
Provisions for liabilities | 22 | (4,630,890 | ) | (4,182,287 | ) |
Net assets | 11,994,041 | 10,928,208 |
Capital and reserves |
Called up share capital | 23 | 188 | 225 |
Share premium | 24 | 77,925 | 77,925 |
Capital redemption reserve | 24 | 38 | - |
Retained earnings | 24 | 8,807,640 | 8,140,129 |
Shareholders' funds | 8,885,791 | 8,218,279 |
Non-controlling interests | 3,108,250 | 2,709,929 |
Total equity | 11,994,041 | 10,928,208 |
The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by: |
C E McCathie - Director |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
Current assets |
Debtors | 17 |
Creditors |
Amounts falling due within one year | 18 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
19 |
( |
) |
( |
) |
Net assets |
Capital and reserves |
Called up share capital | 23 |
Share premium | 24 |
Capital redemption reserve | 24 |
Retained earnings | 24 |
Shareholders' funds |
Company's profit for the financial year | 884,554 | 1,618,544 |
The financial statements were approved by the Board of Directors and authorised for issue on |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 October 2022 | 225 | 6,421,837 | 77,925 |
Changes in equity |
Dividends | - | (1,618,544 | ) | - |
Total comprehensive income | - | 3,336,836 | - |
Balance at 30 September 2023 | 225 | 8,140,129 | 77,925 |
Changes in equity |
Issue of share capital | (37 | ) | - | - |
Dividends | - | (884,554 | ) | - |
Total comprehensive income | - | 1,552,065 | - |
Balance at 30 September 2024 | 188 | 8,807,640 | 77,925 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 | - | 6,499,987 | 1,890,644 | 8,390,631 |
Changes in equity |
Dividends | - | (1,618,544 | ) | (292,994 | ) | (1,911,538 | ) |
Total comprehensive income | - | 3,336,836 | 1,112,279 | 4,449,115 |
Balance at 30 September 2023 | - | 8,218,279 | 2,709,929 | 10,928,208 |
Changes in equity |
Issue of share capital | - | (37 | ) | - | (37 | ) |
Dividends | - | (884,554 | ) | (119,068 | ) | (1,003,622 | ) |
Total comprehensive income | 38 | 1,552,103 | 517,389 | 2,069,492 |
Balance at 30 September 2024 | 38 | 8,885,791 | 3,108,250 | 11,994,041 |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2023 |
Changes in equity |
Issue of share capital | ( |
) | - | - | ( |
) |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2024 |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,707,913 | 8,198,566 |
Interest paid | (452,632 | ) | (242,000 | ) |
Tax paid | (75,786 | ) | (220,301 | ) |
Net cash from operating activities | 5,179,495 | 7,736,265 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (217,747 | ) | (747,665 | ) |
Sale of tangible fixed assets | 926,170 | 792,563 |
HP interest paid | (623,208 | ) | (430,149 | ) |
Net cash from investing activities | 85,215 | (385,251 | ) |
Cash flows from financing activities |
Repayment of secured loans | (1,458,333 | ) | (833,334 | ) |
Repayment of debenture loans | (200,000 | ) | (1,400,000 | ) |
Repayment of/new finance leases | (4,866,757 | ) | (4,834,418 | ) |
Purchase of own shares | (100 | ) | - |
Equity dividends paid | (1,003,622 | ) | (1,911,538 | ) |
Interest paid | (24,941 | ) | (161,490 | ) |
Net cash from financing activities | (7,553,753 | ) | (9,140,780 | ) |
Decrease in cash and cash equivalents | (2,289,043 | ) | (1,789,766 | ) |
Cash and cash equivalents at beginning of year |
2 |
951,863 |
2,741,629 |
Cash and cash equivalents at end of year | 2 | (1,337,180 | ) | 951,863 |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year | 2,069,554 | 4,449,115 |
Depreciation charges | 2,972,772 | 2,438,976 |
Loss on disposal of fixed assets | 200,830 | 130,474 |
Amortisation of intangible assets | 705,802 | 705,802 |
Finance costs | 1,100,781 | 833,639 |
Taxation | 964,477 | 1,470,527 |
8,014,216 | 10,028,533 |
Increase in stocks | (897,593 | ) | (1,069,923 | ) |
Decrease/(increase) in trade and other debtors | 2,853,272 | (1,867,177 | ) |
(Decrease)/increase in trade and other creditors | (4,261,982 | ) | 1,107,133 |
Cash generated from operations | 5,707,913 | 8,198,566 |
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 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 2,746,834 | 2,784,915 |
Bank overdrafts | (4,084,014 | ) | (1,833,052 | ) |
(1,337,180 | ) | 951,863 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 2,784,915 | 5,008,286 |
Bank overdrafts | (1,833,052 | ) | (2,266,657 | ) |
951,863 | 2,741,629 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 2,784,915 | (38,081 | ) | 2,746,834 |
Bank overdrafts | (1,833,052 | ) | (2,250,962 | ) | (4,084,014 | ) |
951,863 | (2,289,043 | ) | (1,337,180 | ) |
Debt |
Debts falling due within 1 year | (1,458,333 | ) | 1,458,333 | - |
(1,458,333 | ) | 1,458,333 | - |
Total | (506,470 | ) | (830,710 | ) | (1,337,180 | ) |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
C3 Construction Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
After reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the Group has adequate resources and support to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial information. The directors therefore believe the Group has the ability to continue as a going concern for the next 12 months. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Groups accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3. |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Group will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income. |
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. |
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. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Financial instruments |
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction cost, present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Impairment of intangible assets and goodwill |
The Group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash fIows. |
(ii) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(iii) Stock and work in progress provisioning |
The Group continues to provide groundworking, general building and site engineering services and is exposed to changes in the market prices of raw materials it uses. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated sales and future usage of raw materials. |
With regards to work in progress valuations, management will consider materials usage and labour costs incurred on projects currently in progress. |
(iv) Impairment of debtors |
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
4. | 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: |
2024 | 2023 |
£ | £ |
Groundwork & general building | 122,235,719 | 137,870,459 |
122,235,719 | 137,870,459 |
All turnover arose within the United Kingdom. |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,853,204 | 4,704,390 |
Social security costs | 594,957 | 620,879 |
Other pension costs | 84,503 | 100,266 |
5,532,664 | 5,425,535 |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production staff | 23 | 28 |
Administrative staff | 79 | 76 |
Management staff | 7 | 7 |
The average number of employees by undertakings that were proportionately consolidated during the year was 6 (2023 - 6 ) . |
6. | DIRECTORS' EMOLUMENTS |
During the year, directors' emoluments totalled £130,491 (2023 - £120,816). |
During the year retirement benefits were accruing to 6 directors (2023 - 6) in respect of defined contribution pension schemes. |
7. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 305,115 | 335,839 |
Depreciation - assets on hire purchase contracts or finance leases | 2,667,657 | 2,103,137 |
Loss on disposal of fixed assets | 200,830 | 130,474 |
Goodwill amortisation | 705,802 | 705,802 |
Operating lease rentals | 387,999 | 317,850 |
8. | AUDITORS' REMUNERATION |
During the year, the Group obtained the following services from the Company's auditors: |
2024 | 2023 |
£ | £ |
Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements |
29,000 |
30,000 |
Fees payable to the Group's auditor and its associates in respect of: |
Audit-related assurance services | 9,000 | 3,500 |
Taxation compliance services | 5,250 | 52,792 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest payable | 24,941 | 161,490 |
Other interest | 452,632 | 242,000 |
Hire purchase | 623,208 | 430,149 |
1,100,781 | 833,639 |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 515,874 | 161,989 |
Deferred tax | 448,603 | 1,308,538 |
Tax on profit | 964,477 | 1,470,527 |
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: |
2024 | 2023 |
£ | £ |
Profit before tax | 3,034,031 | 5,919,642 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22 %) |
758,508 |
1,302,321 |
Effects of: |
Expenses not deductible for tax purposes | 39,672 | 13,947 |
Capital allowances in excess of depreciation | (509,346 | ) | (86,312 | ) |
Adjustments to tax charge in respect of previous periods | - | 84,366 |
Loss on disposal of tangible fixed assets | 50,208 | - |
Non-tax deductible amortisation of goodwill and impairment | 176,450 | 155,276 |
Other timing differences leading to an increase in taxation | 448,603 | 929 |
Changes in provisions leading to an increase in the tax charge | 382 | - |
Total tax charge | 964,477 | 1,470,527 |
11. | PARENT COMPANY PROFIT FOR THE YEAR |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £884,454 (2023 - £1,618,544). |
12. | DIVIDENDS |
Dividends declared in the year totalled £884,554 (2023 - £1,618,544). |
13. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
Cost |
At 1 October 2023 |
and 30 September 2024 | 7,058,018 |
Amortisation |
At 1 October 2023 | 3,881,910 |
Amortisation for year | 705,802 |
At 30 September 2024 | 4,587,712 |
Net book value |
At 30 September 2024 | 2,470,306 |
At 30 September 2023 | 3,176,108 |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
14. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 October 2023 | 17,135,438 | 514,359 | 6,804,750 | 24,454,547 |
Additions | 3,301,266 | 56,155 | 1,647,726 | 5,005,147 |
Disposals | (1,973,404 | ) | - | (313,941 | ) | (2,287,345 | ) |
At 30 September 2024 | 18,463,300 | 570,514 | 8,138,535 | 27,172,349 |
Depreciation |
At 1 October 2023 | 3,342,731 | 420,558 | 2,319,149 | 6,082,438 |
Charge for year | 1,850,089 | 58,640 | 1,064,043 | 2,972,772 |
Eliminated on disposal | (935,477 | ) | - | (183,117 | ) | (1,118,594 | ) |
At 30 September 2024 | 4,257,343 | 479,198 | 3,200,075 | 7,936,616 |
Net book value |
At 30 September 2024 | 14,205,957 | 91,316 | 4,938,460 | 19,235,733 |
At 30 September 2023 | 13,792,707 | 93,801 | 4,485,601 | 18,372,109 |
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: |
2024 | 2023 |
£ | £ |
Plant and machinery | 13,763,563 | 10,759,059 |
Motor vehicles | 4,770,555 | 3,996,605 |
18,534,118 | 14,755,664 |
15. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 October 2023 |
and 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1 Merus Court, Meridian Business Park, Leicester, LE19 1RJ |
Nature of business: |
% |
Class of shares: | holding |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
Registered office: 1 Merus Court, Meridian Business Park, Leicester, LE19 1RJ |
Nature of business: |
% |
Class of shares: | holding |
16. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Raw materials | 3,168,429 | 3,246,247 |
Work-in-progress | 2,299,637 | 1,324,226 |
5,468,066 | 4,570,473 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 22,475,483 | 24,850,734 |
Other debtors | 1,547,625 | 1,909,847 |
Prepayments and accrued income | 918,952 | 1,034,714 |
24,942,060 | 27,795,295 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 20) | 4,084,014 | 3,291,385 |
Trade creditors | 16,797,647 | 20,815,348 | ( |
) | ( |
) |
Amounts owed to group undertakings | - | - |
Tax | 495,871 | 55,783 |
Social security and other taxes | 217,620 | 163,341 |
Other creditors | 14,877 | 13,998 |
Debenture loans | 1,200,000 | 1,200,000 | 1,200,000 | 1,200,000 |
Obligations under finance |
lease and hire purchase |
contracts | 4,045,675 | 4,095,337 | - | - |
Accruals and deferred income | 2,020,110 | 2,319,549 |
28,875,814 | 31,954,741 |
Arbuthnot Commercial Asset Based Lending Limited hold a fixed and floating charge dated 11 July 2022 over all the property or undertakings of the Company. |
Lloyds Bank Plc hold a debenture dated 23 August 2016 over all of the property and assets of the Company. |
Net obligations under hire purchase contracts amounting to £4,045,675 (2023 - £4,095,337) are secured by the Company against the assets to which they relate. |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Obligations under finance |
leases and hire purchase |
contracts | 6,617,104 | 6,688,514 | - | - |
Debenture loans | 2,745,150 | 2,945,150 | 2,745,150 | 2,945,150 |
9,362,254 | 9,633,664 |
Arbuthnot Commercial Asset Based Lending Limited hold a fixed and floating charge dated 11 July 2022 over all the property or undertakings of the Company. |
Lloyds Bank Plc hold a debenture dated 23 August 2016 over all of the property and assets of the Company. |
Net obligations under hire purchase contracts amounting to £6,617,104 (2023 - £6,688,514) are secured by the Company against the assets to which they relate. |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 4,084,014 | 1,833,052 |
Bank loans | - | 1,458,333 |
4,084,014 | 3,291,385 |
21. | LEASING AGREEMENTS |
Minimum lease payments under hire purchases fall due as follows: |
Group | Group |
2024 | 2023 |
£ | £ |
Within one year | 4,045,675 | 4,095,337 |
Between 1-5 years | 6,617,104 | 6,688,514 |
10,662,779 | 10,783,851 |
22. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 4,630,890 | 4,182,287 |
Group |
Deferred tax |
£ |
Balance at 1 October 2023 | 4,182,287 |
Charge to Statement of Comprehensive Income during year | 448,603 |
Balance at 30 September 2024 | 4,630,890 |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
23. | CALLED UP SHARE CAPITAL |
2024 | 2023 |
£ | £ |
Alloted, called up and fully paid |
7,500 (2023 - 7,500) Ordinary A shares of £0.010 each | 75.00 | 75.0 |
3,750 (2023 - 3,750) Ordinary B shares of £0.010 each | 37.5 | 37.5 |
0 (2023 - 3,750) Ordinary C shares of £0.010 each | - | 37.5 |
3,750 (2023 - 3,750) Ordinary D shares of £0.010 each | 37.5 | 37.5 |
3,750 (2023 - 3,750) Ordinary E shares of £0.010 each | 37.5 | 37.5 |
187.5 | 225.0 |
24. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2023 | 8,140,129 | 77,925 | - | 8,218,054 |
Profit for the year | 1,552,165 | 1,552,165 |
Dividends | (884,554 | ) | (884,554 | ) |
Purchase of own shares | (100 | ) | - | 38 | (62 | ) |
At 30 September 2024 | 8,807,640 | 77,925 | 38 | 8,885,603 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2023 | 1,077,925 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (100 | ) | - | 38 | (62 | ) |
At 30 September 2024 | 1,077,863 |
Retained Earnings |
Includes all current and prior period retained profits and losses. All amounts are distributable. |
Share Premium |
Includes the premium attached to the new shares issued in prior periods. |
Capital Redemption Reserve |
The statutory, non-distributable reserve into which amounts were transferred following the redemption of the Company's own shares. |
25. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 404,700 | - |
26. | TRANSACTIONS WITH DIRECTORS |
The Company has agreed to act as guarantor for £3,945,150 fixed loan notes created by C3 Construction Group Limited and owed to J Denham, M Johnson and D Humberstone. The charge, registered on 22 March 2018, is secured against all of the property and assets of the Group. |
C3 CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 11112010) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
27. | RELATED PARTY DISCLOSURES |
During the year amounts totalling £200,000 (2023 - £1,322,000) were advanced to associated undertakings of the Company. At the year end £8,489,724 (2023 - £8,289,624) was due to the Group in respect of these advances. |
Total key management personnel remuneration for the year was £225,659 (2023 - £142,510). |
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, section 1AC.35. |
28. | CONTROLLING PARTY |
The directors do not consider there to be an ultimate controlling party in the year. |
29. | COMMITMENTS UNDER OPERATING LEASES |
At 30 September 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods: |
Group | Group |
2024 | 2023 |
£ | £ |
Land and buildings |
Not later than 1 year | 114,391 | 105,000 |
Later than 1 year and not later than 5 years | 367,500 | 420,000 |
Later than 5 years | 78,750 |
481,891 | 603,750 |
Group | Group |
2024 | 2023 |
£ | £ |
Other |
Not later than 1 year | 200,912 | 200,912 |
Later than 1 year and not later than 5 years | 205,789 | 129,499 |
Later than 5 years | - | 54,349 |
406,701 | 384,760 |