REGISTERED NUMBER: 13277258 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
CRAIG FURSE CONSTRUCTION LIMITED |
REGISTERED NUMBER: 13277258 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
CRAIG FURSE CONSTRUCTION LIMITED |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Statement of Director's Responsibilities | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other 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 |
CRAIG FURSE CONSTRUCTION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
St. John's House, |
Castle Street, |
Taunton |
Somerset |
TA1 4AY |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The directors present their report and the audited consolidated financial statements for the year ended 31 August 2024. |
REVIEW OF BUSINESS |
The group operates in the construction sector, with its trading subsidiary, C&R Construction South West Ltd, specialising in the design, fabrication, and installation of steel-framed buildings. The 2024 financial year presented challenges due to a downturn in the construction industry, particularly in the agricultural sector. Global supply chain disruptions, economic uncertainty, and adverse weather conditions led to a temporary decline in turnover and profitability. However, as market conditions improved, the group experienced a strong recovery, with increased demand across key sectors. |
Looking ahead, the outlook for the next financial period is positive. Market confidence has returned, and the group continues to invest in fabrication capacity, workforce development, and client relationships. The resurgence in demand for steel-framed agricultural buildings, in particular, has contributed to renewed business activity. The group's integrated approach, managing projects from conception through to completion, has remained a key strength in maintaining efficiency and delivering high-quality results. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group operates in a competitive and evolving market, facing several risks and uncertainties. Market volatility continues to impact demand for new buildings and infrastructure projects, particularly in the agricultural and commercial construction sectors. Fluctuations in material costs and supply chain disruptions remain a challenge, requiring careful management of supplier relationships to mitigate financial exposure. |
Weather-related disruptions have had a particular impact on the agricultural sector, reducing investment in infrastructure projects. Economic and regulatory changes, including government policies on infrastructure investment and grants, also influence market demand. The group remains proactive in monitoring these risks, employing strategic planning and financial controls to ensure operational stability and adaptability. |
KEY PERFORMANCE INDICATORS |
The group monitors its performance using a range of key financial and operational indicators, including turnover growth, profitability, project completion timelines, and client satisfaction. Turnover and profitability declined during the year due to broader industry challenges, but the business has seen a strong recovery, with early indicators suggesting performance will return to pre-downturn levels. The directors continue to review financial and operational performance to support long-term strategic planning and sustainable growth. |
ON BEHALF OF THE BOARD: |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group remains construction, with its trading subsidiary, C&R Construction South West Ltd, specialising in the design, fabrication, and installation of steel-framed buildings. The group’s capabilities extend to groundworks, concreting, and project management, providing a comprehensive service to agricultural, commercial, and industrial clients. The parent and holding companies do not engage in significant trading activities but provide financial and strategic oversight to support the operations of the trading subsidiary. |
DIVIDENDS |
No interim dividend was paid during the year. The director recommends a final dividend of £85.00 per share. |
The total distribution of dividends for the year ended 31 August 2024 will be £ 85,000 . |
DIRECTOR |
GOING CONCERN |
The directors have assessed the group’s financial position and confirm that it remains a going concern. Despite industry-wide challenges during the financial year, the group has demonstrated resilience, and financial projections indicate a strong recovery. The directors have reviewed financial forecasts covering a 12-month period from the date of approval of these financial statements and are confident that the group has adequate resources to continue operations. The increasing order book, stable supplier relationships, and projected return to 2023 turnover and profitability levels support this assessment. |
ENGAGEMENT WITH EMPLOYEES |
The group recognises the importance of its workforce in delivering high-quality projects and maintaining strong client relationships. Investments have been made in staff training and professional development to ensure employees remain equipped with the latest industry knowledge and technical skills. The directors remain committed to fostering a safe, inclusive, and rewarding work environment to promote long-term employee retention and engagement. |
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. |
Each director has fulfilled their duties to ensure awareness of relevant audit information and confirm no undisclosed information to the auditor. |
AUDITORS |
The auditors, Mitchells, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The directors acknowledge their responsibilities for preparing the Annual Report and financial statements in accordance with applicable laws and regulations. |
Company law mandates the directors to prepare financial statements for each financial year, opting to align with UK adopted International Financial Reporting Standards (IFRSs). They must not approve the financial statements unless satisfied that they present a true and fair view of the group and company's state of affairs, and the profit or loss for the period. In their preparation, the directors must: |
- Select suitable accounting policies and consistently apply them. |
- Make reasonable and prudent judgments and accounting estimates. |
- State adherence to applicable UK adopted IFRSs, with any material departures disclosed and explained. |
- Prepare the financial statements on a going concern basis unless inappropriate to presume the company's continuity. |
The directors are accountable for maintaining adequate accounting records, sufficiently documenting the group's and company's transactions, and ensuring accurate disclosure of their financial position at any time, complying with the Companies Act 2006. They are also responsible for safeguarding the group's and company's assets, taking reasonable measures for fraud prevention and detection. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CRAIG FURSE CONSTRUCTION LIMITED |
Opinion |
We have audited the financial statements of Craig Furse Construction Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director 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 Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CRAIG FURSE CONSTRUCTION LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CRAIG FURSE CONSTRUCTION LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. |
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. |
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: |
· Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
· Reviewing minutes of meetings of those charged with governance; |
· Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; |
· Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
· Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
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 |
CRAIG FURSE CONSTRUCTION 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
St. John's House, |
Castle Street, |
Taunton |
Somerset |
TA1 4AY |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
TURNOVER | 15,177,246 | 19,164,002 |
Cost of sales | 11,313,695 | 13,642,489 |
GROSS PROFIT | 3,863,551 | 5,521,513 |
Administrative expenses | 1,530,310 | 1,326,358 |
OPERATING PROFIT | 4 | 2,333,241 | 4,195,155 |
Interest receivable and similar income | 44,224 | 18,673 |
2,377,465 | 4,213,828 |
Interest payable and similar expenses | 5 | 295 | - |
PROFIT BEFORE TAXATION | 2,377,170 | 4,213,828 |
Tax on profit | 6 | 476,682 | 661,323 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 968,672 | 1,811,502 |
Non-controlling interests | 931,816 | 1,741,003 |
1,900,488 | 3,552,505 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 AUGUST 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,900,488 | 3,552,505 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,900,488 |
3,552,505 |
Total comprehensive income attributable to: |
Owners of the parent | 968,672 | 1,811,502 |
Non-controlling interests | 931,816 | 1,741,003 |
1,900,488 | 3,552,505 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
CONSOLIDATED BALANCE SHEET |
31 AUGUST 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 140,561 | 193,904 |
Tangible assets | 10 | 1,362,827 | 1,198,301 |
Investments | 11 |
Interest in associate | 1 | - |
Other investments | 100 | - |
1,503,489 | 1,392,205 |
CURRENT ASSETS |
Stocks | 12 | 151,455 | 101,934 |
Debtors | 13 | 6,414,245 | 5,179,071 |
Cash at bank | 2,482,067 | 3,608,768 |
9,047,767 | 8,889,773 |
CREDITORS |
Amounts falling due within one year | 14 | 2,054,398 | 2,683,429 |
NET CURRENT ASSETS | 6,993,369 | 6,206,344 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,496,858 |
7,598,549 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(21,767 |
) |
- |
PROVISIONS FOR LIABILITIES | 17 | (340,707 | ) | (299,574 | ) |
NET ASSETS | 8,134,384 | 7,298,975 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 1,000 | 1,000 |
Share premium | 19 | 3,200,000 | 3,200,000 |
Retained earnings | 19 | 3,586,961 | 2,948,289 |
SHAREHOLDERS' FUNDS | 6,787,961 | 6,149,289 |
NON-CONTROLLING INTERESTS | 1,346,423 | 1,149,686 |
TOTAL EQUITY | 8,134,384 | 7,298,975 |
The financial statements were approved by the director and authorised for issue on 2 April 2025 and were signed by: |
C K Furse - Director |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
COMPANY BALANCE SHEET |
31 AUGUST 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 | 1,000 | 1,000 |
Share premium | 19 | 3,200,000 | 3,200,000 |
Retained earnings | 19 | 2,737,571 | 1,752,548 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,070,023 | 1,802,248 |
The financial statements were approved by the director and authorised for issue on |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 September 2022 | 1,000 | 1,321,787 | 3,200,000 |
Changes in equity |
Dividends | - | (185,000 | ) | - |
Total comprehensive income | - | 1,811,502 | - |
Balance at 31 August 2023 | 1,000 | 2,948,289 | 3,200,000 |
Changes in equity |
Dividends | - | (85,000 | ) | - |
Total comprehensive income | - | 968,672 | - |
Balance at 31 August 2024 | 1,000 | 3,831,961 | 3,200,000 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 September 2022 | 4,522,787 | 1,138,806 | 5,661,593 |
Changes in equity |
Dividends | (185,000 | ) | (1,730,123 | ) | (1,915,123 | ) |
Total comprehensive income | 1,811,502 | 1,741,003 | 3,552,505 |
Balance at 31 August 2023 | 6,149,289 | 1,149,686 | 7,298,975 |
Changes in equity |
Dividends | (85,000 | ) | (980,079 | ) | (1,065,079 | ) |
Total comprehensive income | 968,672 | 931,816 | 1,900,488 |
Balance at 31 August 2024 | 7,032,961 | 1,101,423 | 8,134,384 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 September 2022 | 1,000 | 135,300 | 3,200,000 | 3,336,300 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 August 2023 | 1,000 | 1,752,548 | 3,200,000 | 4,953,548 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 August 2024 | 1,000 | 2,737,571 | 3,200,000 | 5,938,571 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 825,998 | 4,093,023 |
Interest element of hire purchase payments paid |
(295 |
) |
- |
Tax paid | (701,419 | ) | (911,346 | ) |
Net cash from operating activities | 124,284 | 3,181,677 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (23,263 | ) |
Purchase of tangible fixed assets | (478,112 | ) | (381,923 | ) |
Purchase of fixed asset investments | (101 | ) | - |
Sale of tangible fixed assets | 107,747 | 45,251 |
Impairment of intangible fixed assets | 23,263 | - |
Interest received | 44,224 | 18,673 |
Net cash from investing activities | (302,979 | ) | (341,262 | ) |
Cash flows from financing activities |
Capital repayments in year | 47,767 | - |
Amount introduced by directors | 76,576 | - |
Amount withdrawn by directors | (7,270 | ) | (14,100 | ) |
Dividends Paid to NCI | (980,079 | ) | (1,730,123 | ) |
Equity dividends paid | (85,000 | ) | (185,000 | ) |
Net cash from financing activities | (948,006 | ) | (1,929,223 | ) |
(Decrease)/increase in cash and cash equivalents | (1,126,701 | ) | 911,192 |
Cash and cash equivalents at beginning of year |
2 |
3,608,768 |
2,697,576 |
Cash and cash equivalents at end of year | 2 | 2,482,067 | 3,608,768 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.8.24 | 31.8.23 |
£ | £ |
Profit before taxation | 2,377,170 | 4,213,828 |
Depreciation charges | 235,115 | 195,645 |
Loss/(profit) on disposal of fixed assets | 804 | (15,783 | ) |
Finance costs | 295 | - |
Finance income | (44,224 | ) | (18,673 | ) |
2,569,160 | 4,375,017 |
(Increase)/decrease in stocks | (49,521 | ) | 23,163 |
Increase in trade and other debtors | (1,235,174 | ) | (435,150 | ) |
(Decrease)/increase in trade and other creditors | (458,467 | ) | 129,993 |
Cash generated from operations | 825,998 | 4,093,023 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2024 |
31.8.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 2,482,067 | 3,608,768 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 3,608,768 | 2,697,576 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.23 | Cash flow | At 31.8.24 |
£ | £ | £ |
Net cash |
Cash at bank | 3,608,768 | (1,126,701 | ) | 2,482,067 |
3,608,768 | (1,126,701 | ) | 2,482,067 |
Debt |
Finance leases | - | (47,767 | ) | (47,767 | ) |
- | (47,767 | ) | (47,767 | ) |
Total | 3,608,768 | (1,174,468 | ) | 2,434,300 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Craig Furse Construction Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings for the year ended 31 August 2024. A subsidiary is an entity controlled by the parent. Control is achieved when the parent has the power to govern the financial and operating policies of an entity to obtain benefits from its activities. |
The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate. |
All intra-group transactions, balances, income, and expenses are eliminated on consolidation. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Revenue from contracts is recognised an output method, resulting in revenue being recognised on the basis of direct measurement of the value of goods or services transferred to date and to the extent that each of the vendor’s performance obligations have been satisfied. |
Goodwill |
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. |
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
3. | EMPLOYEES AND DIRECTORS |
31.8.24 | 31.8.23 |
£ | £ |
Wages and salaries | 1,589,925 | 1,445,575 |
Other pension costs | 156,839 | 115,870 |
1,746,764 | 1,561,445 |
The average number of employees during the year was as follows: |
31.8.24 | 31.8.23 |
Administration | 10 | 9 |
General | 27 | 25 |
Directors | 1 | 1 |
31.8.24 | 31.8.23 |
£ | £ |
Director's remuneration | 9,100 | 8,264 |
Director's pension contributions to money purchase schemes | 68,333 | 40,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.8.24 | 31.8.23 |
£ | £ |
Hire of plant and machinery | 405,667 | 667,197 |
Other operating leases | 74,382 | 70,794 |
Depreciation - owned assets | 205,035 | 185,565 |
Loss/(profit) on disposal of fixed assets | 804 | (15,783 | ) |
Goodwill amortisation | 30,080 | 10,080 |
Auditors' remuneration | 7,594 | 7,150 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.8.24 | 31.8.23 |
£ | £ |
Hire purchase | 295 | - |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Current tax: |
UK corporation tax | 435,550 | 616,591 |
Deferred tax | 41,132 | 44,732 |
Tax on profit | 476,682 | 661,323 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
6. | TAXATION - continued |
Reconciliation of total tax 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: |
31.8.24 | 31.8.23 |
£ | £ |
Profit before tax | 2,377,170 | 4,213,828 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.515 %) |
594,293 |
906,605 |
Effects of: |
Expenses not deductible for tax purposes | 49 | 51 |
Capital allowances in excess of depreciation | (48,471 | ) | (41,003 | ) |
Deferred tax movement re capital allowances | 41,133 | 44,733 |
R&D relief | (110,322 | ) | (249,063 | ) |
Total tax charge | 476,682 | 661,323 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
31.8.24 | 31.8.23 |
£ | £ |
Ordinary shares shares of £1 each |
Final | 85,000 | 92,500 |
Interim | - | 92,500 |
85,000 | 185,000 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 September 2023 | 224,064 |
Impairments | (40,313 | ) |
Reclassification/transfer | 17,050 |
At 31 August 2024 | 200,801 |
AMORTISATION |
At 1 September 2023 | 30,160 |
Amortisation for year | 30,080 |
At 31 August 2024 | 60,240 |
NET BOOK VALUE |
At 31 August 2024 | 140,561 |
At 31 August 2023 | 193,904 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 | 1,513,047 | 14,186 | 621,966 | 2,149,199 |
Additions | 338,891 | 4,333 | 134,888 | 478,112 |
Disposals | (225,729 | ) | (146 | ) | (33,500 | ) | (259,375 | ) |
At 31 August 2024 | 1,626,209 | 18,373 | 723,354 | 2,367,936 |
DEPRECIATION |
At 1 September 2023 | 701,124 | 9,687 | 240,087 | 950,898 |
Charge for year | 136,223 | 2,286 | 66,526 | 205,035 |
Eliminated on disposal | (128,449 | ) | (37 | ) | (22,338 | ) | (150,824 | ) |
At 31 August 2024 | 708,898 | 11,936 | 284,275 | 1,005,109 |
NET BOOK VALUE |
At 31 August 2024 | 917,311 | 6,437 | 439,079 | 1,362,827 |
At 31 August 2023 | 811,923 | 4,499 | 381,879 | 1,198,301 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
Interest | in other |
in | participating |
associate | interests | Totals |
£ | £ | £ |
COST |
Additions | 1 | 100 | 101 |
At 31 August 2024 | 1 | 100 | 101 |
NET BOOK VALUE |
At 31 August 2024 | 1 | 100 | 101 |
Company |
Interest |
Shares in | Interest | in other |
group | in | participating |
undertakings | associate | interests | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 | - | 3,200,100 |
Additions | 100 | 101 |
Reclassification/transfer | ( |
) | - | (500,000 | ) |
At 31 August 2024 | 1 | 100 | 2,700,201 |
NET BOOK VALUE |
At 31 August 2024 | 100 | 2,700,201 |
At 31 August 2023 | - | 3,200,100 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
C&R Construction Holdings Limited |
Registered office: Lower Park, Coldridge, EX17 6AS |
Nature of business: Holding Company |
% |
Class of shares: | holding |
Ordinary Shares | 51.00 |
C&R Construction South West Ltd |
Registered office: Lower Park, Coldridge, EX17 6AS |
Nature of business: Commercial Buildings |
% |
Class of shares: | holding |
Ordinary Shares | 51.00 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
WMS Trading Inc Ltd |
Registered office: St Johns House, Castle Street, Taunton, TA1 4AY |
Nature of business: Construction Materials |
% |
Class of shares: | holding |
Ordinary Shares | 51.00 |
12. | STOCKS |
Group |
31.8.24 | 31.8.23 |
£ | £ |
Stocks | 151,455 | 101,934 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
£ | £ | £ | £ |
Trade debtors | 3,451,083 | 3,354,516 |
Other debtors | 2,948,799 | 1,810,477 |
Prepayments | 14,363 | 14,078 |
6,414,245 | 5,179,071 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
£ | £ | £ | £ |
Hire purchase contracts (see note 16) | 26,000 | - |
Trade creditors | 1,236,053 | 1,540,378 |
Tax | 34,216 | 300,086 |
Social security and other taxes | 87,218 | 89,210 |
VAT | 448,863 | 626,195 | - | - |
Other creditors | 78,503 | 51,152 |
Directors' current accounts | 121,706 | 52,400 | 121,806 | 52,500 |
Accruals and deferred income | 21,839 | 24,008 |
2,054,398 | 2,683,429 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.8.24 | 31.8.23 |
£ | £ |
Hire purchase contracts (see note 16) | 21,767 | - |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.8.24 | 31.8.23 |
£ | £ |
Net obligations repayable: |
Within one year | 26,000 | - |
Between one and five years | 21,767 | - |
47,767 | - |
17. | PROVISIONS FOR LIABILITIES |
Group |
31.8.24 | 31.8.23 |
£ | £ |
Deferred tax | 340,707 | 299,574 |
Group |
Deferred |
tax |
£ |
Balance at 1 September 2023 | 299,574 |
Provided during year | 41,133 |
Balance at 31 August 2024 | 340,707 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | £ | £ |
Ordinary shares | £1 | 1,000 | 1,000 |
19. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 September 2023 | 2,703,289 | 3,200,000 | 5,903,289 |
Profit for the year | 968,672 | 968,672 |
Dividends | (85,000 | ) | (85,000 | ) |
At 31 August 2024 | 3,586,961 | 3,200,000 | 6,786,961 |
CRAIG FURSE CONSTRUCTION LIMITED (REGISTERED NUMBER: 13277258) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
19. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 September 2023 | 1,752,548 | 3,200,000 | 4,952,548 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 August 2024 | 2,737,571 | 3,200,000 | 5,937,571 |
20. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023: |
31.8.24 | 31.8.23 |
£ | £ |
C K Furse |
Balance outstanding at start of year | 52,400 | 66,500 |
Amounts advanced | 85,101 | - |
Amounts repaid | (15,795 | ) | (14,100 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 121,706 | 52,400 |
21. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant influence |
31.8.24 | 31.8.23 |
£ | £ |
Amount due from related party | 3,071 | 2,071 |
Amount due to related party | 4,054 | 2,954 |
Other related parties |
31.8.24 | 31.8.23 |
£ | £ |
Amount due from related party | 2,922,500 | 1,805,000 |
Other Related Parties includes an interest free loan to one of the directors personal trading companies. |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is C K Furse. |
23. | SUBSIDIARIES AUDIT EXEMPTIONS |
C&R Construction Holdings Limited and WMS Trading Inc Ltd are entitled to exemption from audit under S479A of the Companies Act 2006 for the year ended 31 August 2024. |