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Newlay Concrete Limited

Registered number: 06540511
Annual report and financial statements
For the 18 months ended 31 March 2024

 
NEWLAY CONCRETE LIMITED
 
 
COMPANY INFORMATION


Director
D M Beaumont 




Company secretary
T F Beaumont



Registered number
06540511



Registered office
Thornhill Works
Calder Road

Ravensthorpe

Dewsbury

West Yorkshire

WF12 9HY




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
Santander Corporate & Commercial Banking

Bootle

Merseyside

L30 4GB





ABN AMRO Commercial Finance PLC

Anchorage Quay

Salford

Manchester

M50 3GP





 
NEWLAY CONCRETE LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 34


 
NEWLAY CONCRETE LIMITED
 
 
STRATEGIC REPORT
FOR THE 18 MONTHS ENDED 31 MARCH 2024

Introduction
 
The director presents their Strategic Report for the 18 month period ended 31 March 2024 for Newlay Concrete Limited.

Business review
 
The Company continued its principal activity throughout the current year. The principal activity continued to be the manufacture and sale of concrete blocks and other products and merchanting.
The Statement of Comprehensive income is set out on page 9 and shows that the Company has achieved a turnover for the 18 months ended of £26,018,662 (12 months ended 30 September 2022: £16,987,555) and a pre tax profit of £590,653 (12 months ended 30 September 2022: £802,265). 
The net assets of the Company reduced from £4,126,791 to £4,093,869.
The director is pleased to report these results for the financial period to 31 March 2024. 
The strategic investments that the company has made will allow the business to improve margins and profitability in 2024 and beyond.

Principal risks and uncertainties
 
The principal risks of the Company are set out below:     

Market risk
A depressed housing market can suppress the financial returns of the company because of a lack of demand for precast concrete products. The housing market is proving to be very resilient in the current climate and is widely expected to lead the economy out of recession. 
Seasonality risk
The construction industry is historically slow in winter. The company ensures it has adequate cash reserves and manages cashflow accordingly.
Financing risk
The business has sufficient working capital and financing to manage its demands and needs. Further funding is available, should this be necessary The business regularly updates its cash flow forecasting.
Obsolescence risk
There is a risk that the company’s manufacturing processes and/or its range of products do not keep pace with more modern efficient procedures/products. This would result in other suppliers being more favourable to customers due to their more extensive product range or their price.  

Financial key performance indicators
 
The strategic objective of the Company is to generate shareholder value through growth of the block manufacturing business. Over the past 5 years the Company’s revenue has achieved growth at a compound rate of 5.2%. 
It should be noted that the financial period ended 31 March 2024 includes two winter periods. The Company performs weak in the winter periods and taking that into consideration the director is encouraged by the increase in operating profit for the period.

- 1 -

 
NEWLAY CONCRETE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE 18 MONTHS ENDED 31 MARCH 2024


This report was approved by the board and signed on its behalf.



D M Beaumont
Director

Date: 2 April 2025

- 2 -

 
NEWLAY CONCRETE LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE 18 MONTHS ENDED 31 MARCH 2024

The director presents his report and the financial statements for the 18 months ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the 18 months, after taxation, amounted to £288,419 ( 12 months ended 30 September 2022 - £812,361).

Director

The director who served during the 18 months was:

D M Beaumont 

Future developments

The Company continues to invest in new equipment and has placed an order for new HGV's for delivery in 2023.
The company remains fully committed to a new, modern and highly efficient block factory at our Dewsbury plant.
The directors would like to thank all staff, customers and suppliers for their commitment and support over the last 18 months.

Matters covered in the Strategic Report

Certain information is not shown in the Director's Report because it is shown in the Strategic Report on pages 1 and 2 instead under S414C(11). The Strategic Report includes a business review, principal risks and uncertainties, and information on the Company's key performance.

- 3 -

 
NEWLAY CONCRETE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE 18 MONTHS ENDED 31 MARCH 2024

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

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

Going concern
The financial statements have been prepared on a going concern basis. The Director has prepared detailed budgets and cash flow projections which have been regularly updated in the light of the current economic climate and market conditions. On the basis of the detailed budgets and projections at the date of the signing of the balance sheet the Director believes that the Company can continue to operate within its existing banking facilities. Therefore the Director deems it appropriate that the financial statements should be prepared on a going concern basis.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 April 2025 and signed on its behalf.
 





D M Beaumont
Director

- 4 -

 
NEWLAY CONCRETE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWLAY CONCRETE LIMITED
 

Opinion

We have audited the financial statements of Newlay Concrete Limited (the ‘Company’) for the 18 months ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 March 2024 and of its profit for the 18 months 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 "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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


Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.  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.
- 5 -

 
NEWLAY CONCRETE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWLAY CONCRETE LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
- 6 -

 
NEWLAY CONCRETE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWLAY CONCRETE LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: anti-money laundering regulation and the Bribery Act 2010. 
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
 Inquiring of management and, where appropriate, those charged with governance, as to whether the    company is in compliance with laws and regulations, and discussing their policies and procedures     regarding compliance with laws and regulations;
 Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
 Communicating identified laws and regulations to the engagement team and remaining alert to any    indications of non-compliance throughout our audit; and
 Considering the risk of acts by the company which were contrary to applicable laws and regulations,    including fraud.  
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to carrying value of stock, revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions.
 
- 7 -

 
NEWLAY CONCRETE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWLAY CONCRETE LIMITED
 

Our audit procedures in relation to fraud included but were not limited to:
 Making enquiries of the directors and management on whether they had knowledge of any actual,     suspected or alleged fraud;
 Gaining an understanding of the internal controls established to mitigate risks related to fraud;
 Discussing amongst the engagement team the risks of fraud; and
 Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body for our audit work, for this report, or for the opinions we have formed.




Ashley Barraclough (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

2 April 2025
- 8 -

 
NEWLAY CONCRETE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 18 MONTHS ENDED 31 MARCH 2024

18 months ended
31 March
12 months ended
30 September
2024
2022
Note
£
£

  

Turnover
 4 
26,018,662
16,987,555

Cost of sales
  
(15,738,554)
(10,229,494)

Gross profit
  
10,280,108
6,758,061

Administrative expenses
  
(9,135,512)
(5,913,186)

Exceptional costs
 11 
-
270,000

Operating profit
 5 
1,144,596
1,114,875

Interest payable and similar expenses
 8 
(553,943)
(312,610)

Profit before tax
  
590,653
802,265

Tax on profit
 9 
(302,234)
10,096

Profit for the financial 18 months
  
288,419
812,361

There were no recognised gains and losses for the 18 month period ended 31 March 2024 or the 12 month period ended 30 September 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for the 18 month period ended 31 March 2024 (12 month period ended 30 September 2022:£NIL).

The notes on pages 12 to 34 form part of these financial statements.

- 9 -

 
NEWLAY CONCRETE LIMITED
REGISTERED NUMBER: 06540511

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
30 September
2024
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
137,053
342,341

Tangible assets
 13 
9,747,069
5,524,560

Investments
 14 
1
1

  
9,884,123
5,866,902

Current assets
  

Stocks
 15 
3,144,161
3,641,620

Debtors: amounts falling due after more than one year
 16 
266,667
-

Debtors: amounts falling due within one year
 16 
10,787,653
9,588,336

Cash at bank and in hand
 17 
126,498
49,467

  
14,324,979
13,279,423

Creditors: amounts falling due within one year
 18 
(14,328,045)
(11,477,235)

Net current (liabilities)/assets
  
 
 
(3,066)
 
 
1,802,188

Total assets less current liabilities
  
9,881,057
7,669,090

Creditors: amounts falling due after more than one year
 19 
(4,707,006)
(2,796,662)

Provisions for liabilities
  

Deferred tax
 22 
(1,080,182)
(745,637)

Net assets
  
4,093,869
4,126,791


Capital and reserves
  

Called up share capital 
 23 
2
2

Profit and loss account
 24 
4,093,867
4,126,789

  
4,093,869
4,126,791


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 April 2025.


D M Beaumont
Director

The notes on pages 12 to 34 form part of these financial statements.

- 10 -

 
NEWLAY CONCRETE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTHS ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
2
3,314,428
3,314,430


Comprehensive income for the year

Profit for the year
-
812,361
812,361
Total comprehensive income for the year
-
812,361
812,361



At 1 October 2022
2
4,126,789
4,126,791


Comprehensive income for the 18 months

Profit for the 18 months
-
288,419
288,419
Total comprehensive income for the 18 months
-
288,419
288,419


Contributions by and distributions to owners

Dividends: Equity capital
-
(321,341)
(321,341)


At 31 March 2024
2
4,093,867
4,093,869


The notes on pages 12 to 34 form part of these financial statements.

- 11 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

1.


General information

Newlay Concrete Limited ("the Company") is limited by share capital and incorporated in the United Kingdom. The address of its registered office is Thornhill Works, Calder Road, Ravensthorpe, Dewsbury, WF12 9HY.
The functioning currency of the company is Pounds Sterling as this is the currency of the primary economic environment in which the Company operates.
The current period has been prepared on an 18 month basis to the 31 March 2024, in comparison to the prior year reporting period which was prepared on a 12 month basis, therefore the results of the two periods are not directly comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Hargreaves (GB) Group Limited as at 31 March 2024  and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ .

- 12 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The Director has prepared detailed budgets and cash flow projections which have been regularly updated in the light of the current economic climate and market conditions. On the basis of the detailed budgets and projections at the date of the signing of the balance sheet the Director believes that the Company can continue to operate within its existing banking facilities. Therefore the Director deems it appropriate that the financial statements should be prepared on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

- 13 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sale of goods
Revenue comprises the sale of concrete blocks and associated products supplied during the year and are recognised when all of the following conditions are satisfied:
      the Company has transferred the significant risks and rewards of ownership to the buyer;
     the Company retains neither continuing managerial involvement to the degree usually associated       with ownership nor effective controlover the goods sold;
      the amount of revenue can be measured reliably;
      it is probable that the Company will receive the consideration due under the transaction; and
      the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Company 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.

 
2.6

Operating leases: the Company as lessee

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

 
2.7

Finance costs

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

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the 18 months in which they are incurred.

- 14 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

The tax expense for the 18 months comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

- 15 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets comprise acquired tipping rights and BSI accreditation.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Tipping Rights
-
Over 5 years
BSI Accreditation
-
10% Straight Line

 
2.13

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10% Straight Line
Motor vehicles
-
25% Straight Line
Equipment, Fixtures and Fittings
-
20% Straight Line
Tipping cells
-
20% Straight Line
Block plant
-
To be depreciated once the asset is in use

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

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

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

- 16 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

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

 
2.16

Debtors

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

 
2.17

Cash and cash equivalents

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

 
2.18

Creditors

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

 
2.19

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

- 17 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

- 18 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

The Company 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 and loans to related parties. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at 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.
 
- 19 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.20

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.

- 20 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgements in applying the accounting policies
The critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are discussed below:
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year.

Key sources of estimation uncertainity
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Determining residual values and useful economic lives of tangible and intangible assets
The Company depreciates tangible assets, and amortises intangible assets, over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The estimation of useful lives of intangible assets is based on any contractual or legal rights associated with the asset, or the period in which the Company expects to use the asset if shorter. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.

- 21 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

4.


Turnover

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


18 months ended
31 March
12 months ended
30 September
2024
2022
£
£

Sale of concrete products
22,979,803
15,910,052

Rent receivable
108,000
72,000

Other income
2,930,859
1,005,503

26,018,662
16,987,555


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

18 months ended
31 March
12 months ended
30 September
2024
2022
£
£

Depreciation of tangible fixed assets - Owned assets
924,675
452,589

Depreciation of tangible fixed assets - Hire purchase & Finance leases
641,745
527,313

Amortisation of intangible assets
205,288
136,858

Other operating lease rentals
360,000
240,000

Defined contribution pension cost
98,797
64,050


6.


Auditor's remuneration

During the 18 months, the Company obtained the following services from the Company's auditor:


18 months ended
31 March
12 months ended
30 September
2024
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
35,000
20,000

- 22 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

7.


Employees

Staff costs were as follows:


18 months ended
31 March
12 months ended
30 September
2024
2022
£
£

Wages and salaries
4,114,201
2,828,289

Social security costs
429,249
291,559

Cost of defined contribution scheme
98,797
64,050

4,642,247
3,183,898


The director's renumeration has been paid by Hargreaves (GB) Limited.

The average monthly number of employees, including the director, during the 18 months was as follows:


  18 months ended
       31 March
   12 months ended
     30 September
        2024
        2022
            No.
            No.







Directors and management
5
5



Employees
79
75

84
80


8.


Interest payable and similar expenses

18 months ended
31 March
12 months ended
30 September
2024
2022
£
£


Bank interest payable
9,771
72,110

Other loan interest payable
103,497
100,920

Finance leases and hire purchase contracts
440,675
139,580

553,943
312,610

- 23 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

9.


Taxation


18 months ended
31 March
12 months ended
30 September
2024
2022
£
£

Corporation tax


Adjustments in respect of previous periods
(32,311)
348


Total current tax
(32,311)
348

Deferred tax


Origination and reversal of timing differences
198,326
(20,063)

Adjustments in respect of prior periods
136,219
9,619

Total deferred tax
334,545
(10,444)


Taxation on profit/(loss) on ordinary activities
302,234
(10,096)
- 24 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024
 
9.Taxation (continued)


Factors affecting tax charge for the 18 months/year

The tax assessed for the 18 months/year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.01% (2022 - 19.00%). The differences are explained below:

18 months ended
31 March
12 months ended
30 September
2024
2022
£
£


Profit on ordinary activities before tax
590,653
802,265


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.01% (2022 - 19.00%)
135,909
152,430

Effects of:


Expenses not deductible for tax purposes
18,126
15,756

Fixed asset differences
(20,478)
(18,412)

Additional deduction for R&D expenditure
-
(121,498)

Adjustment to tax charge in respect of previous periods
(32,311)
348

Remeasurement of deferred tax for changes in tax rates
-
(4,815)

Adjustments to tax charge in respect of previous periods - deferred tax
136,219
9,619

Other differences leading to an increase (decrease) in the tax charge
11,355
(43,524)

Group relief surrendered
37,606
-

Remeasurement of deferred tax for
changes in tax rates
15,808
-

Total tax charge for the 18 months/year
302,234
(10,096)


Factors that may affect future tax charges

At 31 March 2024 the company has carried forward tax losses totalling £2,098,000 (30 September 2022: £290,000).


10.


Dividends

31 March
30 September
2024
2022
£
£


Ordinary shares
321,341
-

- 25 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

11.


Exceptional items

18 months ended
31 March
12 months ended
30 September
2024
2022
£
£


Grant income
-
(270,000)


12.


Intangible assets






BSI Accreditation
Tipping Rights
Total

£
£
£



Cost


At 1 October 2022
15,252
950,000
965,252



At 31 March 2024

15,252
950,000
965,252



Amortisation


At 1 October 2022
3,578
619,333
622,911


Charge for the 18 months on owned assets
2,288
203,000
205,288



At 31 March 2024

5,866
822,333
828,199



Net book value



At 31 March 2024
9,386
127,667
137,053



At 30 September 2022
11,674
330,667
342,341



- 26 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

13.


Tangible fixed assets







Plant & machinery
Motor vehicles
Equipment fixtures & fittings
Tipping cells
Block plant
Total

£
£
£
£
£
£



Cost


At 1 October 2022
6,762,022
3,019,250
284,749
200,000
362,868
10,628,889


Additions
3,311,292
2,522,062
355,473
-
-
6,188,827


Disposals
(75,000)
(1,768,792)
-
-
-
(1,843,792)



At 31 March 2024

9,998,314
3,772,520
640,222
200,000
362,868
14,973,924



Depreciation


At 1 October 2022
2,925,290
1,910,239
148,800
120,000
-
5,104,329


Charge for the 18 month period 
984,704
440,509
81,206
60,001
-
1,566,420


Disposals
(30,626)
(1,413,268)
-
-
-
(1,443,894)



At 31 March 2024

3,879,368
937,480
230,006
180,001
-
5,226,855



Net book value



At 31 March 2024
6,118,946
2,835,040
410,216
19,999
362,868
9,747,069



At 30 September 2022
3,836,732
1,109,011
135,949
80,000
362,868
5,524,560

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 March
30 September
2024
2022
£
£



Plant and machinery
2,853,558
1,618,486

Motor vehicles
2,805,743
989,016

Furniture, fittings and equipment
10,389
24,774

5,669,690
2,632,276

- 27 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

14.


Fixed asset investments








Investment in subsidiary company

£



Cost and net book value


At 1 October 2022
1



At 31 March 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Newlay Cast Stone Limited
Thornhill Works Calder Road, Ravensthorpe, Dewsbury, England, WF12 9HY
Ordinary
100%


15.


Stocks

31 March
30 September
2024
2022
£
£

Raw materials
65,014
2,969,104

Work in progress
18,412
91,454

Finished goods and goods for resale
3,060,735
581,062

3,144,161
3,641,620


- 28 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

16.


Debtors

31 March
30 September
2024
2022
£
£

Due after more than one year

Prepayments
266,667
-


31 March
30 September
2024
2022
£
£

Due within one year

Trade debtors
5,426,806
5,348,928

Amounts owed by group undertakings
2,173,595
1,161,972

Other debtors
1,796,581
1,588,000

Prepayments and accrued income
1,390,671
1,489,436

10,787,653
9,588,336


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


17.


Cash and cash equivalents

31 March
30 September
2024
2022
£
£

Cash at bank and in hand
126,498
49,467


- 29 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

18.


Creditors: Amounts falling due within one year

31 March
30 September
2024
2022
£
£

Bank loans
166,667
166,667

Other loans
895,559
942,362

Trade creditors
4,672,101
3,507,012

Amounts owed to group undertakings
30,006
351,448

Other taxation and social security
1,500,075
871,770

Obligations under finance lease and hire purchase contracts
1,450,233
909,489

Invoice discounting facility
3,921,356
3,488,733

Other creditors
493,773
21,495

Accruals and deferred income
1,198,275
1,218,259

14,328,045
11,477,235


The invoice discounting facility is secured against the Company's trade debtors. 
The hire purchase liabilities are secured on the assets to which they relate and by way of a personal guarantee by D M Beaumont, Director.
There is a fixed and floating charge over all property of undertaking of the Company to Santander UK Plc. 
All monies due or to become due from the group on any account to ABN Amro Commercial Finance Plc are secured by a mortgage and a fixed and floating charge over all assets of the company.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


19.


Creditors: Amounts falling due after more than one year

31 March
30 September
2024
2022
£
£

Bank loans
111,112
444,445

Other loans
370,743
365,258

Net obligations under finance leases and hire purchase contracts
3,793,151
1,554,959

Trade creditors
432,000
432,000

4,707,006
2,796,662


- 30 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

20.


Loans


Analysis of the maturity of loans is given below:


31 March
30 September
2024
2022
£
£

Amounts falling due within one year

Bank loans
166,667
166,667

Other loans
895,559
942,362


1,062,226
1,109,029

Amounts falling due 1-2 years

Bank loans
111,112
444,445

Other loans
370,743
365,258


481,855
809,703



1,544,081
1,918,732



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 March
30 September
2024
2022
£
£


Within one year
1,450,233
909,489

Between 1-5 years
3,793,151
1,554,959

5,243,384
2,464,448

- 31 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

22.


Deferred taxation






31 March 2024
30 September 2022


£

£






At beginning of year
(745,637)
(756,081)


Charged to the profit or loss
(334,545)
10,444



At end of year
(1,080,182)
(745,637)

The provision for deferred taxation is made up as follows:

31 March
30 September
2024
2022
£
£


Accelerated capital allowances
(1,617,656)
(820,013)

Short term timing differences
12,974
1,876

Losses and other deductions
524,500
72,500

(1,080,182)
(745,637)


23.


Share capital

31 March
30 September
2024
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



24.


Reserves

Profit & loss account

The profit & loss account reserve represents cumulative profits and losses net of dividends paid.

- 32 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

25.


Capital commitments


At 31 March 2024 the Company had capital commitments as follows:

31 March
30 September
2024
2022
£
£


Contracted for but not provided in these financial statements
168,092
-


26.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the 18 month period to 31 March 2024 represents contributions payable by the company to the fund and amounted to £95,163 (12 month period ended 30 September 2022: £64,050). Contributions totalling £16,533 (30 September 2022: £12,253) were payable to the fund at the balance sheet date and are included in other creditors. 


27.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
30 September
2024
2022
£
£


Not later than 1 year
296,817
298,765

Later than 1 year and not later than 5 years
989,195
1,127,416

Later than 5 years
-
240,000

1,286,012
1,666,181

Lease payments recognised as an expense during the year are detailed in note 5.

- 33 -

 
NEWLAY CONCRETE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED 31 MARCH 2024

28.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 Section 33 not to disclose transactions with wholly owned members of the group headed by Hargreaves Group (GB) Limited.
The smallest and largest group into which the Company's results are consolidated is the consolidated financial statements of Hargreaves Group (GB) Limited which can be obtained from Companies House, Crown Way, Cardiff, CF4 3UZ.
Mr D Beaumont, a director, has entered into personal guarantees on behalf of the Company of £2,250,000 (30 September 2022: £1,062,000).
During the year the Company entered into transactions with entities under common control. The Company sold and purchased goods and services in the 18 month period ended 31 March 2024 (including recharges and rent payments) to enities under common control with a value of £564,294 (12 month period ended 30 September 2022: £1,699,208) and £313,232 (12 month period ended 30 September 2022: £658,654) respectively. 
The Company also entered into transactions with entities under the control of a director's relative. The Company sold and purchased goods and services in the 18 month period ended 31 March 2024 (including rent and other recharges) to such entities totalling £279,314 (12 month period ended 30 September 2022: £281,513) and £Nil (2022: £Nil) respectively.
Amounts due from such Companies at year end totalled £1,758,407 (2022: £1,881,695) and amounts due to these Companies totalled £2,476,753 (12 month period ended 30 September 2022: £1,041,733).
During the 18 month period ended 31 March 2024, rent totalling £87,000 (12 month period ended 30 September 2022: £290,000) fell due in respect of a property which is owned by the director.


29.


Controlling party

The immediate and ultimate parent company is Hargreaves Group (GB) Limited, a company incorporated in England and Wales. The ultimate controlling party is Mr D. Beaumont, a director of the company, due to his majority shareholding.

 
- 34 -