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COMPANY REGISTRATION NUMBER: 01271884
FB Taylor (Cable Contractors) Limited
Financial Statements
For the year ended
31 August 2024
FB Taylor (Cable Contractors) Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
5
Independent auditor's report to the members
7
Statement of income and retained earnings
12
Statement of financial position
13
Notes to the financial statements
14
FB Taylor (Cable Contractors) Limited
Officers and Professional Advisers
The board of directors
G Taylor
N Baldwin
K Baldwin
L Gee
Registered office
5 Camp Hill Close
Ripon
North Yorkshire
HG4 1QY
Auditor
Streets Audit LLP
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Bankers
National Westminster Bank Plc
16 South Parade
Nottingham
NG1 2JX
FB Taylor (Cable Contractors) Limited
Strategic Report
Year ended 31 August 2024
The business continues to operate as a cable installation contractor within the construction industry. The Directors are pleased to report the business, due to ongoing projects and acquisition of new contracts, has continued to build upon the strong results achieved over preceding year for the year to 31 August 2024. The business continues to be successful across key markets sectors; Renewable Energy Projects, Nuclear, Petrochemical, Energy from Waste (EfW) and Water and benefits from broad client base built up over many years trading. The Directors are confident that the business' good reputation as a leading Cable Installation provider, its skilled and dedicated workforce combined with a strong balance sheet stands the business in an excellent position to continue to improve performance throughout 2025/26. Operational Performance and Key Performance Indicators The Directors of the business consider the key performance indicators (KPI's) of the company to be: - turnover - gross margin and - operating profit The Company achieved turnover of £17.1m for the year to 31 August 2024, an increase of 15% on previous year (2023: £14.9m). The improvement to turnover demonstrates successful tendering for projects over the year and successful delivery of ongoing contracts. The business notes that core markets climate continues to be buoyant with strong pipeline and visibility of projects for 2025 and beyond. Such projects are closely aligned with our capabilities and the business is confident of securing further projects throughout the coming year. Gross profit margin increased to 21% (2023: 19%) due to operational efficiencies and monitoring and control of cost base and utilisation of knowledge of complex environments. Operating Profit remained consistent at 5% (2023: 6%) due to control of administrative expenses. The results for the year reflect a successful trading year. The business has worked closely with our existing client base delivering successful projects across the year. Working collaboratively with clients and suppliers is considered at the core of our business ethos and has allowed us to deliver successful and profitable projects throughout the year. The Directors remain prudent and aware the principal trading risk for future years is to successfully tender with its customer base to secure new opportunities. The company will continue to manage its sales pipeline, workforce, and related costs, as necessary. The business will closely monitor overheads throughout 2025 to ensure they are aligned with trading conditions. The board regularly reviews financial forecasts to ensure it is on track to achieve these aims and assess business opportunities and challenges to ensure there is sufficient financial and resource capital to meet future revenue streams. The Directors of the business consider the non-financial KPI's of the company to be: - Staff retention - Environmental issues - Health and Safety compliance and improvement - Tender Success % - Annual Labour Hours The Directors continuously review each of the non-financial KPI's ensuring that the company is maximising added value in each of these areas. The Directors would like to acknowledge and thank the hard work put in by a very dedicated team of employees, our customer base for continuing to recognise the value of working with our business and all other stakeholders involved. The business has demonstrated its ability to react to difficult and challenging markets and shown the importance of financial stability and good reputation which has allowed the business to respond to market conditions. Principal Risks and Uncertainties The company's principal financial instruments comprise of cash and various items, such as trade debtors and trade creditors, which arise directly from operations. The main purpose of these financial instruments is to provide working capital for the company's operations. The existence of financial instruments exposes the company to financial risks such as credit risk and liquidity risk, however strong cash reserves mitigate these risks. Despite the low level of financial risk faced by the company, the Directors consider it important to review and agree policies for managing each of these risks as summarised below. Credit risk The construction industry remains a volatile sector intrinsically linked to prevailing economic conditions. Operating as a specialist sub-contractor within this sector exposes the business to significant credit risk. The company has a credit insurance policy which covers 85% (2023: 85%) of the company's debts. There remains inherent risk within the construction industry with many businesses still suffering result of covid-19 and VAT reverse charge's impact of cash flows. The Directors will continue to to review prevailing market conditions and assess each contract on its own merit. Liquidity risk (Financial Strength) The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Over previous years the business has built up a strong balance sheet to mitigate liquidity risk and comfortably operates within its working capital requirements. The main functional currency of the business is Sterling and the company does not have material exposure to foreign-denominated currency. Competition and winning work The business operates in a competitive market sensitive to price and delivery. The businesses pricing strategy remains consistent with previous years with the board continuing to review strategy on a contract-by-contract basis to ensure margin is maintained and risk appetite satisfied. The board considers failure to identify the right price a significant challenge and will continue to monitor closely. The board is confident that being selective about engaging in the right contracts at the right price will allow it to continue to deliver projects to its own exacting standards and that of its clients while protecting the good reputation of the organisation. Outlook The business is optimistic and has a strong pipeline entering 2024/25. There is significant demand within the industry and we are confident our customer base, strong brand and broad experience across sectors and environments will allow it to capitalise on future opportunities. The board will continue to react to market conditions while maintaining high standards in order to deliver value to its customer base whilst delivering operational efficiencies to the business.
This report was approved by the board of directors on 14 March 2025 and signed on behalf of the board by:
G Taylor
Director
Registered office:
5 Camp Hill Close
Ripon
North Yorkshire
HG4 1QY
FB Taylor (Cable Contractors) Limited
Directors' Report
Year ended 31 August 2024
The directors present their report and the financial statements of the company for the year ended 31 August 2024 .
Directors
The directors who served the company during the year were as follows:
G Taylor
N Baldwin
K Baldwin
L Gee
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 14 March 2025 and signed on behalf of the board by:
G Taylor
Director
Registered office:
5 Camp Hill Close
Ripon
North Yorkshire
HG4 1QY
FB Taylor (Cable Contractors) Limited
Independent Auditor's Report to the Members of FB Taylor (Cable Contractors) Limited
Year ended 31 August 2024
Opinion
We have audited the financial statements of FB Taylor (Cable Contractors) Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 August 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 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 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.
JONATHAN DAY
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
7 April 2025
FB Taylor (Cable Contractors) Limited
Statement of Income and Retained Earnings
Year ended 31 August 2024
2024
2023
Note
£
£
Turnover
4
17,074,323
14,868,907
Cost of sales
13,569,660
12,036,385
---------------
---------------
Gross profit
3,504,663
2,832,522
Administrative expenses
3,246,605
2,572,072
Other operating income
5
600,000
600,000
-------------
-------------
Operating profit
6
858,058
860,450
Other interest receivable and similar income
10
16,191
6,467
Interest payable and similar expenses
11
9,065
-------------
-------------
Profit before taxation
865,184
866,917
Tax on profit
12
223,085
183,610
----------
----------
Profit for the financial year and total comprehensive income
642,099
683,307
----------
----------
Dividends paid and payable
13
( 400,000)
( 600,000)
Retained earnings at the start of the year
2,391,531
2,308,224
-------------
-------------
Retained earnings at the end of the year
2,633,630
2,391,531
-------------
-------------
All the activities of the company are from continuing operations.
FB Taylor (Cable Contractors) Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
14
766,973
197,630
Current assets
Debtors
15
4,045,935
4,137,977
Cash at bank and in hand
559,227
710,418
-------------
-------------
4,605,162
4,848,395
Creditors: amounts falling due within one year
16
2,401,192
2,616,980
-------------
-------------
Net current assets
2,203,970
2,231,415
-------------
-------------
Total assets less current liabilities
2,970,943
2,429,045
Creditors: amounts falling due after more than one year
17
153,863
Provisions
Taxation including deferred tax
19
173,300
27,364
-------------
-------------
Net assets
2,643,780
2,401,681
-------------
-------------
Capital and reserves
Called up share capital
22
10,150
10,150
Profit and loss account
23
2,633,630
2,391,531
-------------
-------------
Shareholders funds
2,643,780
2,401,681
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
G Taylor
Director
Company registration number: 01271884
FB Taylor (Cable Contractors) Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Camp Hill Close, Ripon, HG4 1QY. The principal activity of the company is the undertaking of contracts to lay cables.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of F B Taylor (Holdings) Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: 1) Recognition of turnover on on-going contracts at the year end Turnover is recognised when the outcome of a transaction involving the rendering of services can be reliably estimated. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other 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 as follows: 1) Depreciation charge The annual depreciation charge for each class of tangible fixed asset us based on an estimate of the useful economic life of the respective assents. This is reviewed periodically by the directors to ensure threat they reflect both the external and internal factors. 2) Retentions The company recognise half of the retention on completion of a contract and the remainder when received. The directors consider this policy to be appropriate as it takes into account the uncertainty attached to receiving the balance of the final retention. A provision is recognised for older retentions until received.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on completion of work done, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance or straight line
Equipment
-
10% - 33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Construction contracts
17,074,323
14,868,907
---------------
---------------
The whole of the turnover is attributable to the principal activity of the company. 100% of the turnover was generated within the United Kingdom (2023: 100%).
5. Other operating income
2024
2023
£
£
Management charges receivable
600,000
600,000
----------
----------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
141,200
50,193
Gains on disposal of tangible assets
( 37,747)
( 53,646)
Impairment of trade debtors
33,627
24,742
Operating lease costs
1,989,322
1,454,505
-------------
-------------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
18,000
17,500
---------
---------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
2,000
8,500
---------
---------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
141
142
Management staff
18
17
----
----
159
159
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
10,545,652
9,846,180
Social security costs
1,120,899
1,095,172
Other pension costs
302,777
278,712
---------------
---------------
11,969,328
11,220,064
---------------
---------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
633,000
556,500
Company contributions to defined contribution pension plans
86,000
85,000
----------
----------
719,000
641,500
----------
----------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
4
2
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
223,000
220,000
Company contributions to defined contribution pension plans
40,000
56,000
----------
----------
263,000
276,000
----------
----------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
16,191
6,467
---------
-------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
9,065
-------
----
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
77,328
151,615
Adjustments in respect of prior periods
( 179)
( 2,534)
---------
----------
Total current tax
77,149
149,081
---------
----------
Deferred tax:
Origination and reversal of timing differences
145,936
34,529
----------
----------
Tax on profit
223,085
183,610
----------
----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 21.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
865,184
866,917
----------
----------
Profit on ordinary activities by rate of tax
216,296
186,518
Adjustment to tax charge in respect of prior periods
(178)
( 2,534)
Effect of expenses not deductible for tax purposes
2,280
( 2,676)
Effect of capital allowances and depreciation
4,687
2,302
----------
----------
Tax on profit
223,085
183,610
----------
----------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
400,000
600,000
----------
----------
14. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 September 2023
544,708
120,005
664,713
Additions
730,007
730,007
Disposals
( 261,722)
( 261,722)
-------------
----------
-------------
At 31 August 2024
1,012,993
120,005
1,132,998
-------------
----------
-------------
Depreciation
At 1 September 2023
347,098
119,985
467,083
Charge for the year
141,200
141,200
Disposals
( 242,258)
( 242,258)
-------------
----------
-------------
At 31 August 2024
246,040
119,985
366,025
-------------
----------
-------------
Carrying amount
At 31 August 2024
766,953
20
766,973
-------------
----------
-------------
At 31 August 2023
197,610
20
197,630
-------------
----------
-------------
Capital commitments
2024
2023
£
£
Contracted for but not provided for in the financial statements
301,527
----
----------
15. Debtors
2024
2023
£
£
Trade debtors
1,172,808
2,277,044
Prepayments and accrued income
120,355
303,392
Amounts recoverable on contracts
2,601,275
1,469,788
Other debtors
151,497
87,753
-------------
-------------
4,045,935
4,137,977
-------------
-------------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
438,870
812,690
Amounts owed to group undertakings
629,345
342,206
Accruals and deferred income
801,211
1,055,455
Corporation tax
77,328
151,615
Social security and other taxes
234,143
216,577
Obligations under finance leases and hire purchase contracts
94,995
Other creditors
125,300
38,437
-------------
-------------
2,401,192
2,616,980
-------------
-------------
Obligations under finance leases and hire purchase contracts are secured against assets to which they relate.
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
153,863
----------
----
Obligations under finance leases and hire purchase contracts are secured against assets to which they relate.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
94,995
Later than 1 year and not later than 5 years
153,863
----------
----
248,858
----------
----
19. Provisions
Deferred tax (note 20)
£
At 1 September 2023
27,364
Additions
145,936
----------
At 31 August 2024
173,300
----------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
173,300
27,364
----------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
179,411
31,601
Pension plan obligations
( 6,111)
( 4,237)
----------
---------
173,300
27,364
----------
---------
Deferred tax has been calculated at 25% (2023 - 25%).
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 216,428 (2023: £ 193,872 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
9,800
9,800
9,800
9,800
Ordinary B shares of £ 1 each
350
350
350
350
---------
---------
---------
---------
10,150
10,150
10,150
10,150
---------
---------
---------
---------
23. Reserves
Profit and loss account - this reserve records retained earnings and accumulated losses.
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
68,042
76,902
Later than 1 year and not later than 5 years
168,694
236,731
----------
----------
236,736
313,633
----------
----------
25. Related party transactions
The company has taken advantage of the exemption available under FRS102 from reporting transactions with its parent company.
26. Controlling party
The ultimate and immediate parent company is FB Taylor (Holdings) Limited, a company registered in England and Wales. In the opinion of the directors, the company was under the control of G Taylor and H Rutter, the Trustees of the FB Taylor (Holdings) Limited Will Trust. The financial statements of FB Taylor (Holdings) Limited are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.