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Registered number: 12590255
















ALLIANCE GROUNDWORKS AND CIVILS LIMITED



ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

































ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
COMPANY INFORMATION


DIRECTORS
Luke Lloyd Evans 
Paul McCourt 




REGISTERED NUMBER
12590255



REGISTERED OFFICE
Unit 1, Venture Park
Maybrook Road

Walsall

West Midlands

WS8 7BA




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

1-3 College Yard

Worcester

WR1 2LB




BANKERS
Barclays Bank
15 Market Square

Stafford

ST16 2BE






ALLIANCE GROUNDWORKS AND CIVILS LIMITED


CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Analysis of net debt
16
Notes to the financial statements
17 - 30



ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

INTRODUCTION
 
The Directors present their report and the financial statements for the year from 1 December 2023 to 30 November 2024.

BUSINESS REVIEW
 
During this reporting period, Alliance Groundworks and Civils Limited has sustained robust growth and commercial adaptability in the evolving UK construction market. Specialising in residential groundworks for leading housing developers across the East, West, and South Midlands, we have reinforced our position as a key industry player.

Investment in plant and forward-thinking staff has continued to drive positive results in our third full trading period, while relocation to purpose-built headquarters has facilitated departmental growth and operational efficiency, allowing us to better serve our customers.

Our strong relationships with customers and the supply chain remain the foundation of our success. Delivering high-quality services is central to our commitment to excellence, and we acknowledge that this is only achievable through our partnerships with key stakeholders. 

We have seen a decrease in gross profit margin, driven by both the economic climate and uncertainty with a change in government. However, with a strong value of tenders submitted, resilient operational performance and careful contract selection, we anticipate a betterment in gross profit margin in the following year.

Looking ahead, business wide, optimism is high, and it is expected that Alliance Groundworks and Civils Limited will continue to flourish.

HEALTH & SAFETY

Compliance with high safety standards remains a priority, with ongoing investments in training and risk management initiatives. Alliance was able to achieve another year without significant injury. Alliance continues to invest in Health and Safety initiatives to ensure the overall safety of the workforce is paramount. We continue to develop our management systems to ensure they exceed the minimum legal requirements ensuring we keep our workforce safe. 

GOING CONCERN

Alliance Groundworks and Civils Limited has demonstrated sustained profitability and strong cash flow for a third consecutive period. Despite net current liabilities of £476,454 per the balance sheet on page 13, attributed to growth and capital investment, the Directors remain confident in the company’s financial stability. Measures such as improved debt collection, supplier cost analysis, and inventory management are expected to enhance working capital in the coming year. A resilient order book and asset investments further reinforce long-term value creation, supporting confidence in the going concern basis of financial statement preparation. The company has assessed retention balances and considers them fully recoverable based on past experience, contractual agreements, and ongoing customer relationships. We maintain stringent monitoring of outstanding retentions, with proactive measures in place to ensure timely recovery.

Page 1


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
Economic & Regulatory Risks
Market fluctuations and government housing policies present inherent risks. We actively monitor economic trends and legislative changes, incorporating expert advice into strategic planning.

Supply Chain & Labour Availability
We mitigate material and labour shortages through strategic supplier relationships and workforce development, particularly in response to HS2-related demand shifts.

Sustainability & Carbon Targets
The UK’s sustainability goals present both challenges and opportunities. Our approach includes emissions reduction strategies and investment in greener methodologies of work.

Liquidity Risk
The company closely monitors cash flow, ensuring sufficient reserves to meet obligations. A disciplined approach to monetary management, including structured credit control and cash forecasting, reduces liquidity risk exposure. The company has access to £1.5m in additional liquidity facilities, providing a financial buffer to meet obligations and support growth. A further £2m can be generated through the sale of fully paid-up fixed assets if required.

ENVIRONMENTAL, ENERGY AND CARBON REPORTING

Overview

Alliance Groundworks & Civils Ltd is committed to sustainability and has undertaken a comprehensive analysis of its carbon footprint for the reporting year ending 30 November 2024. While not yet mandatory, Alliance has taken the initiative to report their full Scope 3 emissions including procurement in the interest of transparency. 

Methodology

The carbon footprint was calculated in accordance with the Greenhouse Gas Protocol Accounting and Reporting Standard. Emissions are expressed in tonnes of carbon dioxide equivalent (tCO2e) and cover all seven GHGs specified by the UNFCC Kyoto Protocol.

Carbon Footprint Summary

img5ae7.png

Measures undertaken through FY2023/2024

Onsite EV charging at Head Office
Solar Panels introduced at Head Office
Cycle-to-Work Scheme




Page 2


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Conclusion

Alliance Groundworks & Civils Ltd has taken a significant step in decreasing its environmental impact by setting out on an ongoing carbon reduction plan with a variety of different short-term and long-term goals. The company’s ongoing commitment to reducing its carbon footprint aligns with its broader sustainability goals and the global drive to achieve net-zero emissions.

STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY

The Directors confirm that they have acted in a manner consistent with their duties under Section 172 of the Companies Act 2006, considering the following factors:

Long-term consequences of decisions
Strategic investments in plant, personnel, and headquarters relocation have been made with a long-term perspective, ensuring sustained profitability and operational scalability.

Employee interests
Regular employee engagement, competitive remuneration, and training initiatives reflect our commitment to staff welfare. Employee feedback has influenced workplace policies, fostering a positive working environment.

Business relationships
Close collaboration with customers and suppliers ensures smooth operations and mutual benefits. Supply chain reliability and customer satisfaction remain high priorities.

Community and environmental impact
We actively pursue sustainable construction practices and waste reduction strategies in alignment with UK sustainability targets. Efforts to minimise our carbon footprint are integral to our long-term strategy.

High standards of business conduct
The company upholds integrity, transparency, and professionalism in all dealings. Compliance with industry regulations and ethical business practices is strictly maintained.

Fairness among members
The Directors ensure all stakeholders are treated equitably, with decisions made in the best interests of the business and its members.

Employee Engagement
The Directors engage with employees through regular meetings, training initiatives, and open communication channels. Employee interests are considered in major business decisions, ensuring a motivated and aligned workforce.

Community and Charity
The company participates in local charitable events and encourages its employees in taking active roles within such charities. We continue to invite all employees to attend the 3 Peaks Challenge with the year’s donations provided to the supported charity.

Political Donations
The company confirms that no political donations or expenditures were incurred during the reporting period.

Page 3


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

FINANCIAL KEY PERFORMANCE INDICATORS

Alliance Groundworks and Civils Limited has achieved impressive financial results, underscoring our financial stability and prudent approach, with a key improvement in cash control showing itself in our figures for the year. Key performance indicators for this reporting period include:

img643f.png

These figures reflect the company’s strong financial standing and commitment to prudent fiscal management. Continued focus on cost control, operational efficiency, and strategic expansion positions us well for future growth.
 
This report was approved by the board and signed on its behalf.



Mr L Evans
Director

Date: 1 April 2025

Page 4


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The Directors present their report and the financial statements for the year ended 30 November 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £3,537,143 (2023:£4,020,864).

Dividends of £160,917 (2023: £167,000) were declared and paid in the period to shareholders.

DIRECTORS

The Directors who served during the year were:

Luke Lloyd Evans 
Paul McCourt 

FUTURE DEVELOPMENTS

The Directors continue to foster the continued growth of the company, steering its expansion in a manageable and forward-looking manner. This strategic approach is built upon a strong commitment to upholding the exemplary standards for which the company has become widely recognised within the industry.

Page 5


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
GOING CONCERN

The company has marked a strong, third period of trading, displaying continued profitability and generating substantial cash flow. Beyond historic figures and achievements, the Directors have thoroughly examined budgets and forecasts for the following 12-month period post sign-off and confidence in these forecasts remains high. Given considerable profits realised in the year, coupled with financial planning, there is a firm belief that the Company holds the resources to navigate the foreseeable future.

The company has net current liabilities of £476,574 (compared to net current assets of £709,828 in 2023) before accounting for non-current debtors of £2,170,575 (2023: £1,799,328) which is attributed to continued growth and significant capital expenditure which saw the balance sheet improve in value. The company recognises the concerns which this may raise. The directors believe the company can continue operating as a going concern based on planned actions to improve cash flow through improved debt collecting process, supplier price comparisons, cost-cutting measures,  actively managing inventory levels and continuously negotiating retentions to improve the working capital position within the next 12 months. 

To further support financial resilience, the company has access to additional liquidity facilities, totalling £1.5m, which can be utilised if necessary. These facilities provide a robust financial buffer, enhancing our ability to meet obligations as they arise and supporting our ongoing operations and growth initiatives. The business has at its disposal the option to generate a further £2m through the sale of fully paid-up fixed assets should the need arise.  
The company maintains a strong financial foundation with stable cash flows through a resilient order book. The investment in assets underscores management’s commitment to long-term value creation, enhancing operational capacity and revenue-generating potential. The Directors are confident that the business will generate sufficient cash flows to meet its obligations as they fall due and continue its growth trajectory. This net current liability position is expected to lessen as the company settles into its size and begins to see the benefits of the initial outlay for capital.

Considering these factors and the resolute profitability of the company, the directors hold an assuredly positive stance regarding the company's outlook. Consequently, the Directors affirm their agreement with the going concern basis in the preparation of the financial statements.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director 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 auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the period end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 6


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
This report was approved by the board and signed on its behalf.
 




Mr L Evans
Director

Date: 1 April 2025

Unit 1, Venture Park
Maybrook Road
Walsall
West Midlands
WS8 7BA

Page 7


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED
OPINION


We have audited the financial statements of Alliance Groundworks and Civils Limited (the 'Company') for the year ended 30 November 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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.


Page 8


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)

OPINION 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 set out on page 5, 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.


Page 9


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:

We have considered the nature of the industry and sector, control environment and business performance;
We have considered the results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities within the entity
We have considered any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included occupational health and safety regulations, and employment legislation.

Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 
reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; enquiring of management and those charged with governance concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and
assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Page 10


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

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 Auditors' 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 2006Our 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 Auditors' 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.






Andrew Wood FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
1-3 College Yard
Worcester
WR1 2LB

3 April 2025
Page 11


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
103,715,346
63,609,004

Cost of sales
  
(86,802,743)
(49,795,681)

Gross profit
  
16,912,603
13,813,323

Administrative expenses
  
(11,411,809)
(8,072,620)

Operating profit
 5 
5,500,794
5,740,703

Interest receivable and similar income
  
47,602
2,636

Interest payable and similar expenses
 9 
(727,794)
(384,572)

Profit before tax
  
4,820,602
5,358,767

Tax on profit
 10 
(1,283,459)
(1,337,903)

Profit for the financial year
  
3,537,143
4,020,864

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 30 form part of these financial statements.

Page 12


ALLIANCE GROUNDWORKS AND CIVILS LIMITED
REGISTERED NUMBER:12590255

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
10,621
-

Tangible assets
 13 
19,233,402
12,454,851

  
19,244,023
12,454,851

Current assets
  

Debtors: amounts falling due after more than one year
 14 
2,170,575
1,799,328

Debtors: amounts falling due within one year
 14 
14,395,682
8,866,458

Cash at bank and in hand
 15 
7,953,135
1,805,032

  
24,519,392
12,470,818

Creditors: amounts falling due within one year
 16 
(24,995,966)
(11,760,990)

Net current (liabilities)/assets
  
 
 
(476,574)
 
 
709,828

Total assets less current liabilities
  
18,767,449
13,164,679

Creditors: amounts falling due after more than one year
 17 
(6,156,627)
(5,213,542)

Provisions for liabilities
  

Deferred tax
 19 
(2,859,857)
(1,576,398)

Net assets
  
9,750,965
6,374,739


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
 21 
9,750,865
6,374,639

  
9,750,965
6,374,739


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr L Evans
Director

Date: 1 April 2025

The notes on pages 17 to 30 form part of these financial statements.

Page 13


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2021
100
2,520,775
2,520,875


Comprehensive income for the year

Profit for the year
-
4,020,864
4,020,864
Total comprehensive income for the year
-
4,020,864
4,020,864


Contributions by and distributions to owners

Dividends: Equity capital
-
(167,000)
(167,000)


Total transactions with owners
-
(167,000)
(167,000)



At 1 December 2023
100
6,374,639
6,374,739


Comprehensive income for the year

Profit for the year
-
3,537,143
3,537,143
Total comprehensive income for the year
-
3,537,143
3,537,143


Contributions by and distributions to owners

Dividends: Equity capital
-
(160,917)
(160,917)


Total transactions with owners
-
(160,917)
(160,917)


At 30 November 2024
100
9,750,865
9,750,965


Page 14


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit after tax
3,537,143
4,020,864

Adjustments for:

Amortisation of intangible assets
3,035
-

Depreciation of tangible assets
3,145,170
1,742,102

Loss/(profit) on disposal of tangible assets
7,061
(1,810)

Interest paid
727,794
384,572

Interest received
(47,602)
(2,636)

Taxation charge
1,283,459
1,337,903

(Increase) in debtors
(5,900,471)
(5,812,807)

Increase in creditors
9,156,578
1,298,488

Increase in provisions
1,283,459
1,337,903

Net cash generated from operating activities

13,195,626
4,304,579


Cash flows from investing activities

Purchase of intangible fixed assets
(13,656)
-

Purchase of tangible fixed assets
(850,861)
(593,339)

Sale of tangible fixed assets
17,557
57,779

Interest received
47,602
2,636

HP interest paid
(727,794)
(384,572)

Net cash from investing activities

(1,527,152)
(917,496)

Cash flows from financing activities

Repayment of HP agreements
(5,359,454)
(3,248,422)

Dividends paid
(160,917)
(167,000)

Net cash used in financing activities
(5,520,371)
(3,415,422)

Net increase/(decrease) in cash and cash equivalents
6,148,103
(28,339)

Cash and cash equivalents at beginning of year
1,805,032
1,833,371

Cash and cash equivalents at the end of year
7,953,135
1,805,032


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,953,135
1,805,032

7,953,135
1,805,032


Prior year comparatives have been restated to correctly reflect the purchase of tangible fixed assets which were not obtained under a hire purchase agreement. 

Page 15


ALLIANCE GROUNDWORKS AND CIVILS LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024





At 1 December 2023
Cash flows
New finance leases
At 30 November 2024
£

£

£

£

Cash at bank and in hand

1,805,032

6,148,103

-

7,953,135

Debt due within 1 year

(16,000)

16,000

-

-

Finance leases

(9,104,001)

5,359,454

(9,097,478)

(12,842,025)



(7,314,969)
11,523,557
(9,097,478)
(4,888,890)

Page 16


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


GENERAL INFORMATION

Alliance Groundworks and Civils Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The registered office and principal place of business is Unit 1, Venture Park, Maybrook Road, Walsall Wood, Walsall, WS8 7BB.
The principal activity of the Company is groundworks and civil engineering.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The company has marked a strong, third period of trading, displaying continued profitability and generating substantial cash flow. Beyond historic figures and achievements, the Directors have thoroughly examined budgets and forecasts for the following 12-month period post sign-off and confidence in these forecasts remains high. Given considerable profits realised in the year, coupled with financial planning, there is a firm belief that the Company holds the resources to navigate the foreseeable future.

The company has net current liabilities of £476,574 (compared to net current assets of £709,828 in 2023) before accounting for non-current debtors of £2,170,575 (2023: £1,799,328) which is attributed to continued growth and significant capital expenditure which saw the balance sheet improve in value. The company recognises the concerns which this may raise. The directors believe the company can continue operating as a going concern based on planned actions to improve cash flow through improved debt collecting process, supplier price comparisons, cost-cutting measures,  actively managing inventory levels and continuously negotiating retentions to improve the working capital position within the next 12 months. 

To further support financial resilience, the company has access to additional liquidity facilities, totalling £1.5m, which can be utilised if necessary. These facilities provide a robust financial buffer, enhancing our ability to meet obligations as they arise and supporting our ongoing operations and growth initiatives. The business has at its disposal the option to generate a further £2m through the sale of fully paid-up fixed assets should the need arise.  

The company maintains a strong financial foundation with stable cash flows through a resilient order book. The investment in assets underscores management’s commitment to long-term value creation, enhancing operational capacity and revenue-generating potential. The Directors are confident that the business will generate sufficient cash flows to meet its obligations as they fall due and continue its growth trajectory. This net current liability position is expected to lessen as the company settles into its size and begins to see the benefits of the initial outlay for capital.

Considering these factors and the resolute profitability of the company, the directors hold an assuredly positive stance regarding the company's outlook. Consequently, the Directors affirm their agreement with the going concern basis in the preparation of the financial statements.

Page 17


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

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. The following criteria must also be met before revenue is recognised:

Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a consistent basis to reflect the proportion of the work carried out at the period end, by recording turnover and related costs as contract activity progresses. Turnover is calculated based on the stage of completion of each contract which is derived from surveys of work performed. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the period in which they are first foreseen. Retentions receivable are recognised as revenue to the extent they are deemed recoverable.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

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.

Page 18


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year 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.


 
2.9

INTANGIBLE ASSETS

Intangible assets are made up of computer software. These 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. Computer software is amortised on a straight-line basis over 3 years.

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.

 
2.10

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.

Page 19


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (continued)


2.10
TANGIBLE FIXED ASSETS (CONTINUED)

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.

The estimated useful lives range as follows:

Plant and machinery
-
3 - 6 years
Motor vehicles
-
4 years
Fixtures and fittings
-
10 years
Office equipment
-
3 years
Computer equipment
-
3 years

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.

 
2.11

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.

 
2.12

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.

 
2.13

CREDITORS

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

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.

Page 20


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (continued)

  
2.15

FINANCIAL INSTRUMENTS

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 to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.16

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.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in Note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgments and key sources of estimation uncertainty 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.
Revenue recognition
When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion of each contract which is derived from surveys of work performed. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
In determining the stage of completion, the Company has appropriate systems for surveying, cost estimating, forecasting, and revenue and costs reporting. The system also requires consistent judgement (forecasting) of the final outcome of the contract. Estimates are an inherent part of this assessment and the actual future outcome may deviate from the estimated outcome.

Page 21


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


TURNOVER

The whole of the turnover is attributable to the principal activity described in Note 1.

All turnover arose within the United Kingdom.


5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Pension costs
36,397
25,830

Depreciation of tangible fixed assets
3,145,170
1,742,102

Amortisation of intangible fixed assets
3,035
-

Other operating lease rentals
191,738
79,502

Fees paid to the Company's auditors
62,750
31,700


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
59,250
29,750

Fees payable to the Company's auditors in respect of taxation compliance services
3,500
1,950

7.


EMPLOYEES

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,636,373
3,031,411

Social security costs
481,344
311,647

Cost of defined contribution scheme
36,397
25,830

5,154,114
3,368,888


The average monthly number of employees, including directors, during the year was 55 (2023:33).

Page 22


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
234,627
276,202


The highest paid Director received remuneration of £163,534 (2023:£202,380).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,211 (2023:£NIL).

The total accrued pension provision of the highest paid Director at 30 November 2024 amounted to £NIL (2023:£NIL).


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Other loan interest payable
-
12,399

Finance leases and hire purchase contracts
727,794
372,173

727,794
384,572


10.


TAXATION


2024
2023
£
£



DEFERRED TAX


Origination and reversal of timing differences
1,283,459
1,337,903

TOTAL DEFERRED TAX
1,283,459
1,337,903


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
1,283,459
1,337,903
Page 23


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023:higher than) the effective rate of corporation tax in the UK of 25% (2023:23%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,820,602
5,358,767


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023:23%)
1,205,151
1,233,104

EFFECTS OF:


Capital allowances for year in excess of depreciation
2,444
(39,875)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
75,815
38,251

Other differences leading to an increase (decrease) in the tax charge
49
106,423

TOTAL TAX CHARGE FOR THE YEAR
1,283,459
1,337,903


11.


DIVIDENDS

2024
2023
£
£


Dividends paid
160,917
167,000

160,917
167,000

Page 24


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

12.


INTANGIBLE ASSETS




Computer software

£



COST


Additions
13,656



At 30 November 2024

13,656



AMORTISATION


Charge for the year on owned assets
3,035



At 30 November 2024

3,035



NET BOOK VALUE



At 30 November 2024
10,621



At 30 November 2023
-



Page 25

ALLIANCE GROUNDWORKS AND CIVILS LIMITED



 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
  



13.


TANGIBLE FIXED ASSETS






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 December 2023
10,785,044
3,913,088
-
596
63,855
14,762,583


Additions
7,472,772
2,024,363
373,306
10,268
67,630
9,948,339


Disposals
(26,974)
-
-
-
-
(26,974)



At 30 November 2024

18,230,842
5,937,451
373,306
10,864
131,485
24,683,948



DEPRECIATION


At 1 December 2023
1,206,677
1,061,042
-
464
39,549
2,307,732


Charge for the year on owned assets
241,045
60,907
24,283
132
32,802
359,169


Charge for the year on financed assets
1,536,533
1,249,468
-
-
-
2,786,001


Disposals
(2,356)
-
-
-
-
(2,356)



At 30 November 2024

2,981,899
2,371,417
24,283
596
72,351
5,450,546



NET BOOK VALUE



At 30 November 2024
15,248,943
3,566,034
349,023
10,268
59,134
19,233,402



At 30 November 2023
9,578,367
2,852,046
-
132
24,306
12,454,851

Page 26

ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

           13.TANGIBLE FIXED ASSETS (CONTINUED)

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


2024
2023
£
£



Plant and machinery
14,303,566
8,747,502

Motor vehicles
3,465,164
2,732,955

17,768,730
11,480,457


14.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Amounts recoverable on long-term contracts
2,170,575
1,799,328

2,170,575
1,799,328


The above amounts are in relation to retentions recoverable in more than one year.

2024
2023
£
£

DUE WITHIN ONE YEAR

Other debtors
2,887,907
1,195,794

Prepayments and accrued income
1,045,610
410,728

Amounts recoverable on long-term contracts
10,462,165
7,259,936

14,395,682
8,866,458



15.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
7,953,135
1,805,032


Page 27


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
12,602,700
4,530,431

Other taxation and social security
199,238
179,297

Obligations under finance lease and hire purchase contracts
6,685,398
3,890,459

Other creditors
1,047,766
268,296

Accruals and deferred income
1,525,775
852,503

Excess payments on account
2,935,089
2,040,004

24,995,966
11,760,990


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
6,156,627
5,213,542

6,156,627
5,213,542


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


18.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,685,399
3,890,459

Between 1-5 years
6,156,627
5,213,542

12,842,026
9,104,001

Page 28


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

19.


DEFERRED TAXATION




2024


£






At beginning of year
(1,576,398)


Charged to profit or loss
(1,283,459)



AT END OF YEAR
(2,859,857)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,811,834)
(1,964,338)

Tax losses carried forward
950,182
384,105

Short term timing differences
1,795
3,835

(2,859,857)
(1,576,398)


20.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023:100) Ordinary shares shares of £1.00 each
100
100



21.


RESERVES

Profit and loss account

This reserve includes all current and prior period retained profits and losses.


22.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charges represents contributions payable by the Company to the fund and amounted to £36,397 (2023: £25,830). Contributions totalling £18,953 (2023: £15,340) were payable to the fund at the reporting date and are included in creditors.

Page 29


ALLIANCE GROUNDWORKS AND CIVILS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

23.


COMMITMENTS UNDER OPERATING LEASES

At 30 November 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
250,980
35,000

Later than 1 year and not later than 5 years
1,254,900
-

Later than 5 years
878,430
-

2,384,310
35,000


24.


RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2023: £Nil).

25.


CONTROLLING PARTY

There is no ultimate controlling party.

 
Page 30