REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
For The Year Ended 31 July 2024 |
for |
McFadden Utilities Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
For The Year Ended 31 July 2024 |
for |
McFadden Utilities Limited |
McFadden Utilities Limited (Registered number: 07712899) |
Contents of the Financial Statements |
For The Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Independent Auditors' Report | 5 |
Profit and Loss Account | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
McFadden Utilities Limited |
Company Information |
For The Year Ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
276 Preston Road |
Harrow |
Middlesex |
HA3 0QA |
McFadden Utilities Limited (Registered number: 07712899) |
Strategic Report |
For The Year Ended 31 July 2024 |
The directors present their strategic report for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
McFadden Utilities is an operating business in the UK utilities services and civil engineering market. The company is in a very healthy position as there are no external borrowings or loans. We have a reputation for successfully delivering many contracts with various water authorities, civil engineering and telecommunications companies. Contracts include repairs and maintenance, renewals and replacement of utilities within the civil engineering sector. |
The turnover of the business increased by 2% in comparison to last year. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The business strategy and risk approach are determined by the directors. |
The directors have established a number of key performance indicators which they use to measure and monitor performance of the company in a number of different areas. |
31 July 2024 31 July 2023 |
Turnover £16,782,096 £16,391,625 |
Gross profit £4,004,436 £3,460,894 |
Gross profit margin 24% 21% |
Profit before tax £1,622,516 £1,313,453 |
We have been able to achieve a 24% gross profit margin which is pleasing when considering the current market challenges and it is really in higher brackets for our industry. Overall, we are satisfied with the performance of the company this year and the fact that our strategy and the new opportunities which we could capitalise on have resulted in better-than-expected results reaching us closer to our long terms goals. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates in a very dynamic and volatile business environment. The retention of current customers and the ability to secure work is a cornerstone to the success of the business. IT security is always a threat but with becoming Cyber Essential certified we should minimise any of these risks. Retention of staff is a risk as the demand for skilled workers in our sector is on the rise. |
FUTURE DEVELOPMENTS |
Amp8 (Asset Management Plan Period 8) has shown great investment in the water sector. The directors believe that the Company is well positioned with a strong order book to deliver profitable results in the coming year. |
ON BEHALF OF THE BOARD: |
14 January 2025 |
McFadden Utilities Limited (Registered number: 07712899) |
Report of the Directors |
For The Year Ended 31 July 2024 |
The directors present their report with the financial statements of the company for the year ended 31 July 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of provision of services to support UK water and other utilities. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £ |
The total distribution of dividends for the year ended 31 July 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise of bank balances, creditors and debtors. The main purpose of these instruments is to raise funds and finance the operations of the company. |
Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks applicable to financial instruments is disclosed below: |
Liquidity Risk: The company has no borrowings. |
Credit Risk: The company's principal financial assets are bank balances, amounts recoverable on contracts and trade debtors, which represent maximum exposure to credit risk in relation to financial assets. |
The company's credit risk is primarily attributable to its amounts recoverable on contracts and trade debtors. Credit risk is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. |
McFadden Utilities Limited (Registered number: 07712899) |
Report of the Directors |
For The Year Ended 31 July 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Independent Auditors' Report to the Members of |
McFadden Utilities Limited |
Opinion |
We have audited the financial statements of McFadden Utilities Limited (the 'company') for the year ended 31 July 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
McFadden Utilities Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
Independent Auditors' Report to the Members of |
McFadden Utilities Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. |
Our approach was as follows: |
- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation. |
- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. |
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. |
- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. |
- Based on this understanding we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. |
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control. |
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
Independent Auditors' Report to the Members of |
McFadden Utilities Limited |
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. |
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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 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 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
276 Preston Road |
Harrow |
Middlesex |
HA3 0QA |
McFadden Utilities Limited (Registered number: 07712899) |
Profit and Loss Account |
For The Year Ended 31 July 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
McFadden Utilities Limited (Registered number: 07712899) |
Balance Sheet |
31 July 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Profit and loss account | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
McFadden Utilities Limited (Registered number: 07712899) |
Statement of Changes in Equity |
For The Year Ended 31 July 2024 |
Called up | Profit |
share | and loss | Total |
capital | account | equity |
£ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
McFadden Utilities Limited (Registered number: 07712899) |
Cash Flow Statement |
For The Year Ended 31 July 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Amount withdrawn by directors | (31,000 | ) | (78,399 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
5,466,296 |
Cash and cash equivalents at end of year | 2 | 6,471,623 | 6,403,738 |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Cash Flow Statement |
For The Year Ended 31 July 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/7/24 | 31/7/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (53,294 | ) | - |
1,569,370 | 1,313,639 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 July 2024 |
31/7/24 | 1/8/23 |
£ | £ |
Cash and cash equivalents | 6,471,623 | 6,403,738 |
Year ended 31 July 2023 |
31/7/23 | 1/8/22 |
£ | £ |
Cash and cash equivalents | 6,403,738 | 5,466,296 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/8/23 | Cash flow | At 31/7/24 |
£ | £ | £ |
Net cash |
Cash at bank | 6,403,738 | 67,885 | 6,471,623 |
6,403,738 | 6,471,623 |
Total | 6,403,738 | 67,885 | 6,471,623 |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Financial Statements |
For The Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
McFadden Utilities Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. |
The financial statements are presented in the company's functional currency which is Sterling (£). |
Significant judgements and estimates |
The company makes certain judgements and estimates regarding the future. Judgements and estimates are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these judgements and estimates. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
Tangible fixed assets |
Fixtures and fittings | - |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated above. |
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. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases. |
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor. |
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
(ii) Financial liabilities |
Basis financial liabilities, including trade and other payables, loans from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
Provisions |
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Going concern |
The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is a period of at least 12 months from the date of signing these financial statements. Therefore, the financial statements have been prepared on a going concern basis. |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31/7/24 | 31/7/23 |
£ | £ |
An analysis of turnover by geographical market is given below: |
31/7/24 | 31/7/23 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
31/7/24 | 31/7/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/7/24 | 31/7/23 |
Management | 2 | 6 |
Operatives | 39 | 38 |
Supervisor | 7 | 5 |
Administration | 18 | 6 |
5. | DIRECTORS' EMOLUMENTS |
31/7/24 | 31/7/23 |
£ | £ |
Directors' remuneration |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/7/24 | 31/7/23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/7/24 | 31/7/23 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31/7/24 | 31/7/23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances | - |
Total tax charge | 407,779 | 286,737 |
8. | DIVIDENDS |
31/7/24 | 31/7/23 |
£ | £ |
Final |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
10. | STOCKS |
31/7/24 | 31/7/23 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/7/24 | 31/7/23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
The management considers that there are no impairment losses during this or the previous year. |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/7/24 | 31/7/23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 461,428 | 399,719 |
Directors' current accounts | 692 | 31,692 |
Accrued expenses |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/7/24 | 31/7/23 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising on winding up of the company. |
14. | RESERVES |
Profit |
and loss |
account |
£ |
At 1 August 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2024 |
Called-up share capital - represents the nominal value of shares that have been issued. |
Profit and loss account - includes all current and prior period retained profits and losses. |
McFadden Utilities Limited (Registered number: 07712899) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2024 |
15. | RELATED PARTY DISCLOSURES |
McFadden Properties Limited, a company incorporated in England |
(Mr P McFadden is a director and 100% shareholder of this company). |
31/7/24 | 31/7/23 |
£ | £ |
Consultancy fees | 422,000 | 324,600 |
Amount due to/(from) related party at the balance sheet date | - | - |
Tony McFadden Developments Limited, a company incorporated in England |
(Mr T McFadden and Mrs P McFadden are directors and 50% each shareholders of this company) |
31/7/24 | 31/7/23 |
£ | £ |
Other direct costs | 344,403 | 361,941 |
Consultancy fees | 199,000 | 408,000 |
Amount due to/(from) related party at the balance sheet date | 96,500 | 76,372 |
T McFadden Plant Limited, a company incorporated in England |
(Mr T McFadden and Mrs P McFadden are directors and 50% each shareholders of this company) |
31/7/24 | 31/7/23 |
£ | £ |
Purchases | 2,613,455 | 2,089,075 |
Consultancy fees | 7,830 | - |
Premises expenses | 27,555 | - |
Administrative expenses | 18,799 |
Amount due to/(from) related party at the balance sheet date | 496,380 | 202,893 |
16. | ULTIMATE CONTROLLING PARTY |
For the year ended 31 July 2024 and 31 July 2023: |
The company is under the control of Mr T McFadden and Mr P McFadden, both of them are directors and own 50% of the issued share capital each. |
17. | PRIOR YEAR ADJUSTMENT |
There was an unidentified balance of £49,500 written off in the accounts in the prior year ended 31 July 2023. These relates to prior years opening balance difference. |