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REGISTERED NUMBER: 04555131 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 July 2024

for

Monks Contractors Limited

Monks Contractors Limited (Registered number: 04555131)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


Monks Contractors Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: C P Monk
Mrs L Monk





SECRETARY: Mrs L Monk





REGISTERED OFFICE: Myerscough Smithy Road
Mellor Brook
Blackburn
Lancashire
BB2 7LB





REGISTERED NUMBER: 04555131 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

Monks Contractors Limited (Registered number: 04555131)

Strategic Report
for the Year Ended 31 July 2024

The company continued its principal activities during year which were contracting waste haulage services, plant hire and drainage services. It continued to operate from its premises at Mellor Brook near Blackburn and provides these services throughout the North West of England.

REVIEW OF BUSINESS
The directors are satisfied with the company's operations and results for the year, although sales fell by 6.7% in difficult trading conditions. However the company maintained its gross margin which only fell slightly from 30.6% in 2023 to 30.4%. The effect of the fall in sales and the gross margin, reduced the gross profit by £295,000.

However the company's net profit only fell by £134,000. An increase in finance costs of £272,000 was offset by good control over administrative expenses which fell by £452,000 and also the effects of an overall net gain on the revaluation of machinery and vehicles of £197,000.

In order to sustain the increase in the level of business, the company continued to invest significantly in new equipment with a total investment of £1.7 million (2023: £1.3 million).

The directors are satisfied with the balance sheet position at 31 July 2024, which shows net assets of £5.4 million compared with £3.5 million last year and in particular a decrease in the net current liabilities position to £280,000, which is significantly down from £1.4 million at the end of July 2023..

Looking ahead, the company has continued to trade in excess of the level of business achieved in 2024, winning new business and successfully re-tendering for an existing major long term contract. The directors' are confident that business will continue at this level for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties which may impact on the company include:

- The impact of the general state of the UK economy, where an adverse downturn may reduce the level of business and impact on the value of plant and machinery.

- The loss of a key customer.

- Increases in the general levels of interest rates, which increase the level of finance costs to the company.

ON BEHALF OF THE BOARD:





C P Monk - Director


29 April 2025

Monks Contractors Limited (Registered number: 04555131)

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.

DIVIDENDS
The company paid interim dividends totalling £44,784 during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

C P Monk
Mrs L Monk

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). 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C P Monk - Director


29 April 2025

Report of the Independent Auditors to the Members of
Monks Contractors Limited

Opinion
We have audited the financial statements of Monks Contractors Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, 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 Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Monks Contractors Limited


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.

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.

Report of the Independent Auditors to the Members of
Monks Contractors Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We evaluated management's incentives and opportunities for over-riding controls and therefore manipulation of the financial statements. We concluded that overall the risk was low, with the exception of the valuation of fixed assets. Our audit procedures in this respect carried out by the audit team included:

- Discussions with management including consideration of any known or suspected instances of non-compliance with laws and regulations and fraud;

- Evaluating management's controls designed to prevent and detect any irregularities;

- Review and testing of journal entries, in particular journal adjustments on or around the year-end; and

- Review and challenging judgements made by management concerning significant accounting estimates. In this respect we tested the re-valuation of plant, machinery and motor vehicles by reference to sales of such assets post year end and trade journals.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Keith Roberts (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

29 April 2025

Monks Contractors Limited (Registered number: 04555131)

Income Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 11,954,667 12,814,071

Cost of sales 8,323,598 8,888,183
GROSS PROFIT 3,631,069 3,925,888

Administrative expenses 2,252,382 2,705,667
1,378,687 1,220,221

Other operating income - 29,648
OPERATING PROFIT 4 1,378,687 1,249,869

Interest receivable and similar income 425 528
1,379,112 1,250,397

Interest payable and similar expenses 5 561,419 298,057
PROFIT BEFORE TAXATION 817,693 952,340

Tax on profit 6 201,887 117,677
PROFIT FOR THE FINANCIAL YEAR 615,806 834,663

Monks Contractors Limited (Registered number: 04555131)

Other Comprehensive Income
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 615,806 834,663


OTHER COMPREHENSIVE INCOME
Revaluation of tangible fixed assets 1,548,671 (259,548 )
Transfer to P&L 12,264 103,744
Deferred tax (294,247 ) 154,849
Income tax relating to components of
other comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


1,266,688


(955


)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,882,494

833,708

Monks Contractors Limited (Registered number: 04555131)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 11,872,649 10,125,222
11,872,649 10,125,222

CURRENT ASSETS
Stocks 10 651,210 293,794
Debtors 11 4,143,532 4,063,727
Cash at bank 314,806 162,107
5,109,548 4,519,628
CREDITORS
Amounts falling due within one year 12 5,389,098 5,897,924
NET CURRENT LIABILITIES (279,550 ) (1,378,296 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,593,099

8,746,926

CREDITORS
Amounts falling due after more than
one year

13

(4,524,513

)

(4,012,185

)

PROVISIONS FOR LIABILITIES 17 (1,705,544 ) (1,209,409 )
NET ASSETS 5,363,042 3,525,332

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Revaluation reserve 19 2,819,060 1,564,636
Retained earnings 19 2,542,982 1,959,696
SHAREHOLDERS' FUNDS 5,363,042 3,525,332

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





C P Monk - Director


Monks Contractors Limited (Registered number: 04555131)

Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 1,000 1,541,182 1,565,591 3,107,773

Changes in equity
Dividends - (416,149 ) - (416,149 )
Total comprehensive income - 834,663 (955 ) 833,708
Balance at 31 July 2023 1,000 1,959,696 1,564,636 3,525,332

Changes in equity
Dividends - (44,784 ) - (44,784 )
Total comprehensive income - 628,070 1,254,424 1,882,494
Balance at 31 July 2024 1,000 2,542,982 2,819,060 5,363,042

Monks Contractors Limited (Registered number: 04555131)

Cash Flow Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,292,382 3,714,803
Interest paid (189,378 ) (71,700 )
Interest element of hire purchase
payments paid

(372,041

)

(221,637

)
Tax paid 33,278 83,171
Net cash from operating activities 1,764,241 3,504,637

Cash flows from investing activities
Purchase of tangible fixed assets (1,708,309 ) (1,270,891 )
Sale of tangible fixed assets 125,749 62,700
Interest received 425 528
Net cash from investing activities (1,582,135 ) (1,207,663 )

Cash flows from financing activities
New loans in year 750,000 -
Loan repayments in year (511,008 ) (263,509 )
Capital repayments in year (160,447 ) (1,608,498 )
Amount introduced by directors 263,000 15,000
Amount withdrawn by directors (326,168 ) (28,447 )
Equity dividends paid (44,784 ) (416,149 )
Net cash from financing activities (29,407 ) (2,301,603 )

Increase/(decrease) in cash and cash equivalents 152,699 (4,629 )
Cash and cash equivalents at
beginning of year

2

162,107

166,736

Cash and cash equivalents at end of
year

2

314,806

162,107

Monks Contractors Limited (Registered number: 04555131)

Notes to the Cash Flow Statement
for the Year Ended 31 July 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 817,693 952,340
Depreciation charges 1,571,530 1,705,675
Loss on disposal of fixed assets 21,938 80,100
(Gain)/loss on revaluation of fixed assets (197,399 ) 103,745
Finance costs 561,419 298,057
Finance income (425 ) (528 )
2,774,756 3,139,389
Increase in stocks (357,416 ) (103,276 )
(Increase)/decrease in trade and other debtors (113,083 ) 714,427
Decrease in trade and other creditors (11,875 ) (35,737 )
Cash generated from operations 2,292,382 3,714,803

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 314,806 162,107
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 162,107 166,736


Monks Contractors Limited (Registered number: 04555131)

Notes to the Cash Flow Statement
for the Year Ended 31 July 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank 162,107 152,699 314,806
162,107 152,699 314,806
Debt
Finance leases (5,939,043 ) (589,553 ) (6,528,596 )
Debts falling due within 1 year (268,164 ) 148,164 (120,000 )
Debts falling due after 1 year (462,844 ) 362,844 (100,000 )
(6,670,051 ) (78,545 ) (6,748,596 )
Total (6,507,944 ) 74,154 (6,433,790 )

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Monks Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated by the directors, based on historical experience and other relevant factors.

The main estimation involved in the preparation of these accounts concerns the revaluation of plant and machinery and motor vehicles. All items in these fixed asset categories are revalued by the director based on his up to date knowledge of the market for these assets and current trends in buying and selling prices.

Turnover
Turnover is measured at the fair value the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Sales are recognised when the customer is invoiced for the work done and or services carried out.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stock of consumables is valued at cost, calculated using the first-in, first out method.

Work in progress is valued at cost and includes all purchase, transport and handling costs and in the case of work carried out, all labour and management time incurred in bringing the work to its present condition. Labour and management time is based on wages rates together with all oncosts and related overheads.Due allowance is made where the value of any work-in-progress becomes impaired.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The 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.

Going concern
The accounts are prepared on a going concern basis. At the time of approving the financial statements, the directors having regard to the principal risks and uncertainties and the current and expected level of trading in the foreseeable future have a reasonable expectation that the company has adequate resources to continue operations.

Debtors
Trade and other 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.

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,371,225 3,278,106
Social security costs 345,922 334,683
Other pension costs 79,442 65,720
3,796,589 3,678,509

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Cost of sales 72 72
Administrative 3 7
Directors 2 2
77 81

2024 2023
£    £   
Directors' remuneration 16,430 16,120
Directors' pension contributions to money purchase schemes 8,489 7,479

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 60,000 51,667
Depreciation - owned assets 142,194 276,138
Depreciation - assets on hire purchase contracts 1,429,337 1,429,537
Loss on disposal of fixed assets 21,938 80,100
Auditors' remuneration 12,000 12,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 21,554 26,492
HMRC interest 85,702 -
Loan interest 82,122 49,928
Hire purchase 372,041 221,637
561,419 298,057

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 201,887 117,677
Tax on profit 201,887 117,677

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 817,693 952,340
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2023 - 19%)

155,362

180,945

Effects of:
Expenses not deductible for tax purposes 2,817 1,932
Capital allowances in excess of depreciation (113,659 ) (4,379 )
Utilisation of tax losses (7,014 ) (198,209 )

Gains on revaluations (37,506 ) 19,711
Deferred taxation 201,887 117,677
Total tax charge 201,887 117,677

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of tangible fixed assets 1,548,671 - 1,548,671
Transfer to P&L 12,264 - 12,264
Deferred tax (294,247 ) - (294,247 )
1,266,688 - 1,266,688

2023
Gross Tax Net
£    £    £   
Revaluation of tangible fixed assets (259,548 ) - (259,548 )
Transfer to P&L 103,744 - 103,744
Deferred tax 154,849 - 154,849
(955 ) - (955 )

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 44,784 416,149

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 200,000
AMORTISATION
At 1 August 2023
and 31 July 2024 200,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 August 2023 314,279 3,059,915 79,541
Additions - 738,250 -
Disposals - (104,000 ) -
Revaluations - 159,505 -
At 31 July 2024 314,279 3,853,670 79,541
DEPRECIATION
At 1 August 2023 28,816 - 48,993
Charge for year 5,709 480,753 4,582
Eliminated on disposal - (6,250 ) -
Revaluation adjustments - (474,503 ) -
At 31 July 2024 34,525 - 53,575
NET BOOK VALUE
At 31 July 2024 279,754 3,853,670 25,966
At 31 July 2023 285,463 3,059,915 30,548

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 August 2023 6,740,425 34,041 10,228,201
Additions 969,427 632 1,708,309
Disposals (53,750 ) - (157,750 )
Revaluations 50,599 - 210,104
At 31 July 2024 7,706,701 34,673 11,988,864
DEPRECIATION
At 1 August 2023 - 25,170 102,979
Charge for year 1,077,542 2,945 1,571,531
Eliminated on disposal (3,813 ) - (10,063 )
Revaluation adjustments (1,073,729 ) - (1,548,232 )
At 31 July 2024 - 28,115 116,215
NET BOOK VALUE
At 31 July 2024 7,706,701 6,558 11,872,649
At 31 July 2023 6,740,425 8,871 10,125,222

Cost or valuation at 31 July 2024 is represented by:

Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Valuation in 2024 314,279 3,853,670 79,541

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 7,706,701 34,673 11,988,864

If plant and motor vehicles had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 17,971,405 16,665,209
Aggregate depreciation 8,806,950 7,519,699

Plant and motor vehicles were valued on an open market basis on 31 July 2024 by the director of the company .

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. TANGIBLE FIXED ASSETS - continued

An independent valuer was not involved.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 August 2023 2,284,500 5,862,900 8,147,400
Additions 682,225 895,434 1,577,659
Disposals (60,000 ) (38,750 ) (98,750 )
Revaluations 73,025 (102,808 ) (29,783 )
Reclassification/transfer 387,000 435,725 822,725
At 31 July 2024 3,366,750 7,052,501 10,419,251
DEPRECIATION
Charge for year 422,579 1,006,758 1,429,337
Eliminated on disposal (5,250 ) (1,938 ) (7,188 )
Revaluation adjustments (417,329 ) (1,004,820 ) (1,422,149 )
At 31 July 2024 - - -
NET BOOK VALUE
At 31 July 2024 3,366,750 7,052,501 10,419,251
At 31 July 2023 2,284,500 5,862,900 8,147,400



10. STOCKS
2024 2023
£    £   
Stocks 26,586 23,474
Work-in-progress 624,624 270,320
651,210 293,794

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,612,452 1,597,328
Other debtors 2,393,213 2,304,438
Tax - 33,278
Prepayments and accrued income 137,867 128,683
4,143,532 4,063,727

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 120,000 120,000
Other loans (see note 14) - 148,164
Hire purchase contracts (see note 15) 2,104,083 2,389,702
Trade creditors 629,990 887,480
Invoice discounting 1,210,641 1,219,459
Social security and other taxes 984,425 692,088
Other creditors 180,491 93,392
Directors' loan accounts 10,987 74,155
Accruals and deferred income 148,481 273,484
5,389,098 5,897,924

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 100,000 220,000
Other loans (see note 14) - 242,844
Hire purchase contracts (see note 15) 4,424,513 3,549,341
4,524,513 4,012,185

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 120,000 120,000
Other loans - 148,164
120,000 268,164

Amounts falling due between one and two years:
Bank loans - 1-2 years 100,000 120,000
Other loans - 1-2 years - 159,722
100,000 279,722

Amounts falling due between two and five years:
Bank loans - 2-5 years - 100,000
Other loans - 2-5 years - 83,122
- 183,122

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 2,104,083 2,389,702
Between one and five years 4,424,513 3,549,341
6,528,596 5,939,043

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 60,000

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 6,528,596 5,939,043
Invoice discounting 1,210,641 1,219,459
7,739,237 7,158,502

The bank overdraft and invoice discounting creditor are secured by a fixed and floating charge over the company's assets.

The hire purchase creditor is secured on the relevant assets it relates to.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,940,748 1,490,922
Tax losses carried forward (235,204 ) (281,513 )
1,705,544 1,209,409

Monks Contractors Limited (Registered number: 04555131)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2023 1,209,409
Provided during year 201,887
Charge to OCI during year 294,248
Balance at 31 July 2024 1,705,544

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 August 2023 1,959,696 1,564,636 3,524,332
Profit for the year 615,806 615,806
Dividends (44,784 ) (44,784 )
Revaluation of fixed assets - 1,266,688 1,266,688
Prior period revaluation 12,264 (12,264 ) -
At 31 July 2024 2,542,982 2,819,060 5,362,042

20. RELATED PARTY DISCLOSURES

A further loan of £43,157 (2023: £28,447) was made to Jack Monk, Chris Monk's son, during the year. The total amount outstanding at the year end is £175,068 (2023: £131,910) and has been included within Chris Monk's directors' loan account in accordance with the loans to participators rules.

A further £92,372 (2023: £341,152) was loaned to The Everything Luxury Hamlet Limited, a company which is 100% owned and controlled by Louise Monk, during the year to fund the initial start up costs of the business. The balance of £2,334,677 outstanding at the year end (2023: £2,242,305) has been included within other debtors.

A loan of £350,000 was taken out in 2022 in the name of Monks Contractors Limited for the purposes of a lodging project for The Everything Luxury Hamlet Limited. The outstanding balance at the year end of £NIL (2023: £245,194).

There is a total loan outstanding at the year end of £30,000 (2023: £36,000) to Monks Drain Services Limited, a company which is 100% owned and controlled by Chris Monk. This loan is shown within other debtors.

The property from which the company operates is owned by Chris Monk. During the year the company paid rent of £60,000 (2023: £51,667) to Chris Monk for the use of this property.