REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
Monks Contractors Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Citygate |
Longridge Road |
Preston |
Lancashire |
PR2 5BQ |
Monks Contractors Limited (Registered number: 04555131) |
Income Statement |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,378,687 | 1,220,221 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,379,112 | 1,250,397 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Monks Contractors Limited (Registered number: 04555131) |
Other Comprehensive Income |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation of tangible fixed assets | ( |
) |
Transfer to P&L |
Deferred tax | ( |
) |
Income tax relating to components of other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Monks Contractors Limited (Registered number: 04555131) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 263,000 | 15,000 |
Amount withdrawn by directors | (326,168 | ) | (28,447 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Loss on disposal of fixed assets |
(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 | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
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 | 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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
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 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
HMRC interest |
Loan interest |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
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 |
Transfer to P&L | - | 12,264 |
Deferred tax | ( |
) | - | (294,247 | ) |
1,266,688 | - | 1,266,688 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of tangible fixed assets | ( |
) | - | (259,548 | ) |
Transfer to P&L | - | 103,744 |
Deferred tax | - | 154,849 |
(955 | ) | - | (955 | ) |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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 |
AMORTISATION |
At 1 August 2023 |
and 31 July 2024 |
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 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Revaluation adjustments | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations | ( |
) | ( |
) |
Reclassification/transfer |
At 31 July 2024 |
DEPRECIATION |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Revaluation adjustments | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments and accrued income |
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) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Invoice discounting | 1,210,641 | 1,219,459 |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 10,987 | 74,155 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
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 |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | - |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
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 |
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 |
Tax losses carried forward | ( |
) | ( |
) |
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 |
Provided during year |
Charge to OCI during year | 294,248 |
Balance at 31 July 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
19. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 3,524,332 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation of fixed assets | - | 1,266,688 | 1,266,688 |
Prior period revaluation | 12,264 | (12,264 | ) | - |
At 31 July 2024 | 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. |