Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
COMPANY INFORMATION
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CLAUDE FENTON (HOLDINGS) LIMITED
CONTENTS
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CLAUDE FENTON (HOLDINGS) LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The chairman presents his statement for the period.
I am pleased to report that the group has produced an improved performance versus prior year on both pre-tax and post-tax profit.
Turnover shows a significant decrease versus prior year due to the timing of property developments with no sales falling within the reporting year. As a consequence of this both Gross and Operating Profit, whilst lower in absolute terms, show an increase in % margin. In addition there has been a fair value increase in the company’s property. This is an uncrystallised, paper profit and is not subject to corporation tax until such time as the properties concerned are sold, so the Profit before tax and fair value movement is the more relevant comparison of the year’s performance. The figures below show the comparative performance. £000 2024 2023 Turnover 15,678 19,105 Gross Profit 6,038 6,235 Operating Profit 2,595 2,653 Profit before fair value moevments 2,618 2,490 Fair value movement 346 - Profit before tax 2,964 2,490 Profit after tax 2,213 1,832 In my reports for last two year’s accounts, I referred to some of the extraordinary cost increases that have arisen as a result of high inflation, supply chain disruption, energy costs and world events. Although inflation has abated to some degree, world events remain concerning and there are both domestic and international pressures ahead arising from significant labour cost increases driven by Employers’ National lnsurance, minimum wage increases, and a major hike in landfill tax, and the threat of tariffs and trade wars. We are already seeing a slowing down in the general economy even before these take effect. Whilst the results for the year are encouraging 2025 will once again be very challenging. The Board is pleased to recommend a final dividend of 72p per share [67p prior year] subject to approval by shareholders at the AGM. If approved this will total 85p for the year [79p prior year] and will represent an above inflation increase in total dividend for the year of 7.6% New plans for improving the business are being sought continually, along with further developments and additions. Significant investments are outlined in the individual subsidiary strategic reports which are to be found on the following pages. I would like to thank the Board and all employees for their work and effort in the year to achieve these results.
NameA. J. Harper
Chairman
Date29 April 2025
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CLAUDE FENTON (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Directors present their strategic report for the Group and the underlying subsidiaries in respect of the year ended 30 September 2024.
The company has maintained a stable number of tenants however following the year-end, a few long-term tenants had chosen not to renew their leases. As a result, certain properties now require significant refurbishment before they can be re-let.
Although the changes to the Minimum Energy Efficiency Standards (MEES) had not yet come into effect, all buildings within the portfolio were already compliant with the proposed requirements. The company continues to explore new commercial development opportunities. Following professional advice, the Directors undertook a careful review of the properties held by the Group and determined that a modest increase in value was appropriate.
The company provides skip hire and waste recycling services to the local area.
Turnover declined slightly compared to the previous year however, a modest profit was achieved, in part due to the disposal of surplus assets. Trading conditions remained highly competitive, with rising costs presenting an ongoing challenge. However, post year-end, the company had made a significant investment in new equipment to enhance its processing of non-recyclable waste. This material will now be baled, wrapped, and exported for use in waste-to-energy plants in Europe, reducing the company’s exposure to rising UK landfill tax rates.
The company did not complete any house sales during the year due to a prolonged delay in the planning process for one development site, primarily caused by local authority bureaucracy.
However, construction work was progressing well on site but build costs are continuing to creep up. It is anticipated that some units will be completed and sold in the 2024/25 financial year. The company also acquired a further site with planning permission for five houses, with construction due to commence in late summer 2025. The company continues to seek new residential development opportunities.
The company operates a plant hire business as well as a hoist business which incorporates erection, hiring and dismantling of a variety of different sized hoists from depots at Reading and Southampton.
Turnover has declined compared to the previous year however profitability remained strong. The hoist division had another successful year although trading conditions in the sector have become increasingly challenging due to growing competition. The Reading depot had suffered a loss due to a substantial bad debt incurred during the year. Post year-end, the company had made a significant investment in new plant to improve margins and reduce reliance on cross-hired equipment.
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CLAUDE FENTON (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
This report was approved by the board and signed on its behalf.
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CLAUDE FENTON (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,213 thousand (2023 - £1,832 thousand).
Dividends of £507 thousand were paid during the year (2023: £488 thousand).
Future developments are covered in the Chairman's and Strategic Reports.
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CLAUDE FENTON (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CLAUDE FENTON (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAUDE FENTON (HOLDINGS) LIMITED
We have audited the financial statements of Claude Fenton (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 Group's or the parent 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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CLAUDE FENTON (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAUDE FENTON (HOLDINGS) LIMITED (CONTINUED)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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 Group financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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CLAUDE FENTON (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAUDE FENTON (HOLDINGS) LIMITED (CONTINUED)
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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.
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 and Statutory Auditor
8th Floor
Reading Bridge House
George Street
Berkshire
RG1 8LS
Date:
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CLAUDE FENTON (HOLDINGS) LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
REGISTERED NUMBER: 00474108
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 40 form part of these financial statements.
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CLAUDE FENTON (HOLDINGS) LIMITED
REGISTERED NUMBER: 00474108
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 40 form part of these financial statements.
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CLAUDE FENTON (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CLAUDE FENTON (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CLAUDE FENTON (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Claude Fenton (Holdings) Limited is a private company, limited by shares, incorporated in England and Wales (registration number 00474108). The registered office is as follows:
Unit 1 Kennet Weir Business Park, Arrowhead Road, Theale, Reading, Berkshire, RG7 4AE The principal activities of the group are those of building and civil engineering contracting; waste recycling, waste disposal and associated operations; road haulage; plant hire; and property development. The accounts are stated in £ Sterling and are rounded to the nearest thousand.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2015.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Turnover represents amounts receivable from goods and services provided during the year exclusive of value added tax and trade discounts, and inclusive of landfill tax.
Turnover for developments sold represent the contractually agreed price and is recognised when an unconditional binding contract has been exchanged. Turnover from rental fleet hire is recognised on a straight line basis over the term of the hire agreement. All other turnover is recognised following delivery of the goods or services to the customer. Rental income Rental income is the total amount receivable by the company for rent on the properties it owns.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Some of the subsidiaries of the group jointly operate a group defined benefit pension plan. There is no policy for recharging the net defined benefit scheme costs between the group companies that are a party in the scheme, and therefore the Company as the sponsoring employer of the scheme recognises the full defined benefit pension scheme and associated deficit (or suplus, to the extent that it is appropriate) in these financial statements. The subsidiaries recognise a cost equal to their contribution for the period.
The difference between the fair value of the assets held in the group's defined benefit pension scheme and the scheme's liabilities measured on an actuarial basis using the projected unit method are recognised in the group's balance sheet as a pension asset or liability as appropriate. The carrying value of any resulting pension scheme asset is restricted to the extent that the group is able to recover the surplus either through reduced contributions in the future or through refunds from the scheme.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, it is calculated at the following rates.
Depreciation is provided on the following basis:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Full provision is made for the net present value (NPV) of the Group’s anticipated costs in relation to restoration liabilities at its landfill sites, at the inception of the lease of the site. Where appropriate this value is capitalised as a fixed asset.
The restoration provision is calculated by discounting the anticipated future costs at a rate of 3% to arrive at the net present value until such time as the provision is equal to the Group’s estimate of its current obligations. Any movement in the net present value each year represents the unwinding of the discount provision, which is charged to the profit and loss account if applicable. In other cases, where appropriate, the restoration provisions include a subsidiary company’s estimates for the future costs based on its current obligations at the balance sheet date.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Costs and fees incurred in respect of the Group’s tipping arrangements in advance are carried forward and spread over the periods to which the agreements relate.
Tipping royalties and set up costs are charged to the profit and loss account over the life of the tipping agreement based upon the amount of void space consumed.
Use of available information and application of judgment are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. However the nature of estimation means that actual outcomes could differ from those estimates. Areas of estimation which have been included within the financial statements include the valuation of investment properties held within the group, which were revalued during the previous year. The group operates a defined benefit pension scheme, by its very nature estimations have to be made to value the year end liability to the group. This valuation was carried out by XPS Corporate on the defined benefit pension plan, details of the assumptions used are shown in the relevant note.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
There were no factors that may affect future tax charges.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14.Tangible fixed assets (continued)
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The 2024 valuations were made by Vail Williams, on an open market value for existing use basis.
The 2024 valuations were made by Vail Williams, on an open market value for existing use basis.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Page 32
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the Group and the Company, specific charges on book debts, and a composite unlimited guarantee by subsidiary undertakings, and various rights of set off.
Obligations under hire purchase and finance lease agreements are secured upon the assets concerned. The finance companies have the right of repossession upon default.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23.Deferred taxation (continued)
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
24.Provisions (continued)
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Group operates a Defined Benefit Pension Scheme.
The group operates a defined benefit plan for eligible employees of the company and certain subsidiaries. The scheme provides benefits on final pensionable pay to past and present employees and the fund’s assets are held independently in trustee administered funds to meet long term pension liabilities.
The liabilities of the defined benefit fund are measured by discounting the best estimate of future cash flows to be paid out of the fund using the projected unit method. The projected unit method is an accrued benefits valuation method in which the fund liabilities make allowance for the projected earnings. As at 30 September 2023 the fund was in surplus however this has not been recognised in the accounts.
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
26.Pension commitments (continued)
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
26.Pension commitments (continued)
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CLAUDE FENTON (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
27.Contingencies
As at 30 September 2024 there exist contingent liabilities and guarantees of the Group in respect of the following:
a) The Directors are of the opinion that adequate provision has been made within these financial statements to meet the Group’s obligations for the eventual cost of restoration to re-instate land after tipping. As at 30 September 2024, there exist contingent liabilities and guarantees of the Company in respect of the following: a) A composite unlimited guarantee and right of set off on all Group bank overdrafts and loans which amounted to £600,000 (2023: £2,325,000). The guaranteed bank overdrafts and loans of other Group companies amounted to £1,010,417 (2023: £860,540). b) a guarantee for value added tax due by all group undertakings under the group election amounting to £262,205 (2023: £278,430). c) Guarantees for amounts owed by its subsidiary undertakings to suppliers of up to £932,000 (2023: £932,000). The Company also has guarantees in respect of certain of its subsidiary undertakings to third parties. d) A guarantee given to the vendor of the waste recycling operations acquired by Alan Hadley Limited with regard to covenants and obligations relating to restoration works which the directors of that company estimate to be £78,000 (2023: £78,000). e) Guarantees in respect of hire purchase and finance lease agreements for subsidiary undertakings. The outstanding balances due under such agreements amount to £555,398 (2023: £555,398) at the balance sheet date.
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