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Registered number: 00474108










CLAUDE FENTON (HOLDINGS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

COMPANY INFORMATION


Directors
P R Fenton 
M R P Fenton 
A J Harper 
D A Gray (resigned 30 April 2024)
C Rayns (appointed 1 January 2025)




Company secretary
M R P Fenton



Registered number
00474108



Registered office
Unit 1 Kennet Weir Business Park
Arrowhead Road

Theale

Reading

Berkshire

RG7 4AE




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

8th Floor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
CLAUDE FENTON (HOLDINGS) LIMITED
 

CONTENTS



Page
Chairman's Statement
 
1
Group Strategic Report
 
2 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 8
Consolidated Profit and Loss Account
 
9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11
Company Balance Sheet
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 40


 
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

Page 1

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors present their strategic report for the Group and the underlying subsidiaries in respect of the year ended 30 September 2024.

Claude Fenton (Holdings) Limited
 
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.

Alan Hadley Limited
 
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.

Claude Fenton Limited
 
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.

Claude Fenton (Plant Hire) Limited
 
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.

Page 2

 
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.



M R P Fenton
Director

Date: 29 April 2025

Page 3

 
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.

Directors

The directors who served during the year were:

P R Fenton 
M R P Fenton 
A J Harper 
D A Gray (resigned 30 April 2024)

Directors' responsibilities statement

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.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Results and dividends

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

Future developments are covered in the Chairman's and Strategic Reports.

Disclosure of information to auditors

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

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 4

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsJames Cowper Kreston Auditwill 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.
 





M R P Fenton
Director

Date: 29 April 2025

Page 5

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAUDE FENTON (HOLDINGS) LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's 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 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.


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 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


Page 6

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAUDE FENTON (HOLDINGS) LIMITED (CONTINUED)


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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. 
 
Page 7

 
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.


Use of our report
 

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





Alexander Peal BSc (Hons) FCA DChA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
8th Floor
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

 
Date: 
29 April 2025
Page 8

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
15,678
19,105

Cost of sales
  
(9,640)
(12,870)

Gross profit
  
6,038
6,235

Administrative expenses
  
(3,443)
(3,582)

Operating profit
 5 
2,595
2,653

Interest receivable
  
146
78

Interest payable and similar expenses
  
(214)
(304)

Other finance costs - pension
  
91
63

Profit before fair value movements
  
2,618
2,490

Fair value movements
 16 
346
-

Profit before tax
  
2,964
2,490

Tax on profit
 11 
(751)
(658)

Profit for the financial year
  
2,213
1,832

  

The notes on pages 17 to 40 form part of these financial statements.

Page 9

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£000
£000


Profit for the financial year

2,213
1,832


Gain on revaluation of land and buildings
12
-

Actuarial gain on defined benefit schemes
-
-

Total comprehensive income for the year
2,225
1,832

The notes on pages 17 to 40 form part of these financial statements.

Page 10

 
CLAUDE FENTON (HOLDINGS) LIMITED
REGISTERED NUMBER: 00474108

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 14 
15,292
15,259

Investment property
 16 
21,030
20,684

  
36,322
35,943

Current assets
  

Stocks
 17 
2,340
1,517

Debtors: amounts falling due within one year
 18 
2,922
4,880

Cash at bank and in hand
 19 
4,012
3,894

  
9,274
10,291

Creditors: amounts falling due within one year
 20 
(6,211)
(6,615)

Net current assets
  
 
 
3,063
 
 
3,676

Total assets less current liabilities
  
39,385
39,619

Creditors: amounts falling due after more than one year
 21 
(967)
(3,025)

Provisions for liabilities
  

Deferred taxation
 23 
(2,312)
(2,203)

Other provisions
 24 
(568)
(571)

  
 
 
(2,880)
 
 
(2,774)

Net assets
  
35,538
33,820


Capital and reserves
  

Called up share capital 
 25 
634
634

Revaluation reserve
  
3,078
3,066

Profit and loss account
  
31,826
30,120

  
35,538
33,820


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

M R P Fenton
Director

Date: 29 April 2025

The notes on pages 17 to 40 form part of these financial statements.

Page 11

 
CLAUDE FENTON (HOLDINGS) LIMITED
REGISTERED NUMBER: 00474108

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 14 
7,522
7,383

Investments
 15 
1,337
1,337

Investment property
 16 
22,320
21,974

  
31,179
30,694

Current assets
  

Debtors: amounts falling due within one year
 18 
1,639
2,813

Cash at bank and in hand
 19 
2,021
1,710

  
3,660
4,523

Creditors: amounts falling due within one year
 20 
(2,873)
(3,051)

Net current assets
  
 
 
787
 
 
1,472

Total assets less current liabilities
  
31,966
32,166

  

Creditors: amounts falling due after more than one year
 21 
(80)
(1,895)

Provisions for liabilities
  

Deferred taxation
 23 
(1,289)
(1,182)

Other provisions
 24 
(342)
(345)

  
 
 
(1,631)
 
 
(1,527)

Pension asset/liability
  
-
(28)

Net assets
  
30,255
28,716


Capital and reserves
  

Called up share capital 
 25 
634
634

Revaluation reserve
  
2,167
2,155

Profit and loss account
  
27,454
25,927

  
30,255
28,716


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

M R P Fenton
Director

Date: 29 April 2025

The notes on pages 17 to 40 form part of these financial statements.

Page 12

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£000
£000
£000
£000
£000

At 1 October 2023
634
3,066
30,120
33,820
33,820



Profit for the year
-
-
2,213
2,213
2,213

Surplus on revaluation of freehold property
-
12
-
12
12

Dividends: Equity capital
-
-
(507)
(507)
(507)


At 30 September 2024
634
3,078
31,826
35,538
35,538



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£000
£000
£000
£000
£000

At 1 October 2022
634
3,066
28,776
32,476
32,476



Profit for the year
-
-
1,832
1,832
1,832

Dividends: Equity capital
-
-
(488)
(488)
(488)


At 30 September 2023
634
3,066
30,120
33,820
33,820


The notes on pages 17 to 40 form part of these financial statements.

Page 13

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 October 2023
634
2,155
25,926
28,715



Profit for the year
-
-
2,034
2,034

Surplus on revaluation of freehold property
-
12
-
12

Dividends: Equity capital
-
-
(507)
(507)


At 30 September 2024
634
2,167
27,453
30,254



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 October 2022
634
2,155
25,043
27,832



Profit for the year
-
-
1,371
1,371

Dividends: Equity capital
-
-
(488)
(488)


At 30 September 2023
634
2,155
25,926
28,715


The notes on pages 17 to 40 form part of these financial statements.

Page 14

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
2,213
1,832

Adjustments for:

Depreciation of tangible assets
1,588
1,683

Loss on disposal of tangible assets
(293)
(177)

Interest paid
214
304

Interest received
(146)
(78)

Taxation charge
751
658

(Increase)/decrease in stocks
(823)
1,551

Decrease/(increase) in debtors
1,889
(1,689)

(Decrease)/increase in creditors
(806)
844

(Decrease) in provisions
(3)
(4)

Corporation tax (paid)
(571)
(472)

Pension finance cost
(91)
(63)

Net cash generated from operating activities

3,922
4,389


Cash flows from investing activities

Purchase of tangible fixed assets
(1,709)
(1,983)

Sale of tangible fixed assets
349
229

Purchase of investment properties
-
(21)

Interest received
146
78

Net cash from investing activities

(1,214)
(1,697)

Cash flows from financing activities

Repayment of loans
(1,725)
(5,000)

New/(repayment of) finance leases
(144)
(370)

Dividends paid
(507)
(488)

Interest paid
(214)
(304)

Net cash used in financing activities
(2,590)
(6,162)

Net increase/(decrease) in cash and cash equivalents
118
(3,470)

Cash and cash equivalents at beginning of year
3,894
7,364

Cash and cash equivalents at the end of year
4,012
3,894


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,012
3,894


Page 15

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£000

£000

£000

Cash at bank and in hand

3,894

118

4,012

Debt due after 1 year

(1,825)

1,225

(600)

Debt due within 1 year

(575)

499

(76)

Finance leases

(2,429)

145

(2,284)

Net debt


(935)
1,987
1,052

The notes on pages 17 to 40 form part of these financial statements.

Page 16

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

1.


General information

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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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:

 
2.2

Basis of consolidation

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.

Page 17

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

2.Accounting policies (continued)

  
2.3

Turnover

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.

 
2.4

Operating leases: the Group as lessee

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

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

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred other than in respect of development projects where interest is allocated to the project up to the budgeted figure and then the excess is written off to the profit & loss account.

Page 18

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

2.Accounting policies (continued)

  
2.8

Pension costs

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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, it is calculated at the following rates.

Depreciation is provided on the following basis:

Freehold property
-
1% - 3% per annum
Long-term leasehold property
-
Over length of lease
Plant and machinery
-
Over 2 to 10 years
Other fixed assets
-
Between 2% and 50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by the Directors in consultation with external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. External valuers carry out a full valuation every three years.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 20

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term 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.

 
2.18

Provisions for liabilities

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

 
2.19

Financial instruments

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.
Page 21

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

2.Accounting policies (continued)


2.19
Financial instruments (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.
Page 22

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

2.Accounting policies (continued)


2.19
Financial instruments (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.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.21

Restoration costs

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.

Page 23

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

2.Accounting policies (continued)

  
2.22

Deferred costs

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.

  
2.23

Tipping royalties

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgement, estimates and assumptions which affect reported income and expenses during the year and assets and liabilities at the balance sheet date.
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.


4.


Turnover

2024
2023
£000
£000

Construction and development
49
3,586

Other operating income
2,493
2,349

Plant hire and waste management
13,136
13,170

15,678
19,105


All turnover arose within the United Kingdom.

Page 24

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
1,588
1,683

Operating lease rentals
1,387
1,317

(Profit) on disposal of fixed assets
(293)
(177)

Pension costs
231
314


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
38
34


7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Wages and salaries
4,366
4,250
955
922

Social security costs
453
444
112
109

Cost of defined benefit scheme
91
91
41
41

Cost of defined contribution scheme
121
110
33
26

5,031
4,895
1,141
1,098


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average employees
85
85

Page 25

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

8.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
495
602

Group contributions to defined contribution and defined benefit pension schemes
28
32

523
634


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £296 thousand (2023 - £287 thousand).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10 thousand (2023 - £10 thousand).


9.


Interest receivable and similar income

2024
2023
£000
£000


Other interest receivable
146
78


10.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
78
59

Other loan interest payable
7
140

Finance leases and hire purchase contracts
120
101

Other interest payable
9
5

214
305

Page 26

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

11.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
663
388

Adjustments in respect of previous periods
(19)
(3)


Total current tax
644
385

Deferred tax


Origination and reversal of timing differences
107
273

Total deferred tax
107
273


Taxation on profit on ordinary activities
751
658

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 22%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
2,964
2,490


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
741
548

Effects of:


Expenses not deductible for tax purposes
45
46

Lower / higher rate adjustments
15
(15)

Deferred tax not recognised
(50)
53

Restatement of opening deferred tax due to change in tax rate
-
26

Total tax charge for the year
751
658


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

12.


Dividends

2024
2023
£000
£000


Dividends paid
507
488


13.


Parent company profit for the year

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 £2,034 thousand (2023 - £1,371 thousand).


14.


Tangible fixed assets

Group






Freehold property
Leasehold improvements
Other assets
Assets under construction
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 October 2023
8,639
22
17,801
350
26,812


Additions
154
22
1,553
-
1,729


Disposals
-
(22)
(1,627)
-
(1,649)


Revaluations
12
-
-
-
12



At 30 September 2024

8,805
22
17,727
350
26,904



Depreciation


At 1 October 2023
347
22
10,854
330
11,553


Charge for the year on owned assets
42
1
1,545
-
1,588


Disposals
-
(22)
(1,507)
-
(1,529)



At 30 September 2024

389
1
10,892
330
11,612



Net book value



At 30 September 2024
8,416
21
6,835
20
15,292



At 30 September 2023
8,291
-
6,948
20
15,259

Page 28

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

           14.Tangible fixed assets (continued)


Company






Freehold property
Other assets
Total

£000
£000
£000

Cost or valuation


At 1 October 2023
7,235
769
8,004


Additions
154
100
254


Transfers intra group
20
-
20


Disposals
-
(105)
(105)


Revaluations
12
-
12



At 30 September 2024

7,421
764
8,185



Depreciation


At 1 October 2023
347
274
621


Charge for the year on owned assets
42
35
77


Disposals
-
(35)
(35)



At 30 September 2024

389
274
663



Net book value



At 30 September 2024
7,032
490
7,522



At 30 September 2023
6,887
496
7,383

Assets under construction represent freehold land acquired and freehold buildings together with plant and machinery in the course of construction, held for the Group’s own use, development and investment purposes.
Tangible fixed assets and investment properties with a carrying value of £20,558,000 (2023: £20,200,000) are pledged as security for the group’s bank loans.
Included in the total net book value of tangible fixed assets held at 30 September 2024 was £4,619,205  (2023: £3,551,731) in respect of assets held under finance leases and hire purchase contracts. Related lease obligations are secured on these assets.






Page 29

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 October 2023
1,337



At 30 September 2024
1,337





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Alan Hadley Limited
Waste management and recycling
Ordinary
100%
Claude Fenton Limited
Property development and investments
Ordinary
100%
Claude Fenton (Plant Hire) Limited
Plant Hire
Ordinary
100%
Fenton Technology Solutions Limited
Dormant
Ordinary
100%
Claude Fenton (Construction) Limited
Dormant
Ordinary
100%
Arrowhead Hire Limited
Dormant
Ordinary
100%
Claude Fenton (Plant) Limited
Dormant
Ordinary
100%
Claw Scaffold Limited
Dormant
Ordinary
100%
Fenton Hadley Contracts Limited
Dormant
Ordinary
100%
Hill Industrial Limited
Dormant
Ordinary
100%
Claude Fenton (BM) Limited
Dormant
Ordinary
100%
Claude Fenton Manufacturing Limited
Dormant
Ordinary
100%
Sheerhire Limited*
Dormant
Ordinary
100%
Southern Hoist Services Limited
Dormant
Ordinary
100%
Claude Fenton Estates Limited
Dormant
Ordinary
100%

*investment held by Claude Fenton (Plant Hire) Limited.

Page 30

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

16.


Investment property

Group


Freehold investment property

£000



Valuation


At 1 October 2023
20,684


Surplus on revaluation
346



At 30 September 2024
21,030

The 2024 valuations were made by Vail Williams, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£000
£000


Historic cost
13,389
13,389

Accumulated depreciation and impairments
(2,028)
(2,028)

11,361
11,361

Company





Freehold investment property

£000



Valuation


At 1 October 2023
21,974


Surplus on revaluation
346



At 30 September 2024
22,320

The 2024 valuations were made by Vail Williams, on an open market value for existing use basis.

Page 31

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

17.


Stocks

Group
Group
2024
2023
£000
£000

Land and developments in progress
2,340
1,517


Work in progress recognised in cost of sales during the year as an expense was £nil (2023: £3,375,000).
Interest cost of £83,075 (2023: £11,275) has been included in stock as part of development land and work in progress.


18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Trade debtors
2,489
4,302
300
423

Amounts owed by group undertakings
-
-
1,116
1,930

Other debtors
246
470
191
434

Prepayments and accrued income
187
108
32
26

2,922
4,880
1,639
2,813


Included in amounts due from subsidiary undertakings for the Company are loans of £1,073,000 (2023: £1,930,000) all of which is repayable within twelve months. As these loans are considered short-term advances they have been included in current assets rather than part of the cost of investments in subsidiary undertakings.


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Cash at bank and in hand
4,012
3,894
2,021
1,710


Page 32

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
600
500
600
500

Trade creditors
1,088
1,799
56
488

Amounts owed to group undertakings
22
-
15
-

Corporation tax
619
402
453
305

Other taxation and social security
367
381
113
106

Obligations under finance lease and hire purchase contracts
1,317
1,228
-
-

Other creditors
796
821
457
440

Accruals and deferred income
1,402
1,484
1,179
1,212

6,211
6,615
2,873
3,051


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.
Bank overdrafts of £1,010,000 (2023: £861,000) for the Group have been set off against cash at bank and in hand for the purposes of presentation in the financial statements.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
-
1,825
-
1,825

Net obligations under finance leases and hire purchase contracts
967
1,200
80
70

967
3,025
80
1,895


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.

Page 33

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Amounts falling due within one year

Bank loans
600
500
600
500

Amounts falling due 1-2 years

Bank loans
-
500
-
500

Amounts falling due 2-5 years

Bank loans
-
1,325
-
1,325


600
2,325
600
2,325


In the prior year the Company refinanced its development loan which is now repayable on 20 April 2027. This loan has been advanced in full to Claude Fenton Limited by means of an intercompany loan. Interest was payable at 2.25% over base rate on the amount made available to the Company. The intercompany loan bears interest at 2.2% over base rate.
On 15 May 2017 a bank loan of £4,511,000 was drawn by the company which refinanced the 2009 and 2013 loans. The loan is repayable within 1 year and bears interest at 2.57% over base rate. As at 30 September 2024 the balance outstanding was £nil (2023: £374,995).


23.


Deferred taxation


Group



2024


£000






At beginning of year
(2,204)


Charged to profit or loss
(108)



At end of year
(2,312)

Page 34

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
23.Deferred taxation (continued)

Company


2024


£000






At beginning of year
(1,182)


Charged to profit or loss
(107)



At end of year
(1,289)

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Accelerated capital allowances
(1,382)
(1,351)
(358)
(338)

Other timing differences
11
1
11
10

Investment property revaluation
(941)
(854)
(941)
(854)

(2,312)
(2,204)
(1,288)
(1,182)


24.


Provisions


Group



Other provision

£000





At 1 October 2023
571


Utilised in year
(3)



At 30 September 2024
568

Page 35

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

           24.Provisions (continued)

Company


Other provision
Total

£000
£000





At 1 October 2023
345
345


Utilised in year
(3)
(3)



At 30 September 2024
342
342

The other provisions include an estimate by the Directors, based on void space consumed and other factors, for reinstatement of land after tipping amounting to £226,000 (2023: £226,000). Also included in other provisions is £nil (2022: £4,000) in respect of an obligation relating to infrastructure and sewage and drainage works on part of the Group’s and Company’s freehold land, £82,000 (2023: £82,000) for an obligation for maintenance, £27,000 (2023: £27,000) in respect of subcontractors’ retentions and pension costs and £196,000 (2023: £196,000) for restoration works relating to landfill sites. A further provision was made during the previous year in respect of a contractual obligation relating to fencing construction on part of the Group's and Company's land of £25,000. No additional provisions have been made in respect of tipping obligations during the year. Provisions no longer required have been released.


25.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



633,500 (2023 - 633,500) Ordinary shares of £1.00 each
634
634


Page 36

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

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

26.


Pension commitments

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.



Reconciliation of present value of plan liabilities:


2024
2023
£000
£000

Reconciliation of present value of plan liabilities


At the beginning of the year
6,054
6,386

Current service cost
36
42

Past service cost
275
-

Interest cost
337
335

Actuarial gains/(losses)
463
(360)

Contributions
34
34

Benefits paid
(332)
(383)

At the end of the year
6,867
6,054



Reconciliation of present value of plan assets:


2024
2023
£000
£000


At the beginning of the year
6,054
6,386

Interest income
428
398

Actuarial gains/(losses)
217
(7)

Contributions
99
98

Benefits paid
(332)
(383)

Derecognition of surplus
401
(438)

At the end of the year
6,867
6,054

2024
2023
£000
£000


Fair value of plan assets
6,867
6,054

Present value of plan liabilities
(6,867)
(6,054)

Net pension scheme liability
-
-
Page 37

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
26.Pension commitments (continued)



The amounts recognised in profit or loss are as follows:

2024
2023
£000
£000


Current service cost
(156)
(155)

Interest income on plan assets
91
63

Total
(65)
(92)


Reconciliation of fair value of plan liabilities were as follows:

2024
2023
£000
£000


Opening defined benefit obligation
6,161
6,493

Current service cost
36
42

Past service costs
275
-

Interest expense
337
335

Contributions by scheme participants
34
34

Remeasurement arising from changes in assumptions
527
(419)

Remeasurement arising from experience
(64)
59

Benefits paid
(332)
(383)

Closing defined benefit obligation
6,974
6,161


Reconciliation of fair value of plan assets were as follows:

2024
2023
£000
£000


Opening fair value of scheme assets
6,054
6,386

Interest income
428
398

Actual return on plan assets
217
(7)

Contributions by employer
65
64

Contributions by scheme participants
34
34

Derecognition of surplus
401
(438)

Benefits paid
(332)
(383)

6,867
6,054

The company expects to contribute to its defined benefit pension scheme in 2024 using the following ratios:
Category 1 members:       at least 18.3% of Pensionable Salary
Category 2B members:     at least 9.7% of Pensionable Salary
Category 2A members:     at least 9.7% of Pensionable Salary

Page 38

 
CLAUDE FENTON (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
26.Pension commitments (continued)




Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024
2023
%
%
Discount rate


5.10

5.70
 
Future salary increases


2.60

2.70
 
Future pension increases



 
 - Pension earned before 6/4/97


3.00

3.00
 
 - Pension earned between 6/4/97 and 5/4/05


3.60

3.70
 
 - Pension earned between 6/4/05 and 5/4/12


2.20

2.20
 
 - Pension earned on or after 6/4/12


2.00

2.00
 
Mortality rates



 
 - Base tables


S3PA

S3PA
 
 - Future improvements


CMI_2022 [1.25%]

CMI_2022  [1.25%]
 
Proportion of members with a spouse


Male: 75%

Male: 75%
 
Proportion of members with a spouse


Female: 65%

Female: 65%
 







Page 39

 
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.


28.


Related party transactions

There were no material related party transactions during the current or previous year.
The ultimate controlling party of the group is Claude Fenton (Holdings) Limited. The company does not have a parent undertaking.

Page 40