Registration number:
Unbrako Pre-Cast Concrete Limited
for the Year Ended 29 February 2024
Unbrako Pre-Cast Concrete Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Unbrako Pre-Cast Concrete Limited
Company Information
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Directors |
Mr Paul Kenworthy Mr Adam Tozer |
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Registered office |
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Accountants |
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Auditors |
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Unbrako Pre-Cast Concrete Limited
Strategic Report for the Year Ended 29 February 2024
The directors present their strategic report for the year ended 29 February 2024.
Principal activity
The principal activity of the company is Manufacture of concrete products
Fair review of the business
Unbrako Pre-Cast Concrete Limited is engaged in the manufacture of concrete products, continuing to operate principally from its bases at Langar and Stanton. The business delivered another year of growth, with turnover increasing to £13.6 million from £12.2 million in the prior year, representing a year-on-year revenue growth of approximately 11.3%.
The company reported a gross profit of £2.56 million (2023: £2.49 million), reflecting strong demand and cost control. After accounting for distribution, administrative expenses, and other income, the operating profit was £451,080, up from £414,978 the previous year. The profit before tax for the financial year was £425,028, a continual improvement over the £381,565 reported in the prior year.
Financial Position
The balance sheet remains healthy, with net assets of £1.13 million (2023: £1.04 million). The company has made capital investments during the year of approximately £300,000 in tangible fixed assets, reflecting ongoing investment in infrastructure and equipment.
Working capital has slightly improved, with net current assets of £43,489, compared to net current liabilities of £70,030 last year. Cash balances improved to £321,485 from £61,664, indicating strengthened liquidity.
Principal risks and uncertainties
The key risks faced by the business include:
- Raw Material and Energy Costs: As a manufacturer, the company is exposed to fluctuations in input costs. Mitigation includes supplier diversification and cost reviews.
- Reliance on Related Parties: A material portion of income (management charges) and liabilities is associated with related parties, which poses financial dependency risks.
- Operational Disruptions: As a capital-intensive business, downtime or issues with casting beds or other equipment could affect production.
Future Developments
The company remains optimistic about growth opportunities, driven by infrastructure demand and strategic investments. Management intends to maintain a focus on cost efficiency, investment in plant capabilities, and operational scalability. Improvements in internal controls and audit processes are also a priority following the auditor’s report.
Unbrako Pre-Cast Concrete Limited
Strategic Report for the Year Ended 29 February 2024
Section 172(1) Statement
In discharging their duties under section 172 of the Companies Act 2006, the directors have continued to consider the interests of the company’s employees, the fostering of relationships with key stakeholders, and the impact of their decisions on the wider community and environment. The directors believe their decisions promote the long-term success of the company.
Approved and authorised by the
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Unbrako Pre-Cast Concrete Limited
Directors' Report for the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors of the company
The directors who held office during the year were as follows:
Statement of Director's Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to the auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Approved and authorised by the
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Unbrako Pre-Cast Concrete Limited
Independent Auditor's Report to the Members of Unbrako Pre-Cast Concrete Limited
Qualified opinion
We have audited the financial statements of Unbrako Pre-Cast Concrete Limited (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion on financial statements
2. The casting beds used within the business are held under a revaluation model within tangible fixed assets. These assets were revalued in the 2023 year end but we were unable to gain sufficient, appropriate evidence to support the valuation.
3. We were unable to verify certain intercompany balances, as confirmations were not obtained and alternative procedures could not be completed due to time constraints in meeting the company’s statutory filing deadline.
As a result of these matters, we were unable to determine whether adjustments might have been necessary in respect of inventory, tangible fixed assets, and intercompany balances. Note this is the first year that the company has been audited, having not required one for the company year end in 2023.
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 Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Unbrako Pre-Cast Concrete Limited
Independent Auditor's Report to the Members of Unbrako Pre-Cast Concrete Limited
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Unbrako Pre-Cast Concrete Limited
Independent Auditor's Report to the Members of Unbrako Pre-Cast Concrete Limited
Responsibilities of directors
As explained more fully in the [set out on page ], 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
1) Identifying and assessing the design effectiveness of controls management has in place to detect and prevent fraud;
2) Understanding how management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
3) Challenged assumptions and judgements made by management in accounting estimates;
4) Reviewing and testing journal entries, in particular where they are material or appear unusual;
5) Reviewed ledger and non-ledger transactions in order to identify any additional related party transactions or balances.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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.
Unbrako Pre-Cast Concrete Limited
Independent Auditor's Report to the Members of Unbrako Pre-Cast Concrete Limited
......................................
For and on behalf of
Cabourn House
Station Street
Nottinghamshire
NG13 8AQ
Unbrako Pre-Cast Concrete Limited
Profit and Loss Account for the Year Ended 29 February 2024
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Note |
2024 |
(As restated) |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
451,080 |
414,978 |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Unbrako Pre-Cast Concrete Limited
(Registration number: 07542118)
Balance Sheet as at 29 February 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
140 |
140 |
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Revaluation reserve |
493,500 |
493,500 |
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Retained earnings |
634,643 |
545,922 |
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Shareholders' funds |
1,128,283 |
1,039,562 |
Approved and authorised by the
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Unbrako Pre-Cast Concrete Limited
Statement of Changes in Equity for the Year Ended 29 February 2024
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 March 2023 - As restated |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 29 February 2024 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 March 2022 |
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- |
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Profit for the year - As restated |
- |
- |
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Other comprehensive income |
- |
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Total comprehensive income |
- |
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Dividends |
- |
- |
( |
( |
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At 28 February 2023 - As restated |
140 |
493,500 |
545,922 |
1,039,562 |
The revaluation reserve, which is non distributable, represents the cumulative effect of the revaluation of Plant and machinery.
The profit and loss account records retained earnings and accumulated losses.
Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemption from the following disclosure requirement:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures..
Going concern
The financial statements have been prepared on a going concern basis.
Revenue
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.
Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax currently payable, relating to UK corporation tax, is calculated on the basis of the tax rates and laws that were enacted or substantively enacted as at the reporting date.
Deferred tax is recognised on all timing differences that have originated and not reversed at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted as at the reporting date that are expected to apply to the reversal of the timing difference. The tax expense is recognised in the same component of comprehensive income or equity as the transaction or event that resulted in the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Certain assets within plant & machinery are measured using the revaluation model. Revaluations are made frequently enough to ensure the carrying amount does not differ materially from the fair value determined at the end of the reporting period. Revaluation gains and losses are charged to other comprehensive income and accumulated in the revalaution reserve in equity
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machiney |
15% straight line |
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Fixtures and fittings |
15% straight line |
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Motor vehicles |
15% straight line |
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Computer equipment |
15% straight line |
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is calculated using the first-in first-out method. Work in progress is valued on the basis of direct costs plus attributable overheads.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Leases
Lease arrangements are classified as a finance lease where the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other lease arrangements are classified as an operating lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2024 |
(As restated) |
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Sale of goods |
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2024 |
(As restated) |
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Government grants |
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Miscellaneous other operating income |
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Management charges receivable |
1,126,380 |
1,164,350 |
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Operating lease expense - plant and machinery |
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(Profit)/loss on disposal of property, plant and equipment |
( |
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Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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Prior period errors |
In the year ended 29 February 2023, Unbrako Pre-cast Concrete Limited made a number of errors. The errors was discovered in the year end 28 February 2024 and corrected with a prior year adjustment.
1 An amount previously recognised in investments has been corrected to be classified as tangible fixed assets,and fully deprciated.
2 A material balance of accrued income has been reversed as its inclusion was discovered to not be necessary.
3 Deferred tax has been corrected for the rate used as well as to recognise deferred tax on the revaluation of plant & machinery.
4 A number of balance sheet items have been reclassified to more appropriate areas for correct classification and consistency between periods.
5 Assets within plant and machinery that are carried at revalued amounts have been revalued in the comparative period to reflect their fair value at the end of that reporting period.
The effect of these errors are detailed below
Plant and Machinery cost brought forward £200,000 increase
Investments cost brought forward £200,000 decrease
Profit and loss reserve £200,000 decrease
Plant and Machinery deprciation brought forward £200,000 increase
Sales £102,692 decrease
Accrued income £102,692 decrease
Deferred tax charge £226,345 increase
Deferred tax liability £226,345 increase
Trade creditors £50,157 increase
Other debtors £50,157 increase
Related company balance £120,173 decrease
Other debtors £120,173 decrease
Related company balance £185,242 decrease
Directors loan account £185,242 decrease
Plant and machinery cost £306,000 increase
Plant & machinery depreciation £352,000 decrease
Other Comprehensive Income £658,000 increase
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
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Wages and salaries |
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Other employee expense |
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Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
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Production, administration and support |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2024 |
2023 |
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Remuneration |
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Taxation |
Tax charged/(credited) in the income statement
|
2024 |
(As restated) |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 March 2023 - As restated |
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Additions |
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Disposals |
- |
- |
( |
( |
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At 29 February 2024 |
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Depreciation |
||||
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
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At 29 February 2024 |
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Carrying amount |
||||
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At 29 February 2024 |
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At 28 February 2023 - As restated |
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Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
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2024 |
2023 |
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Plant and Machnery |
512,385 |
538,867 |
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Stocks |
|
2024 |
2023 |
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Other inventories |
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Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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Debtors |
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Current |
Note |
2024 |
(As restated) |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Creditors |
|
Note |
2024 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Accrued expenses |
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Income tax liability |
97,522 |
83,722 |
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Due after one year |
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Loans and borrowings |
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 March 2023 |
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Increase (decrease) from transfers and other changes |
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At 29 February 2024 |
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Included within deferred tax for both years above is £164,500 relating to the revaluation of tangible fixed assets. For both years, the balancing amount has arisen from accelerated capital allowances.
Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
140 |
|
140 |
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Loans and borrowings |
|
2024 |
2023 |
|
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Non-current loans and borrowings |
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HP and finance lease liabilities |
|
213,766 |
|
2024 |
2023 |
|
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Current loans and borrowings |
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HP and finance lease liabilities |
|
215,413 |
Securities
A cross guarantee and debenture exists with the parent company, Unbrako Fabrications Limited, as well as a fellow subsidiary and company under common control.
Barclays Bank PLC holds a fixed and floating charge over current and future assets of the company.
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Obligations under leases and hire purchase contracts |
Operating leases
At the reporting date, the Company had outstanding commitments for future minimum lease payments under operating lease arrangements in the total of £7,139 (2023: £19,019).
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Related party transactions |
Loans to related parties
Included in debtors are amounts owed by common control entity £999,522 (2023 - £1,104) and group entities owed £1,044,894 (2023 - £120,173).
Unbrako Pre-Cast Concrete Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Loans from related parties
Included in creditors are the following amounts owing to related companies under common control:
|
2024 |
2023 |
|
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Other related parties |
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Loan accounts between the company and other related companies are all interest free and repayable on demand.
During the year Unbrako Pre-Cast Concrete Limited received a management fee from a company under common control of £1,126,380 (2023 - £1,164,350).
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Parent and ultimate parent undertaking |
The Parent company is Unbrako Fabrications Limited. Copies of the group accounts can be otained from Companies House or from the company's registered office Southfields Business Park, Harby Road, Langar, Nottingham, NG13 9HY.