Company registration number 02431300 (England and Wales)
TRITECH GROUND ENGINEERING LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
TRITECH GROUND ENGINEERING LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
TRITECH GROUND ENGINEERING LTD.
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
10,000
12,000
Tangible assets
6
1,228,416
1,637,046
1,238,416
1,649,046
Current assets
Stocks
174,605
153,244
Debtors
8
2,948,361
1,857,385
3,122,966
2,010,629
Creditors: amounts falling due within one year
9
(4,544,573)
(3,210,351)
Net current liabilities
(1,421,607)
(1,199,722)
Total assets less current liabilities
(183,191)
449,324
Creditors: amounts falling due after more than one year
10
-
0
(47,162)
Provisions for liabilities
(152,408)
(143,567)
Net (liabilities)/assets
(335,599)
258,595
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(335,699)
258,495
Total equity
(335,599)
258,595

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
Miss V M Whitehead
Director
Company registration number 02431300 (England and Wales)
TRITECH GROUND ENGINEERING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Tritech Ground Engineering Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cranfield Road, Lostock Industrial Estate, Lostock, Bolton. BL6 4SB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Whitehead Family Holdings Limited whose registered office is Cranfield Road, Lostock Industrial Estate, Bolton. These consolidated financial statements are available from from Companies house, Crown Way, Cardiff.

1.2
Going concern

Although at 31 August 2024 the company had net current liabilities of £1,421,607, the directors are of the opinion that it is appropriate to prepare financial statements on the going concern basis due to the continued support from the parent company, it’s fellow group subsidiary and the company's bankers.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

In respect of ongoing services, turnover represents the value of work done in the year, including estimates of amounts not yet invoiced. Turnover in respect of ongoing services is recognised by reference to the stage of completion.

Amounts recoverable on contracts are assessed on a contract to contract basis and reflected in the profit and loss account as contract activity progresses - see the accounting policy on construction contracts for further details.

TRITECH GROUND ENGINEERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15 - 20% Reducing Balance
Fixtures and fittings
15% Reducing Balance
Motor vehicles
15% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TRITECH GROUND ENGINEERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Where stock is used as part of construction contracts, this is held at the lower of cost and any impairments.

 

Stock is calculated using the FIFO method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs.

 

Trade debtors are obligations to pay for services that have been provided in the ordinary course of business from customers. Amounts receivable are classified as current assets if receipt is due within one year or less. If not, they are presented as non-current assets. Trade debtors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Classification of 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 company after deducting all of its liabilities.

TRITECH GROUND ENGINEERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank overdrafts are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

TRITECH GROUND ENGINEERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
25
32
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
128,467
125,517

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

5
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
20,000
Amortisation and impairment
At 1 September 2023
8,000
Amortisation charged for the year
2,000
At 31 August 2024
10,000
Carrying amount
At 31 August 2024
10,000
At 31 August 2023
12,000
TRITECH GROUND ENGINEERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
2,520,830
3,249
240,817
2,764,896
Additions
25,564
-
0
36,675
62,239
Disposals
(289,000)
-
0
(107,715)
(396,715)
At 31 August 2024
2,257,394
3,249
169,777
2,430,420
Depreciation and impairment
At 1 September 2023
1,051,605
205
76,040
1,127,850
Depreciation charged in the year
234,224
457
40,321
275,002
Eliminated in respect of disposals
(151,761)
-
0
(49,087)
(200,848)
At 31 August 2024
1,134,068
662
67,274
1,202,004
Carrying amount
At 31 August 2024
1,123,326
2,587
102,503
1,228,416
At 31 August 2023
1,469,225
3,044
164,777
1,637,046
7
Construction contracts
2024
2023
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
2,622,334
1,529,820

At 31 August 2024, retentions held by customers for contract work amounted to £42,997 (2023 - £72,650).

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
120
19,302
Gross amounts owed by contract customers
2,622,334
1,529,820
Other debtors
325,907
308,263
2,948,361
1,857,385
TRITECH GROUND ENGINEERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,171,684
1,820,489
Obligations under finance leases
45,004
142,645
Trade creditors
1,058,068
861,853
Amounts owed to group undertakings
1,000,028
100
Taxation and social security
37,801
45,813
Accruals and deferred income
231,988
339,451
4,544,573
3,210,351

The bank borrowings are secured by way of a debenture covering all the assets of Tritech Ground Engineering Ltd and by way of an unlimited intercompany guarantee with Combined Soil Stabilisation Limited within the group.

 

Assets held under hire purchase are secured on the assets to which they relate.

10
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
-
0
47,162
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Material uncertainty relating to going concern

In forming our opinion, which is not modified, we have considered the adequacy of the disclosure made in note 1 of the financial statements concerning the company's ability to continue as a going concern. At the year end date, the company's liabilities exceed its total assets by £335,599 and the company is heavily reliant on support from its parent undertaking. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include adjustments that would result if the company was unable to continue as a going concern.

Senior Statutory Auditor:
Paul Burton
Statutory Auditor:
Barlow Andrews LLP
Date of audit report:
12 May 2025
TRITECH GROUND ENGINEERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
12
Financial commitments, guarantees and contingent liabilities

The company's bankers hold an intercompany guarantee between this company and Combined Soil Stabilisation Limited within the group as well as other related parties being A E Yates Limited, Trenchless Holdings Limited, A E Yates Trenchless Solutions Limited, A E Yates Trenchless Plant Limited, SPI McGrattan Piling Limited, Tritech Piling and Foundations Limited, A E Yates Directional Drilling Ltd and SPI Piling Limited.

13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
3,175
56,511
1,191,052
2,191,831
2024
2023
Amounts due to related parties
£
£
Other related parties
178,519
406,885

 

 

14
Parent company

The company is a wholly-owned subsidiary of Whitehead Family Holdings Limited.

 

The company is included in the consolidated accounts of Whitehead Family Holdings Limited. The registered office of this entity is Cranfield Road, Lostock Industrial Estate, Bolton, Lancashire, United Kingdom.

 

The ultimate controlling party is Mr J C Whitehead.

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