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Company Registration No.
FOR THE YEAR ENDED 31 AUGUST 2024
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present the strategic report together with the consolidated financial statements of the group for the year ended 31 August 2024.
The principal activity of the company continued to be that of an investment holding company.
The group's principal activities remain that of: i) Addington (Formwork) Limited : formwork and shuttering contractors, ii) Addington Plant Services Limited : plant hire and related services to the construction industry and iii) Corcoran Properties Limited : residential property development. We continue to carry out construction projects for a diverse range of sectors such as the residential, health, education, leisure, retail and commercial markets.
The profit and loss account of the group for the year is set out on page 11.
The directors are pleased to report a return to profitability, albeit with reduced turnover and our balance sheet remains strong at £16.8 million.
This was achieved thanks to our dedicated and experienced team of directors, managers, support staff and trades people and despite the continuing challenges of competition, inflation, high interest rates, resources issues and geopolitical uncertainties. We completed and handed over contracts to programme and we thank our clients for the opportunity to work for them. Our thanks also goes to our supply chain who continue to give us a good service in recognition of decades of fair and prompt payment terms. We continued our investment in health and safety and the training and development of our staff.
We live in uncertain times where profit margins remain challenging. There is also reduced demand in our sector and despite that we see continuing price increases in materials, labour, plant and support costs and furthermore we have the added challenges that the geo political climate, conflict in Ukraine, conflict in the Middle East, continuing high interest rates and slowdown in the UK economy all combine to keep investment confidence low so caution remains the order of the day.
In addition, the implementation of the Building Safety Act has caused frustration within the industry, and delays by the Regulator in processing higher-risk building applications have led to projects being put back. Our current contracts are progressing satisfactorily and our financials remain strong. Our order book is satisfactory and we have encouraging new enquiries although project starts continue to be pushed back.
As we enter our 47th year of successful trading we are confident that the strength of the group with sound financials, our dedicated and experienced team, our good reputation in our sector to continue the delivery of a consistent, timely and quality service to our valued customers and to generate profit and positive cashflow going forward.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
We have been trading successfully for the past 46 years since 1979. We strive to retain a family culture with all our directors actively involved with our clients and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest possible engineering standards, within budget and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise, reliability and timely delivery, to be the contractor of choice and to continue the long term relationships with our customer base by focusing on our core activities, our long standing team and in-house resources and capabilities and by working closely with our customers and suppliers.
Construction is a competitive sector and there are a number of uncertainties which could have an impact on the group's performance and could cause results to differ substantially from historical profits and future projections. However, we have well-established systems and procedures in place to help avoid or minimise risks to the group.
The principal risks for our group include the following:
Pricing and delivery of large and complex construction contracts
The pricing and delivery of large and complex construction contracts present many challenges, principal amongst them being availability of materials and tradespeople and meeting tight deadlines. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors and estimators who carry out an in-depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win. Credit risk The group’s credit risks are mainly attributable to the amounts receivable from its customers for services carried out. Our policy therefore remains to have a good mix of long standing and established customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day to day basis.
Liquidity risk
The group finances its operations through a mixture of cash reserves in the bank, trade debtors including amounts receivable from contracts less trade creditors. The group maintains a strong balance sheet, it does not have any complex financial instruments or hedging products. Therefore the directors are confident that they can meet their obligations as they fall due. Interest rate risk Movements in interest rates affect the wider economy and we regularly assess the impact this could have on the group. Our asset purchase finance agreements have fixed rate of interest.
Health and safety risk
Construction can be a higher risk activity. Health and safety remains at the top of our business management principles. Further details set out below.
Our management team
The success of the group is dependent on retaining skilled and experienced management, tradesmen and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.
The economy
The state of the economy and related global activity are issues on which every business sector depends and which can have a significant impact on our longer term performance and success. Our policy therefore remains to maintain a strong balance sheet capable of funding our activities and meeting our obligations as they fall due.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The group has a £16.8 million balance sheet. We have a satisfactory order book from well-established customers. The directors are confident that the strength of our group with its strong balance sheet and our dedicated and experienced team and reputation in our sector to continue to deliver a consistent, timely and quality service to our valued customers. Thus they continue to adopt the going concern basis in preparing the financial statements.
The directors believe that the long term interests of the group, its employees and its customers are best served by acting in a corporate social manner which benefits the environment and wider society. As such the group ensures that high corporate social responsibility standards are maintained throughout its activities. During the period the group and its employees have supported many worthy causes and charities. In conjunction with our clients, we continue to offer employment and apprenticeships to local trades people and support staff in our areas of operation.
The group’s success is attributable to our team of skilled, experienced and dedicated directors, managers, trades people and support staff, of whom we are proud and most of whom are long term and committed Addington Group employees.
We continue to invest in the constant training and development of our staff so that we offer a career path that helps retain and enhance the skills, talents and experience required to deliver best service to our valued customers and so that we offer the challenge, training, motivation and career development expected by the best employees throughout their working life. We never forget that it is our employees that will ensure the continuing success of our group into the future.
Our short chain of command keeps us in constant dialogue with our employees and keeps them abreast of group activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain an equal opportunity employer without reference to age, ethnicity or gender and we are opposed to all forms of discrimination. We continue our policy regarding the employment of disabled persons and fair consideration is given to applications for employment by disabled persons where the requirements of the job can be adequately fulfilled by a disabled person.
I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life-long and rewarding career where they feel valued and respected and a part of the on-going success of The Addington Group of companies.
The directors and senior managers aided by our health and safety professionals continue to strive to embed best health and safety policies, practices and awareness throughout our operations and to target zero accidents. We wish that all our workers work in a safe and accident free working environment and that they go home safely at the end of every working day and the training and investment necessary to further enhance our excellent safety performance remains at the top of our core values.
The Group continues to support the health and safety policies of our customers and the industry generally.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
We recognise the significant impact the construction industry has on the environment and our management and site teams continually promote sustainable resourcing of building materials and the efficient use of energy. We continue to minimise site waste and we use and work closely with modern waste management recycling companies.
We operate within and hold full accreditation to quality standards ISO 9001 Quality Management Systems the internationally recognised environmental standard and are founding members of CONSTRUCT. We are working on attaining BS EN ISO 18001. Quality management is central to our day to day operations and helps us deliver value and efficiency and meet or exceed our customer's requirements.
We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our business. Our policy remains to pay our suppliers promptly at the end of the month following the month of delivery and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we are committed to adhering to our side of such agreements.
The directors look forward with confidence to continue the success of the group into the future.
This report was approved by the board on 19 May 2025 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 and Group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £126,800 (2023 - loss £1,113,038).
No interim dividends (2023: £Nil) were paid during the year. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The Group has chosen in accordance with Companies Act 2006, s414C (11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, financial instruments and future prospects.
The Group has chosen in accordance with Companies Act 2006, s414C (11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, financial instruments and future prospects.
Under section 487(2) of the Companies Act 2006, Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors, are deemed to be reappointed as auditors.
This report was approved by the board on 19 May 2025 and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADDINGTON GROUP LIMITED
We have audited the financial statements of Addington Group Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADDINGTON GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADDINGTON GROUP LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the group and company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry. We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the group and company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. We assessed the susceptibility of the group's and comapny's financial statements to material misstatement, including how fraud might occur. We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount. Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADDINGTON GROUP LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
NW10 3JE
19 May 2025
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CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2025.
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COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2025.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Addington Group Limited ("the company") is a private company limited by shares incorporated in England and Wales. The registered office is 40 Chamberlayne Road, London, NW10 3JE.
The group consists of Addington Group Limited and all of its subsidiaries.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement 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 financial statements are prepared in sterling, which is the functional currency of the group.
The following principal accounting policies have been applied:
The Group financial statements consolidate the financial statements of Addington Group Limited and all of its subsidiary undertakings using acquisiton accounting at the balance sheet date. A subsidiary is an entity that is controlled by another entity, known as the parent. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of during a financial period are included from, or to, the effective date of acquisition or disposal. All financial statements are made up to 31 August each year. Intra group balances, sales and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the group.
The Strategic Report sets out the Group's business activities and highlights the factors which may impact on its financial performance, market position and future prospects.
The Strategic Report also provides information in relation to the group's financial stability, cashflow and liquidity as well as its risks and uncertainties. The Group has a strong balance sheet and satisfactory order book for the twelve months from the date of approval of these financial statements. As a consequence, the director believes that the Group has adequate resources to continue in operational existence and that it is well placed to continue to manage its business risks successfully. Thus they continues to adopt the going concern basis of accounting in preparing the annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Turnover for contracting activities is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. It represents invoiced value of goods and services supplied and the value of long term contract work.
Turnover from plant hire is recognised on a straight line basis over the period of the rental contract. Turnover from property development business represents the fair value of the consideration received or receivable for sale of development properties, excluding value added tax. Turnover from rent represents rent receivable, excluding value added tax.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Assets held under hire purchase contracts are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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 group’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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Freehold properties are maintained so as to ensure that their values do not diminish over time. The maintenance costs are charged to the profit and loss account in the year in which they are incurred. In the directors' opinion, depreciation would be immaterial and has not been charged.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Amounts recoverable on contracts, including work-in-progress, are shown within debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progress commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured as the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Group 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 Group's balance sheet when the group becomes party to the contracutual 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.
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Construction contracts Recognition of revenue and profit on long term contracts requires management's judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities. Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors such as technological innovations, maintenance and projected disposal values.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 23
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 24
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
10.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 26
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 27
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 28
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The bank loan is payable on a quarterly basis with capital and interest and secured by a fixed and floating charge on the freehold property of the group.
The hire purchase agreements are secured on the assets to which they relate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The Group and company had no capital commitments either authorised or contracted for at the balance sheet date.
The Group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £17,956 (2023: £18,262). Contributions totalling £1,680 (2023: £2,090) were payable to the fund at the balance sheet date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Michael Corcoran and Nora Corcoran, by virtue of their personal shareholdings in Addington Group Limited and their capacity as trustees, are the ultimate controllers of the company and group.
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