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Company Registration No. 01444265 (England and Wales)







ADDINGTON (FORMWORK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors 
40 Chamberlayne Road
London
NW10 3JE

 
ADDINGTON (FORMWORK) LIMITED
 
 
COMPANY INFORMATION


Directors
Michael Corcoran 
Nora Corcoran (Mrs) 
Noel Corcoran 
Sean Corcoran 




Company number
01444265



Registered office
40 Chamberlayne Road

London

NW10 3JE




Trading address
Kiln Lane
Easthampstead Road

Bracknell

Berkshire

RG12 1NA






Independent auditors
Riordan O'Sullivan & Co.

Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




Bankers
Santander
Bridle Road

Bootle

Merseyside

L30 4GB





 
ADDINGTON (FORMWORK) LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 4
Directors' Report
 
 
5 - 6
Independent Auditors' Report
 
 
7 - 10
Profit and Loss Account
 
 
11
Balance Sheet
 
 
12
Statement of Changes in Equity
 
 
13
Statement of Cash Flows
 
 
14
Analysis of Net Debt
 
 
15
Notes to the Financial Statements
 
 
16 - 26


 
ADDINGTON (FORMWORK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present the strategic report together with the financial statements of the company for the year ended 31 August 2024.

Principal activities
 
The company’s principal activity remained that of formwork and shuttering contractors.
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

The profit and loss account of the company for the year is set out on page 11.

Review of the year to August 2024

The directors are pleased to report a return to profitability, albeit with reduced turnover and our balance sheet remains strong at £15.9 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.

Future prospects

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 company 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.

Page 1

 
ADDINGTON (FORMWORK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Family values

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.

Principal risks and uncertainties

Construction is a competitive sector and there are a number of uncertainties which could have an impact on the company'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 company.
 The principal risks 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 company’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 company finances its operations through a mixture of cash reserves in the bank, trade debtors including amounts receivable from contracts less trade creditors. The company maintains a strong balance sheet, it does not have any complex financial instruments or hedging products and neither does it have any loans, overdrafts or other borrowing or asset finance, lease purchase or finance purchase liabilities. Therefore the directors are confident that they can meet their obligations as they fall due.

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 company 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.

Page 2

 
ADDINGTON (FORMWORK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Going concern
The company has a £15.9 million balance sheet. We have a satisfactory order book from well-established customers. The directors are confident that the strength of our company 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.

Corporate social responsibility
The directors believe that the long term interests of the company, 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 company ensures that high corporate social responsibility standards are maintained throughout its activities. During the period the company 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.

Our people, training and employee involvement
The company’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 Formwork 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 company into the future.
Our short chain of command keeps us in constant dialogue with our employees and keeps them abreast of company 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 lifelong and rewarding career where they feel valued and respected and a part of the ongoing success of Addington (Formwork) Limited.

Health and safety at work

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 company continues to support the health and safety policies of our customers and the industry generally.

Page 3

 
ADDINGTON (FORMWORK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Environment and quality management

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.

Our supply chain

We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful 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 future

The Directors look forward with confidence to continue the success of the company into the future. 


This report was approved by the board on 19 May 2025 and signed on its behalf.




___________________________
Noel Corcoran
Director

Page 4

 
ADDINGTON (FORMWORK) LIMITED
 
 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company'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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £40,634 (2023 - loss £1,134,333).

No interim dividends (2023: £Nil) were paid to the parent company during the year. The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

Michael Corcoran 
Nora Corcoran (Mrs) 
Noel Corcoran 
Sean Corcoran 

Strategic report

The company 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.

Page 5

 
ADDINGTON (FORMWORK) LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Disclosure of information to auditors

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

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

Auditors

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.
 





___________________________
Noel Corcoran
Director

Page 6

 
ADDINGTON (FORMWORK) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADDINGTON (FORMWORK) LIMITED
 

Opinion


We have audited the financial statements of Addington (Formwork) Limited (the 'Company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 August 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 opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


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


We have nothing to report in this regard.


Page 7

 
ADDINGTON (FORMWORK) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADDINGTON (FORMWORK) LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept; 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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.


Page 8

 
ADDINGTON (FORMWORK) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADDINGTON (FORMWORK) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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





Page 9

 
ADDINGTON (FORMWORK) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADDINGTON (FORMWORK) LIMITED (CONTINUED)

Use of our report
 

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







Patrick McNamara (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co.
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

19 May 2025
Page 10

 
ADDINGTON (FORMWORK) LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

Turnover
 4 
14,021,002
20,725,234

Cost of sales
  
(12,078,169)
(20,218,365)

Gross profit
  
1,942,833
506,869

Administrative expenses
  
(1,905,176)
(1,852,312)

Operating profit/(loss)
 5 
37,657
(1,345,443)

Interest receivable and similar income
 8 
2,977
5,770

Profit/(loss) before tax
  
40,634
(1,339,673)

Taxation
 9 
-
205,340

Profit/(loss) for the financial year
  
40,634
(1,134,333)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Page 11

 
ADDINGTON (FORMWORK) LIMITED
REGISTERED NUMBER:01444265

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
13,359
17,754

  
13,359
17,754

Current assets
  

Stocks
 11 
36,100
39,600

Debtors
 12 
15,587,144
16,150,884

Cash at bank
  
1,514,457
1,193,217

  
17,137,701
17,383,701

Creditors: amounts falling due within one year
 13 
(1,292,208)
(1,583,237)

Net current assets
  
 
 
15,845,493
 
 
15,800,464

Total assets less current liabilities
  
15,858,852
15,818,218

Provisions for liabilities
  

Deferred tax
 14 
(5,769)
(5,769)

  
 
 
(5,769)
 
 
(5,769)

Net assets
  
15,853,083
15,812,449


Capital and reserves
  

Called up share capital 
 15 
2
2

Profit and loss account
  
15,853,081
15,812,447

  
15,853,083
15,812,449


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2025.




___________________________
Noel Corcoran
Director

Page 12

 
ADDINGTON (FORMWORK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
2
16,946,780
16,946,782



Loss for the year
-
(1,134,333)
(1,134,333)



At 1 September 2023
2
15,812,447
15,812,449



Profit for the year
-
40,634
40,634


At 31 August 2024
2
15,853,081
15,853,083


Page 13

 
ADDINGTON (FORMWORK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
40,634
(1,134,333)

Adjustments for:

Depreciation of tangible assets
4,258
6,010

Profit on disposal of tangible assets
(1,769)
-

Interest received
(2,977)
(5,770)

Taxation credit
-
(205,340)

Decrease/(increase) in stocks
3,500
(1,600)

Decrease in debtors
358,400
2,681,189

Decrease in creditors
(291,029)
(1,674,493)

Corporation tax refund
205,340
140,543

Net cash generated from operating activities

316,357
(193,794)

Cash flows from investing activities

Purchase of tangible fixed assets
(1,041)
(758)

Sale of tangible fixed assets
2,947
-

Interest received
2,977
5,770

Net cash from investing activities
4,883
5,012

Net increase/(decrease) in cash and cash equivalents
321,240
(188,782)

Cash and cash equivalents at beginning of year
1,193,217
1,381,999

Cash and cash equivalents at the end of year
1,514,457
1,193,217


Cash and cash equivalents at the end of year comprise:

Cash at bank
1,514,457
1,193,217


Page 14

 
ADDINGTON (FORMWORK) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank

1,193,217

321,240

1,514,457


Page 15

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Addington Formwork Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Chamberlayne Road, London, NW10 3JE. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The financial statements are prepared in sterling, which is the functional currency of the company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Strategic Report sets out the company'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 company's financial stability, cashflow and liquidity as well as its risks and uncertainties.
The company has considerable financial resources without the need to resort to bank or any other form of borrowing and it has a satisfactory order book for the twelve months from the date of approval of these financial statements.
As a consequence, the directors believe that the company is well placed to manage its business risks successfully and continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

Turnover

Turnover for contracting activites 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 contracts work.

 
2.4

Interest income

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

Page 16

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

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 end of the reporting period.
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.


 
2.6

Tangible fixed assets

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

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:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
33% reducing balance

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

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

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Page 17

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

Construction contracts

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.

 
2.9

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
 
 
2.10

Employee benefits

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 
2.11

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.
The company has taken advantage of the disclosure exemption of FRS102, section 1.12 (c) as information is included in the consolidated financial statements. 
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.
 
  
2.12

Equity instruments

Equity instruments issued by the company 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 company.

Page 18

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Provisions for liabilities

Provisions are recognised where an event has taken place that gives rise to a legal or constructive obligation, that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of obligation.
Provisions are charged as an expense to profit or loss in the year that the company 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 the related risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


3.


Judgements estimates and assumptions

The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the year. Actual outcome may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the company within the next financial year are detailed as follows: 
Construction contracts   
Recognition of revenue and profit on long term contracts requires management 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.


4.


Turnover

The total turnover of the company for the year has been derived from its principal activities wholly undertaken in the UK.

Page 19

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging/(crediting):

2024
2023
£
£

Depreciation
4,258
6,010

Profit on disposal of tangible fixed asset
(1,709)
-

Fees payable to the auditors - audit services
32,000
32,000

The company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent company.


6.


Employees

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


2024
2023
£
£

Wages and salaries
1,349,902
1,235,190

Social security costs
160,760
176,901

Pension costs
17,956
18,262

1,528,618
1,430,353


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


        2024
        2023
            No.
            No.







Directors
4
4



Administration and technical
14
14

18
18


Page 20

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
419,213
375,394

Pension costs
2,643
2,643

421,856
378,037


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

The highest paid director received remuneration of £167,788 (2023 - £128,109).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


8.


Interest receivable

2024
2023
£
£


Bank and other interest receivable
2,977
5,770


9.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of prior periods
-
(205,340)

Total current tax
-
(205,340)
Page 21

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
9.Taxation (continued)


Factors affecting tax charge/(credit) for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
40,634
(1,339,673)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
10,159
(254,538)

Effects of:


Expenses not deductible for tax purposes
11,337
9,726

Difference between capital allowances and depreciation
1,541
998

Profit on sale of fixed assets
(442)
-

Adjustments in respect of prior periods: R&D claim
-
(205,340)

Adjustment on unpaid pension contributions
(103)
13

Utilisation of tax losses
(22,492)
-

Unrelieved tax losses carried forward
-
243,555

Group relief
-
246

Total tax charge/(credit) for the year
-
(205,340)

Page 22

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
17,925
77,335
91,778
187,038


Additions
-
1,041
-
1,041


Disposals
(17,925)
-
-
(17,925)



At 31 August 2024

-
78,376
91,778
170,154



Depreciation


At 1 September 2023
16,579
74,400
78,305
169,284


Charge for the year
168
440
3,650
4,258


Disposals
(16,747)
-
-
(16,747)



At 31 August 2024

-
74,840
81,955
156,795



Net book value



At 31 August 2024
-
3,536
9,823
13,359



At 31 August 2023
1,346
2,935
13,473
17,754


11.


Stocks

2024
2023
£
£

Consumables
36,100
39,600


Page 23

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Debtors

2024
2023
£
£

Amounts recoverable on long-term contracts
4,484,773
4,821,936

Trade debtors
831,407
988,732

Amounts owed by group undertakings
4,918,043
4,947,385

Amounts owed by related undertakings
5,155,771
5,050,610

Other debtors
167,076
100,114

Prepayments
30,074
36,767

Tax recoverable
-
205,340

15,587,144
16,150,884


Included in the amounts recoverable on contracts is a balance of £400,133 (2023: £1,053,304) which is due after more than one year in respect of retentions receivable.
The amounts owed by group and related undertakings are interest free, unsecured and repayable on demand.
Other debtors include VAT recoverable of £135,370 (2023: £74,022).


13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
773,667
965,562

Other taxation and social security
126,848
158,908

Other creditors
45,801
29,469

Accruals
345,892
429,298

1,292,208
1,583,237


Page 24

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Deferred taxation




2024
2023


£

£



At beginning of year
5,769
5,769



At end of year
5,769
5,769

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,769
5,769


15.


Share capital

2024
2023
£
£
Issued and fully paid



2 Ordinary shares of £1 each
2
2



16.


Capital commitments

There were no capital commitments either authorised or contracted for at the balance sheet date (2023: £Nil).


17.


Related party transactions

a) Group companies 
The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102, section 33.1A, 'Related Party Disclosures' not to disclose transactions entered and outstanding balances between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member. 
b) Other related undertakings
The company is related to Corcoran Estates (Fulham) Limited, Corcoran Construction Limited, Corcoran Estates (Putney) Limited and Corcoran Estates Limited by virtue of common control.
During the year, the company has not transacted with its related undertakings:
c
) Key management personnel
The company has taken the advantage of the exemption not to disclose aggregate compensation of key management personnel as these are disclosed in the group accounts of the parent company.

Page 25

 
ADDINGTON (FORMWORK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Pension committments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company 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.


19.


Post balance sheet events

There were no events since the year end which materially affected the company.


20.


Parent undertaking

Addington Group Limited is the immediate and ultimate parent undertaking holding 100% of the shares in the company.
The consolidated accounts of the parent company, Addington Group Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
Page 26