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Registration number: 2463833

Britcon (UK) Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

Britcon (UK) Limited

Contents

Strategic Report

1 to 7

Directors' Report

8 to 9

Statement of Directors' Responsibilities

10

Independent Auditor's Report

11 to 14

Profit and Loss Account

15

Balance Sheet

16

Statement of Changes in Equity

17

Statement of Cash Flows

18

Notes to the Financial Statements

19 to 29

 

Britcon (UK) Limited

Strategic Report for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

Principal activity

The principal activity of the company is that of civil engineering, general construction and structural steel design, fabrication & installation.

Business Overview
Britcon (UK) Limited is an award-winning contractor delivering civil engineering and building projects for both private and public sector organisations. Our specialist structural steel business, Britcon Steel provides design, fabrication, and installation services within key market sectors.

Operating from three regional offices, the core of our business remains in the North and Midlands, however for strategic and framework clients we also work nationally.
Our approach and core values have remained unchanged over our 34-year trading history, and we continue to collaborate as a genuine partner, providing exceptional service and value for money to exceed our clients’ expectations. Our continued focus is to deliver high quality projects, safely, sustainably, on time and within budget.

Our personnel remain our most critical asset. Over the past year, we sustained a robust workforce of around 90 people and are continuing to recruit to meet our long-term sustainable growth objectives. This includes strengthening our direct delivery team, who support our integrated working model to deliver efficiency savings for our clients. Our retention rate is industry leading, and we have provided upgraded working environments and access to personnel development programmes, to create a platform and culture to build on our successful history.
 

Fair review of the business

The directors are satisfied with the performance of the company in the year end 30 September 2024 with operating profit and net profit margins remaining strong. A steady increase in turnover from 2024 is forecast due to key larger contracts being delayed in the previous year now under way. This led to a slight decrease in the gross profit margin, down 1% to 11%, therefore leading to a reduction in gross profits in the year. The directors are committed to a business plan targeting organic growth in its three principal market sectors: civil engineering, building and steel. Sustainable growth is key to that plan ensuring the company has the right resources and resilience to meet changing demands.

The profit after tax generated in this financial period has further strengthened the balance sheet, with net assets increasing to £3.7 million from £3.6 million.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£000

37,153

33,913

Turnover growth

%

10

(29)

Gross profit

£000

4,003

4,159

Gross profit margin

%

11

12

Operating profit

£000

643

1,102

 

Britcon (UK) Limited

Strategic Report for the Year Ended 30 September 2024

Strategy, structure, and resources
We continue to invest in people and technology to support sustainable growth and deliver our five-year strategic business plan. This has included increasing the size of our North East regional office in Stockton to support our geographic expansion. This includes onboarding local delivery teams and new suppliers as our workload increases in the region. We have also relocated our Wakefield office to modern open plan accommodation. To support our growth plans and to provide a collaborative environment with modern IT to support the recruitment and retention of team members.

Clients and strategic frameworks
Our selectivity strategy and focus on securing new collaborative frameworks has been successful, providing access to increased levels of public sector work to complement our strong private sector client base. Building further resilience within our business, our existing frameworks with NEPO, Pagabo, Procure Partnerships, and YORhub have provided continual access to work opportunities. We have also added several new frameworks to our portfolio for clients including Bradford Council and NEUPC. We have also secured a place on the £3.6bn Northumbrian Water AMP 8 framework a potential 12-year agreement. We continue to be selective and disciplined in the projects we target and have improved our win rate by 20%. Successfully securing major new contracts with Coca Cola European Partners, Leicestershire County Council, and the Harworth Group. We have also continued to deliver projects for long standing repeat business clients including British Steel, Associated British Ports, the Education Training Collective and Centrica. Our steel operations continue to operate within regulated industries including supporting UK Power Networks partners.

Digital collaboration tools
In line with the HM Government Industrial Strategy, our continued investment in digital tools is supporting operational efficiencies, this includes Procore contract management software to streamline processes from pre-construction to closeout. Helping to manage risks and drive productivity through automated processes and efficient document management. Providing a clear, compliant audit trail of our activities. This has been supported by the introduction and roll-out of MSite technologies on our sites, to monitor productivity and improve security. We have also made a major investment in EQUE2, industry leading cloud-based construction accounting, ERP, and commercial management software. Software that uniquely integrates with Sage Accounts and Microsoft Dynamics 365 to provide sector specific solutions to help protect margins, eliminate risk, streamline processes, and improving visibility of key financial information of projects from start to finish.

 

 

Britcon (UK) Limited

Strategic Report for the Year Ended 30 September 2024

Sustainability
Our Britcon Zero strategy and roadmap towards net zero in operation, recorded another milestone as we retained our certified carbon neutral company status for the second year. We also retained our Planet Mark certification for the fourth year. Positive actions have included increasing our green fleet and decarbonising our offices and workspace. We have continued our successful partnership with Ecologi and have planted 1200 new trees to date to support carbon reduction. Our ISO 14001 processes are implemented on all our projects and frameworks.

Health, safety, and wellbeing
We continue to prioritise a safe environment for our teams, suppliers, and stakeholders we have continued to use our award-winning ISO 45001 processes to promote health and safety best practices. Providing training and resources to support positive behavioural changes and upskill team members and supply chain partners. Our health and safety performance remains upper quartile and was recognised by another RoSPA gold award and a distinction from the British Safety Council. We have also continued to promote wellbeing; with mental health first aiders and super wellness leaders within the business. We have developed programmes, partners, and resources to support the positive wellbeing of our teams and stakeholders.

Corporate social responsibility
Our Britcon Foundation continues to support volunteering, fundraising, charity, and community groups. Supporting many of our clients to meet their Social Value Act 2012 and the HM Government’s Procurement Policy Note 06/20, by providing additional social benefits in the delivery of our contracts. We are using social value calculators to capture tangible data with measurements aligned to national standards, organisations supported include The Trussell Trust, Sheffield Hospitals Charity, Lindsey Lodge and A Way Out, an outreach and prevention charity.
 

Awards and recognition
Our business improvement initiatives, including our focus on safety, sustainability, innovation, collaboration, and high-quality project delivery was recognised by several high profile national and regional awards in 2023, including The Building Magazine, Building Contractor of the Year.
Our success has continued in 2024 with several prestigious awards including:

• Constructing Excellence National Award: People and Culture - Winner
• CECA: Linda Grant Health & Safety Innovation - Winner
• RoSPA: Gold Award
• British Safety Council: Distinction
• National Federation of Builders: Contractor of the Year - Finalist
• Insider: North East Contractor of the Year - Finalist
 

 

Britcon (UK) Limited

Strategic Report for the Year Ended 30 September 2024

Principal risks and uncertainties:
Company performance post year end remains in line with expectations, we continue to monitor risks using our ISO 9001 quality management system and processes, with regular reviews and systems to provide alerts. This has enabled us to successfully manage and mitigate potential risks essential to deliver our wider strategic objectives.

Noted below are key risks and uncertainties applicable to the company and our mitigation strategies. Our senior management team and directors are responsible for managing and communicating potential risks, supported by the management and delivery teams within the business.

Supply chain risk:
Supply chain administrations have increased within the market over the past twelve months, we remain diligent and have invested in a new Head of Procurement and continue to use tools including Compliance Chain, Constructionline and Creditsafe to select suppliers. This helps to ensure that our selection is not only fair but robust, with suitable and appropriate suppliers selected for the contract. With economic, financial, and capacity checks undertaken before any orders are placed. We have built a strong supply chain and positive relationships, by providing prompt payment, fair risk allocation and by using collaborative contracts. We continue to monitor the supply of materials which may be impacted by the war in Ukraine and challenges within the Middle East.

Financial risk:
Potential uncertainties include credit risk and liquidity risk, we continue to target clients that are aligned to achieving our wider business objectives. Undertaking appropriate credit checks and references; and monitoring new customers using similar processes we use for our suppliers and subcontractors, particularly when placing large orders. The company has no ongoing disputes or debts. Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds remain available to meet amounts due for current and future operations. The company remains in a strong cash position and our management team continue to focus and monitor potential risks due to historical construction sector risks.

Market risk:
To minimise exposure to market risks we have continued to diversify our business, undertaking projects within our core market sectors for target customers. Our diverse activities within civil engineering, building and steel supports market resilience. We remain well positioned to deliver suitable work opportunities within both the public and private sector, generating a well-balanced workload. Our continued focus on collaborative working and building long term repeat business relationships and partnerships is continuing. This has proved to support improved operating margins, reducing risks, and supporting project efficiencies. We recognise the risk of not completing our contractual obligations and continue to update our processes and best practices to deliver safely, high quality, sustainable projects on time and within budget. Our success in this area generates repeat custom and protects the company position and reputation within the marketplace. Our investment in Salesforce software is also helping us to manage client relationships and ensure balanced workload activities.

 

Britcon (UK) Limited

Strategic Report for the Year Ended 30 September 2024

Workforce and materials risk:
If the availability of skilled workers, suppliers and materials is insufficient to meet market demand, this historically leads to increased costs and can impact profitability. We maintain regular engagement with suppliers, negotiating contract volumes, pricing, and delivery times. We provide high level project-specific programmes and visibility of our workload to support their planning and resource requirements. When selecting our subcontractors, we consider competencies particularly in relation to health and safety, quality, previous performance, and financial stability. With positive long-standing relationships built over many years. We continue to invest in our own workforce, through training and development programmes and apprenticeships, this includes our direct delivery capability to navigate any resource challenges on a project. Should there be a major negative impact on our supply chain, we have contingency suppliers in place and the company has the financial resources to mitigate the risk.

Health and safety risk:
Our ISO 45001 procedures and policies, supported by an in-house professional health and safety team, help us to minimise health and safety risks which are inherent due to the nature of the industry. Our directors take this responsibility seriously and lead from the top, to manage risks, our procedures and policies are constantly reviewed. This commitment to health and safety is further enhanced by our membership of RoSPA and the British Safety Council and ongoing engagement with the HSE.

Responsible Procurement
We have recruited a new Head of Procurement to support responsible buying from an audited supply chain, prioritising sustainably managed sources. We prioritise working with local suppliers and are committed to the development of collaborative working relationships, structured procurement processes and continuous improvement as outlined in our sustainable procurement policy.

We have engaged with our established supply chain and new suppliers to establish baseline capability and performance in respect of their current abilities to deliver on carbon reduction, circularity, and social value objectives. We have put a performance review system in place to monitor the performance of our supply chain in respect of these key deliverables.

Supporting a Circular Economy
We work with our clients and stakeholders to deliver circular economy commitments through minimising resource use, driving down waste, and reviewing material selection, as well as their impact on whole life carbon.

We continue to implement site-specific waste and resource management plans, setting targets based on construction waste resource efficiency benchmarks, which prioritise recycling and the minimisation of landfill waste. Recycled materials are used wherever possible, and we seek to promote ecological considerations and biodiversity.

In 2024, 99% of our waste was diverted from landfill.

Delivering Social Value
We are active in the local communities in which we operate to deliver high impact social value and sustainable opportunities. This includes delivering on social value targets for community partnerships and our clients, including local employment, local training, and qualifications. We also set targets to deliver health and well-being outcomes and charitable giving through our Britcon Foundation.

We successfully delivered more than 25% social return on investment on all our projects in 2024 as defined by the National TOMs Standards for calculation.

 

 

Britcon (UK) Limited

Strategic Report for the Year Ended 30 September 2024

Energy and Carbon Reporting
We are proud to be a Planet Mark certified carbon neutral company and are fully committed to reduce our environmental impact.

In 2024 all scope 1, 2 and 3 greenhouse gas emissions have been measured across the business using this code of conduct. The data for 2024 demonstrates a positive overall reduction in market-based emissions across all scopes by 9.2%. We target a minimum 5% reduction every year.

As well as continuing our own Britcon Zero strategy and roadmap, we continue to support our customers in delivering their waste and decarbonisation plans. By reducing embodied carbon emissions in our projects through innovative products and by using modern methods of construction.

We have used the following methodologies within the calculation of our emissions and energy consumption:

• Greenhouse Gas Protocol with PAS 2060 (International Standard for Carbon Neutrality)

• The Planet Mark Code of Conduct.

 

Emissions and energy consumption

During the year ended 30 September 2024, Britcon (UK) Limited recorded greenhouse gas emissions from:

Scope 1 of 103.50 tonnes of CO2e per year (2023 - 87.00).

Scope 2 (market-based) of 0.00 tonnes of CO2e per year (2023 - 5.60).

Scope 3 of 104.50 tonnes of CO2e per year (2023 - 136.40).

 

Britcon (UK) Limited

Strategic Report for the Year Ended 30 September 2024

Emission Intensity
An emission intensity of 2.3 tCO2e per employee, based on the average headcount.

Our stated goal is to be Net Zero Carbon for Scope 1 and 2 Emissions by 2035 and Net Zero Carbon for Scope 3 Emissions by 2045.

We continue to take proactive measures to reduce waste and improve our energy efficiency, including:

• Implementing the use of PVs to supplement diesel generated power on site.

• Using renewable diesel substitutes.

• Encouraging employees to car share, use park and ride facilities and use energy efficient electric and hybrid vehicles.

• Using Eco and A rated site accommodation with smart sockets and LEDs.

• Replacing chemical products with bio-alternatives.

• Reusing and recycling materials on site to reduce transport costs.

• Reducing the use of paper through our cloud based digital systems.

• Planting trees in collaboration with our partner Ecologi.

• Monitoring water usage and using water efficient equipment and technologies.

• Using modern methods of construction and off-site construction to mitigate waste and reduce transport.
 

Approved by the Board on 23 May 2025 and signed on its behalf by:

Mr S A Hunt
Director

   
     
 

Britcon (UK) Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr D T Hunt

Mr S A Hunt

Mrs G P Hunt

Mr N R Shepherd

Mr L P Noble

Mr M G Searston

Mr D Stewart (appointed 23 March 2024)

Mr S C McQueen (appointed 23 May 2024 and ceased 16 April 2025)

Financial instruments

Objectives and policies

The directors take the management of risk very seriously and as such have policies and procedures in place which have been authorised by the Board. Managing risk is seen as a key attribute of the group, as such all prospective projects are risk assessed and approved by a Director prior to final submission. Regular Board meetings are held where current management accounts are available to highlight any financial and delivery risks to be dealt with.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principle financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the availability of cash balances and the monies held in investments. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Research and development

The company continues to utilise its technical expertise to make advancements in technology in order to supply specialist products and services to fulfil the needs of our customers. We continue to ensure our services are designed in partnership with our customers to ensure that their exacting requirements are met.

 

Britcon (UK) Limited

Directors' Report for the Year Ended 30 September 2024

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 23 May 2025 and signed on its behalf by:


Mr S A Hunt
Director

 

Britcon (UK) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Britcon (UK) Limited

Independent Auditor's Report to the Members of Britcon (UK) Limited

Opinion

We have audited the financial statements of Britcon (UK) Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 September 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Britcon (UK) Limited

Independent Auditor's Report to the Members of Britcon (UK) Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 10], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance;

 

Britcon (UK) Limited

Independent Auditor's Report to the Members of Britcon (UK) Limited

the company’s own assessment of the risks that irregularities may occur either as a result of fraud
or error;

results of our enquiries of management about their own identification and assessment of the risks
of irregularities;

the key laws and regulations under which the business operates and whether management were
aware of any instances of non-compliance;

whether the management have knowledge of any actual, suspected or alleged fraud;

the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations; and

the matters discussed among the audit engagement team, regarding how and where fraud might
occur in the financial statements and any potential indicators of fraud.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within
the organisation for fraud and identified the greatest potential for fraud in the following areas: contract
accounting and purchase/working capital transactions. In common with all audits under ISAs (UK), we
are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates
in, focusing on provisions of those laws and regulations that had a direct effect on the determination of
material amounts and disclosures in the financial statements. The key laws and regulations we
considered in this context included the health and safety regulations, UK Companies Act, Tax
legislation, and Regulations established by regulators in the key markets in which the company
operates.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on
the financial statements but compliance with which may be fundamental to the company’s ability to
operate or to avoid a material penalty. These included the operating and environmental regulations
relevant to the company.

 

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described above as having a direct
effect on the financial statements;

enquiring of management, concerning any actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;

in addressing the risk of fraud in revenue recognition, we have performed focussed testing on
trades close to the year-end, depth testing and analytical review procedures to assess accuracy
and completeness of revenue recognised;

in addressing the risk of fraud in contract, we have we have tested the calculation of contract
revenue recognised based on the proportion of contract costs in incurred for the work performed to
the balance sheet date relative to the estimates total forecast costs of the contract at complete,
traced contract costs to the supporting invoices to ensure they are correctly recognised, performed
retrospective review of contracts to ensure estimated costs are accurate and appropriate and
inquired with management regarding any unusual trends or potential loss making contracts;

in addressing the risk of fraud in the use of purchase ledger/working capital transactions, we have
reviewed the accounting treatments adopted by management against the specific contractual
terms and arrangements associated with each individual transaction and reviewed the related
disclosures in the financial statements; and

 

Britcon (UK) Limited

Independent Auditor's Report to the Members of Britcon (UK) Limited

in addressing the risk of fraud through management override of controls, testing the
appropriateness of journal entries and other adjustments; assessing whether the judgements
made in making accounting estimates are indicative of a potential bias; and evaluating the
business rationale of any significant transactions that are unusual or outside the normal course of
business.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all
engagement team members and remained alert to any indications of fraud or non-compliance with
laws and regulations throughout the audit.

 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities,
including those leading to a material misstatement in the financial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulation is removed from the
events and transactions reflected in the financial statements, as we will be less likely to become
aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to
fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or
misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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




Robert Smith BSc FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

23 May 2025

 

Britcon (UK) Limited

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Revenue

3

37,153,012

33,912,980

Cost of sales

 

(33,149,494)

(29,754,093)

Gross profit

 

4,003,518

4,158,887

Administrative expenses

 

(3,360,780)

(3,056,391)

Operating profit

4

642,738

1,102,496

Other interest receivable and similar income

5

222,996

119,747

Interest payable and similar expenses

(20,931)

-

Profit before tax

 

844,803

1,222,243

Tax on profit

9

(59,235)

(289,029)

Profit for the financial year

 

785,568

933,214

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Britcon (UK) Limited

(Registration number: 2463833)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

634,263

167,977

Current assets

 

Stocks

11

104,797

104,797

Debtors

12

9,828,610

12,490,810

Cash at bank and in hand

13

5,401,939

1,226,107

 

15,335,346

13,821,714

Creditors: Amounts falling due within one year

14

(11,555,640)

(9,785,573)

Net current assets

 

3,779,706

4,036,141

Total assets less current liabilities

 

4,413,969

4,204,118

Creditors: Amounts falling due after more than one year

14

(610,225)

(610,225)

Provisions for liabilities

15

(118,143)

(28,860)

Net assets

 

3,685,601

3,565,033

Capital and reserves

 

Called up share capital

17

200

200

Profit and loss account

3,685,401

3,564,833

Total equity

 

3,685,601

3,565,033

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

Mr S A Hunt
Director

   
     
 

Britcon (UK) Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

200

3,564,833

3,565,033

Profit for the year

-

785,568

785,568

Total comprehensive income

-

785,568

785,568

Dividends

-

(665,000)

(665,000)

At 30 September 2024

200

3,685,401

3,685,601

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

200

3,221,619

3,221,819

Profit for the year

-

933,214

933,214

Total comprehensive income

-

933,214

933,214

Dividends

-

(590,000)

(590,000)

At 30 September 2023

200

3,564,833

3,565,033

 

Britcon (UK) Limited

Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

785,568

933,214

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

71,751

66,442

Profit on disposal of tangible assets

4

(19,508)

(20,000)

Finance income

5

(222,996)

(119,747)

Finance costs

20,931

-

Corporation tax expense

9

59,235

289,029

 

694,981

1,148,938

Working capital adjustments

 

Decrease in debtors

12

2,696,994

2,523,272

Increase/(decrease) in creditors

14

2,010,363

(5,540,363)

Cash generated from operations

 

5,402,338

(1,868,153)

Corporation taxes paid

 

(4,746)

(295,065)

Net cash flow from operating activities

 

5,397,592

(2,163,218)

Cash flows from investing activities

 

Interest received

5

222,996

119,747

Acquisitions of tangible assets

10

(538,037)

(132,219)

Proceeds from sale of tangible assets

 

19,508

20,000

Net cash flows from investing activities

 

(295,533)

7,528

Cash flows from financing activities

 

Interest paid

(20,931)

-

Proceeds from other borrowing draw downs

 

-

942,947

Repayment of other borrowing

 

(240,296)

-

Dividends paid

18

(665,000)

(590,000)

Net cash flows from financing activities

 

(926,227)

352,947

Net increase/(decrease) in cash and cash equivalents

 

4,175,832

(1,802,743)

Cash and cash equivalents at 1 October

 

1,226,107

3,028,850

Cash and cash equivalents at 30 September

13

5,401,939

1,226,107

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-30 Midland Road
Scunthorpe
North Lincolnshire
DN16 1DQ

Registered number: 2463833

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 reviewed where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Contract revenue recognition

Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Turnover and costs are recognised by reference to the stage of completion of contract activity at the year end date. This is normally measured by surveys of work performed to date. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property.

Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% per annum on cost

Motor vehicles

25% per annum on cost

Long leasehold property

20% per annum on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less a provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Sales retentions are held within debtors until they are received.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Contract revenue

37,153,012

33,912,980

Contract revenue is determined based on the completion stage of the project. Qualified Quantity Surveyors are employed to ensure this is done accurately.

The amount of contract revenue recognised as revenue in the year was £37,153,012 (2023 - £33,912,980).

The gross amount due from customers for contract work, included in debtors at 30 September 2024, was £3,025,506 (2023 - £2,174,972).

The gross amount due to customers for contract work, included in creditors at 30 September 2024, was £2,959,397 (2023 - £1,408,939).

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

71,751

66,442

Operating lease expense - property

178,293

162,917

Profit on disposal of property, plant and equipment

(19,508)

(20,000)

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

208,062

119,168

Other finance income

14,934

579

222,996

119,747

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,865,364

4,673,609

Social security costs

473,331

421,930

Pension costs, defined contribution scheme

129,794

76,591

5,468,489

5,172,130

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

72

73

Administration and support

14

15

Other departments

4

4

90

92

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

414,875

224,078

Contributions paid to money purchase schemes

18,794

5,944

433,669

230,022

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

135,203

83,298

Company contributions to money purchase pension schemes

6,102

1,651

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

20,239

24,702


 

9

Taxation

Tax charged in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

125,206

250,093

UK corporation tax adjustment to prior periods

(155,254)

(57,973)

(30,048)

192,120

Deferred taxation

Arising from origination and reversal of timing differences

89,283

96,909

Tax expense in the profit and loss account

59,235

289,029

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

The tax on profit/(loss) before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

844,803

1,222,243

Corporation tax at standard rate

211,201

305,561

Decrease from effect of different tax rates

-

(33,997)

Effect of expense not deductible in determining taxable profit

3,288

3,436

Deferred tax expense

89,283

23,582

Deferred tax expense from unused tax losses

-

73,327

Tax decrease from effect of capital allowances and depreciation

(89,283)

(24,594)

Tax decrease arising from group relief

-

(313)

Prior period under/(over) provision

(155,254)

(57,973)

Total tax charge

59,235

289,029

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

118,143

118,143

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

28,859

28,859

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

10

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

114,589

976,420

457,605

1,548,614

Additions

297,439

78,091

162,507

538,037

Disposals

-

(24,620)

(58,928)

(83,548)

At 30 September 2024

412,028

1,029,891

561,184

2,003,103

Depreciation

At 1 October 2023

106,890

902,457

371,290

1,380,637

Charge for the year

390

35,216

36,145

71,751

Eliminated on disposal

-

(24,620)

(58,928)

(83,548)

At 30 September 2024

107,280

913,053

348,507

1,368,840

Carrying amount

At 30 September 2024

304,748

116,838

212,677

634,263

At 30 September 2023

7,699

73,963

86,315

167,977

11

Stocks

2024
£

2023
£

Raw materials and consumables

104,797

104,797

12

Debtors

Note

2024
£

2023
£

Trade debtors

 

9,175,362

8,775,531

Amounts owed by group undertakings

19

242,358

3,506,687

Prepayments

 

368,216

200,712

Corporation tax

 

42,674

7,880

   

9,828,610

12,490,810

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

13

Cash and cash equivalents

2024
£

2023
£

Cash on hand

198

235

Cash at bank

5,401,741

1,225,872

5,401,939

1,226,107

14

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

7,415,024

4,157,500

Amounts due to group undertakings

19

737,038

2,551,474

Social security and other taxes

 

1,694,976

673,555

Outstanding defined contribution pension costs

 

40,765

83,735

Accrued expenses and deferred income

 

1,667,837

2,319,309

 

11,555,640

9,785,573

Due after one year

 

Other non-current financial liabilities

610,225

610,225

15

Deferred tax provision

Deferred tax
£

Total
£

At 1 October 2023

28,860

28,860

Increase in existing provisions

89,283

89,283

At 30 September 2024

118,143

118,143

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £129,794 (2023 - £76,591).

Contributions totalling £40,765 (2023 - £83,735) were payable to the scheme at the end of the year and are included in creditors.

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

17

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

180

180

180

180

Ordinary C shares of £1 each

20

20

20

20

 

200

200

200

200

Rights, preferences and restrictions

Ordinary A shares have the following rights, preferences and restrictions:
Ordinary A shares have full rights in the company regarding voting, dividends and capital distribution.

Ordinary C shares have the following rights, preferences and restrictions:
Ordinary C shares are limited on income and capital distribution to shares or earnings from 30 September 2021.

18

Dividends

Final dividends paid

 

2024
£

2023
£

Final dividend of £3,325 (2023 - £3,000) per each Ordinary A shares share

598,500

540,000

Final dividend of £3,325 (2023 - £2,500) per each Ordinary C shares share

66,500

50,000

 

665,000

590,000

19

Related party transactions

Summary of transactions with parent
 

Hunt Group Limited
 (Parent company)
 During the year the company purchased goods and services to the value of £671,184 (2023 - £252,228) from the parent company. The company also made sales of goods and services to the value of £1,056,065 (2023 - £210,974) to the parent company.

At the balance sheet date the amount due to the parent company was £714,115 (2023 - £954,411).

 

Britcon (UK) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Summary of transactions with entities with joint control or significant interest
 

Group companies
 (Intercompany transactions)
 During the year the company sold goods to the value of £221,425 (2023 - £6,824,407) to, and purchased goods and services to the value of £4,075,352 (2023 - £4,881,072) from group companies.

At the balance sheet date the amount due from group companies was £219,443 (2023 - £1,909,624).
 

20

Parent and ultimate parent undertaking

The company's immediate parent is Hunt Group Limited, incorporated in England.

 The ultimate controlling party is Mr D T Hunt, a director of the company.

The parent of the largest group in which these financial statements are consolidated is Hunt Group Limited, incorporated in the United Kingdom.

The address of Hunt Group Limited is:
26-30 Midland Road
Scunthorpe
North Lincolnshire
DN16 1DQ