Company registration number 01368818 (England and Wales)
AVONDALE CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
AVONDALE CONSTRUCTION LIMITED
COMPANY INFORMATION
Director
Mr N Curran
Company number
01368818
Registered office
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Auditor
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
8 Stucley Place
London
NW1 8NS
AVONDALE CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 22
AVONDALE CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The director presents the strategic report for the year ended 31 October 2024.

Review of the business

The Company recorded revenues of £16.6m for the year ending 31st October 2024 and recorded an operating profit margin of 3.22% (4.35% in 2023). The pressures remain due to increased employment costs and Insurance premium which has reduced margins during the period.

 

The Construction Logistics market is highly competitive however with the Government continuing to legislate to promote direct employment, our aspiration is for our direct employment model to create further opportunities with blue-chip major projects where Clients demand exemplary employment practices on their developments.

 

We are pleased to report that we are still receiving a consistent level of tender opportunities being issued to ourselves from both existing and potential new Clients who have expressed an interest in working with us. We have an increased level of business in the UK Regions including Wolverhampton, Glasgow and Scotland as Cities outside London look to improve community safety and environmental standards via better construction logistics including professional vehicle deliveries to their schemes.

 

We have continued to see further opportunities to work directly with developers, combining our site-wide logistics service with the duties of Principal Contractor on their schemes. We continue to work with several Main Contractors, the vast majority of which are repeat Clients.

 

Our current workload is from a variety of sectors including prime residential, leisure, healthcare, commercial and mixed-use development. This diversity is encouraging as we are not over-reliant on one particular stream of work should there be a downturn in a particular area due to global economic uncertainties.

 

We continue to meet the challenges of resourcing our projects with competent personnel by focusing on the training and development of our workforce and new entrants to the Construction Industry. Our people are our strength and by offering long term employment, fair pay and investment in their careers, we have a strong retention rate of our workforce who feel valued.

 

The Senior Management Team continue to work hard on being best in class in our Environmental, Social and Governance (ESG) responsibilities. We are proud to maximise the Social Value on the schemes we are engaged on by training and developing the next generation of construction workers local to that project. We have also donated significant volunteering time to local charities and provided books about careers in construction to local schools.

 

The Directors are satisfied with the overall trading performance in a challenging market and remain confident that we shall see an improvement in profit margin in the long-term.

AVONDALE CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Principal risks and uncertainties

There are several potential risks and uncertainties which could impact the company's performance, and these are considered by the board on a regular basis. The Board of Directors consider the risks of all significant business decisions and changes in the external environment and in the company's operations. The key risks affecting the business are as follows:

 

Operating Risk (Customer service and reputation)

The company's reputation and continued success depends on its ability to provide services that are valued by its customers. The company regularly reviews the quality of its services both internally and through formalised client feedback and evaluation. We continue to develop new and improved digital systems for use on our projects. These systems are unique selling points and have helped us secure additional work. We continue to put digital innovation at the forefront of our service and have launched further digital smart forms to make our logistics service auditable and our clients projects more efficient.

 

Economic and Market Risk

The economic environment can affect the performance of the company in relation to sales and costs. The company looks to mitigate cost pressures by maintaining good relationships with its suppliers and actively undertaking cost and efficiency reviews regularly. Avondale is passionate and aspire to directly employ our site operatives in contrast to most of our competitors. We believe this together with our investment in staff training will futureproof us from the continued challenges and the inevitable reduced pool of labour this will result in.

 

Personnel Risk

The company's performance is significantly affected by its ability to recruit and retain a high-quality workforce and network of contractors. The Directors continue to invest in its workforce training and development. The company also actively looks to incentivise its workforce by offering competitive remuneration and benefits packages and further career opportunities.

 

Financial and Liquidity risk

The company is principally funded from retained profits. Given the nature of the company's services and terms of business the operational cash flow is relatively predictable. A continual process of financial monitoring, forecasting, and budgeting are undertaken to maintain and control the company's financial position. We have continued to strengthen our balance sheet in this period and our suppliers are paid within their agreed payment terms.

Key performance indicators

The directors continue to use both financial and non-financial key performance indicators to manage the business.

 

The key financial performance indicators used to review and monitor the company are shown below:

 

Turnover 2024 £16,634,486 vs 2023 £18,415,915

 

Gross Profit % 2024 – 16.11% vs 2023 - 15.26%

 

AVONDALE CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Other performance indicators

Our key driver is Client satisfaction and regular feedback is requested from all projects to ensure we continually aim for excellence in our work.

 

70% of our new contracts are from repeat Clients who are recognised as a Top 25 UK Contractor by the Construction News.

On behalf of the board

Mr N Curran
Director
27 May 2025
AVONDALE CONSTRUCTION LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The director presents his annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company continued to be that of Logistics Service provider and General Building contractors in the construction sector.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr J Curran
(Resigned 17 December 2024)
Mrs M Curran
(Resigned 17 December 2024)
Mr N Curran
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Auditor

The auditor, Goldblatts, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

The director is 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. He is 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.

AVONDALE CONSTRUCTION LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(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 future developments in the business of the company.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N Curran
Director
27 May 2025
AVONDALE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AVONDALE CONSTRUCTION LIMITED
- 6 -
Opinion

We have audited the financial statements of Avondale Construction Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 financial statements are authorised for issue.

 

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

AVONDALE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AVONDALE CONSTRUCTION LIMITED (CONTINUED)
- 7 -
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 director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

AVONDALE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AVONDALE CONSTRUCTION LIMITED (CONTINUED)
- 8 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware or any possible non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Mary Gregori FCA, FCCA (Senior Statutory Auditor)
For and on behalf of Goldblatts, Statutory Auditor
Chartered Accountants
4th Floor
4 Tabernacle Street
London
EC2A 4LU
28 May 2025
AVONDALE CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
16,634,486
18,415,915
Cost of sales
(13,954,322)
(15,606,290)
Gross profit
2,680,164
2,809,625
Administrative expenses
(2,143,761)
(2,006,765)
Operating profit
4
536,403
802,860
Interest receivable and similar income
7
64,753
6,613
Interest payable and similar expenses
8
(263)
(1,305)
Profit before taxation
600,893
808,168
Tax on profit
9
(192,416)
(210,006)
Profit for the financial year
408,477
598,162

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

AVONDALE CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
45,386
99,669
Current assets
Debtors
12
4,036,505
3,701,333
Cash at bank and in hand
1,884,431
2,092,544
5,920,936
5,793,877
Creditors: amounts falling due within one year
13
(2,149,948)
(2,479,204)
Net current assets
3,770,988
3,314,673
Total assets less current liabilities
3,816,374
3,414,342
Provisions for liabilities
Deferred tax liability
15
1,799
8,244
(1,799)
(8,244)
Net assets
3,814,575
3,406,098
Capital and reserves
Called up share capital
17
20,000
20,000
Profit and loss reserves
3,794,575
3,386,098
Total equity
3,814,575
3,406,098

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
Mr N Curran
Director
Company registration number 01368818 (England and Wales)
AVONDALE CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
20,000
2,870,936
2,890,936
Year ended 31 October 2023:
Profit and total comprehensive income
-
598,162
598,162
Dividends
10
-
(83,000)
(83,000)
Balance at 31 October 2023
20,000
3,386,098
3,406,098
Year ended 31 October 2024:
Profit and total comprehensive income
-
408,477
408,477
Balance at 31 October 2024
20,000
3,794,575
3,814,575
AVONDALE CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
680,331
678,473
Interest paid
(263)
(1,305)
Income taxes paid
(256,949)
(248,356)
Net cash inflow from operating activities
423,119
428,812
Investing activities
Purchase of tangible fixed assets
-
0
(30,454)
Proceeds from disposal of tangible fixed assets
20,120
7,703
Loans made to other entities
(705,524)
-
0
Repayment of loans
1,430
-
0
Interest received
64,753
6,613
Net cash used in investing activities
(619,221)
(16,138)
Financing activities
Payment of finance leases obligations
(12,011)
(13,526)
Dividends paid
-
0
(83,000)
Net cash used in financing activities
(12,011)
(96,526)
Net (decrease)/increase in cash and cash equivalents
(208,113)
316,148
Cash and cash equivalents at beginning of year
2,092,544
1,776,396
Cash and cash equivalents at end of year
1,884,431
2,092,544
AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
1
Accounting policies
Company information

Avondale Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services provided and includes a valuation of amounts recoverable on contracts at the year end, net of VAT and trade discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.5
Tangible fixed assets

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

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

Fixtures, fittings & equipment
25% on cost straight line method
Motor vehicles
25% on cost straight line method

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

AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

1.9
Retirement benefits

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

1.10
Leases
As lessee

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stage of completion for ongoing contracts

The amounts due from contract customers and work in progress requires the company to make a judgement in relation to the stage of completion of the contracts ongoing at the year end. Management are provided with internal valuations by experienced personnel based on the costs incurred to date and the terms and conditions of the contract.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Logistics services provider
16,634,486
18,415,915
2024
2023
£
£
Other revenue
Interest income
64,753
6,613
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
-
218
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
18,000
Depreciation of owned tangible fixed assets
41,986
32,802
Depreciation of tangible fixed assets held under finance leases
-
13,188
Profit on disposal of tangible fixed assets
(7,823)
(4,500)
Operating lease charges
44,575
41,372
AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
5
Employees

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

2024
2023
Number
Number
Management and office Staff
15
16
Production staff
112
139
Total
127
155

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,212,072
5,751,719
Social security costs
554,483
590,036
Pension costs
221,333
217,061
5,987,888
6,558,816
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
163,000
126,750
Company pension contributions to defined contribution schemes
74,173
20,000
237,173
146,750

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

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
64,753
6,581
Other interest income
-
0
32
Total income
64,753
6,613
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
64,753
6,581
AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
263
1,305
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
198,861
209,906
Deferred tax
Origination and reversal of timing differences
(6,445)
100
Total tax charge
192,416
210,006

The main rate of corporation tax in the UK increased from 19% to 25% from 1 April 2023.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
600,893
808,168
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
150,223
181,838
Tax effect of expenses that are not deductible in determining taxable profit
42,193
28,730
Permanent capital allowances in excess of depreciation
-
0
(562)
Taxation charge for the year
192,416
210,006
10
Dividends
2024
2023
£
£
Interim paid
-
0
83,000
AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
11
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2023
22,145
180,607
202,752
Disposals
-
0
(36,910)
(36,910)
At 31 October 2024
22,145
143,697
165,842
Depreciation and impairment
At 1 November 2023
7,743
95,340
103,083
Depreciation charged in the year
4,723
37,263
41,986
Eliminated in respect of disposals
-
0
(24,613)
(24,613)
At 31 October 2024
12,466
107,990
120,456
Carrying amount
At 31 October 2024
9,679
35,707
45,386
At 31 October 2023
14,402
85,267
99,669

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2024
2023
£
£
Motor vehicles
-
0
10,990
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,749,669
2,126,195
Gross amounts owed by contract customers
1,377,286
1,332,532
Other debtors
374,389
75,474
Prepayments and accrued income
119,362
167,132
3,620,706
3,701,333
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
415,799
-
0
Total debtors
4,036,505
3,701,333
AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
14
-
0
12,011
Trade creditors
601,150
426,884
Corporation tax
198,866
256,954
Other taxation and social security
487,031
724,743
Other creditors
67,704
22,817
Accruals and deferred income
795,197
1,035,795
2,149,948
2,479,204
14
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
12,011

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,799
8,244
2024
Movements in the year:
£
Liability at 1 November 2023
8,244
Credit to profit or loss
(6,445)
Liability at 31 October 2024
1,799

The deferred tax liability set out above is expected to reverse by £1,799 within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
221,333
217,061

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
18
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
17,154
41,170
Years 2-5
-
0
17,154
17,154
58,324
19
Events after the reporting date

In December 2024, the company carried out a share buyback to buy the shares held by Mr J Curran and Mrs M Curran. Mr N Curran is now the sole shareholder.

20
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2024
2023
£
£
Companies under common control
19,636
26,916
AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
20
Related party transactions
(Continued)
- 21 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Companies under common control
1,712
1,858

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
433,571
-
21
Directors' transactions

Dividends totalling £0 (2023 - £83,000) were paid in the year in respect of shares held by the company's directors.

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors Loan Account
-
-
8,215
8,215
Directors Loan Account
-
139,387
122,923
262,310
139,387
131,138
270,525

The loans were repaid in December 2024.

AVONDALE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
22
Cash generated from operations
2024
2023
£
£
Profit after taxation
408,477
598,162
Adjustments for:
Taxation charged
192,416
210,006
Finance costs
263
1,305
Investment income
(64,753)
(6,613)
Gain on disposal of tangible fixed assets
(7,823)
(4,500)
Depreciation and impairment of tangible fixed assets
41,986
45,990
Movements in working capital:
Decrease in debtors
368,922
130,039
Decrease in creditors
(259,157)
(295,916)
Cash generated from operations
680,331
678,473
23
Analysis of changes in net funds
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
2,092,544
(208,113)
1,884,431
Lease liabilities
(12,011)
12,011
-
2,080,533
(196,102)
1,884,431
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