IRIS Accounts Production v25.1.3.33 09202605 Board of Directors 1.9.23 31.8.24 31.8.24 Medium entities builders. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh092026052023-08-31092026052024-08-31092026052023-09-012024-08-31092026052022-08-31092026052022-09-012023-08-31092026052023-08-3109202605ns15:EnglandWales2023-09-012024-08-3109202605ns14:PoundSterling2023-09-012024-08-3109202605ns10:Director12023-09-012024-08-3109202605ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3109202605ns10:MediumEntities2023-09-012024-08-3109202605ns10:Audited2023-09-012024-08-3109202605ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3109202605ns10:Medium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3109202605ns10:FullAccounts2023-09-012024-08-3109202605ns10:OrdinaryShareClass12023-09-012024-08-3109202605ns10:Director32023-09-012024-08-3109202605ns10:Director42023-09-012024-08-3109202605ns10:RegisteredOffice2023-09-012024-08-3109202605ns10:Director22023-09-012024-08-3109202605ns5:CurrentFinancialInstruments2024-08-3109202605ns5:CurrentFinancialInstruments2023-08-3109202605ns5:Non-currentFinancialInstruments2024-08-3109202605ns5:Non-currentFinancialInstruments2023-08-3109202605ns5:ShareCapital2024-08-3109202605ns5:ShareCapital2023-08-3109202605ns5:RetainedEarningsAccumulatedLosses2024-08-3109202605ns5:RetainedEarningsAccumulatedLosses2023-08-3109202605ns5:ShareCapital2022-08-3109202605ns5:RetainedEarningsAccumulatedLosses2022-08-3109202605ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3109202605ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-310920260512023-09-012024-08-310920260512022-09-012023-08-3109202605ns5:PlantMachinery2023-09-012024-08-3109202605ns5:FurnitureFittings2023-09-012024-08-3109202605ns5:MotorVehicles2023-09-012024-08-3109202605ns5:ComputerEquipment2023-09-012024-08-3109202605ns5:ReportableOperatingSegment12023-09-012024-08-3109202605ns5:ReportableOperatingSegment12022-09-012023-08-3109202605ns5:ReportableOperatingSegment22023-09-012024-08-3109202605ns5:ReportableOperatingSegment22022-09-012023-08-3109202605ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-09-012024-08-3109202605ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-09-012023-08-3109202605ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-09-012024-08-3109202605ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-09-012023-08-3109202605ns5:OwnedAssets2023-09-012024-08-3109202605ns5:OwnedAssets2022-09-012023-08-3109202605ns5:LeasedAssets2023-09-012024-08-3109202605ns5:LeasedAssets2022-09-012023-08-3109202605ns5:HirePurchaseContracts2023-09-012024-08-3109202605ns5:HirePurchaseContracts2022-09-012023-08-3109202605ns10:OrdinaryShareClass12022-09-012023-08-3109202605ns5:PlantMachinery2023-08-3109202605ns5:FurnitureFittings2023-08-3109202605ns5:MotorVehicles2023-08-3109202605ns5:ComputerEquipment2023-08-3109202605ns5:PlantMachinery2024-08-3109202605ns5:FurnitureFittings2024-08-3109202605ns5:MotorVehicles2024-08-3109202605ns5:ComputerEquipment2024-08-3109202605ns5:PlantMachinery2023-08-3109202605ns5:FurnitureFittings2023-08-3109202605ns5:MotorVehicles2023-08-3109202605ns5:ComputerEquipment2023-08-3109202605ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-08-3109202605ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-08-3109202605ns5:LeasedAssetsHeldAsLessee2023-08-3109202605ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-012024-08-3109202605ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-012024-08-3109202605ns5:LeasedAssetsHeldAsLessee2023-09-012024-08-3109202605ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-08-3109202605ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-08-3109202605ns5:LeasedAssetsHeldAsLessee2024-08-3109202605ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-08-3109202605ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-08-3109202605ns5:LeasedAssetsHeldAsLessee2023-08-3109202605ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3109202605ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3109202605ns5:WithinOneYearns5:HirePurchaseContracts2024-08-3109202605ns5:WithinOneYearns5:HirePurchaseContracts2023-08-3109202605ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-08-3109202605ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-08-3109202605ns5:HirePurchaseContracts2024-08-3109202605ns5:HirePurchaseContracts2023-08-3109202605ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-08-3109202605ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-08-3109202605ns5:WithinOneYear2024-08-3109202605ns5:WithinOneYear2023-08-3109202605ns5:BetweenOneFiveYears2024-08-3109202605ns5:BetweenOneFiveYears2023-08-3109202605ns5:AllPeriods2024-08-3109202605ns5:AllPeriods2023-08-3109202605ns5:DeferredTaxation2023-08-3109202605ns5:DeferredTaxation2024-08-3109202605ns10:OrdinaryShareClass12024-08-3109202605ns5:RetainedEarningsAccumulatedLosses2023-08-31
REGISTERED NUMBER: 09202605 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 August 2024

for

Carpenter Build Ltd

Carpenter Build Ltd (Registered number: 09202605)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Carpenter Build Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTORS: A J Beer
E J Booth
J J Fitzgerald





REGISTERED OFFICE: Seymour Chambers
92 London Road
Liverpool
Merseyside
L3 5NW





REGISTERED NUMBER: 09202605 (England and Wales)





AUDITORS: Douglas Fairless Partnership
Chartered Certified Accountants
and Statutory Auditors
Seymour Chambers
92 London Road
Liverpool
Merseyside
L3 5NW

Carpenter Build Ltd (Registered number: 09202605)

Strategic Report
for the Year Ended 31 August 2024

Carpenter Build Ltd is a client-focused construction business specialising in the construction of purpose build to rent, new build student accomodation, educational, and leisure sector properties.

Carpenter Build Ltd has undergone rapid expansion since it's incorporation in 2014 and, due to this expansion, the company is a medium sized company as defined by the Companies Act 2006.

REVIEW OF BUSINESS
The year to 31/08/24 has been one of the most challenging environments for the construction industry to operate in for many years. The construction industry has been grappling with high cost inflation, escalating interest rates, and material and labour shortages. Despite this, we are extremely proud of how Carpenter Build Ltd has performed over the last 12 months. This is down to the commitment and expertise of our workforce and our extremely close client relationships.

In the year to 31/08/24, the business has been mainly driven by the continued £45million redevelopment of a residential complex of 202 apartments, together with 6 floor multistory car park, in Stockport. This has been a complex and challenging site and we are very pleased to report that the contract remains on program and on budget.

The level of construction activity on this development, alongside our continued maintenance contracts, has resulted in revenue streams of £16.89 million in 2024 - turnover in 2023 was £15.63 million. This represents an 8% year on year increase, which is a very pleasing achievement given the difficulties faced across the construction industry over the past few years.

Gross and net profit margins remain our key performance indicators and drive the way that we operate. Gross profit margins for 2024 have come in at 8.22%, compared with 16.10% achieved in 2023, this decrease is due to the increased costs of both materials and labour in the construction industry . For this reason, our net profit margins have also reduced from 3.02% in 2023 to .85% in 2024.

Our balance sheet is showing a year on year increase of £137,992, but remains in a strong position at 31/08/24, with shareholder funds standing at £2,803,774, as shown on page 8. Our cash position has decreased by £300,952 over 2023, as shown on page 10, due primarily to an increase in work in progress.

PRINCIPAL RISKS AND UNCERTAINTIES
The greatest risk to the business will remain the economic stability of the construction market, which is currently driven by the cost and availability of finance for developers. The continuous Bank Of England interest rate rises over the past couple of years have reduced the ability of developers to obtain finance at an affordable rate, which in turn has reduced the amount of work available for construction companies. This will remain a risk and uncertainty to our business until interest rates return to a more reasonable level.

Material and labour costs have been subject to unprecedented inflationary pressure over the past few years which can impact on our profitability, but there are signs that these pressures are now easing.

ON BEHALF OF THE BOARD:





A J Beer - Director


29 May 2025

Carpenter Build Ltd (Registered number: 09202605)

Report of the Directors
for the Year Ended 31 August 2024

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

DIVIDENDS
An interim dividend of £3,000 per share was paid on 31 August 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 August 2024 will be £ 6,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

A J Beer
E J Booth
J J Fitzgerald

Other changes in directors holding office are as follows:

D C Brewitt - resigned 18 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Douglas Fairless Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J Beer - Director


29 May 2025

Report of the Independent Auditors to the Members of
Carpenter Build Ltd

Opinion
We have audited the financial statements of Carpenter Build Ltd (the 'company') for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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.

Report of the Independent Auditors to the Members of
Carpenter Build Ltd


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

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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

- the nature of the industry and sector, the control environment and the impact of business performance on Directors earnings.
- results of our enquiries of management and key finance persons about their own identification and assessment of the risks and irregularities.
- any matters we identified after obtaining and reviewing company policies and procedures relating to; identifying, evaluating and complying with laws and regulations. Detecting and responding to risks of fraud. The internal controls in place to mitigate the risks of fraud or non-compliance with laws and regulations.

From this assessment, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. 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 as having a direct effect on the financial statements;
- enquiring of management concerning 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;
- reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls; we have tested the operational effectiveness of internal controls relevant to the financial statements, tested 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Carpenter Build Ltd





Mr Gregory Newton FCCA (Senior Statutory Auditor)
Douglas Fairless Partnership Douglas Fairless Partnership
Chartered Certified Accountants
and Statutory Auditors
Seymour Chambers
92 London Road
Liverpool
Merseyside
L3 5NW

29 May 2025

Carpenter Build Ltd (Registered number: 09202605)

Statement of Comprehensive
Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

TURNOVER 3 16,889,039 15,636,006

Cost of sales 15,501,133 13,118,499
GROSS PROFIT 1,387,906 2,517,507

Administrative expenses 1,151,356 1,828,922
236,550 688,585

Other operating income 9,115 21,470
OPERATING PROFIT 6 245,665 710,055

Profit/loss on sale of invest 7 - 1
245,665 710,054


Interest payable and similar expenses 8 228,823 237,658
PROFIT BEFORE TAXATION 16,842 472,396

Tax on profit 9 (127,150 ) (141,275 )
PROFIT FOR THE FINANCIAL YEAR 143,992 613,671

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

143,992

613,671

Carpenter Build Ltd (Registered number: 09202605)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 1,590,264 2,190,704

CURRENT ASSETS
Stocks 13 3,242,698 2,527,313
Debtors 14 2,533,145 1,567,918
Cash at bank and in hand 189,358 490,310
5,965,201 4,585,541
CREDITORS
Amounts falling due within one year 15 4,459,570 3,665,380
NET CURRENT ASSETS 1,505,631 920,161
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,095,895

3,110,865

CREDITORS
Amounts falling due after more than one year 16 (79,931 ) (182,751 )

PROVISIONS FOR LIABILITIES 18 (212,190 ) (262,332 )
NET ASSETS 2,803,774 2,665,782

CAPITAL AND RESERVES
Called up share capital 19 2 2
Retained earnings 20 2,803,772 2,665,780
SHAREHOLDERS' FUNDS 2,803,774 2,665,782

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





A J Beer - Director


Carpenter Build Ltd (Registered number: 09202605)

Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 2 2,558,709 2,558,711

Changes in equity
Dividends - (506,600 ) (506,600 )
Total comprehensive income - 613,671 613,671
Balance at 31 August 2023 2 2,665,780 2,665,782

Changes in equity
Dividends - (6,000 ) (6,000 )
Total comprehensive income - 143,992 143,992
Balance at 31 August 2024 2 2,803,772 2,803,774

Carpenter Build Ltd (Registered number: 09202605)

Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (151,645 ) 2,037,454
Interest paid (215,984 ) (219,313 )
Interest element of hire purchase payments
paid

(12,839

)

(18,345

)
Tax paid - 77,152
Net cash from operating activities (380,468 ) 1,876,948

Cash flows from investing activities
Purchase of tangible fixed assets (42,059 ) (1,008,481 )
Sale of tangible fixed assets 269,851 17,701
Sale of fixed asset investments - 1
Net cash from investing activities 227,792 (990,779 )

Cash flows from financing activities
Capital repayments in year (142,803 ) (127,293 )
Amount introduced by directors 13,155 -
Amount withdrawn by directors (12,628 ) (1,375 )
Equity dividends paid (6,000 ) (506,600 )
Net cash from financing activities (148,276 ) (635,268 )

(Decrease)/increase in cash and cash equivalents (300,952 ) 250,901
Cash and cash equivalents at beginning of
year

2

490,310

239,409

Cash and cash equivalents at end of year 2 189,358 490,310

Carpenter Build Ltd (Registered number: 09202605)

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 16,842 472,396
Depreciation charges 437,071 492,146
Profit on disposal of fixed assets (108,714 ) (4,577 )
Government grants - (1 )
Finance costs 228,823 237,658
574,022 1,197,622
Increase in stocks (715,385 ) (166,555 )
Increase in trade and other debtors (888,219 ) (485,936 )
Increase in trade and other creditors 877,937 1,492,323
Cash generated from operations (151,645 ) 2,037,454

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 189,358 490,310
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 490,310 239,409


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 490,310 (300,952 ) 189,358
490,310 (300,952 ) 189,358
Debt
Finance leases (327,868 ) 142,803 (185,065 )
(327,868 ) 142,803 (185,065 )
Total 162,442 (158,149 ) 4,293

Carpenter Build Ltd (Registered number: 09202605)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Carpenter Build Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
For income derived from construction contracts, the turnover in the profit and loss account represents revenue recognised as per valuations of the stage completion of contracts, exclusive of value added tax

With Income earned from maintenance contracts, the turnover in the profit and loss account represents revenue recognised on maintenance services provided on a monthly cost basis which is invoiced at a set date each month based on the agreed maintenance contract, exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress represents costs incurred on construction and maintenance contracts after the final valuations and invoices recognised in turnover in the year.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to and from related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Carpenter Build Ltd (Registered number: 09202605)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful economic lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions to the company's pension scheme are charged to the Statements of Comprehensive Income in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.8.24 31.8.23
£    £   
Construction contracts 15,970,397 15,550,346
Maintenance 918,642 85,660
16,889,039 15,636,006

4. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 1,713,821 2,248,744
Social security costs 189,597 235,269
Other pension costs 34,590 48,117
1,938,008 2,532,130

The average number of employees during the year was as follows:
31.8.24 31.8.23

Management 2 4
Administration 4 2
Other 37 52
43 58

Carpenter Build Ltd (Registered number: 09202605)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. DIRECTORS' EMOLUMENTS
31.8.24 31.8.23
£    £   
Directors' remuneration 167,356 145,964

6. OPERATING PROFIT

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

31.8.24 31.8.23
£    £   
Hire of plant and machinery 105,825 90,241
Depreciation - owned assets 369,691 368,791
Depreciation - assets on hire purchase contracts 67,381 123,355
Profit on disposal of fixed assets (108,714 ) (4,577 )
Auditors' remuneration 7,000 6,600
Auditors' remuneration for non audit work 2,000 2,000

7. EXCEPTIONAL ITEMS
31.8.24 31.8.23
£    £   
Profit/loss on sale of invest - (1 )

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Loan interest 215,984 219,313
Hire purchase 12,839 18,345
228,823 237,658

9. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax (77,008 ) -
Corporation tax adjustment - (228,388 )
Total current tax (77,008 ) (228,388 )

Deferred tax (50,142 ) 87,113
Tax on profit (127,150 ) (141,275 )

Carpenter Build Ltd (Registered number: 09202605)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.24 31.8.23
£    £   
Profit before tax 16,842 472,396
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21.520%)

4,211

101,660

Effects of:
Expenses not deductible for tax purposes 647 256
Capital allowances in excess of depreciation - (172,146 )
Depreciation in excess of capital allowances 83,312 -
Utilisation of tax losses (60,991 ) -
Tax losses in the year - 70,230
Research & Development Adjustment (77,008 ) (228,388 )
Deferred tax on Capital Allowances timing differences (44,099 ) 166,299
Deferred tax on Losses C/fwd (6,043 ) (79,186 )
Profit on disposal of assets (27,179 ) -

Total tax credit (127,150 ) (141,275 )

The corporation tax adjustment of £77,008 represents a research & development claim submitted during the year in respect of the 31/08/22 accounts.

10. DIVIDENDS
31.8.24 31.8.23
£    £   
Ordinary shares of £1 each
Interim 6,000 506,600

11. CONSTRUCTION CONTRACTS

£15,970,397 of construction contract revenue has been recognised in turnover during the year (2023 - £15,550,346).

Revenue on construction contracts is recognised in turnover based on valuations performed by quantity surveyors assessing the percentage stage completion of the works performed.

At 31/08/24, £708,715 was due from customers for contract work.

Carpenter Build Ltd (Registered number: 09202605)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

12. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 3,061,409 8,058 194,530 79,152 3,343,149
Additions 30,766 1,426 - 9,867 42,059
Disposals (355,587 ) - (6,938 ) - (362,525 )
At 31 August 2024 2,736,588 9,484 187,592 89,019 3,022,683
DEPRECIATION
At 1 September 2023 1,012,004 3,614 84,832 51,995 1,152,445
Charge for year 394,558 779 27,324 14,411 437,072
Eliminated on disposal (150,783 ) - (6,315 ) - (157,098 )
At 31 August 2024 1,255,779 4,393 105,841 66,406 1,432,419
NET BOOK VALUE
At 31 August 2024 1,480,809 5,091 81,751 22,613 1,590,264
At 31 August 2023 2,049,405 4,444 109,698 27,157 2,190,704

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2023 673,112 135,054 808,166
Disposals (53,148 ) - (53,148 )
Transfer to ownership (172,215 ) (80,770 ) (252,985 )
At 31 August 2024 447,749 54,284 502,033
DEPRECIATION
At 1 September 2023 278,496 47,666 326,162
Charge for year 57,838 9,543 67,381
Eliminated on disposal (9,596 ) - (9,596 )
Transfer to ownership (107,388 ) (31,551 ) (138,939 )
At 31 August 2024 219,350 25,658 245,008
NET BOOK VALUE
At 31 August 2024 228,399 28,626 257,025
At 31 August 2023 394,616 87,388 482,004

13. STOCKS
31.8.24 31.8.23
£    £   
Stocks 764 57,567
Work-in-progress 3,241,934 2,469,746
3,242,698 2,527,313

Carpenter Build Ltd (Registered number: 09202605)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 1,757,018 852,262
Other debtors 129,233 90,488
Corporation tax 305,396 228,388
VAT 233,501 294,104
Prepayments 107,997 102,676
2,533,145 1,567,918

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts (see note 17) 105,134 145,117
Payments on account - 561,346
Trade creditors 2,697,762 1,714,960
Social security and other taxes 142,464 261,819
Other creditors 1,407,203 899,170
Directors' current accounts 584 57
Accrued expenses 106,423 82,911
4,459,570 3,665,380

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts (see note 17) 79,931 182,751

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.24 31.8.23
£    £   
Gross obligations repayable:
Within one year 115,326 157,955
Between one and five years 91,948 204,960
207,274 362,915

Finance charges repayable:
Within one year 10,192 12,838
Between one and five years 12,017 22,209
22,209 35,047

Net obligations repayable:
Within one year 105,134 145,117
Between one and five years 79,931 182,751
185,065 327,868

Carpenter Build Ltd (Registered number: 09202605)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 21,934 13,758
Between one and five years - 27,516
21,934 41,274

18. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 212,190 262,332

Deferred
tax
£   
Balance at 1 September 2023 262,332
Capital Allowance Timing Diffs (44,099 )
Tax losses carried forward (6,043 )
Balance at 31 August 2024 212,190

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
2 Ordinary £1 2 2

20. RESERVES
Retained
earnings
£   

At 1 September 2023 2,665,780
Profit for the year 143,992
Dividends (6,000 )
At 31 August 2024 2,803,772

21. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £37,233 (2023 - £50,759). Contributions totalling £6,633 (2023 - £8,508) were payable to the fund at the balance sheet date and are included in creditors.

22. RELATED PARTY DISCLOSURES

Carpenter Build Ltd (Registered number: 09202605)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

22. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
31.8.24 31.8.23
£    £   
Sales 16,840,918 15,624,366
Purchases 2,203,381 1,028,657
Other direct costs - 256,835
Interest 215,984 219,313
Amount due from related party 1,728,153 847,588
Amount due to related party 2,301,817 1,273,015
Payments on account - 561,346
Recognised bad or doubtful debts due from related parties - 468,620

The loans from related parties are unsecured and repayable on demand. Interest is charged at the rate of 8% per annum.

Sales transactions and materials purchased transactions are performed on an arms length basis following normal trading terms and conditions.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are A J Beer and D C Brewitt.