| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Akela Construction Limited |
| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Akela Construction Limited |
| Akela Construction Limited (Registered number: SC258470) |
| 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 | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Statement of Financial Position | 10 |
| Statement of Changes in Equity | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 15 |
| Akela Construction Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Radleigh House |
| 1 Golf Road |
| Clarkston |
| Glasgow |
| G76 7HU |
| Akela Construction Limited (Registered number: SC258470) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report for the year ended 31 August 2024. |
| The company's directors are happy with the group's financial performance. |
| REVIEW OF BUSINESS |
| Turnover has decreased by 22.44% which has been a strategic decision to allow other sectors and their associated opportunities to be explored. It should also be noted that the turnover and profitability of the business was impacted by the administration of Stewart Milne. The directors are aware of the very competitive nature of the industry and the requirement to ensure that contracts are priced competitively and realistically to allow the company to provide the quality and continuity of service which has become a hallmark of the Akela brand. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company continues to experience a very significant level of demand for its services. However, external factors such as limited public body spending along with uncertainty regarding interest and inflation rates are heavily influencing demand and programme delivery of private and social housing schemes. It is proposed going forward that further due diligence be carried out on the financial standing of potential clients to reduce exposure to administration risk. The directors remain very confident regarding the company's future prospects and that the current influences will be resolved. |
| FUTURE DEVELOPMENTS AND THE POSITION OF THE COMPANY AT THE YEAR END |
| Similar to previous years, the industry and the company have demonstrated resilience when faced with adversity. |
| The company continues to remain competitive within its market place and has continued to secure significant contracts in the private housing sector. Whilst remaining within private housing other sectors are now being explored. These sectors are both the Energy and General Civil Engineering marketplace. The strategy is to develop a balanced portfolio of contracts and workstreams that complement each other and allow for any potential sectoral downturns. The directors will remain vigilant with regard to the risks which are associated with all sectors of the construction industry. |
| ON BEHALF OF THE BOARD: |
| Akela Construction Limited (Registered number: SC258470) |
| 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 £80 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 £2,000,000, payable to the company's immediate parent. |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| DISABLED EMPLOYEES |
| Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and the the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. |
| ENGAGEMENT WITH EMPLOYEES |
| We have an objective to maintain a competent and supported workforce. Our employees remain our greatest asset, with a skilled and motivated workforce key to achieving successful health, safety and environmental performance levels. |
| The company is part of the Akela Group and the HSE department support the companies within the group with a wide range of construction industry training relevant to the roles and responsibilities to be undertaken. Training needs will continue to be assessed to ensure employees have the necessary skills and information required to meet the requirements of the company and aid personal development. |
| Akela Construction Limited (Registered number: SC258470) |
| Report of the Directors |
| for the Year Ended 31 August 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, O'Haras Accountants Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Akela Construction Limited |
| Opinion |
| We have audited the financial statements of Akela Construction Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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. |
| Report of the Independent Auditors to the Members of |
| Akela Construction Limited |
| 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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: |
| - We gained an understanding of the legal and regulatory framework applicable to the company and the construction industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters. |
| - We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations. |
| - We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties. |
| - We considered how fraud might occur in this company and designed our tests accordingly. |
| - As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
| 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 |
| Akela Construction Limited |
| 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Radleigh House |
| 1 Golf Road |
| Clarkston |
| Glasgow |
| G76 7HU |
| Akela Construction Limited (Registered number: SC258470) |
| Income Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| REVENUE |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 873,487 | 963,365 |
| Other operating income |
| OPERATING PROFIT | 3 |
| Interest receivable and similar income |
| 1,311,574 | 1,488,520 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| Akela Construction Limited (Registered number: SC258470) |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Akela Construction Limited (Registered number: SC258470) |
| Statement of Financial Position |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 8 |
| CURRENT ASSETS |
| Inventories | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Akela Construction Limited (Registered number: SC258470) |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| Akela Construction Limited (Registered number: SC258470) |
| Statement of Cash Flows |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Purchase of fixed asset investments | - | (628,646 | ) |
| Sale of tangible fixed assets |
| Sale of fixed asset investments |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Capital repayments in year | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
8,030,140 |
| Cash and cash equivalents at end of year | 2 | 6,264,085 | 8,451,273 |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Statement of Cash Flows |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Intercompany debtor | (250,158 | ) | (26,871 | ) |
| Amounts recoverable on contracts | 631,351 | 1,952,773 |
| Intercompany creditor | (1,238,134 | ) | 44,867 |
| Finance costs | 28,240 | 18,008 |
| Finance income | (409,887 | ) | (305,845 | ) |
| 223,628 | 3,340,753 |
| (Increase)/decrease in inventories | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 6,264,085 | 8,451,273 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 8,451,273 | 8,030,140 |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Statement of Cash Flows |
| for the Year Ended 31 August 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 8,451,273 | (2,187,188 | ) | 6,264,085 |
| 8,451,273 | ( |
) | 6,264,085 |
| Debt |
| Finance leases | (479,910 | ) | 53,365 | (426,545 | ) |
| (479,910 | ) | 53,365 | (426,545 | ) |
| Total | 7,971,363 | (2,133,823 | ) | 5,837,540 |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
| Revenue |
| The company is involved in providing groundwork services to the construction industry. Revenue is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and it's stage of completion. The company will recognise revenue in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. |
| When the outcome of a service contract cannot be estimated reliably, the company only recognises revenue to the extent of the recoverable expenses recognised. |
| All revenue excludes value added tax and trade discounts. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
| Rentals paid under operating leases are charged to profit or loss 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 payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Impairment of fixed assets |
| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Investments |
| All classes of fixed asset investment are valued at cost. |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration | 52 | 57 |
| Construction | 129 | 162 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 3. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| 4. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
8,000 |
7,500 |
| Auditors' remuneration for non audit work |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Hire purchase |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| (Over)/Underprovision in |
| respect of prior year | 2,259 | (194,396 | ) |
| Total current tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Deferred tax per above note | (16,766 | ) | 69,324 |
| Total tax charge | 338,016 | 147,793 |
| 7. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Included in the fixed assets are assets held under hire purchase contracts. In respect of these hire purchase contracts, depreciation of £174,820 has been charged and the assets have a net book value of £752,496. |
| 9. | INVENTORIES |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts recoverable on contracts |
| Other debtors |
| Directors' current accounts | 400 | 400 |
| Prepayments |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 13) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 4,261 | - |
| Other creditors |
| Directors' current accounts | 14,611 | 14,611 |
| Accruals and deferred income |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 13) |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | SECURED DEBTS |
| The banking facilities are secured by a floating charge and cross guarantee over the assets and undertakings of the company. |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 60,138 | 76,904 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 August 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 25,000 | 25,000 |
| Ordinary shares carry full voting and dividend rights. |
| 17. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 August 2024 |
| 18. | ULTIMATE PARENT COMPANY |
| Akela Property Investments Limited is regarded by the directors as being the company's ultimate parent company. |
| The company is a wholly owned subsidiary of Akela Property Investments Limited, whose registered office is Radleigh House, 1 Golf Road, Clarkston, Glasgow, G76 7HU Accounts for Akela Property Investments Limited can be obtained from Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF. |
| Akela Construction Limited (Registered number: SC258470) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 19. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |