Company registration number 07358379 (England and Wales)
NATIONWIDE CONCRETING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NATIONWIDE CONCRETING LIMITED
COMPANY INFORMATION
Directors
Mr J P Pyatt
Mr Nicholas Healy
Company number
07358379
Registered office
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
Auditor
HJS Accountants Limited
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
NATIONWIDE CONCRETING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
NATIONWIDE CONCRETING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

We are pleased to report Nationwide Concreting Ltd has had another profitable year. The key figures are as follows:-

 

- Turnover has decreased by 27.18% on 2024.

 

- The gross profit percentage has increased from 17.31% in 2023 to 19.76% in 2024.

 

- The profit before tax has decreased by 47.40% and the profit after tax has decreased by 50.60%.

 

The outlook for the future is optimistic. The company has managed its resources well. Commercial clients are now in the process of pushing works forward of which we are pleased to have secured a portion of this future works.

 

The company continues to invest in improving processes and systems, whilst also maintaining it’s expenditure on advertising to ensure continuing levels of business in the future. Investments were continued to be made in online databases, training, and new concrete technologies. As the industry evolves it is apparent we must too. The growth of demand for reducing carbon emissions throughout the build process has been an increasing opportunity for the business, utilising the new technologies and methods in house.

On behalf of the board

Mr J P Pyatt
Director
23 May 2025
NATIONWIDE CONCRETING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of concrete contracting.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £14,000. The directors do not recommend payment of a final dividend.

Directors

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

Mr J P Pyatt
Mr Nicholas Healy
Auditor

In accordance with the company's articles, a resolution proposing that HJS Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.

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 J P Pyatt
Director
23 May 2025
NATIONWIDE CONCRETING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

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

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

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.

NATIONWIDE CONCRETING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NATIONWIDE CONCRETING LIMITED
- 4 -
Opinion

We have audited the financial statements of Nationwide Concreting Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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:

NATIONWIDE CONCRETING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NATIONWIDE CONCRETING LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

 

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

 

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant construction authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.


Audit procedures performed by the audit engagement team included:

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.

NATIONWIDE CONCRETING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NATIONWIDE CONCRETING LIMITED (CONTINUED)
- 6 -

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.

Angela Trainor (Senior Statutory Auditor)
For and on behalf of HJS Accountants Limited, Statutory Auditor
Chartered Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
SO14 3TJ
United Kingdom
27 May 2025
NATIONWIDE CONCRETING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
23,665,562
32,500,086
Cost of sales
(18,989,379)
(26,874,991)
Gross profit
4,676,183
5,625,095
Administrative expenses
(3,278,382)
(2,929,430)
Operating profit
4
1,397,801
2,695,665
Interest receivable and similar income
7
30,675
7,440
Interest payable and similar expenses
8
(68,054)
(116,785)
Profit before taxation
1,360,422
2,586,320
Tax on profit
9
(353,855)
(548,615)
Profit for the financial year
1,006,567
2,037,705

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

NATIONWIDE CONCRETING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Year
Period
ended
ended
2024
2023
£
£
Profit for the year
1,006,567
2,037,705
Other comprehensive income
-
-
Total comprehensive income for the year
1,006,567
2,037,705
NATIONWIDE CONCRETING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
149,380
187,022
Current assets
Stocks
12
17,685
16,932
Debtors
13
3,789,845
6,601,869
Cash at bank and in hand
1,982,073
972,126
5,789,603
7,590,927
Creditors: amounts falling due within one year
14
(2,508,488)
(5,190,968)
Net current assets
3,281,115
2,399,959
Total assets less current liabilities
3,430,495
2,586,981
Creditors: amounts falling due after more than one year
15
(156,017)
(297,131)
Provisions for liabilities
Deferred tax liability
17
26,610
34,549
(26,610)
(34,549)
Net assets
3,247,868
2,255,301
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
3,247,768
2,255,201
Total equity
3,247,868
2,255,301
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mr J P Pyatt
Director
Company Registration No. 07358379
NATIONWIDE CONCRETING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 December 2022
100
1,517,496
1,517,596
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
2,037,705
2,037,705
Dividends
10
-
(1,300,000)
(1,300,000)
Balance at 31 December 2023
100
2,255,201
2,255,301
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,006,567
1,006,567
Dividends
10
-
(14,000)
(14,000)
Balance at 31 December 2024
100
3,247,768
3,247,868
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Nationwide Concreting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.

1.1
Reporting period

The previous reporting period for these financial statements is for a period longer than one year to be in line with the group reporting period.

 

The figures in these financial statements are therefore not entirely comparable to the prior year.

1.2
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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of JP Group Enterprises Limited. These consolidated financial statements are available from its registered office, Tagus House, 9 Ocean Way, Southampton, Hampshire, SO14 3TJ.

1.3
Going concern

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

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, turnover is shown net of VAT and discounts.

NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

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 it is probable will be recovered.

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:

Plant and equipment
20% Straight line
Fixtures and fittings
25% Straight line
Motor vehicles
25% Straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

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

1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

 

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.

NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

Unrelieved tax losses and other 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.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.14
Leases
As lessee

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.

2
Judgements and key sources of estimation uncertainty

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

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is 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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
23,665,562
32,500,086
2024
2023
£
£
Turnover analysed by geographical market
UK Sales
23,665,562
32,500,086
2024
2023
£
£
Other revenue
Interest income
30,675
7,440
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
25,250
25,000
Depreciation of owned tangible fixed assets
55,211
45,229
Profit on disposal of tangible fixed assets
(213)
-
Operating lease charges
212,896
610,574
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
Employees

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

2024
2023
Number
Number
35
28

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,248,363
1,052,269
Social security costs
133,401
101,138
Pension costs
25,383
21,398
1,407,147
1,174,805
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
161,300
104,160
Company pension contributions to defined contribution schemes
1,321
1,321
162,621
105,481

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
30,150
7,440
Other interest income
525
-
0
Total income
30,675
7,440
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
11,108
100,237
Other interest
56,946
16,548
68,054
116,785
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
367,889
533,565
Adjustments in respect of prior periods
(6,095)
5,344
Total current tax
361,794
538,909
Deferred tax
Origination and reversal of timing differences
(7,939)
9,706
Total tax charge
353,855
548,615

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
1,360,422
2,586,320
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
340,106
607,785
Tax effect of expenses that are not deductible in determining taxable profit
27,907
21,560
Group relief
(8,063)
(50,862)
Permanent capital allowances in excess of depreciation
-
0
(28,500)
Research and development tax credit
-
0
(16,418)
Under/(over) provided in prior years
(6,095)
5,344
Deferred Tax
-
0
9,706
Taxation charge for the year
353,855
548,615
10
Dividends
2024
2023
£
£
Interim paid
14,000
1,300,000
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
421,114
29,319
105,306
555,739
Additions
17,075
9,356
-
0
26,431
Disposals
(10,700)
-
0
-
0
(10,700)
At 31 December 2024
427,489
38,675
105,306
571,470
Depreciation and impairment
At 1 January 2024
247,249
21,533
99,935
368,717
Depreciation charged in the year
49,890
3,625
1,696
55,211
Eliminated in respect of disposals
(1,838)
-
0
-
0
(1,838)
At 31 December 2024
295,301
25,158
101,631
422,090
Carrying amount
At 31 December 2024
132,188
13,517
3,675
149,380
At 31 December 2023
173,865
7,786
5,371
187,022
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
17,685
16,932
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,483,460
4,141,141
Corporation tax recoverable
-
0
17,079
Amounts owed by group undertakings
537,199
412,273
Other debtors
124,546
584,116
Prepayments and accrued income
1,644,640
1,447,260
3,789,845
6,601,869
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
146,093
146,715
Trade creditors
1,394,297
3,299,319
Amounts owed to group undertakings
-
0
642,535
Corporation tax
75,579
513,544
Other taxation and social security
105,480
93,743
Other creditors
37,799
270,060
Accruals and deferred income
749,240
225,052
2,508,488
5,190,968
15
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
156,017
297,131
16
Loans and overdrafts
2024
2023
£
£
Bank loans
302,110
443,846
Payable within one year
146,093
146,715
Payable after one year
156,017
297,131
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
26,610
34,549
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Liability at 1 January 2024
34,549
Credit to profit or loss
(7,939)
Liability at 31 December 2024
26,610
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,383
21,398

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.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50
50
50
50
Ordinary A of £1 each
25
25
25
25
Ordinary B of £1 each
25
25
25
25
100
100
100
100
20
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 one year
35,994
35,274
Between two and five years
99,008
132,278
135,002
167,552
NATIONWIDE CONCRETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
21
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
556,262
Entities under common control
-
86,273
Key management personnel
-
228,115

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
371,599
-
Entities under common control
165,600
412,273
22
Ultimate controlling party

The ultimate controlling party is JP Group Enterprises Limited, a company registered in England and Wales, by virtue of their 100% shareholding.

 

There is no controlling party in JP Group Enterprises Limited.

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