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Registered number: 01422905










WARBURTON BUILDING SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
WARBURTON BUILDING SERVICES LIMITED
 

COMPANY INFORMATION


Directors
R Bates 
P J Burt (resigned 19 March 2024)
J Carr 
J C  Warburton 
A C Hodgkins 
E S Davenall (appointed 18 December 2023)




Registered number
01422905



Registered office
Chandler House
Cumnor Road

Farmoor

Oxford

OX2 9NS




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Cumnor

Oxford

Oxfordshire

OX2 9PJ





 
WARBURTON BUILDING SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Statement of Cash Flows
 
10 - 11
Analysis of Net Debt
 
12
Notes to the Financial Statements
 
13 - 26


 
WARBURTON BUILDING SERVICES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Business review
 
The principal activity of the company is the supply and installation of plumbing, heating and electrical engineering solutions.
The 2024 turnover of £23.4m compared favourably to £19.5m in 2023.
The Directors are confident that the business will trade profitably in 2025 although margins may be slightly reduced, as a result of a more competitive market place.
The company's key financial and other performance indicators during the year were as follows

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Principal risks and uncertainties
 
The company is exposed to a variety of financial risks which result from its operating activities.
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of any allowance for doubtful debtors, estimated by the directors.
The company has no significant concentration of credit risk, with exposure spread over a large number customers. The company has adopted a strict credit vetting policy based on track record payment history an externally available credit data.
The company seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.


This report was approved by the board and signed on its behalf.



J Carr
Director

Date: 4 June 2025

Page 1

 
WARBURTON BUILDING SERVICES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

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

Directors

The directors who served during the year were:

R Bates 
P J Burt (resigned 19 March 2024)
J Carr 
J C  Warburton 
A C Hodgkins
 E S Davenall (appointed 18 December 2023)
 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £715,966 (2023: £452,130).

No dividends were paid during the year (2023: £310,000).

Future developments

For future developments, see the strategic report.

Page 2

 
WARBURTON BUILDING SERVICES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J Carr
Director

Date: 4 June 2025

Page 3

 
WARBURTON BUILDING SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WARBURTON BUILDING SERVICES LIMITED
 

Opinion


We have audited the financial statements of Warburton Building Services Limited (the 'Company') for the year ended 30 November 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 United Kingdom, including the Financial Reporting Council'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 ReportOur 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.
Page 4

 
WARBURTON BUILDING SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WARBURTON BUILDING SERVICES LIMITED (CONTINUED)


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of 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:


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 Directors' Responsibilities Statement set out on page 2, 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.


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

 
Page 5

 
WARBURTON BUILDING SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WARBURTON BUILDING SERVICES LIMITED (CONTINUED)



The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: 
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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 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 2006Our 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.





Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
201 Cumnor Hill
Cumnor
Oxford
Oxfordshire
OX2 9PJ

 
Date: 
5 June 2025
Page 6

 
WARBURTON BUILDING SERVICES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,463,592
19,533,424

Cost of sales
  
(18,524,178)
(15,503,852)

Gross profit
  
4,939,414
4,029,572

Administrative expenses
  
(4,005,189)
(3,453,821)

Fair value movements
  
28,857
(3,577)

Operating profit
 5 
963,082
572,174

Interest receivable and similar income
  
107,134
45,295

Interest payable and similar expenses
 9 
(81,522)
(40,334)

Profit before tax
  
988,694
577,135

Tax on profit
 10 
(272,728)
(125,005)

Profit for the financial year
  
715,966
452,130

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 26 form part of these financial statements.

Page 7

 
WARBURTON BUILDING SERVICES LIMITED
REGISTERED NUMBER: 01422905

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,198,654
1,411,748

Current assets
  

Stocks
 13 
59,355
59,386

Debtors: amounts falling due after more than one year
 14 
719,508
304,640

Debtors: amounts falling due within one year
 14 
5,421,887
4,036,525

Current asset investments
 15 
-
286,923

Cash at bank and in hand
 16 
1,170,398
1,872,217

  
7,371,148
6,559,691

Creditors: amounts falling due within one year
 17 
(5,632,665)
(5,482,846)

Net current assets
  
 
 
1,738,483
 
 
1,076,845

Total assets less current liabilities
  
2,937,137
2,488,593

Creditors: amounts falling due after more than one year
 18 
(410,462)
(548,396)

Provisions for liabilities
  

Deferred tax
 21 
(219,031)
(348,519)

Net assets
  
2,307,644
1,591,678


Capital and reserves
  

Called up share capital 
 22 
3,914
3,914

Capital redemption reserve
 23 
1,086
1,086

Profit and loss account
 23 
2,302,644
1,586,678

  
2,307,644
1,591,678


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Carr
Director

Date: 4 June 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 8

 
WARBURTON BUILDING SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2022
3,914
1,086
1,444,548
1,449,548



Profit for the year
-
-
452,130
452,130

Dividends: Equity capital
-
-
(310,000)
(310,000)



At 1 December 2023
3,914
1,086
1,586,678
1,591,678



Profit for the year
-
-
715,966
715,966


At 30 November 2024
3,914
1,086
2,302,644
2,307,644


The notes on pages 13 to 26 form part of these financial statements.

Page 9

 
WARBURTON BUILDING SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
715,966
452,130

Adjustments for:

Depreciation of tangible assets
430,398
495,452

Gain on disposal of tangible assets
(23,814)
(189,186)

Interest paid
81,522
40,334

Interest received
(107,134)
(45,295)

Taxation charge
272,728
125,005

Decrease in stocks
31
8,747

Decrease/(increase) in debtors
299,894
(1,134,898)

(Increase)/decrease in amounts owed by group undertakings
(2,100,124)
-

(Decrease)/increase in creditors
(178,955)
1,008,374

Net fair value (gains)/losses recognised in P&L
(28,857)
3,577

Corporation tax (paid)
(171,500)
(15,524)

Net cash generated from operating activities

(809,845)
748,716


Cash flows from investing activities

Purchase of tangible fixed assets
(468,936)
(793,388)

Sale of tangible fixed assets
275,446
684,517

Sale of current asset investments
315,780
-

Interest received
107,134
45,295

HP interest paid
(50,054)
(40,334)

Net cash from investing activities

179,370
(103,910)
Page 10

 
WARBURTON BUILDING SERVICES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
-
(71,284)

Repayment of/new finance leases
(39,930)
75,470

Dividends paid
-
(310,000)

Interest paid
(31,468)
-

Net cash used in financing activities
(71,398)
(305,814)

Net (decrease)/increase in cash and cash equivalents
(701,873)
338,992

Cash and cash equivalents at beginning of year
1,872,271
1,533,279

Cash and cash equivalents at the end of year
1,170,398
1,872,271


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,170,398
1,872,271


The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
WARBURTON BUILDING SERVICES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

1,872,217

(701,819)

1,170,398

Finance leases

(856,317)

39,930

(816,387)


1,015,900
(661,889)
354,011

The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Warburton Building Services Limited is a private company, limited by share capital and incorporated in England and Wales. The address of the registered office is Chandler House, Cumnor Road, Farmoor, Oxford, OX2 9NS.
The principal activity of the Company is the provision of building services. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 13

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 14

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases..

Depreciation is provided on the following basis:

Plant and machinery
-
20-25% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

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.

Page 15

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

 Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 16

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.14
 Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are
Page 17

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.14
 Financial instruments (continued)

discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financia statements.
Revenue recognition
The key judgment made by management in respect of revenue is the point at which that revenue should be recognised. Management consider the underlying contract terms and conclude upon the most  appropriate point of the cycle at which to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer. 
Taxation
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax submissions. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.
Debtors
Accrued income in respect of the rendering of services is included in debtors at the balance sheet date. This balance is derived from an accounting estimate which represents a key source of estimation uncertainty. In making this estimate the directors consider the stage of completion of contracts and the likelihood that the Company will receive the consideration under the contract. 
Accrual for remedial works
The Company provides for estimated future costs to be incurred as remedial works on completed contracts, which is included within accruals. This provision is calculated on an annual basis.
Page 18

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
23,463,592
19,533,424


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Defined contribution pension cost
175,076
103,191

Other operating lease rentals
56,500
56,500

Depreciation
430,398
495,452


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
16,600
14,100

Fees payable to the Company's auditor in respect of:

Taxation compliance services
2,300
2,200
Page 19

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,419,960
6,364,063

Social security costs
662,316
707,177

Cost of defined contribution scheme
175,076
103,191

7,257,352
7,174,431


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
142
140


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
716,962
488,850

Company contributions to defined contribution pension schemes
39,734
92,991

756,696
581,841


During the year retirement benefits were accruing to 3 directors (2023 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £138,377 (2023 - £145,165).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £24,129 (2023 - £37,321).


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
31,468
1,453

Finance leases and hire purchase contracts
50,054
38,881

81,522
40,334

Page 20

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
373,310
173,993

Adjustments in respect of previous periods
28,906
-


Total current tax
402,216
173,993

Deferred tax


Origination and reversal of timing differences
(129,488)
(48,988)

Total deferred tax
(129,488)
(48,988)


Tax on profit
272,728
125,005

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 23.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
988,694
577,135


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.01%)
247,174
132,804

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
47,567
5,937

Capital allowances for year in excess of depreciation
(7,349)
(9,839)

Adjustments to tax charge in respect of prior periods
28,906
-

Income not taxable for tax purposes
(7,214)
-

Adjustments to brought forward values
(30,621)
-

Chargeable gains
1,140
-

Movement in deferred tax not recognised
(6,875)
-

Remeasurement of deferred tax for changes in tax rates
-
(3,897)

Total tax charge for the year
272,728
125,005


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Dividends

2024
2023
£
£


Dividends to 'A' ordinary shareholders during the year
-
310,000


12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
-
68,398
2,529,492
157,201
2,755,091


Additions
50,000
4,536
404,821
9,579
468,936


Disposals
(50,000)
-
(381,729)
-
(431,729)



At 30 November 2024

-
72,934
2,552,584
166,780
2,792,298



Depreciation


At 1 December 2023
-
57,048
1,151,401
134,894
1,343,343


Charge for the year on owned assets
-
4,641
414,811
10,946
430,398


Disposals
-
-
(180,097)
-
(180,097)



At 30 November 2024

-
61,689
1,386,115
145,840
1,593,644



Net book value



At 30 November 2024
-
11,245
1,166,469
20,940
1,198,654



At 30 November 2023
-
11,350
1,378,091
22,307
1,411,748


13.


Stocks

2024
2023
£
£

Raw materials and consumables
59,355
59,386





 

Page 22

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
719,508
304,640


2024
2023
£
£

Due within one year

Trade debtors
2,438,127
3,231,059

Amounts owed by group undertakings
2,100,124
-

Other debtors
350,668
328,392

Prepayments and accrued income
532,968
477,074

5,421,887
4,036,525



15.


Current asset investments

2024
2023
£
£

Unlisted investments
-
286,923



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,170,398
1,872,217



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,574,179
3,182,162

Corporation tax
313,116
82,400

Other taxation and social security
200,780
266,164

Obligations under finance lease and hire purchase contracts
405,925
307,921

Other creditors
50,863
348

Accruals and deferred income
2,087,802
1,643,851

5,632,665
5,482,846


Page 23

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
410,462
548,396



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£



Within one year
405,925
307,921

Between 1-5 years
410,462
548,396

816,387
856,317

Obligations under finance leases are secured on the assets to which they relate.


20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,170,398
1,872,217

Financial assets that are debt instruments measured at amortised cost
5,259,776
3,651,044

6,430,174
5,523,261


Financial liabilities


Financial liabilities measured at amortised cost
(4,712,844)
(4,038,479)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and staff, directors' and other loans.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and finance lease obligations.

Page 24

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

21.


Deferred taxation




2024


£






At beginning of year
(348,519)


Charged to profit or loss
129,488



At end of year
(219,031)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(219,031)
(348,519)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



Nil (2023 - 783) Ordinary A shares of £1.00 each
-
783
Nil (2023 - 3,131) Ordinary B shares of £1.00 each
-
3,131
3,914 (2023 - Nil) Ordinary shares of £1.00 each
3,914
-

3,914

3,914


During the year the Ordinary A and Ordinary B shares were redesignated as Ordinary shares.


23.


Reserves

Capital redemption reserve

The capital redemption reserve arose when the company repurchased it's own shares in 2008.

Profit and loss account

The profit and loss account represents accumulated profit for the year and prior years less dividends paid.


24.


Pension commitments

The company operates a defined contribution 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 Comany to the fund and amounted to £175,076 (2023: £103,191). Contributions totaling £30,666 (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 25

 
WARBURTON BUILDING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

25.


Commitments under operating leases

At 30 November 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
69,675
78,803

Later than 1 year and not later than 5 years
83,066
110,998

152,741
189,801


26.


Related party transactions

During the year the company was charged rent of £56,500 (2023: £56,500) by a Pension Scheme of which two of the company's directors are trustees. No balance is outstanding at the year end (2023: £nil).
During the year the company received advances and made payments on behalf of a director totalling £287,763 (2023: £358,428), and received repayments of £475,643 (2023: £310,000). At the balance sheet date the amount due to the company from that director in respect of loans was £nil (2023: £187,880). 
During the year a director purchased land with a value of £62,555 and motor vehicles with a value of £99,170 from the company. No balance is outstanding in respect of the purchase at the balance sheet date.
The directors are considered to be the key management personnel.


27.


Controlling party

The parent company is WBS Holdings Limited.
The company is controlled by J Carr by virtue of his shareholding.

Page 26