Fareham Associates Limited 08837699 false 2023-10-01 2024-09-30 2024-09-30 2024-09-30 The principal activity of the company is building construction, civils and maintenance for a wide range of commercial and public clients. Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false false 08837699 2023-10-01 2024-09-30 08837699 2024-09-30 08837699 bus:Director1 bus:Consolidated 2024-09-30 08837699 bus:OrdinaryShareClass1 bus:Consolidated 2024-09-30 08837699 bus:Consolidated 2024-09-30 08837699 core:Non-controllingInterests bus:Consolidated 2024-09-30 08837699 core:RetainedEarningsAccumulatedLosses 2024-09-30 08837699 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-09-30 08837699 core:ShareCapital 2024-09-30 08837699 core:ShareCapital bus:Consolidated 2024-09-30 08837699 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-09-30 08837699 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments bus:Consolidated 2024-09-30 08837699 core:CurrentFinancialInstruments 2024-09-30 08837699 core:CurrentFinancialInstruments bus:Consolidated 2024-09-30 08837699 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 08837699 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-09-30 08837699 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 08837699 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-09-30 08837699 core:BetweenTwoFiveYears bus:Consolidated 2024-09-30 08837699 core:WithinOneYear bus:Consolidated 2024-09-30 08837699 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-09-30 08837699 core:MotorVehicles bus:Consolidated 2024-09-30 08837699 core:DeferredTaxation bus:Consolidated 2024-09-30 08837699 core:OtherProvisionsContingentLiabilities bus:Consolidated 2024-09-30 08837699 bus:FRS102 bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:Audited bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:FullAccounts bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:RegisteredOffice bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:Director1 bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:Director2 2023-10-01 2024-09-30 08837699 bus:Director2 bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:Director3 2023-10-01 2024-09-30 08837699 bus:Director3 bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:HighestPaidDirector bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:OrdinaryShareClass1 bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:Consolidated 1 2023-10-01 2024-09-30 08837699 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-10-01 2024-09-30 08837699 bus:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 08837699 core:Non-controllingInterests bus:Consolidated 2023-10-01 2024-09-30 08837699 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 08837699 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-10-01 2024-09-30 08837699 core:ShareCapital 2023-10-01 2024-09-30 08837699 core:ShareCapital bus:Consolidated 2023-10-01 2024-09-30 08837699 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-10-01 2024-09-30 08837699 core:ReportableOperatingSegment1 bus:Consolidated 2023-10-01 2024-09-30 08837699 core:ReportableOperatingSegment2 bus:Consolidated 2023-10-01 2024-09-30 08837699 core:ReportableOperatingSegment3 bus:Consolidated 2023-10-01 2024-09-30 08837699 core:FurnitureFittings bus:Consolidated 2023-10-01 2024-09-30 08837699 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-10-01 2024-09-30 08837699 core:MotorVehicles bus:Consolidated 2023-10-01 2024-09-30 08837699 core:DeferredTaxation bus:Consolidated 2023-10-01 2024-09-30 08837699 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-10-01 2024-09-30 08837699 core:Subsidiary1 2023-10-01 2024-09-30 08837699 core:Subsidiary1 1 2023-10-01 2024-09-30 08837699 core:Subsidiary1 countries:UnitedKingdom 2023-10-01 2024-09-30 08837699 core:UKTax bus:Consolidated 2023-10-01 2024-09-30 08837699 countries:EnglandWales bus:Consolidated 2023-10-01 2024-09-30 08837699 2023-09-30 08837699 bus:Consolidated 2023-09-30 08837699 core:Non-controllingInterests bus:Consolidated 2023-09-30 08837699 core:RetainedEarningsAccumulatedLosses 2023-09-30 08837699 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-09-30 08837699 core:ShareCapital 2023-09-30 08837699 core:ShareCapital bus:Consolidated 2023-09-30 08837699 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-09-30 08837699 core:CostValuation 2023-09-30 08837699 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-09-30 08837699 core:MotorVehicles bus:Consolidated 2023-09-30 08837699 core:DeferredTaxation bus:Consolidated 2023-09-30 08837699 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-09-30 08837699 2022-10-01 2023-09-30 08837699 2023-09-30 08837699 bus:OrdinaryShareClass1 bus:Consolidated 2023-09-30 08837699 bus:Consolidated 2023-09-30 08837699 bus:Consolidated core:PreviouslyStatedAmount 2023-09-30 08837699 core:Non-controllingInterests bus:Consolidated 2023-09-30 08837699 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-09-30 08837699 core:ShareCapital bus:Consolidated 2023-09-30 08837699 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-09-30 08837699 core:CurrentFinancialInstruments 2023-09-30 08837699 core:CurrentFinancialInstruments bus:Consolidated 2023-09-30 08837699 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 08837699 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-09-30 08837699 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated core:PreviouslyStatedAmount 2023-09-30 08837699 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-09-30 08837699 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-09-30 08837699 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated core:PreviouslyStatedAmount 2023-09-30 08837699 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2023-09-30 08837699 core:BetweenTwoFiveYears bus:Consolidated 2023-09-30 08837699 core:WithinOneYear bus:Consolidated 2023-09-30 08837699 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-09-30 08837699 core:MotorVehicles bus:Consolidated 2023-09-30 08837699 core:PreviouslyStatedAmount 2023-09-30 08837699 bus:HighestPaidDirector bus:Consolidated 2022-10-01 2023-09-30 08837699 bus:Consolidated 2022-10-01 2023-09-30 08837699 core:Non-controllingInterests bus:Consolidated 2022-10-01 2023-09-30 08837699 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 08837699 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-10-01 2023-09-30 08837699 core:ShareCapital 2022-10-01 2023-09-30 08837699 core:ShareCapital bus:Consolidated 2022-10-01 2023-09-30 08837699 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-10-01 2023-09-30 08837699 core:ReportableOperatingSegment1 bus:Consolidated 2022-10-01 2023-09-30 08837699 core:Subsidiary1 1 2022-10-01 2023-09-30 08837699 core:UKTax bus:Consolidated 2022-10-01 2023-09-30 08837699 2022-09-30 08837699 bus:Consolidated 2022-09-30 08837699 core:Non-controllingInterests bus:Consolidated 2022-09-30 08837699 core:RetainedEarningsAccumulatedLosses 2022-09-30 08837699 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-09-30 08837699 core:ShareCapital 2022-09-30 08837699 core:ShareCapital bus:Consolidated 2022-09-30 08837699 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08837699

Fareham Associates Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

Fareham Associates Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 10

Consolidated Profit and Loss Account

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 32

 

Fareham Associates Limited

Company Information

Directors

G Gaunt

A G Roberts

Registered office

Bromfield House
Queens Lane
Bromfield Industrial Estate
Mold
Flintshire
CH7 1XB

Auditors

Richlands Business Advisers Limited
Chartered Accountants and Statutory Auditor
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Fareham Associates Limited

Strategic Report for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

Principal activity

The principal activity of the group is building construction, civils and maintenance for a wide range of commercial and public clients.

Fair review of the business

MPH Construction Ltd is a well-established construction company based in Mold, North Wales serving its clients throughout Wales, North of England and the Midlands.

Our team of employees are passionate about quality for its customers in all sectors including maintenance, education, leisure, industrial, commercial, aeronautical, pharmaceutical, health, nuclear, blue light, utilities and rail. The business continues to invest in its people, infrastructure, and systems.

We are pleased to say that the group has performed well during the period and strengthen our position with our key clients. Operational delivery remained strong, with many clients appreciating our approach to productivity and programme. The trading conditions faced by the group remained competitive throughout the year. Rising interest rates, volatile energy prices and changes introduced by the new government. The financial resilience of the group, our supply chains and the strength of those relationships has helped protect the group and our clients from any significant impact.

The group’s overall financial and business performances has seen an increase in turnover. Over the year to 30 September 2024, the group’s turnover was £42,894,564 representing an increase in turnover of £14,143,837. The gross profit margin has increased to £7,666,381 (2023 - £6,182,037) as compared to the previous year.

Key performance indicators

The Directors and Senior Managers, who are the key management, use financial measures such as profitability, turnover and level of secured workload to monitor performance as these are considered to be the main drivers of the group’s continued success. Turnover and profitability are measured in the same basis as that seen in the profit and loss account.

We also consider non-financial measures, such as the ongoing monitoring of our safety scores, review of customer satisfaction levels and satisfaction of our employees.
 

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

42,894,564

28,750,727

Gross Profit

£

7,666,381

6,182,037

Net asset

£

8,456,686

4,747,624

Gross profit margin

%

18

21

 

Fareham Associates Limited

Strategic Report for the Year Ended 30 September 2024

Principal risks and uncertainties


The Board is responsible for the group's risk management and internal controls to ensure that significant risks are identified and managed appropriately.

The principal risks and uncertainties facing the group going forward are:

• High levels of inflation, interest rates and energy costs.
• The availability of capital budgets to customers.
• The increased potential for failures in our supply chain.
• Changes in the outlook for the UK economy.
• The availability of sufficient skilled people.
• The effect of heightened global tensions on the economy and supply chains.
• The inflation risk associated with delivering fixed price contracts.
• The health and safety of our people in challenging operating environments.

The Board is confident that these risk and uncertainties area appropriately managed and mitigated by the group’s strategies, procedures and commercial arrangements.

Additional risks which the business faces include but not limited to are as follows:

• Regulatory and compliance obligations.
• Legal risks resulting from contracts with customers and suppliers.
• Information technology risks especially with cybercrime increasing and becoming more sophisticated.
• The credit risk of completing works ahead of being paid.
• Competition in securing contracts and frameworks.
• Contract management.

 

Fareham Associates Limited

Strategic Report for the Year Ended 30 September 2024

Future Outlook

Our business strategy continues to hold our employees as our biggest asset. The dedication and performance of our employees is at the heart of the development and growth of our business.

We will continue to focus on the following:

• The health, safety and wellbeing of our employees and supply chain.
• Maintain growth and operational improvement in markets in which we are more suited to operate within, whilst avoiding one off clients.
• Continue to establish ourselves in our core sectors and maintain our position on several frameworks.
• Continue to provide our clients with a highly focused approach and ‘can do’ attitude.
• Prioritise our responsibility to develop our processes to combat climate change and ensure that our business sustainable strategy continues to be at the heart of our development and growth.
• Improving efficiency and productivity.
• The management of inflation risk.
• Supporting people through the cost-of-living crisis.
• Impact of the Building Safety Act 2022.
• High satisfaction levels and customer loyalty.
• Selectivity with our client base, in order to minimise any risk to the business and provide a respective level of overhead and profitability contribution.

The construction industry remains a very competitive market, we have responded remarkably well to the challenge so far, our business strategy will need to adapt to meet the changes in the environment we work and the needs of our clients.

Our forward order book for 2025 - 2026 remains strong, which provides us with stability for the forthcoming years.
 

Approved by the Board on 9 June 2025 and signed on its behalf by:

.........................................
G Gaunt
Director

.........................................
A G Roberts
Director

 
     
 

Fareham Associates Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the for the year ended 30 September 2024.

Directors of the group

The directors who held office during the year were as follows:

C P Jones (Director resigned 13 November 2023)

G Gaunt

A G Roberts

Dividends

The dividends proposed and paid during the year ended 30 September 2024 amounted to £930,000 (2023 - £2,490,000).
 

Financial instruments

Objectives and policies

The Board is responsible for the Group’s financial instruments to ensure that significant risks are identified and managed appropriately. As the group’s trade is that of construction services and maintenance there is an inherent risk to the business, and it would not be possible to eliminate these risks and uncertainties however the group identifies risks and manages them as best as it can.

Price risk, credit risk, liquidity risk, cash flow risk and foreign currency risk

The group operates in a competitive industry and manages this risk through investment in personnel and reputation to be able to provide a superior service and retain revenue from existing clients as well as securing new business.

There is exposure to credit risk from sales and the group reviews the risk profile for all new customers carefully. Whilst there are bad debts this year and in the prior year these form a very small proportion of overall sales. The group monitors all clients on an ongoing basis to assess any potential credit risk that may arise.

Liquidity risk is considered low in this business as there are surplus cash reserves and the net current assets are positive. The group will ensure that the working capital requirements are met adequately and plan projects according to the funding available.

The group finances its operations through a mixture of retained profits and cash balances to maintain its cashflow risk.

Foreign currency risk is considered to be low as the vast majority of trading in the group for customers and suppliers are done in GBP. The group will continue to assess this situation and seek to mitigate risks of foreign currency should the need arise.

Charitable donations

The group made charitable donations of £1,635 during the year to Just giving and various charities.

 

Fareham Associates Limited

Directors' Report for the Year Ended 30 September 2024

Matters covered in the Strategic Report

The group’s future developments are mentioned in the Strategic Report.

Reappointment of auditors

The auditors, Richlands Business Advisers Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Post Balance Sheet Events

There have been no significant events affecting the group since the year end.
 

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor are unaware.

Approved by the Board on 9 June 2025 and signed on its behalf by:

.........................................
G Gaunt
Director

.........................................
A G Roberts
Director

 
     
 

Fareham Associates Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the group and parent company financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare group and parent company financial statements for each financial year. Under that law the directors have elected to prepare the group and parent company 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 group and parent company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Fareham Associates Limited

Independent Auditor's Report to the Members of Fareham Associates Limited

Opinion

We have audited the financial statements of Fareham Associates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group’s and of the parent company's affairs as at 30 September 2024 and of the group's 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 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.

 

Fareham Associates Limited

Independent Auditor's Report to the Members of Fareham Associates Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 as set out on page 7, 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 group's and the parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

 

Fareham Associates Limited

Independent Auditor's Report to the Members of Fareham Associates Limited

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

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation and breaches of health and safety, and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of 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 posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed by us included:

- discussion with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- assessment of matters reported on the company's health and safety audit and the results of management's action on the findings;
- challenging assumptions made by management in their significant accounting estimates;
- identifying and testing journal entries.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 through collusion.

A further description of our responsibilities is available 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 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.

......................................
Mr Jay Shah (Senior Statutory Auditor)
For and on behalf of Richlands Business Advisers Limited,
Chartered Accountants and Statutory Auditor
42-46 Station Road
Edgware
Middlesex
HA8 7AB

9 June 2025

 

Fareham Associates Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

42,894,564

28,750,727

Cost of sales

 

(35,228,183)

(22,568,690)

Gross profit

 

7,666,381

6,182,037

Administrative expenses

 

(1,520,988)

(1,413,496)

Other operating income

4

123,720

34,350

Operating profit

6,269,113

4,802,891

Other interest receivable and similar income

58,482

3,476

Interest payable and similar expenses

(36,284)

(7,451)

   

22,198

(3,975)

Profit before tax

 

6,291,311

4,798,916

Tax on profit

8

(1,582,484)

(1,068,410)

Profit for the financial year

 

4,708,827

3,730,506

Profit/(loss) attributable to:

 

Owners of the company

 

4,380,305

3,470,238

Minority interests

 

328,522

260,268

 

4,708,827

3,730,506

The group has no recognised gains or losses for the year other than the results above.

 

Fareham Associates Limited

(Registration number: 08837699)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

9

344,506

240,653

Other financial assets

11

2,200

2,200

 

346,706

242,853

Current assets

 

Debtors

12

9,833,033

10,108,356

Cash at bank and in hand

 

8,756,937

4,634,093

 

18,589,970

14,742,449

Creditors: Amounts falling due within one year

14

(10,330,356)

(10,090,677)

Net current assets

 

8,259,614

4,651,772

Total assets less current liabilities

 

8,606,320

4,894,625

Creditors: Amounts falling due after more than one year

14

(75,866)

-

Provisions for liabilities

15

(73,768)

(147,016)

Net assets

 

8,456,686

4,747,609

Capital and reserves

 

Called up share capital

17

30

30

Retained earnings

7,866,643

4,416,338

Equity attributable to owners of the company

 

7,866,673

4,416,368

Minority interests

 

590,013

331,241

Shareholders' funds

 

8,456,686

4,747,609

Approved and authorised by the Board on 9 June 2025 and signed on its behalf by:
 

.........................................
G Gaunt
Director

.........................................
A G Roberts
Director

 
     
 

Fareham Associates Limited

(Registration number: 08837699)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

10

1,000

1,000

Current assets

 

Debtors

12

-

1,114,984

Creditors: Amounts falling due within one year

14

-

(1,115,000)

Net current liabilities

 

-

(16)

Net assets

 

1,000

984

Capital and reserves

 

Called up share capital

17

30

30

Retained earnings

970

954

Shareholders' funds

 

1,000

984

The company made a profit after tax for the financial year of £930,016 (2023 - profit of £2,490,000).

Approved and authorised by the Board on 9 June 2025 and signed on its behalf by:
 

.........................................
G Gaunt
Director

.........................................
A G Roberts
Director

 
     
 

Fareham Associates Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

Non-controlling interests
£

Total equity
£

At 1 October 2023

30

4,416,338

4,416,368

331,241

4,747,609

Profit for the year

-

4,380,305

4,380,305

328,522

4,708,827

Dividends

-

(930,000)

(930,000)

(69,750)

(999,750)

At 30 September 2024

30

7,866,643

7,866,673

590,013

8,456,686

Share capital
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 October 2022

30

3,436,100

3,436,130

257,723

3,693,853

Profit for the year

-

3,470,238

3,470,238

260,268

3,730,506

Total comprehensive income

-

3,470,238

3,470,238

260,268

3,730,506

Dividends

-

(2,490,000)

(2,490,000)

(186,750)

(2,676,750)

At 30 September 2023

30

4,416,338

4,416,368

331,241

4,747,609

 

Fareham Associates Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

30

954

984

Profit for the year

-

930,016

930,016

Dividends

-

(930,000)

(930,000)

At 30 September 2024

30

970

1,000

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

30

954

984

Profit for the year

-

2,490,000

2,490,000

Dividends

-

(2,490,000)

(2,490,000)

At 30 September 2023

30

954

984

 

Fareham Associates Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

4,708,827

3,730,506

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

118,909

79,529

Profit on disposal of tangible assets

(4,163)

-

Finance income

(58,482)

(3,476)

Finance costs

36,284

7,451

Income tax expense

8

1,582,484

1,068,410

 

6,383,859

4,882,420

Working capital adjustments

 

Decrease/(increase) in trade debtors

12

275,323

(3,664,359)

Increase in trade creditors

14

1,387,973

2,302,267

Decrease in provisions

15

(100,000)

-

(Decrease)/increase in deferred income, including government grants

 

(847,461)

1,786,859

Cash generated from operations

 

7,099,694

5,307,187

Income taxes paid

8

(1,921,593)

(407,812)

Net cash flow from operating activities

 

5,178,101

4,899,375

Cash flows from investing activities

 

Interest received

58,482

3,476

Acquisitions of tangible assets

(260,599)

(123,177)

Proceeds from sale of tangible assets

 

42,000

-

Net cash flows from investing activities

 

(160,117)

(119,701)

Cash flows from financing activities

 

Interest paid

(36,284)

(7,451)

Payments to finance lease creditors

 

140,894

-

Dividends paid

(930,000)

(2,490,000)

Payment to minority interest - dividends

 

(69,750)

(186,750)

Net cash flows from financing activities

 

(895,140)

(2,684,201)

Net increase in cash and cash equivalents

 

4,122,844

2,095,473

Cash and cash equivalents at 1 October

 

4,634,093

2,538,620

Cash and cash equivalents at 30 September

 

8,756,937

4,634,093


Analysis of net debt
The opening cash and cash equivalents at 1 October 2023 was £4,634,093. The cashflow for the entity amounted to £4,122,844 resulted in the closing cash and cash equivalents at 30 September 2024 of £8,756,937.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bromfield House
Queens Lane
Bromfield Industrial Estate
Mold
Flintshire
CH7 1XB
United Kingdom

These financial statements were authorised for issue by the Board on 9 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The parent company has taken advantage of omitting its individual Statement of Cash Flows being a qualifying entity preparing consolidated accounts.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Judgements

The judgements made by the directors, in the application of the accounting policies and key sources of estimation uncertainty were as follows:

Depreciation- Depreciation is provided in accordance with the policies set however the actual wear and tear of the assets may vary.

Cost Accruals - A provision for the cost accruals is established on the basis of work done on project and what is not yet invoiced. The amount includes an estimation of the cost to complete a project, which may differ from the actual costs incurred on completion.

Amounts recoverable on contracts - A provision for amounts recoverable on contracts is estimated on the basis of the on going projects and work done. It may differ from the actual costs incurred on completion of a project. The estimation is also dependant on the management team's assessment of the profit margin achievable on the contracts.

Impairment of Trade debtors - A provision for the impairment of trade debtors is established on the nature, age and recoverability of all debtors and the recoverables on projects are reviewed regularly by directors and provisions are made where appropriate.

Provisions and contingent consideration - The recognition and measurement of provisions and contingent consideration requires management judgement to assess the likelihood and magnitude of any future outflows.

Consistent measures and procedures are in place to ensure that estimates are applied and results are determined on a consistent basis.

Provision for dilapidation- Dilapidation provision is provided by the management on the basis of an estimation of the expenditure that will be incurred based on contractual requirements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Contract revenue recognition

The group applies revenue recognition applicable in the construction business stream. Revenue is recognised when it transfers control over a product or service to its customer. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties.

Revenue is recognised as follows:
– revenue from construction and services activities is recognised over time and the group uses the input method to measure progress of delivery
– The consideration recognised is the amount which is highly probable not to result in a significant reversal in future periods.

Presentational currency

The functional and presentational currency is British Pounds Sterling (£).

Tax

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

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipments

20% on reducing balance

Motor vehicles

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Amounts recoverable on contracts

Amount recoverable on contracts represents the net amount due from customers from contract work performed to date under construction contracts, where the value of work completed, including attributable profit, exceeds progress billings. The group represents the right to consideration in exchange for goods and services that have been transferred to the customer.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Financial instruments

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Non-derivative financial instruments that are equity of the issuer are equity instruments.

 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

Equity instruments are initially measured at cost and the movement at the balance sheet date based on the fair value shall be adjusted to the profit and loss account.

 Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured as cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

3

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Sales

42,894,564

28,750,727

The analysis of the group's Turnover for the year by market is as follows:

2024
£

2023
£

United Kingdom

42,894,564

28,750,727

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

78,361

32,892

Sub lease rental income

45,359

1,458

123,720

34,350

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,435,410

4,020,606

Social security costs

476,862

424,852

Pension costs, defined contribution scheme

168,069

133,325

Other employee expense

17,641

27,040

5,097,982

4,605,823

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

18

17

Construction services

90

88

108

105

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

234,647

227,735

Contributions paid to money purchase schemes

27,714

26,560

262,361

254,295

In respect of the highest paid director:

2024
£

2023
£

Remuneration

92,297

90,052

Company contributions to money purchase pension schemes

19,437

18,893

7

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

21,394

23,606


 

The audit fees for the year 2024 is £20,750 and the remaining £1,394 accounts for underprovisions made in respect of audit fees in prior financial periods.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

8

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

1,555,732

1,048,195

Deferred taxation

Arising from origination and reversal of timing differences

26,752

20,215

Tax expense in the income statement

1,582,484

1,068,410

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

6,291,311

4,798,916

Corporation tax at standard rate

1,572,824

1,056,156

Tax decrease from effect of capital allowances and depreciation

(26,752)

(11,926)

Effect of expense not deductible in determining taxable profit (tax loss)

9,660

3,965

Deferred tax expense from unrecognised temporary difference from a prior period

26,752

20,215

Total tax charge

1,582,484

1,068,410


 

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

9

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

203,778

389,910

593,688

Additions

31,660

228,939

260,599

Disposals

-

(103,626)

(103,626)

At 30 September 2024

235,438

515,223

750,661

Depreciation

At 1 October 2023

134,956

218,079

353,035

Charge for the year

28,172

90,737

118,909

Eliminated on disposal

-

(65,789)

(65,789)

At 30 September 2024

163,128

243,027

406,155

Carrying amount

At 30 September 2024

72,310

272,196

344,506

At 30 September 2023

68,822

171,831

240,653

10

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1,000

1,000

Subsidiaries

£

Cost or valuation

At 1 October 2023

1,000

Provision

Carrying amount

At 30 September 2024

1,000

At 30 September 2023

1,000

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

MPH Construction Limited

Bromfield House Queens Lane,
Bromfield Industrial Estate,
Mold, Flintshire,
CH7 1XB

United Kingdom

Ordinary

93%

93%

Subsidiary undertakings

MPH Construction Limited

The principal activity of MPH Construction Limited is building construction, civils and maintenance for a wide range of commercial and public clients..

11

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

2,200

2,200

At 30 September 2024

2,200

2,200

Impairment

Carrying amount

At 30 September 2024

2,200

2,200

The investment represents capitalised value of ground rents receivable from freehold interests.

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

12

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

7,058,365

4,884,518

-

-

Other debtors

7,855

1,122,848

-

1,114,984

Prepayments

205,672

218,627

-

-

Gross amount due from customers for contract work

2,561,141

3,882,363

-

-

 

9,833,033

10,108,356

-

1,114,984

13

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

8,756,937

4,634,093

-

-

14

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

65,028

-

-

-

Trade creditors

 

7,504,944

3,755,744

-

-

Amounts due to related parties

20

-

1,114,984

-

-

Social security and other taxes

 

1,134,635

1,173,285

-

-

Outstanding defined contribution pension costs

 

8,119

15,466

-

-

Other payables

 

-

1,189,250

-

1,115,000

Accrued expenses

 

46,899

57,895

-

-

Corporation tax payable

8

481,333

847,194

-

-

Deferred income

 

1,089,398

1,936,859

-

-

 

10,330,356

10,090,677

-

1,115,000

Due after one year

 

Loans and borrowings

75,866

-

-

-

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

15

Provisions for liabilities

Group

Deferred tax
£

Provisions for dilapidation
£

Total
£

At 1 October 2023

47,016

100,000

147,016

Increase (decrease) in existing provisions

26,752

(100,000)

(73,248)

At 30 September 2024

73,768

-

73,768

At the end of the lease term, the group has no obligation to repair damages arising from normal wear and tear, nor is it required to reinstate the leased property to its original condition. As a result, the previously recognised provision for dilapidation has been reversed during the period.

16

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £168,069 (2023 - £133,325).

Contributions totalling £8,119 (2023 - £15,466) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

30

30

30

30

       
 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

18

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

52,000

48,000

Later than one year and not later than five years

156,000

192,000

208,000

240,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £52,000 (2023 - £48,000).

19

Dividends

2024

2023

£

£

Interim dividend of £31,000.00 (2023 - £83,000.00) per ordinary share

999,750

2,676,750

 

 

20

Related party transactions

M.P.H. (North Wales) Limited
Mr G Gaunt is in control and is the common directors in both the companies. MPH Construction Limited rents premises from M.P.H. (North Wales) Limited and annual rent payable was £52,000 (2023 - £48,000). MPH Construction Limited was also invoiced consultancy fee expenses of £104,463 (2023 - £113,960) from M.P.H. (North Wales) Limited.

At the balance sheet date the amount due to M.P.H. (North Wales) Limited is £248,802 (2023 - £123,550).

At the balance sheet date the amount due from M.P.H (North Wales) Limited is nil (2023 - nil).

The Spicy Pint Pub Company Limited
Mrs. Gwenan Roberts is the director of the company. Mrs. G Roberts is related to A G Roberts (Spouse), who is the director of MPH Construction Limited. During the year, MPH Construction has performed additional work for The Spicy Pint Pub Company Limited.

At the balance sheet date the amount due from The Spicy Pint Pub Company Limited is nil (2023 - £202,265).
 

 

Fareham Associates Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

21

Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss account in these consolidated financial statements. The profit of the parent company for the year was £930,016 (2023 - £2,490,000). The only income comprises of dividends received from the subsidiary company.

22

Parent and ultimate parent undertaking

There is no controlling party.