Company registration number 00438134 (England and Wales)
PIGGOTT AND WHITFIELD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PIGGOTT AND WHITFIELD LIMITED
COMPANY INFORMATION
Directors
R Speakman
G M White
L Whitfield
M L Whitfield
K Poyser
Secretary
V R Gee
Company number
00438134
Registered office
Exemplar House
Station View
Hazel Grove
Stockport
Cheshire
United Kingdom
SK7 5ER
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
PIGGOTT AND WHITFIELD LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
PIGGOTT AND WHITFIELD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The business undertakes the design, supply and installation and commissioning of Mechanical, Electrical and Plumbing solutions for predominantly commercial and industrial environments. We also frequently act as a main contractor; in which capacity we can handle every aspect of the construction process including, steel structure, building fabric and associated services.

 

In addition, we have vast experience of delivering structured voice and data cabling solutions including fibre optics, IP surveillance systems and all categories of cabling networks.

 

Business review

The business team has again completed a successful year of project delivery for our clients and continues to build on a positive and robust balance sheet position.

 

Our continued strategic planning to operate as a more lean and agile business has assisted in maintaining profitability and allowed us to better manage the impact of the recent uncertain and disruptive times.

 

We have invested in new digital engineering applications, platforms and the people to implement these toolsets.

 

It has improved information capture, augmented the production of accurate and detailed site installation models with improved customer engagement, ensuring live information is accessible across the business and robust information tracking is achieved for change control to support the more stringent requirements of the Building Safety Act.

 

This has provided gains in the presentation of project proposals and helped to secure new projects.

 

Further investment in our IT infrastructure is in progress with an emphasis on cyber security and resilience for information storage and access. This will include a dedicated live monitoring service to safeguard our users and business from cyber-attack and fraud.

 

We have no legacy financial burdens or contractual disputes pending.

 

The business has a robust cash flow and year-end balance, with our bank facility being renewed for the coming year.

 

Flexible and hybrid working policies remain in place and continue to be effective in maintaining team commitment, productivity, and staff wellbeing.

 

A sustained and targeted sales approach has ensured a significant level of secured pipeline for 2025/2026, with a clear line of sight for securing the balance of sales required for a further positive advance into 2026.

PIGGOTT AND WHITFIELD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties

The company maintains its responsible approach to financial risk management through a sustained review and structured reporting procedure for all transactional data.

Piggott and Whitfield recognise that health and safety is at the core of its responsibilities and is committed to being an industry leader and seeks to deliver all phases of its projects in a safe manner.

We demonstrate our philosophy by maintaining a UKAS certificate to OHSAS 45001.

A further high risk to business continuity is cyber-attack and fraud, which is being managed through the implementation of more resilient IT infrastructure with a managed IT security package providing a live monitoring service to safeguard our users and business from cyberattack and fraud, inclusive of the following features:

Safeguarding information system assets

• Identifying and solving potential and actual security incidents.

• Protecting systems by defining access privileges, control structures, and resources.

• Obtaining Cyber Security + certification

• Including annual security audits with accreditation body

• End users Cyber and Information Security Training

• Processes, procedures, and threat analysis.

• Running regular vulnerability scans

• Vendor Management of all internal and external teams to mitigate security vulnerabilities and inefficiencies

• Proactive identification of abnormalities and reporting violations.

• Implementation of security improvements by assessing current situation; evaluating trends; anticipating requirements.

• Upgrades system by implementing and maintaining security controls (change control).

• Management/Stakeholder reporting on security performance posture, systems and users status.

 

 

PIGGOTT AND WHITFIELD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Development and performance

Our varied portfolio of projects provides a level of diversity that has assisted in ensuring the business was not closed due to a general sector reaction and specifically our strengths in working within ‘business as usual’ environments allows us to adapt to challenging situations.

We trade with customers who are committed to annual lifecycle expenditure, with contractual commitments for maintaining and expanding facilities within critical areas of the UK service infrastructure that must remain available in any event. This will ensure we are not impacted from a single sector withdrawal or reduction in investment for project development.

Our extensive experience in working within critical areas is not at an immediate threat of entry level competition from other companies, as the level of trust and knowledge we have built with our clients is not an instant capability that can be offered or replicated without a proven track record and reference.

At the time of writing this report, there are continued global conflicts, trade tariffs, and uncertain financial markets. All of which require careful monitoring and consideration for commitments to business going forward.

These will not disrupt our customer profile due to the committed lifecycle expenditure profile of clients, in particular our healthcare works that remain a priority mandate for each of the UK political parties. However the careful consideration of potential increased costs and restricted availability of materials and plant will be applied within our pre-construction assessments for planning and commercial commitment. The whole UK sector will be subject to the same potential cost variance and availability so we will remain on a comparable competitive baseline to our competition.

We have no long-term committed framework arrangements with fixed rates that will be impacted by the continued increase in material costs.

The world remains unpredictable, even in the relative short term, and as such it is difficult to determine the overall impact on the business in the long term.

However, the business performance during the height of the restrictions and through more recent challenges has remained robust.

Key performance indicators

The company’s key financial performance indicators comprise of turnover, gross profit and work in progress levels for the financial year as described in the business review.

Throughout the year the business monitors turnover and gross margin on a contract-by-contract basis and assesses the company cash and working capital position (to include work in progress, debtor and creditors). The company also monitors overheads and staff levels to ensure resources are matched to the volume of work and the pipeline of enquiries.

On behalf of the board

R Speakman
Director
13 June 2025
PIGGOTT AND WHITFIELD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of electrical and construction installation.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were declared during the year.

Directors

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

R Speakman
G M White
L Whitfield
M L Whitfield
K Poyser
Financial instruments
Treasury operations and financial instruments

The company’s principal financial instruments include a bank overdraft the main purpose of which is to finance the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The company manages its borrowing requirements in order to minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to cash flow interest rate risk on bank overdrafts.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

PIGGOTT AND WHITFIELD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Statement of directors' responsibilities

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
R Speakman
Director
13 June 2025
PIGGOTT AND WHITFIELD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PIGGOTT AND WHITFIELD LIMITED
- 6 -
Opinion

We have audited the financial statements of Piggott and Whitfield Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PIGGOTT AND WHITFIELD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PIGGOTT AND WHITFIELD LIMITED
- 7 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PIGGOTT AND WHITFIELD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PIGGOTT AND WHITFIELD LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Helen Davies
Senior Statutory Auditor
For and on behalf of Azets Audit Services
13 June 2025
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
PIGGOTT AND WHITFIELD LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
16,943,762
14,779,026
Cost of sales
(12,922,721)
(11,025,420)
Gross profit
4,021,041
3,753,606
Administrative expenses
(3,534,264)
(3,209,911)
Other operating income
42,000
42,000
Operating profit
4
528,777
585,695
Interest receivable and similar income
7
96,767
19,785
Interest payable and similar expenses
8
(9,361)
(9,446)
Profit before taxation
616,183
596,034
Tax on profit
9
(156,569)
(156,505)
Profit for the financial year
459,614
439,529

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

PIGGOTT AND WHITFIELD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
239,627
264,113
Investment property
11
1,300,000
1,300,000
Investments
12
25,002
25,002
1,564,629
1,589,115
Current assets
Stocks
14
712,006
640,593
Debtors
15
2,953,938
2,552,593
Cash at bank and in hand
3,682,395
3,490,075
7,348,339
6,683,261
Creditors: amounts falling due within one year
16
(7,303,343)
(7,158,042)
Net current assets/(liabilities)
44,996
(474,781)
Total assets less current liabilities
1,609,625
1,114,334
Creditors: amounts falling due after more than one year
17
(44,676)
-
0
Provisions for liabilities
Deferred tax liability
18
42,100
51,099
(42,100)
(51,099)
Net assets
1,522,849
1,063,235
Capital and reserves
Called up share capital
20
357,650
357,650
Capital redemption reserve
55,950
55,950
Profit and loss reserves
1,109,249
649,635
Total equity
1,522,849
1,063,235
The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
R Speakman
Director
Company Registration No. 00438134
PIGGOTT AND WHITFIELD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
397,650
15,950
250,106
663,706
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
439,529
439,529
Redemption of shares
20
-
0
40,000
(40,000)
-
0
Reduction of shares
20
(40,000)
-
-
0
(40,000)
Balance at 31 March 2024
357,650
55,950
649,635
1,063,235
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
459,614
459,614
Balance at 31 March 2025
357,650
55,950
1,109,249
1,522,849
PIGGOTT AND WHITFIELD LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
255,379
1,406,949
Interest paid
(9,361)
(9,446)
Income taxes paid
(119,965)
-
0
Net cash inflow from operating activities
126,053
1,397,503
Investing activities
Purchase of tangible fixed assets
(7,324)
(99,155)
Proceeds from disposal of tangible fixed assets
-
0
9,612
Interest received
96,767
19,785
Net cash generated from/(used in) investing activities
89,443
(69,758)
Financing activities
Repurchase of shares
-
0
(40,000)
Payment of finance leases obligations
(23,176)
(15,150)
Net cash used in financing activities
(23,176)
(55,150)
Net increase in cash and cash equivalents
192,320
1,272,595
Cash and cash equivalents at beginning of year
3,490,075
2,217,480
Cash and cash equivalents at end of year
3,682,395
3,490,075
PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

Piggott and Whitfield Limited is a private company limited by shares incorporated in England and Wales. The registered office is Exemplar House, Station View, Hazel Grove, Stockport, Cheshire, United Kingdom, SK7 5ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and rebates. The following criteria must also be met before turnover is recognised:

Rendering of services

 

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with amounts certified on a contract and the stage of completion of the contract when all of the following conditions are satisfied:

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Straight line over 15 years
Plant and machinery
25% on cost
Computer equipment
25% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value determined by the directors at the reporting end date, based on the current market rents and yields for comparable real estate. The surplus or deficit on revaluation is recognised in profit or loss. No depreciation is provided.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and direct labour costs and attributable overheads.

1.9
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to amounts certified on the contract and the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

 

Contract performance recognised in the year is based on the agreed invoiced sales value or increase in certified valuation. Income is accrued and an asset recognised for the element of contracts with certified valuations for which cash has not been received. Costs recognised are matched to the level of sales based on the margin estimated for the contract as calculated by the contract manager. Costs are deferred or accrued as required to reflect the anticipated margin and an asset or liability recognised respectively.

PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Operating leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

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

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stage of contract completion

Profit is recognised in the profit and loss account in proportion to the stage of completion of a contract, taking into account the work done and expected margin. Professional judgement is applied in assessing the stage of completion of a contract and the anticipated outcome.

PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Long term contract revenue
16,943,762
14,779,026
2025
2024
£
£
Turnover analysed by geographical market
UK
16,943,762
14,779,026
2025
2024
£
£
Other revenue
Interest income
96,767
19,785
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
30,375
29,070
Depreciation of owned tangible fixed assets
100,800
84,974
Depreciation of tangible fixed assets held under finance leases
-
7,191
Profit on disposal of tangible fixed assets
-
(362)
Operating lease charges
129,002
128,401
5
Employees

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

2025
2024
Number
Number
Management
4
4
Administration
6
7
Engineering
21
22
Production
37
40
Total
68
73
PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,360,666
4,006,010
Social security costs
466,875
423,146
Pension costs
160,372
177,760
4,987,913
4,606,916
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
718,423
546,500
Company pension contributions to defined contribution schemes
31,500
77,500
749,923
624,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
396,273
175,358
Company pension contributions to defined contribution schemes
20,000
20,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
96,767
19,785
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
9,361
9,446
PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
166,354
120,751
Adjustments in respect of prior periods
(787)
-
0
Total current tax
165,567
120,751
Deferred tax
Origination and reversal of timing differences
(8,998)
35,754
Total tax charge
156,569
156,505

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
616,183
596,034
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
154,046
149,009
Tax effect of expenses that are not deductible in determining taxable profit
883
3,883
Depreciation on assets not qualifying for tax allowances
2,428
3,613
Under/(over) provided in prior years
(787)
-
0
Rounding
(1)
-
0
Taxation charge for the year
156,569
156,505
PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
10
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
555,273
39,336
206,530
97,491
898,630
Additions
-
0
-
0
7,324
68,990
76,314
At 31 March 2025
555,273
39,336
213,854
166,481
974,944
Depreciation and impairment
At 1 April 2024
407,198
16,872
180,713
29,734
634,517
Depreciation charged in the year
37,018
9,022
20,573
34,187
100,800
At 31 March 2025
444,216
25,894
201,286
63,921
735,317
Carrying amount
At 31 March 2025
111,057
13,442
12,568
102,560
239,627
At 31 March 2024
148,075
22,464
25,817
67,757
264,113

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Motor vehicles
51,743
-
0
Computer equipment
3,658
10,849
55,401
10,849
11
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
1,300,000

The fair value of the investment property has been arrived at on the basis of the director's valuation carried out at the balance sheet date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
25,002
25,002
PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
John Chaloner (Chapel) Limited
UK
Dormant
Ordinary
100.00
PW Building Services Limited
UK
Dormant
Ordinary
100.00
PW Building Solutions Limited
UK
Dormant
Ordinary
100.00
PW Communications Limited
UK
Dormant
Ordinary
100.00
PW Data Limited
UK
Dormant
Ordinary
100.00
PW Intelligent Solutions Limited
UK
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
John Chaloner (Chapel) Limited
27,930
-
0
PW Building Services Limited
1
-
0
PW Building Solutions Limited
1
-
0
PW Communications Limited
1
-
0
PW Data Limited
1
-
0
PW Intelligent Solutions Limited
1
-
0
14
Stocks
2025
2024
£
£
Raw materials and consumables
3,304
4,268
Work in progress
708,702
636,325
712,006
640,593
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,367,858
2,088,497
Gross amounts owed by contract customers
295,533
286,184
Other debtors
174,154
87,641
Prepayments and accrued income
116,393
90,271
2,953,938
2,552,593
PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
3,493
2,355
Trade creditors
2,009,362
1,526,423
Amounts owed to group undertakings
27,930
27,930
Corporation tax
166,354
120,751
Other taxation and social security
162,647
139,333
Accruals and deferred income
4,933,557
5,341,250
7,303,343
7,158,042

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

17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
44,676
-
0

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

18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
37,617
54,455
Other short term timing differences
4,483
(3,356)
42,100
51,099
2025
Movements in the year:
£
Liability at 1 April 2024
51,099
Credit to profit or loss
(8,999)
Liability at 31 March 2025
42,100
PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
160,372
177,760

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end there was a total unpaid pension liability of £6,143 (2024: £37,503).

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
297,650
297,650
297,650
297,650
B Ordinary of £1 each
60,000
60,000
60,000
60,000
357,650
357,650
357,650
357,650

 

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
92,560
85,000
Between two and five years
370,240
340,000
In over five years
140,682
212,500
603,482
637,500
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2025
2024
£
£
Within one year
42,000
7,000
PIGGOTT AND WHITFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
22
Related party transactions

Included within amounts owed to group undertakings is an amount of £27,930 (2024: £27,930) owed to a company under common control.

 

The business premises occupied at Exemplar House is leased from a director's self administered pension scheme under a formal lease agreement, with rent charged during the year of £85,000 (2024: £85,000).

23
Ultimate controlling party

The company is controlled by the Whitfield family, by virtue of their majority shareholding.

24
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
459,614
439,529
Adjustments for:
Taxation charged
156,569
156,505
Finance costs
9,361
9,446
Investment income
(96,767)
(19,785)
Gain on disposal of tangible fixed assets
-
(362)
Depreciation and impairment of tangible fixed assets
100,800
92,165
Movements in working capital:
Increase in stocks
(71,413)
(466,853)
Increase in debtors
(401,345)
(143,558)
Increase in creditors
98,560
1,339,862
Cash generated from operations
255,379
1,406,949
25
Analysis of changes in net funds
1 April 2024
Cash flows
New finance leases
31 March 2025
£
£
£
£
Cash at bank and in hand
3,490,075
192,320
-
3,682,395
Obligations under finance leases
(2,355)
23,176
(68,990)
(48,169)
3,487,720
215,496
(68,990)
3,634,226
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