Walton Civil Engineering and Surfacing Contractors Limited 03457890 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is that of utility reinstatement and surfacing contractors relating to utility projects. 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Walton Civil Engineering and Surfacing Contractors Limited

Annual Report and Financial Statements
Year Ended 31 March 2025

Registration number: 03457890

 

Walton Civil Engineering and Surfacing Contractors Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Profit and Loss Account

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14 to 26

 

Walton Civil Engineering and Surfacing Contractors Limited

Company Information

Directors

T M Payne

A J Britten

C R Lovell

Company secretary

M Johnson

Registered office

Millbrook Depot
Yelling Mill Lane
Shepton Mallet
Somerset
BA4 4JT

Auditors

PKF Francis Clark
Statutory AuditorGround Floor
90 Victoria Street
Bristol
BS1 6DP

 

Walton Civil Engineering and Surfacing Contractors Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is that of utility reinstatement and surfacing contractors relating to utility projects.

Review of the business

The financial year 24/25 has been another strong and sustained year of turnover and profitability.

Turnover started steady but gradually increased as the summer months moved into Autumn. This principally came from a new contract on electric faults in the south area and gas work increases for an SGN Tier One contractor in the South East.

Overall there has been a well rounded steady mix of turnover and profitability across all satellite depots and their associated geographical working zones. The majority of turnover have come from term contracts, providing regular large volume reinstatement project work along with a healthy mix of R&M fault work and project mains lay. This provided an increase to turnover figures during our quiet weeks and months due to the dynamic response required on fault work. The overall balance of R&M and project works remains at healthy ratios.

The remaining turnover has been made up of a large number of clients (some new, some existing) which has bolstered our efficiencies across our whole working region, all of which have been profitable in their own right too. Our only bad debt came from an energy regeneration utility company.

Investments

The company has invested in new vehicles, IT and general infrastructure (including depot improvements) at sensible levels. Assuming we continue with the current turnover volumes, vehicle investment should continue in this vain i.e.controlled, low volume but with regular investment to maintain our fleet portfolio.

The company has continued to payback the deferred consideration (loan notes) to the existing shareholders with a payback completion forecast within the next 3 years.

Company staffing structure from Senior Directors through to management, administration staff, and all in Operations is balanced and well mixed with lower than average staffing turnover. The fixed overhead ratios to sales volumes is working well.

There have been no significant changes in senior directorships apart from the resignation of Andrew Walton from the WCE board and the board of Trustees.

The company has a sustained and healthy supply chain and very good mix of clients, all of which are reviewed in regular (weekly and monthly) reviews.

Our largest contract on gas works in the Southwest is due for renewal in the next financial year 26/27. This could potentially be our biggest risk factor in the medium term.

In summary, a well balanced structure to all aspects of the business.

 

Walton Civil Engineering and Surfacing Contractors Limited

Strategic Report for the Year Ended 31 March 2025

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

 

Unit

2025

2024

Turnover

£'000

15,546

10,692

Gross profit

£'000

4,986

3,289

Gross profit margin

%

32

31

Operating profit

£'000

1,693

1,334

Net assets

£'000

1,735

1,746

Cash generated from operations

£'000

1,894

1,964

As described below, the future development of the company is subject to a number of principal business risks. Notwithstanding those risks, the directors are satisfied that the financial year to March 2026 will continue to be a successful period for the company.

Principal risks and uncertainties

At present we see no significant risk to the business due to our client mix, profitability, renewed staffing structure, overhead control and long term contract sustainability. We only see the potential of major political and economic instability at a global level to be our major risk into the year ended 2026.

Approved and authorised by the Board on 18 June 2025 and signed on its behalf by:
 


T M Payne
Director

 

Walton Civil Engineering and Surfacing Contractors Limited

Directors' Report for the Year Ended 31 March 2025

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

Directors of the company

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

A Walton (Resigned 3 March 2025)

T M Payne

A J Britten (appointed 1 May 2024)

C R Lovell (appointed 1 May 2024)

Financial instruments

Objectives and policies

The company’s principal financial instruments comprise bank balances (including cash and bank loans), trade debtors and creditors, and hire purchase / finance lease obligations. The company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The company’s approach to dealing with these risks is shown below.

Credit risk, liquidity risk and cash flow risk

Credit risk
The company’s credit risk is primarily attributable to its trade debtors. Trade debtors are recognised and carried at the lower of their original invoiced value and their recoverable amount. To manage this risk, the company performs credit checks on new customers, puts credit limits in place and actively manages its customer ledger and has credit insurance in place.

Liquidity risk
In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the company has an invoice financing facility for certain customers, as well as external bank borrowings and finance lease obligations. The company actively manages its total net debt from such obligations against its current assets and future projections.

Cash flow risk
In the current financial year the net cash position has increased from £1.04m at 1 April 2024 to £1.37m as at 31 March 2025.

Future developments

The company has an ongoing commitment to development of staff through the continued reviewing of the staffing structure with internal promotions and ongoing training. Profitability has continued to remain at the same level into the 2026 year end as the directors continue to maintain a mix of clients as well as control overheads.

 

Walton Civil Engineering and Surfacing Contractors Limited

Directors' Report for the Year Ended 31 March 2025

Disclosure of information to the auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 18 June 2025 and signed on its behalf by:
 

.........................................
T M Payne
Director

 

Walton Civil Engineering and Surfacing Contractors Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

Walton Civil Engineering and Surfacing Contractors Limited

Independent Auditor's Report to the Members of Walton Civil Engineering and Surfacing Contractors Limited

Opinion

We have audited the financial statements of Walton Civil Engineering and Surfacing Contractors Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 March 2025 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Walton Civil Engineering and Surfacing Contractors Limited

Independent Auditor's Report to the Members of Walton Civil Engineering and Surfacing Contractors 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 company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Walton Civil Engineering and Surfacing Contractors Limited

Independent Auditor's Report to the Members of Walton Civil Engineering and Surfacing Contractors Limited

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and regulations applicable to the company, reviewed certification identified on the company website and other communications and considered findings from previous audits.

The key laws and regulations we identified were The New Roads and Street Works Act, General Data Protection Regulations (GDPR), Health and Safety Regulations and Employment Law.

We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies House Act 2006 and Corporation Taxes Acts 2009 and 2010.

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place.

We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations are deal with reporting any issues if they arise.

As part of our planning procedures, we assessed the risk of any non-compliance with such laws and regulations. Our procedures involved the following:

• Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements;

• Reviewed legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance;

• Enquiries of management regarding their knowledger of any breaches of health and safety regulations, and review of Board meeting minutes for relevant matters identified; and

• Review of ICO website for any notifications.

As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions or fraud, of which management confirmed there had been none during or after the period.

We also evaluated the risk of fraud through management override including that arising from management's incentives. The key risks we identified were incentives relating to management bonuses and inflation of results reported to the principle supplier, and we determined that the principal risks were related to the overstatement of profit, either through overstating revenue or management bias in accounting estimates.

In response to the identified risk, as part of our audit work we:

• Used data analytics to test journal entries throughout the year, for appropriateness;

• Reviewed estimates and judgements made in the financial statements for any indication of bias and challenged assumptions used by management in making the estimates; and

• Undertook specific cut-off procedures in respect of revenue recognition.

 

Walton Civil Engineering and Surfacing Contractors Limited

Independent Auditor's Report to the Members of Walton Civil Engineering and Surfacing Contractors Limited

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. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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.

......................................
Robert Whitehead FCCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Ground Floor
90 Victoria Street
Bristol
BS1 6DP

18 June 2025

 

Walton Civil Engineering and Surfacing Contractors Limited

Profit and Loss Account

Year Ended 31 March 2025

Note

2025
£

2024
£

Turnover

3

15,546,252

10,692,393

Cost of sales

 

(10,560,171)

(7,403,775)

Gross profit

 

4,986,081

3,288,618

Administrative expenses

 

(3,372,261)

(2,035,301)

Other operating income

4

79,341

80,200

Operating profit

5

1,693,161

1,333,517

Other interest receivable and similar income

9

20,681

9,367

Interest payable and similar expenses

10

(57,015)

(37,943)

   

(36,334)

(28,576)

Profit before tax

 

1,656,827

1,304,941

Tax on profit

11

(405,305)

(299,660)

Profit for the financial year

 

1,251,522

1,005,281

The above results were derived from continuing operations.

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

 

Walton Civil Engineering and Surfacing Contractors Limited

Balance Sheet

31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

12

1,308,512

1,074,481

Current assets

 

Stocks

13

12,856

14,111

Debtors

14

2,933,193

1,898,816

Cash at bank and in hand

 

1,369,613

1,039,581

 

4,315,662

2,952,508

Creditors: Amounts falling due within one year

16

(2,976,694)

(1,514,240)

Net current assets

 

1,338,968

1,438,268

Total assets less current liabilities

 

2,647,480

2,512,749

Creditors: Amounts falling due after more than one year

16

(637,290)

(537,538)

Provisions for liabilities

19

(275,000)

(229,000)

Net assets

 

1,735,190

1,746,211

Capital and reserves

 

Called up share capital

100,029

100,029

Share premium reserve

9,914

9,914

Capital redemption reserve

356

356

Profit and loss account

1,624,891

1,635,912

Shareholders' funds

 

1,735,190

1,746,211

Approved and authorised by the Board on 18 June 2025 and signed on its behalf by:
 

.........................................
T M Payne
Director

Company Registration Number: 03457890

 

Walton Civil Engineering and Surfacing Contractors Limited

Statement of Changes in Equity

Year Ended 31 March 2025

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 April 2024

100,029

9,914

356

1,635,912

1,746,211

Profit for the year

-

-

-

1,251,522

1,251,522

Dividends

-

-

-

(1,262,543)

(1,262,543)

At 31 March 2025

100,029

9,914

356

1,624,891

1,735,190

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 April 2023

100,029

9,914

356

2,312,588

2,422,887

Profit for the year

-

-

-

1,005,281

1,005,281

Dividends

-

-

-

(1,681,957)

(1,681,957)

At 31 March 2024

100,029

9,914

356

1,635,912

1,746,211


 

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

1

General information

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

The address of its registered office and principal place of activity is:
Millbrook Depot
Yelling Mill Lane
Shepton Mallet
Somerset
BA4 4JT

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

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of the company is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates, and the financial statements are presented to the nearest round pound.

Summary of disclosure exemptions

The company has taken advantage of disclosure exemptions available in FRS 102 in respect of key management personnel compensation, financial instruments and the presentation of a cashflow statement.

Going concern

The company has made a profit for the year of £1,215,522 and reported net current assets of £1,338,968 at the balance sheet date which includes a cash balance of £1,369,613. The company is highly profitable, but the nature of the business and sector makes reliable forecasting difficult. The company benefits from long-standing relationships with its key suppliers and customers.

On the basis of their assessment of the company’s financial position and resources, including the performance of the company since 31 March 2025, and having considered the impact of the wider economy and conditions in the sector the business operates, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors are satisfied that it remains appropriate for the company to adopt the going concern basis of accounting in preparing these financial statements.

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has a significant impact on the financial statements is in respect of going concern, as described above.

The key estimates that have a significant effect on the amounts recognised in the financial statements are in respect of accrued income and the carrying value of tangible fixed assets, trade debtor valuation and fiscal liabilities.

Accrued income is recognised with reference to the stage of completion of the job, which requires estimation as to the value of the work performed which has not yet been invoiced. The carrying amount is £81,833 (2024 - £37,243).

Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred. The carrying amount is £1,308,512 (2024 - £1,074,481).

Trade debtors are recognised and carried at the lower of their original invoiced value and their recoverable amount. The company actively manages its customer ledger and has credit insurance in place for the majority of their customers. The carrying amount is £2,686,079 (2024 - £1,860,810).

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Revenue recognition

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

Revenue in respect of civil engineering services supplied is recognised with reference to the stage of completion of the contract. Stage of completion is measured with reference to the value of the work performed.

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.

The current corporation 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 company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 assets under constructions, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stock is measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. The treatment of finance leases is as set out in the accounting policy for financial instruments detailed below.

Rental income from operating leases (net of any incentives given to the lesees) is recognised on a straight-line basis over the lease term.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for eligible staff. Contributions are charged to the profit and loss account when they become payable in accordance with the rules of the scheme.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Hire purchase and finance lease obligations; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for hire purchase and finance lease obligations, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Assets held under hire purchases and finance lease are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. The asset is subsequently measured as discussed in the tangible fixed asset accounting policy above. Finance lease obligations are subsequently measured at amortised cost using the effective interest method.

 

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

3

Turnover

The company's turnover arises solely in the UK and related to the company's principal activity.

4

Other operating income

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

2025
£

2024
£

Rental income

79,341

80,200

5

Operating profit

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation - owned assets

57,542

127,591

Depreciation of plant and machinery (finance leases)

288,601

247,973

Loss/(profit) on disposal of property, plant and equipment

5,347

(23,986)

6

Staff costs

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

2025
£

2024
£

Wages and salaries

3,169,959

1,946,574

Social security costs

352,446

202,444

Pension costs, defined contribution scheme

341,245

283,001

3,863,650

2,432,019

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

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

2025
No.

2024
No.

Operations

36

35

Administration and support

28

29

64

64

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2025
£

2024
£

Remuneration

936,924

37,177

Contributions paid to money purchase schemes

127,643

-

1,064,567

37,177

During the year the number of directors who were receiving benefits was as follows:

2025
No.

2024
No.

Accruing benefits under money purchase pension scheme

3

2

In respect of the highest paid director:

2025
£

2024
£

Remuneration

454,836

-

Company contributions to money purchase pension schemes

6,102

-

8

Auditor's remuneration

2025
£

2024
£

Audit of the financial statements

17,825

17,450


 

9

Other interest receivable and similar income

2025
£

2024
£

Bank interest

20,681

9,367

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

10

Interest payable and similar expenses

2025
£

2024
£

Interest on finance leases and hire purchase contracts

57,015

37,943

11

Taxation

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

2025
£

2024
£

Current taxation

UK corporation tax

359,305

339,414

UK corporation tax adjustment to prior periods

-

8,510

359,305

347,924

Deferred taxation

Arising from origination and reversal of timing differences

46,000

(10,810)

Arising from changes in tax rates and laws

-

(37,454)

Total deferred taxation

46,000

(48,264)

Tax expense in the income statement

405,305

299,660

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

2025
£

2024
£

Profit before tax

1,656,827

1,304,941

Corporation tax at standard rate

414,207

326,235

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

(8,902)

2,369

Deferred tax expense from unrecognised temporary difference from a prior period

-

8,510

Deferred tax credit relating to changes in tax rates or laws

-

(37,454)

Total tax charge

405,305

299,660


 

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Deferred tax

Deferred tax assets and liabilities

2025

Liability
£

Difference between accumulated depreciation and capital allowances

275,000

275,000

2024

Liability
£

Difference between accumulated depreciation and capital allowances

229,000

229,000

12

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2024

111,025

51,171

3,114,112

3,276,308

Additions

-

75,191

514,100

589,291

Disposals

-

-

(127,252)

(127,252)

At 31 March 2025

111,025

126,362

3,500,960

3,738,347

Depreciation

At 1 April 2024

98,450

22,575

2,080,802

2,201,827

Charge for the year

828

22,673

322,642

346,143

Eliminated on disposal

-

-

(118,135)

(118,135)

At 31 March 2025

99,278

45,248

2,285,309

2,429,835

Carrying amount

At 31 March 2025

11,747

81,114

1,215,651

1,308,512

At 31 March 2024

12,575

28,596

1,033,310

1,074,481

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2025
£

2024
£

Property, plant and equipment

1,206,379

743,929

Motor vehicles

7,854

11,600

1,214,233

755,529

13

Stocks

2025
£

2024
£

Raw materials and consumables

12,856

14,111

14

Debtors

2025
£

2024
£

Trade debtors

2,686,079

1,860,810

Other debtors

47,226

13,206

Prepayments

199,888

24,800

 

2,933,193

1,898,816

Less non-current portion

(18,833)

(7,268)

2,914,360

1,891,548

Details of trade and other debtors

£18,833 (2024 -£7,268) of trade debtors relates to customer retentions is classified as non current.

15

Cash and cash equivalents

2025
£

2024
£

Cash on hand

287

287

Cash at bank

1,369,326

1,039,294

1,369,613

1,039,581

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

16

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

17

401,023

180,797

Trade creditors

 

1,262,775

713,053

Social security and other taxes

 

-

28,534

Other creditors

 

107,008

89,180

Accruals

 

837,283

156,881

Corporation tax

11

368,605

345,795

 

2,976,694

1,514,240

Due after one year

 

Loans and borrowings

17

637,290

537,538

17

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Finance lease liabilities

637,290

537,538

Current loans and borrowings

2025
£

2024
£

Finance lease liabilities

401,023

180,797

Hire purchase contracts

Hire purchase contracts are denominated in sterling with a nominal interest rate of 10.7%, and the final instalment is due on 27 January 2029. The carrying amount at year end is £1,038,313 (2024 - £718,335).

Hire purchase liabilities are secured on the assets to which they relate.

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

18

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2025
£

2024
£

Not later than one year

401,023

180,797

Later than one year and not later than five years

637,290

537,538

1,038,313

718,335

Operating leases

The total of future minimum lease payments is as follows:

2025
£

2024
£

Not later than one year

94,900

82,400

Later than one year and not later than five years

348,350

329,600

Later than five years

164,800

247,200

608,050

659,200

The amount of non-cancellable operating lease payments recognised as an expense during the year was £125,248 (2024 - £123,711).

Operating leases - lessor

The total of future minimum lease payments is as follows:

2025
£

2024
£

Not later than one year

37,708

47,715

Later than one year and not later than five years

47,603

87,082

Later than five years

-

18,500

85,311

153,297

19

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 April 2024

229,000

229,000

Decrease in existing provisions

46,000

46,000

At 31 March 2025

275,000

275,000

 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

20

Pension schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £341,245 (2024 - £283,001).

Contributions totalling £27,327 (2024 - £5,129) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

"A" Ordinary of £1 each

50,000

50,000

50,000

50,000

"B" Ordinary of £1 each

50,000

50,000

50,000

50,000

"C" Ordinary of £1 each

25

25

25

25

"G" Ordinary of £1 each

2

2

2

2

"H" Ordinary of £1 each

2

2

2

2

100,029

100,029

100,029

100,029

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
The A, B, C, G and H ordinary shares all of £1.00 each rank pari passu except that the directors have the right to declare dividends on each class of share separately.

22

Dividends

Interim dividends paid

2025
£

2024
£

Interim dividend of 12.62 (2024 - 16.81) per each ordinary shares

1,262,543

1,681,957

 

 
 

Walton Civil Engineering and Surfacing Contractors Limited

Notes to the Financial Statements

Year Ended 31 March 2025

23

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2024 - £95,775).

24

Related party transactions

Group companies

The company has taken advantage of the exemption available under Section 33.1A of Financial Reporting Standard 102, not to disclose transactions with other wholly owned members of the Miken Holdings Limited group.

Summary of transactions with other related parties

The company also paid £98,039 (2024 - £93,448) in rent to Millbrook Property Limited. Amounts receivable from the company under common control as at 31 March 2025 were £nil (2024 - £nil).

25

Parent and ultimate parent undertaking

The company's immediate parent is Miken Holdings Limited, a company incorporated in England and Wales. The parent of the smallest and largest group in which these financial statements are consolidated is Miken Holdings Limited.

The address of Miken Holdings Limited is:
Millbrook Depot, Yelling Mill Lane, Shepton Mallet,
United Kingdom, BA4 4JT

The ultimate controlling party is the Board of Trustees of Walton Employee Ownership Trust.