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Registered number:
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
COMPANY INFORMATION
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CALLINGTON'S CONSTRUCTION LIMITED
CONTENTS
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CALLINGTON'S CONSTRUCTION LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The director presents his strategic report for the group for the year to 31 May 2024.
The Group has continued to focus on its core activity of groundworks. The year ended 31 May 2024 has been challenging resulting in turnover declining by 38% (2023 - 23% decrease). However, the Group's gross profit margin has increased to 20% this year in comparison to 16% in the prior year.
These declines have been due to two groups that were significant customers entering administration in the previous year, therefore the current year is the first year without turnover from these two groups. During the previous year a provision was made against specific customer debts totaling £3,375,302 which generated an operating loss of £2,686,119. In the current year, the provision has remained, however no change to the provision has been deemed necessary, as such an operating profit of £414,715 has been generated. Despite these difficulties, cash at bank and in hand has increased to £2,517,478 (2023 - £2,465,224) but trade debtor days have increased to 66 days (2023 - 43 days). For the year ended 31 May 2024, the liquidity position of the Group using the current ratio is 348% (2023 - 155%), this increase is due to the fall in trade creditors and tax and other social security. The Group maintains a low gearing position of 25% (2023 - 17%), this demonstrates the strong position of the Group's financing options, despite the challenging performance in the year.
The Director considers the following the main risks and uncertainites facing the Group.
Contracts running late: The Group agrees completion dates for each customer contract which have to be adhered to otherwise financial penalties will become payable. Health and safety: The Group is committed to maintaining high standards in regards to Health and Safety requirements to protect its employees, contractors and customer personnel. Management monitors legislation regularly for updates and takes the appropiate action to communitcate these to the relevant personnel. Credit control: All new customers are assessed for credit worthiness and periodic checks are carried out for existing customers. Management regularly monitor the trade debtor balances and maintain good relations with customers to ensure credit terms are adhered to. Inflation: In the 12 months to May 2024 inflation fell to 2% (2023 - 8.7%). The director monitors the group’s costs and the profit margins of individual contracts to manage the impact of inflation. Due to the nature of operations of the group, costs of raw materials will be impacted by inflation. Rising interest rates: The group holds a number of different liabilities which incur interest payable. Due to the inflation seen, interest rates have risen. However, the group’s liabilities, such as hire purchase obligations, are at fixed interest rates which mitigates the impact on the group.
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CALLINGTON'S CONSTRUCTION LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
The director considers that the group's key performance indicators (KPIs) are those that communicate the financial performance and the strength of the group as a whole to its members. The KPIs comprise turnover, gross profit margin, and operating profit, shown below.
2024 2023 £ £ Turnover 15,013,350 24,184,791 Gross profit % 20.1% 16.4% Operating profit/(loss) 414,715 (2,686,119)
The director monitors other performance indicators such as Health and Safety incidences and contracts won vs lost.
This report was approved by the board and signed on its behalf.
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CALLINGTON'S CONSTRUCTION LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Director presents his report and the financial statements for the year ended 31 May 2024.
The profit for the year, after taxation, amounted to £460,298 (2023 - loss £2,560,234).
Dividends of £1,000,000 (2023 - £Nil) were paid during the current year.
The Director who served during the year was:
The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Group will continue to seek profitable contracts from both existing and new customers.
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CALLINGTON'S CONSTRUCTION LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
The auditors, Torr Waterfield Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CALLINGTON'S CONSTRUCTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALLINGTON'S CONSTRUCTION LIMITED
We have audited the financial statements of Callington's Construction Limited (the 'Parent Company') and its subsidiary (the 'Group') for the year ended 31 May 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows, the Consolidated and Company Statement of Changes in Equity and the related notes, 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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 Director with respect to going concern are described in the relevant sections of this report.
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CALLINGTON'S CONSTRUCTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALLINGTON'S CONSTRUCTION LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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CALLINGTON'S CONSTRUCTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALLINGTON'S CONSTRUCTION LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion
a) Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:
∙Understanding the nature of the industry and sector, control environment and business performance;
∙Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities
∙Understanding the company's and group's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud;
∙Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Understanding the legal and regulatory frameworks that the company and group operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation.
b) Audit response to risks identified
Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement;
∙Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;
∙Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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CALLINGTON'S CONSTRUCTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALLINGTON'S CONSTRUCTION LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
Statutory Auditor
Park House
37 Clarence Street
LE1 3RW
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CALLINGTON'S CONSTRUCTION LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
REGISTERED NUMBER: 07649187
CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 38 form part of these financial statements.
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CALLINGTON'S CONSTRUCTION LIMITED
REGISTERED NUMBER: 07649187
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
REGISTERED NUMBER: 07649187
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 38 form part of these financial statements.
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CALLINGTON'S CONSTRUCTION LIMITED
REGISTERED NUMBER: 07649187
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Callington's Construction Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Unit 5 Sheene Road, Gorse Hill Industrial Estate, Leicester, Leicestershire, LE4 1BF.
The principal activity of the group is that of construction projects and groundworks.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The presentation currency of the financial statements is the Pound Sterling (£).
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The results of both the parent and subsidiary undertaking included in the consolidated results are for the year ended 31 May 2024.
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Director has considered the going concern basis in preparing these financial statements. He has concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading for a period of at least twelve months from the date of the approval of these financial statements to enable the company to meet its liabilities as they arise.
The financial statements do not include any adjustments that would be result from the withdrawal of this support.
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charged to the profit and loss account.
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Group only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Recoverability of debt and contract assets- it is part of the process of gaining new business to carry out checks on the organisations for which the Group will carry out work. The value of individual contracts is substantial, and the risk of default is always present, so the estimates made of the non-recoverability of the debt and any expected credit losses by the Director is critical. During the year provision has been made of £50,000 (2023 - £3,375,302) against specific customer debts. Revenue and profitability of construction contracts - individual contacts are negogiated so as to provide a reasonable return to the Group. The calculation of margin to be achieved and the pricing set by the director is of paramount importance to the success of the Group. The Director makes an accounting estimate which is an assessment of the stage of completion of construction contracts at the year end informed by cost incurred to the year end and professional certification of work completed.
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
12.TAXATION (CONTINUED)
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
15.INTANGIBLE ASSETS (CONTINUED)
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CALLINGTON'S CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
16.TANGIBLE FIXED ASSETS (CONTINUED)
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