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Company Registration Number 07773092























ATKINSON BUILDING CONTRACTORS LIMITED





FINANCIAL STATEMENTS





 31 OCTOBER 2024
























img7a87.png

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

COMPANY INFORMATION


Directors
Mr S Atkinson 
Mr B M Turner 
Mr N McKaskie 
Mr B Atkinson (appointed 1 March 2024)




Registered number
07773092



Registered office
1 Brancana Court
East Lakes Business Park

Penrith

Cumbria

CA11 9BB




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

James Watson House

Montgomery Way

Rosehill

Carlisle

Cumbria

CA1 2UU





 
ATKINSON BUILDING CONTRACTORS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9 - 10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 31


 
ATKINSON BUILDING CONTRACTORS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
Atkinson Building Contractors Limited (‘the company’), the principal activities of the company during the year was that of construction; including new dwellings, commercial property and house improvements.

Business review
 
The company has made planned progress, and once again new house building being the predominant area. 
Our contracts with national housing providers of affordable housing continues to be our main emphasis of work.
Continued progress is seen in the reduction in the inflation figures and the resultant drop in interest rates.
The planning permission process continues to be a major burden on our ability to grow, build houses and employ locals. Hopefully the new government intiatives will help unlock.

Principal risks and uncertainties
 
The future growth of the company is based on a business plan which is monitored against internal Key Performance Indicators in relation to projects.
A major risk is the delay in planning decisions and timings which influence if/when projects will get to site.
 
The risk posed of delays in the processing of planning applications, unsatisfactory outcomes despite recommendations for approval and/or applications in line with local policy, and thereafter upon a positive planning committee outcome the delay in receipt of legal documentation to conclude a satisfactory planning permission, are all potential bearing on the business.
Attempts to mitigate this obstacle include working closely with each local authority and statutory undertaker during the planning process. 

Financial key performance indicators
 
The directors use a range of KPI’s, alongside historical trend data, to monitor business performance throughout the year.  These are set out in the table below.
KPI     2024   2023
Turnover    20,062,283  18,489,021
Gross Profit Margin %  8.1   9.1
Operating Profit Margin %  3.4   4.4


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





Mr S Atkinson
Director

Date: 16 June 2025
Page 1

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £475,954 (2023 - £616,277).

Dividends paid for the year total £123,000 (2023 - £117,000).

Directors

The directors who served during the year were:

Mr S Atkinson 
Mr B M Turner 
Mr N McKaskie 
Mr B Atkinson (appointed 1 March 2024)

Page 2

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


Disclosure of information to auditors

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

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

Auditors

The auditorsArmstrong Watson Audit Limitedwill 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.
 





Mr S Atkinson
Director

Date: 16 June 2025

Page 3

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON BUILDING CONTRACTORS LIMITED
 

Opinion


We have audited the financial statements of Atkinson Building Contractors Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 4

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON BUILDING CONTRACTORS LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.





Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON BUILDING CONTRACTORS LIMITED (CONTINUED)


Auditors' 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 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 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:

•  We obtained an understanding of laws and regulations that affect the company, focusing on those that    had a direct effect on the financial statements or that had a fundamental effect on its operations. Key    laws and regulations that we identified included the UK Companies Act, tax legislation, employment    legislation, health and safety legislation, and nutrient neutrality of new housing developments.
 
•  We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting    minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls    the directors have in place to ensure compliance.
 
•  We gained an understanding of the controls that the directors have in place to prevent and detect fraud.    We enquired of the directors about any incidences of fraud that had taken place during the accounting    period.
 
• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit   team and tests were planned and performed to address these risks. We identified the potential for fraud    in the following areas: revenue recognition and management override of controls.
 
•  We reviewed financial statements disclosures and tested to supporting documentation to assess     compliance with relevant laws and regulations discussed above.
 
•  We enquired of the directors about actual and potential litigation and claims.
 
•  We performed analytical procedures to identify any unusual or unexpected relationships that might    indicate risks of material misstatement due to fraud.
 
•  In addressing the risk of fraud due to management override of internal controls we tested the     appropriateness of journal entries and assessed whether the judgements made in making accounting    estimates were indicative of a potential bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON BUILDING CONTRACTORS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Lauren Graham (Senior statutory auditor)
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Carlisle

16 June 2025
Page 7

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
20,062,283
18,489,021

Cost of sales
  
(18,434,924)
(16,800,895)

Gross profit
  
1,627,359
1,688,126

Administrative expenses
  
(971,838)
(919,609)

Other operating income
 5 
31,702
46,297

Operating profit
 6 
687,223
814,814

Interest receivable and similar income
  
10,501
935

Interest payable and similar expenses
 10 
(7,259)
(6,430)

Profit before tax
  
690,465
809,319

Tax on profit
 11 
(214,511)
(193,042)

Profit for the financial year
  
475,954
616,277

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

The notes on pages 15 to 31 form part of these financial statements.

Page 8

 
ATKINSON BUILDING CONTRACTORS LIMITED
REGISTERED NUMBER: 07773092

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
109,880
127,920

Tangible assets
 14 
623,090
641,917

Investments
 15 
287,926
-

  
1,020,896
769,837

Current assets
  

Debtors: amounts falling due after more than one year
 16 
314,707
443,146

Debtors: amounts falling due within one year
 16 
5,123,070
3,711,078

Cash at bank and in hand
 17 
371,439
609,639

  
5,809,216
4,763,863

Creditors: amounts falling due within one year
 18 
(3,673,845)
(2,684,202)

Net current assets
  
 
 
2,135,371
 
 
2,079,661

Total assets less current liabilities
  
3,156,267
2,849,498

Creditors: amounts falling due after more than one year
 19 
(17,346)
(77,312)

Provisions for liabilities
  

Deferred tax
 21 
(126,240)
(135,459)

Other provisions
 22 
(223,000)
(200,000)

  
 
 
(349,240)
 
 
(335,459)

Net assets
  
2,789,681
2,436,727


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
 24 
2,789,581
2,436,627

  
2,789,681
2,436,727


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




Mr S Atkinson
Director

Date: 16 June 2025

The notes on pages 15 to 31 form part of these financial statements.
Page 9

 
ATKINSON BUILDING CONTRACTORS LIMITED
REGISTERED NUMBER: 07773092

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024


Page 10

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2023
100
2,436,627
2,436,727


Comprehensive income for the year

Profit for the year
-
475,954
475,954
Total comprehensive income for the year
-
475,954
475,954


Contributions by and distributions to owners

Dividends: Equity capital
-
(123,000)
(123,000)


Total transactions with owners
-
(123,000)
(123,000)


At 31 October 2024
100
2,789,581
2,789,681


The notes on pages 15 to 31 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2022
100
1,937,350
1,937,450


Comprehensive income for the year

Profit for the year
-
616,277
616,277
Total comprehensive income for the year
-
616,277
616,277


Contributions by and distributions to owners

Dividends: Equity capital
-
(117,000)
(117,000)


Total transactions with owners
-
(117,000)
(117,000)


At 31 October 2023
100
2,436,627
2,436,727


The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
Restated 2023
£
£

Cash flows from operating activities

Profit for the financial year
475,954
616,277

Adjustments for:

Amortisation of intangible assets
18,040
18,040

Depreciation of tangible assets
184,737
151,581

Gain on disposal of tangible assets
(13,976)
(12,867)

Interest paid
7,259
6,430

Interest received
(10,501)
(935)

Taxation charge
214,511
193,042

(Increase) in debtors
(1,290,552)
(241,171)

Decrease in amounts owed by groups
7,000
-

Increase/(decrease) in creditors
912,497
(709,747)

Increase in provisions
23,000
40,000

Corporation tax (paid)
(138,407)
(81,999)

Net cash generated from operating activities

389,562
(21,349)


Cash flows from investing activities

Purchase of tangible fixed assets
(193,333)
(373,230)

Sale of tangible fixed assets
41,399
21,900

Purchase of unlisted and other investments
(287,926)
-

Interest received
10,501
935

Net cash from investing activities

(429,359)
(350,395)

Cash flows from financing activities

Repayment of loans
(9,755)
(10,000)

Repayment of/new finance leases
(58,389)
15,653

Dividends paid
(123,000)
(117,000)

Interest paid
(819)
(803)

HP interest paid
(6,440)
(5,627)

Net cash used in financing activities
(198,403)
(117,777)
Page 12

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023

£
£



Net (decrease) in cash and cash equivalents
(238,200)
(489,521)

Cash and cash equivalents at beginning of year
609,639
1,099,160

Cash and cash equivalents at the end of year
371,439
609,639


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
371,439
609,639

371,439
609,639


The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024




At 1 November 2023
Cash flows
At 31 October 2024
£

£

£

Cash at bank and in hand

609,639

(238,200)

371,439

Debt due after 1 year

(16,667)

9,755

(6,912)

Debt due within 1 year

(15,994)

(112,397)

(128,391)

Finance leases

(58,389)

8,178

(50,211)


518,589
(332,664)
185,925

The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Atkinson Building Contractors Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office and principal place of business is 1 Brancana Court, East Lakes Business Park, Penrith, Cumbria, CA11 9BB.
The financial statements are prepared in Pound Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services are recognised by reference to stage of completion.
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recovered.
When it is probable that the contract cost will exceed the total contract turnover, the expected loss is recognised as an expense immediately.

 
2.3

Operating leases: the Company as lessee

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

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

Page 15

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

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

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. 

  
2.10

Goodwill

Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 10 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

Page 16

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
reducing balance 25%/33% straight-line
Commercial vehicles
-
reducing balance 25%

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

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

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Amounts recoverable on long term contracts are recognised based on the stage of completion of the contract activity at the reporting date. The stage of completion is determined by either the input or output method, depending on contract type. Amounts recoverable on long term contracts are presented as a line in debtors. These amounts are assessed for impairment at each reporting date and adjusted accordingly. 

 
2.14

Cash and cash equivalents

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

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

Page 17

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

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

Page 18

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

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

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

 
2.18

Dividends

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

Page 19

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements require management to make judgements, estimates and assumptions that affect the application of policies and reported amount of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(a)  Revenue recognition & Amounts Recoverable on Long Term Contracts
The company recognises income on a stage of completion basis. Amounts Recoverable on Long Term Contracts is calculated on an input basis where the margins are consistent throughout the project with revenue matching costs incurred at each stage. Judgement is used when calculating Amounts Recoverable on Long Term Contracts and estimating the stage of completion of each project. 
(b) Contract provision
Provisions for other liabilities and charges recognised at the balance sheet date are a contract provision. The calculation of the contract provision is based on past history, trends and subject to a degree of management judgement to make any neccessary adjustments to these to reflect expectation of future contract claims. Although the provision is reviewed on a regular basis and adjusted to reflect management current best estimate, the future amount settles may be different from the amount provided.


4.


Turnover

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


2024
2023
£
£

Contract income
20,062,283
18,489,021


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
31,702
46,297


Page 20

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
Restated 2023
£
£

Non-Audit Services
19,051
7,520

Depreciation
184,737
151,581

Other operating lease rentals
41,251
18,000

Audit fee
18,540
18,000


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,540
18,000

8.


Employees

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


2024
2023
£
£

Wages and salaries
3,158,485
2,940,380

Social security costs
326,423
274,439

Cost of defined contribution scheme
73,760
91,064

3,558,668
3,305,883


Total remuneration paid to key management personnel during the year was £106,041 (2023 - £150,847).

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


        2024
        2023
            No.
            No.







Office
45
44



Non-office
47
46

92
90

Page 21

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Directors' remuneration

2024
Restated 2023 
£
£

Directors' emoluments
84,915
147,872

Company contributions to defined contribution pension schemes
1,606
27,975

86,521
175,847


During the year retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
819
803

Finance leases and hire purchase contracts
6,440
5,627

7,259
6,430


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
222,696
137,392

Adjustments in respect of previous periods
1,034
-


223,730
137,392


Total current tax
223,730
137,392

Deferred tax


Origination and reversal of timing differences
(9,219)
55,650

Total deferred tax
(9,219)
55,650


Taxation on profit on ordinary activities
214,511
193,042
Page 22

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
690,465
809,319


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.5%)
176,500
182,097

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
4,059

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,988
330

Capital allowances for year in excess of depreciation
27,387
(48,464)

Non-taxable income
-
(630)

Other differences leading to an increase (decrease) in the tax charge
5,636
55,650

Total tax charge for the year
214,511
193,042


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£

Ordinary


Ordinary 'E' shares
38,000
38,000


Ordinary 'C' shares
30,000
20,000


Ordinary 'B' shares
30,000
20,000


Ordinary 'D' shares
25,000
29,000


Ordinary 'A' shares
-
10,000

123,000
117,000

Page 23

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Intangible assets




Purchased Goodwill

£



Cost


At 1 November 2023
328,000



At 31 October 2024

328,000



Amortisation


At 1 November 2023
200,080


Charge for the year on owned assets
18,040



At 31 October 2024

218,120



Net book value



At 31 October 2024
109,880



At 31 October 2023
127,920



Page 24

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Tangible fixed assets





Plant and machinery
Commercial vehicles
Total

£
£
£



Cost or valuation


At 1 November 2023
466,953
885,142
1,352,095


Additions
17,733
175,600
193,333


Disposals
-
(106,001)
(106,001)



At 31 October 2024

484,686
954,741
1,439,427



Depreciation


At 1 November 2023
267,231
442,947
710,178


Charge for the year on owned assets
26,771
120,494
147,265


Charge for the year on financed assets
29,041
8,431
37,472


Disposals
-
(78,578)
(78,578)



At 31 October 2024

323,043
493,294
816,337



Net book value



At 31 October 2024
161,643
461,447
623,090



At 31 October 2023
199,722
442,195
641,917

The net book value of assets held under hire purchase agreement at the year end is £112,413, £25,292 relating to Commercial Vehicles and £87,121 relating to Plant and Machinery (2023 - £149,885).

Page 25

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Fixed asset investments





Unlisted investments

£



Cost or valuation


Additions
287,926



At 31 October 2024
287,926





16.


Debtors

2024
2022
£
£

Due after more than one year

Other debtors
314,707
443,146


2024
2022
£
£

Due within one year

Trade debtors
558,574
181,175

Amounts owed by associated companies
-
7,000

Other debtors
377,104
412,128

Prepayments and accrued income
59,188
103,656

Amounts recoverable on long-term contracts
4,128,204
3,007,119

5,123,070
3,711,078



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
371,439
609,639


Page 26

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

UK corporation tax
225,101
139,778

Other taxation and social security costs
209,887
68,522

Bank loans
10,000
10,000

Obligations under finance lease and hire purchase contracts
50,211
58,389

Trade creditors
1,243,503
1,345,818

Other creditors
184,468
203,524

Accruals
1,750,675
858,171

3,673,845
2,684,202


Bank loans and overdraft facilities are secured by way of an unlimited debenture incorporating a fixed and
floating charge.
Net obligations under hire purchase contracts are secured against the assets to which they relate.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,912
16,667

Other creditors
10,434
60,645

17,346
77,312


Page 27

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
6,912
16,667


6,912
16,667



16,912
26,667


Page 28

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

21.


Deferred taxation




2024
2023


£

£






At beginning of year
(135,459)
(79,809)


Charged to profit or loss
9,219
(55,650)



At end of year
(126,240)
(135,459)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(126,240)
(135,459)

(126,240)
(135,459)


22.


Provisions




Warranty

£





At 1 November 2023
200,000


Charged to profit or loss
23,000



At 31 October 2024
223,000


23.


Share capital

2024
2022
£
£
Allotted, called up and fully paid



96 (2023 - 96) Ordinary 'A' shares of £1.00 each
96
96
1 (2023 - 1) Ordinary 'B'  share of £1.00
1
1
1 (2023 - 1) Ordinary C share of £1.00
1
1
1 (2023 - 1) Ordinary D share of £1.00
1
1
1 (2023 - 1) Ordinary E share of £1.00
1
1

100

100


The company has five classes of Ordinary shares which carry voting rights but no right to fixed income. The shares rank pari passu with the exception of dividend rights which can be varied between each class.

Page 29

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

24.


Reserves

Profit and loss account

This reserve includes all current and prior period retained profits and losses less dividends.


25.


Contingent liabilities

In the normal course of business, Atkinson Building Contractors have given counter indemnities in respect of performance bonds. Management estimates that these bonds amount to £225k, and confirms that the possibility of cash outflow is considered minimal and no provision is required.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,760 (2023 - £91,064). Contributions totalling £13,945 (2023 - £2,500) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
10,634
10,634

Later than 1 year and not later than 5 years
15,065
31,017

25,699
41,651

Page 30

 
ATKINSON BUILDING CONTRACTORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

28.


Related party transactions

Atkinson Building Contractors Limited and Atkinson Homes Limited are under common control. The
balances and transactions for the period have been summarised below:

2024
2023
£
£



Sales
4,271,997
3,924,582

Purchases
155,227
-

Debtor balance
3,376,323
1,632,873

Creditor balance
-
-

Amounts outstanding and owed from Atkinson Homes Limited at the balance sheet date are interest free, unsecured and repayable on demand.
During the year, sales were made to two retirement benefit schemes where directors are beneficiaries of the schemes. These sales were £100,401 and £463,801 respectively, and these were both fully paid by year end. 
At the year end, 5 shareholders were owed a total balance of £118,391 (2023 - £65,632) which is included in other creditors. Amounts are unsecured, interest free and repayable on demand.
During the year, remuneration was paid to close family of key management personnel, totalling £63,334. 


29.


Controlling party

The ultimate controlling party is Mr S Atkinson by virtue of his shareholding.

Page 31