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2024-09-30
COMPANY REGISTRATION NUMBER:
02645178
Year ended 30 September 2024
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
11 |
|
|
Statement of comprehensive income |
15 |
|
|
Statement of financial position |
16 |
|
|
Statement of changes in equity |
17 |
|
|
Statement of cash flows |
18 |
|
|
Notes to the financial statements |
19 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr M F Gallagher |
|
Mr K T Masterson |
|
|
Registered office |
Park House |
|
61A Cowper Road |
|
Bromley |
|
Kent |
|
BR2 9RT |
|
|
Auditor |
Riverside Accountancy Lancaster Limited |
|
Chartered accountants & statutory auditor |
|
Suite 2, 2 Mannin Way |
|
Lancaster Business Park |
|
Caton Road |
|
Lancaster |
|
LA1 3SU |
|
|
Bankers |
Allied Irish |
|
1st Floor Berkeley Square House |
|
Mayfair |
|
London |
|
W1J 6BR |
|
|
Year ended 30 September 2024
History and family value
We have traded successfully since 1990, steadily growing with a projected turnover for the year ending September 2024 in excess of £70 million. We consider that we have the resources and financial strength of a larger construction company, but are able to maintain the family culture with all our directors actively involved with our clients and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest engineering standards, within budget and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise, and reliability and to be the contractor of choice. We strive to continue the long-term relationships with our customer base by focusing on our core activities, our long-standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers. We consider our greatest achievement being our long, uninterrupted working relationship with our main clients spanning over 25 years in each case.
Principal risks and uncertainties
Construction is a higher risk, low margin sector and in these uncertain times there are a number of issues which could have an impact on the company's performance and could cause results to differ substantially from historical profits and current projections. However, after over 30 years in business we have a strong balance sheet, an experienced team and well-established systems and procedures in place to help avoid or minimise risks to the company. The principal risks for our company include the following: Pricing and delivery of large and complex construction contracts The pricing and delivery of large and complex construction contracts present many challenges, principal amongst them being availability of materials and tradespeople and meeting tight deadlines. Our policy remains to maintain an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators, and resources professionals who carry out an in-depth analysis of every tender before submission and to have an experienced team to deliver those contracts. Quality workmanship Buildings have to be constructed to exacting design, engineering, and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, tradespeople, and support staff. All aspects of our teams abilities are applied to each contract to ensure that each contract is delivered on time and to the quality that is demanded by the directors of this company. Credit risk The company's credit risks can only be attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to establish long term relationships with long-standing blue-chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtors book on a day to day basis. Liquidity risk The company maintains a strong and liquid balance sheet and finances its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. Cash flow forecasts are constantly monitored and updated. The company does not have any complex financial instruments or hedging products and neither does it have any loans or overdrafts, but it does have agreed bank facilities in case needed. Therefore, the directors are confident that they can meet their obligations as they fall due. Health and Safety risk Construction is a higher risk activity. Health and Safety remains at the top of our business management principles. Further details are set out in our Health and Safety section below. Our in house team The success of the company is dependent on recruiting and retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train, and provide a rewarding and challenging career that retains the best people throughout their working life. We are proud that the majority of our staff from site operatives to office staff have been with us for considerable periods which enables us to promote the family nature that we strive to achieve. COVID-19 All our sites are now operational with additional Health and Safety procedures in place. Whilst the risks associated with covid 19 have disappeared there still remains risks from new strains and other virus's and we still maintain a policy of good hygiene whilst on site. This regime ensures that we are able to carry out our works without any disruption from these virus's. Brexit and the economy The state of the economy and related global activity is an issue which can have a significant impact on our longer term performance and success. We are concerned that the current problems are having a significant impact on the housing sector and we are looking to re-access our projected turnover for the year ending September 2025. Historically it has always been the case that the housing industry is first out of these problems and we remain optimistic for the following year. Our policy therefore remains to maintain a strong and liquid balance sheet capable of funding our activities and meeting our obligations as they fall due. Clearly, as a country we are still experiencing the issues associated with the global turndown and this, combined with the uncertainty of the Ukraine/Russia. The housing market has remained stagnant for longer than anticipated but we would reconfirm that our company, with it's strong balance sheet is completely capable of withstanding this lull.
Going concern
The board of Directors is required to consider the company's ability to continue as a going concern over a period of at least 12 months from date of approval of the financial statements. The directors have considered all aspects of the current economy and are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future. Even in the current circumstances we have a satisfactory order book from well established customers, and we have a strong balance sheet with a strong liquidity and consistent profits. Thus, we continue to adopt the going concern basis in preparing in financial statements.
Corporate social responsibility
The directors believe that the long term interests of the company, its employees and its customers are best served by acting in a corporate social manner. Therefore, the company ensures that high standards are maintained in everything that we do. The onset of the COVID-19 pandemic required us to make significant changes to work patterns, health and safety protection measures and social distancing for the protection of our employees, subcontractors, and suppliers, which we achieved to great effect and enabled us to keep our workforce operational engaged throughout. During the year the company and its employees supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradesmen and support staff in our areas of operation and we continue to invest in upskilling and training. Our people and health and safety are at the heart of everything we do, and we write more about them below. As a large construction company, we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect, and we recycle and re-use our site waste wherever possible, and we work closely with modern waste management recycling companies to ensure that whenever possible our waste products are dealt with in an environmentally friendly manner.
Our people, training, and employee involvement
The on going success of the company is attributable to the experience of our team of highly skilled, dedicated, and competent company directors ably supported by a well-developed organisational structure including contracts managers, project/site managers, site supervisors/foremen and a significantly skilled workforce, underpinned by a strong commercial team and head office support function. The company continues to have an ambitious vision for training and workforce development, and we significantly invest in the training and development of our workforce. Our commitment to training is the bedrock of our business and builds on our strong foundations to deliver a safe, competent, and qualified workforce into the future. We offer a career path that helps retain and enhance the skills, talents and experience required to deliver best service to our valued customers. We favour promotion from within and we offer the challenge, training, motivation, rewards, and career development expected by the best employees throughout their working life. Our hands on approach and short chain of command keeps our directors and managers in constant dialogue with our employees, keeping them abreast of the groups activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects. We remain committed to equality and offer equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination. We have company policies to support these undertakings. Again I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life long and rewarding career where they feel valued and respected and a part of the on-going success of the Galamast Group of companies. The directors acknowledge that it is our employees who always have and continue to significantly contribute to the continued success of our business as we continue over 30 years of trading.
Health and safety at work
The company directors, supported by our in house team of health and safety professionals continue to promote and embed an ethos where health, safety and wellbeing remains intrinsic to our business though process and work ethic. The company's overriding principal is that all our workers conduct their undertakings in a safe and accident-free working environment and that they go home safe and healthy at the end of every working day. Through pragmatic leadership and high levels of corporate governance we continue to provide resources, on going training programmes and the expenditure necessary to deliver this objective. The directors continue to support its health and safety team during these testing times, which serve as a reminder to our ability to adapt our processes to meet the challenges and demands which arise through change without compromising our standards. Our entire workforce continues to participate in sustaining health and safety programmes already in place and are encouraged to look for and suggest ways to further enhance the measures already implemented which may benefit and or improve our businesses. Our health and safety policy together with the associated RAMS and COSHH is constantly under review and this company invests substantial sums in ensuring that all our staff have the up to date protection to carry out their duties safely.
Environment and quality management
We have built our business based on doing quality work and winning repeat business from our clients. The success of the business relies on maintaining and improving our operational standards. Quality management is central to our day to day operations and helps us deliver value and to meet our customers requirements. Our desire is to maintain high standards throughout our operations and following last year's major review across the company on what further improvements on quality and standards could be achieved we have implemented various checks and controls in conjunction with our clients to improve standards to the high levels that the modern customer expects. We recognise the significant impact the construction industry has on the environment. Our team continually promote sustainable resourcing of materials, reducing emissions and the efficient use of energy. We continue to minimise site waste and re use it wherever possible and we work closely with modern waste management recycling companies. We constantly upgrade our plant and transport to achieve the lowest emissions possible.
Company's stakeholders
The primary responsibility of the board is to promote the long term success of the company for the benefit of the shareholders, but the directors acknowledges that long term success and reputation is dependent on our responsibility to balance the interests of all other stakeholders who we come into contact with, in order to deliver the best possible outcome for all concerned. Section 172 of the Companies Act 2006 requires us to report each year on how we fulfill these obligations. Customer Our customers are at the heart of our business, with whom we are in constant dialogue, and we strive to give them the best possible service and to enhance our relationship for our mutual benefit and that of the wider community. We continue to have regular meetings at senior director level with our clients to ensure that we are operating in all sectors to both their and our satisfaction. Our employees Our employees are key to the success of our business. We have a hands on family culture where our directors and managers are actively involved on our projects on a day to day basis and who constantly engage with our employees and keep them informed of business development, forecasts and prospects. We have longstanding experienced employees we expect and maintain high standards and we offer a rewarding career progression. Health and safety training and wellbeing is a constant that is promoted and maintained as a core value. Subcontractors and suppliers Our subcontractors and suppliers are crucial stakeholders in the success of our business, without whom we could not operate, so we treat them in the same way we treat our employees in terms of communication, payment, terms and conditions and inclusivity and who we expect to adhere to our high standards. Other controls We acknowledge our ethical, moral, and social responsibilities and the aim of the company to maintain high standards of business conduct remains paramount. We are opposed to all forms of discrimination in whatever form and will take all necessary steps to deal with any situation should it arise.
Payment to suppliers
We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful business. Our policy remains to pay our suppliers at the end of the month following month of delivery and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we endeavour to adhere to our side of such agreements.
The future
The board looks forward with confidence to continue the success of the company into the future.
This report was approved by the board of directors on 26 June 2025 and signed on behalf of the board by:
Mr M F Gallagher |
Director |
|
Registered office: |
Park House |
61A Cowper Road |
Bromley |
Kent |
BR2 9RT |
|
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended
30 September 2024
.
Principal activities
The company’s main activities continued to be that of civil engineering and construction in the housing sector in conjunction with new build and refurbishment in the private restaurant sector. We continue to build strong and lasting relationships within both sectors and have secured contracts which extend for many years into the future.
Directors
The directors who served the company during the year were as follows:
Mr M F Gallagher |
|
Mr K T Masterson |
|
|
|
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
We have secured orders which will take us forward for the next years. Like all in our sector we suffer with the shortage of materials and labour, but our core values have ensured that our loyal workforce remain with us. We are proud that throughout we have not had a need to make any redundancies or impose any short time working.
Moving forward we now have the strong order book, dedicated workforce, and strong balance sheet to face the future with confidence.
Greenhouse gas emissions and energy consumption
Principal measures taken to increase energy efficiency
We acknowledge the external impact of our activities on local communities and on the environment. We create local employment opportunities in our areas of operation, and we engage local subcontractors, and we do business with local suppliers, and we support local charities organisations. We re-use and recycle as much of our site construction waste as possible and we work with modern waste recycling businesses. We acknowledge our carbon emissions obligations, and we are constantly updating our already modern fleet with low emission engines, and we comply with all permits and consent requirements.
Information not included
The company consumed 40,000kWh of energy or less in the UK during the period.
Employment of disabled persons
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled or handicapped, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and provide training and career development and promotion to disabled and handicapped employees wherever appropriate.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 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 then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
26 June 2025
and signed on behalf of the board by:
Mr M F Gallagher |
Director |
|
Registered office: |
Park House |
61A Cowper Road |
Bromley |
Kent |
BR2 9RT |
|
Independent Auditor's Report to the Members of
Galamast Limited |
|
Year ended 30 September 2024
Opinion
We have audited the financial statements of Galamast Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 30 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: - Review of directors' minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements - The assessment of fraud was considered as low due to the segregation of duties seen, the company doesn't not handle any cash and still use cheques which have to be signed by the directors. The company performs its own spot checks each month on supplier payments. - A review of journal entries and consideration of their appropriateness was carried out throughout the audit - During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair - Challenging assumptions made by management in making their significant accounting estimates, in particular in relation to construction contracts. We have scrutinised in detail the cut off in respect of income recognised around the year end and verified these to quantity surveyor's certifications. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations - Physical verification of fixed assets was carried out which aided us to assess for any potential impairment required - Professional valuations are reviewed for Investment Properties and ensuring that these properties are valued regularly in line with accounting standards. Where Directors assess in between the formal valuations we use our own market research to confirm reasonableness As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
Lyndsay Nicholson FCA |
(Senior Statutory Auditor) |
|
For and on behalf of |
Riverside Accountancy Lancaster Limited |
Chartered accountants & statutory auditor |
Suite 2, 2 Mannin Way |
Lancaster Business Park |
Caton Road |
Lancaster |
LA1 3SU |
|
26 June 2025
Statement of Comprehensive Income |
|
Year ended 30 September 2024
|
2024 |
2023 |
Note |
£ |
£ |
Turnover |
4 |
73,514,222 |
55,194,430 |
|
|
|
|
Cost of sales |
65,706,802 |
51,292,403 |
|
------------- |
------------- |
Gross profit |
7,807,420 |
3,902,027 |
|
|
|
Administrative expenses |
2,308,594 |
2,109,334 |
Other operating income |
5 |
691,275 |
701,300 |
|
|
------------ |
------------ |
Operating profit |
6 |
6,190,101 |
2,493,993 |
|
|
|
|
Other interest receivable and similar income |
10 |
30,386 |
24,962 |
Interest payable and similar expenses |
11 |
11,671 |
1,253,723 |
|
------------ |
------------ |
Profit before taxation |
6,208,816 |
1,265,232 |
|
|
|
|
Tax on profit |
12 |
1,581,227 |
577,104 |
|
------------ |
------------ |
Profit for the financial year and total comprehensive income |
4,627,589 |
688,128 |
|
------------ |
------------ |
|
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
30 September 2024
Fixed assets
Tangible assets |
14 |
21,967,906 |
21,182,953 |
|
|
|
|
Current assets
Debtors |
15 |
2,639,891 |
2,336,774 |
Cash at bank and in hand |
10,080,075 |
8,872,249 |
|
------------- |
------------- |
|
12,719,966 |
11,209,023 |
|
|
|
|
Creditors: amounts falling due within one year |
16 |
6,274,545 |
6,916,488 |
|
------------- |
------------- |
Net current assets |
6,445,421 |
4,292,535 |
|
------------- |
------------- |
Total assets less current liabilities |
28,413,327 |
25,475,488 |
|
|
|
|
Creditors: amounts falling due after more than one year |
17 |
118,713 |
53,322 |
|
|
|
|
Provisions |
19 |
1,640,000 |
879,000 |
|
------------- |
------------- |
Net assets |
26,654,614 |
24,543,166 |
|
------------- |
------------- |
|
|
|
|
Capital and reserves
Called up share capital |
21 |
100 |
100 |
Profit and loss account |
22 |
26,654,514 |
24,543,066 |
|
------------- |
------------- |
Shareholders funds |
26,654,614 |
24,543,166 |
|
------------- |
------------- |
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
26 June 2025
, and are signed on behalf of the board by:
Mr M F Gallagher |
Director |
|
Company registration number:
02645178
Statement of Changes in Equity |
|
Year ended 30 September 2024
|
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
At 1 October 2022 |
100 |
26,074,938 |
26,075,038 |
|
|
|
|
Profit for the year |
|
688,128 |
688,128 |
|
---- |
------------- |
------------- |
Total comprehensive income for the year |
– |
688,128 |
688,128 |
|
|
|
|
Dividends paid and payable |
13 |
– |
(
2,220,000) |
(
2,220,000) |
|
---- |
------------- |
------------- |
Total investments by and distributions to owners |
– |
(
2,220,000) |
(
2,220,000) |
|
|
|
|
At 30 September 2023 |
100 |
24,543,066 |
24,543,166 |
|
|
|
|
Profit for the year |
|
4,627,589 |
4,627,589 |
|
---- |
------------- |
------------- |
Total comprehensive income for the year |
– |
4,627,589 |
4,627,589 |
|
|
|
|
Dividends paid and payable |
13 |
– |
(
2,516,141) |
(
2,516,141) |
|
---- |
------------ |
------------ |
Total investments by and distributions to owners |
– |
(
2,516,141) |
(
2,516,141) |
|
|
|
|
|
---- |
------------- |
------------- |
At 30 September 2024 |
100 |
26,654,514 |
26,654,614 |
|
---- |
------------- |
------------- |
|
|
|
|
|
Year ended 30 September 2024
Cash flows from operating activities
Profit for the financial year |
4,627,589 |
688,128 |
|
|
|
Adjustments for: |
|
|
Depreciation of tangible assets |
165,632 |
114,768 |
Impairment of tangible assets |
– |
1,244,436 |
Other interest receivable and similar income |
(
30,386) |
(
24,962) |
Interest payable and similar expenses |
11,671 |
9,287 |
Gains on disposal of tangible assets |
(
1,839) |
(
30,867) |
Tax on profit |
1,581,227 |
577,104 |
Accrued expenses |
3,512 |
11,246 |
|
|
|
Changes in: |
|
|
Trade and other debtors |
(
303,117) |
735,505 |
Trade and other creditors |
(
1,437,046) |
686,844 |
Provisions and employee benefits |
761,000 |
(
523,300) |
|
------------ |
------------ |
Cash generated from operations |
5,378,243 |
3,488,189 |
|
|
|
Interest paid |
(
11,671) |
(
9,287) |
Interest received |
30,386 |
24,962 |
Tax paid |
(
799,810) |
(
1,200,000) |
|
------------ |
------------ |
Net cash from operating activities |
4,597,148 |
2,303,864 |
|
------------ |
------------ |
|
|
|
Cash flows from investing activities
Purchase of tangible assets |
(
974,457) |
(
63,821) |
Proceeds from sale of tangible assets |
25,711 |
80,361 |
|
------------ |
------------ |
Net cash (used in)/from investing activities |
(
948,746) |
16,540 |
|
------------ |
------------ |
|
|
|
Cash flows from financing activities
Proceeds from borrowings |
227,606 |
51,057 |
Repayments of borrowings |
– |
(
10,416) |
Payments of finance lease liabilities |
(
152,041) |
(
147,523) |
Dividends paid |
(
2,516,141) |
(
2,220,000) |
|
------------ |
------------ |
Net cash used in financing activities |
(
2,440,576) |
(
2,326,882) |
|
------------ |
------------ |
|
|
|
Net increase/(decrease) in cash and cash equivalents |
1,207,826 |
(
6,478) |
Cash and cash equivalents at beginning of year |
8,872,249 |
8,878,727 |
|
------------- |
------------ |
Cash and cash equivalents at end of year |
10,080,075 |
8,872,249 |
|
------------- |
------------ |
|
|
|
Notes to the Financial Statements |
|
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Park House, 61A Cowper Road, Bromley, Kent, BR2 9RT.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements are rounded to the nearest £1.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Useful economic life of tangible assets: the annual depreciation charge is sensitive to changes in the estimated economic lives and residual value of tangible fixed assets. Management re-assess these annually and amend them where necessary to reflect current estimates. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Impairment of debtors: the main contractors for whom the company carried out work make a retention of between 3%-5% of each incremental valuation. This retention is then held for a period of at least twelve months and sometimes longer pending the completion of the contract in question. When assessing the recoverability of these retention debtors, management consider the success or otherwise of the contract, the likelihood of remedial works necessary and experience of the recoverability on earlier contracts. The value of retentions at the year end is £455,000 (2023 £414,072) Work in progress: at any particular time the company will have carried out work and incurred costs against a contract which have not been agreed, for whatever reason, with the main contractor. Management must therefore estimate the value of such works and the recoverability.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover represents amounts certified by main contractors in respect of work done on long term contracts, and for other works, amounts invoiced excluding Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
0.5% straight line
|
|
Fixtures and fittings |
- |
50% straight line |
|
Motor vehicles |
- |
25-33% reducing balance
|
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
£ |
£ |
Construction contracts |
73,514,222 |
55,194,430 |
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
|
2024 |
2023 |
|
£ |
£ |
Rental income |
691,275 |
701,300 |
|
--------- |
--------- |
|
|
|
6.
Operating profit
Operating profit or loss is stated after charging/crediting:
|
2024 |
2023 |
|
£ |
£ |
Depreciation of tangible assets |
165,632 |
114,768 |
Gains on disposal of tangible assets |
(
1,839) |
(
30,867) |
|
--------- |
--------- |
|
|
|
7.
Auditor's remuneration
|
2024 |
2023 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
12,600 |
12,600 |
|
-------- |
-------- |
|
|
|
8.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
Production staff |
145 |
159 |
Administrative staff |
23 |
25 |
|
---- |
---- |
|
168 |
184 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
£ |
£ |
Wages and salaries |
11,130,708 |
9,547,976 |
Social security costs |
1,253,740 |
1,093,270 |
Other pension costs |
163,720 |
201,675 |
|
------------- |
------------- |
|
12,548,168 |
10,842,921 |
|
------------- |
------------- |
|
|
|
9.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
|
2024 |
2023 |
|
£ |
£ |
Remuneration |
164,516 |
119,253 |
Company contributions to defined contribution pension plans |
4,817 |
8,035 |
|
--------- |
--------- |
|
169,333 |
127,288 |
|
--------- |
--------- |
|
|
|
The number of directors who accrued benefits under company pension plans was as follows:
|
2024 |
2023 |
|
No. |
No. |
Defined contribution plans |
2 |
2 |
|
---- |
---- |
|
|
|
10.
Other interest receivable and similar income
|
2024 |
2023 |
|
£ |
£ |
Interest on cash and cash equivalents |
30,386 |
24,962 |
|
-------- |
-------- |
|
|
|
11.
Interest payable and similar expenses
|
2024 |
2023 |
|
£ |
£ |
Interest on obligations under finance leases and hire purchase contracts |
11,671 |
9,287 |
Loss on fair value adjustment of financial assets at fair value through profit or loss |
– |
1,244,436 |
|
-------- |
------------ |
|
11,671 |
1,253,723 |
|
-------- |
------------ |
|
|
|
12.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
1,581,227 |
577,104 |
|
------------ |
--------- |
Tax on profit |
1,581,227 |
577,104 |
|
------------ |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the
standard rate of corporation tax in the UK
of
25
% (2023:
22
%).
|
2024 |
2023 |
|
£ |
£ |
Profit on ordinary activities before taxation |
6,208,816 |
1,265,232 |
|
------------ |
------------ |
Profit on ordinary activities by rate of tax |
1,552,204 |
552,127 |
Effect of expenses not deductible for tax purposes |
42,020 |
25,682 |
Effect of capital allowances and depreciation |
(
12,997) |
(
921) |
Effect of different UK tax rates on some earnings |
– |
216 |
|
------------ |
------------ |
Tax on profit |
1,581,227 |
577,104 |
|
------------ |
------------ |
|
|
|
13.
Dividends
|
2024 |
2023 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
2,516,141 |
2,220,000 |
Dividends proposed after the year end and not recognised as a liability |
96,000 |
72,000 |
|
------------ |
------------ |
|
|
|
14.
Tangible assets
|
Freehold property |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 October 2023 |
22,183,191 |
42,617 |
743,739 |
22,969,547 |
Additions |
691,044 |
– |
283,413 |
974,457 |
Disposals |
– |
– |
(
87,990) |
(
87,990) |
|
------------- |
-------- |
--------- |
------------- |
At 30 September 2024 |
22,874,235 |
42,617 |
939,162 |
23,856,014 |
|
------------- |
-------- |
--------- |
------------- |
Depreciation |
|
|
|
|
At 1 October 2023 |
21,125 |
42,617 |
478,416 |
542,158 |
Charge for the year |
– |
– |
165,632 |
165,632 |
Disposals |
– |
– |
(
64,118) |
(
64,118) |
Impairment losses |
1,244,436 |
– |
– |
1,244,436 |
|
------------- |
-------- |
--------- |
------------- |
At 30 September 2024 |
1,265,561 |
42,617 |
579,930 |
1,888,108 |
|
------------- |
-------- |
--------- |
------------- |
Carrying amount |
|
|
|
|
At 30 September 2024 |
21,608,674 |
– |
359,232 |
21,967,906 |
|
------------- |
-------- |
--------- |
------------- |
At 30 September 2023 |
22,162,066 |
– |
265,323 |
22,427,389
|
|
------------- |
-------- |
--------- |
------------- |
|
|
|
|
|
The investment properties were valued by the directors in 2022 at open market value for existing use basis. In 2023 they have had the properties valued by an Estate Agent at open market value for existing use basis. The investment properties will be formally valued by an independent valuer every 3-5 years in line with the accounting policy
.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
At 30 September 2024 |
275,777 |
|
--------- |
At 30 September 2023 |
177,815 |
|
--------- |
|
|
15.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
2,620,891 |
2,336,358 |
Directors loan account |
– |
416 |
Other debtors |
19,000 |
– |
|
------------ |
------------ |
|
2,639,891 |
2,336,774 |
|
------------ |
------------ |
|
|
|
16.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
4,506,688 |
5,889,535 |
Accruals and deferred income |
60,827 |
57,315 |
Social security and other taxes |
1,427,033 |
685,151 |
Obligations under finance leases and hire purchase contracts |
117,306 |
106,555 |
Director loan accounts |
1 |
– |
Other creditors |
162,690 |
177,932 |
|
------------ |
------------ |
|
6,274,545 |
6,916,488 |
|
------------ |
------------ |
|
|
|
17.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Obligations under finance leases and hire purchase contracts |
118,713 |
53,322 |
|
--------- |
-------- |
|
|
|
18.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
117,306 |
106,555 |
Later than 1 year and not later than 5 years |
118,713 |
53,322 |
|
--------- |
--------- |
|
236,019 |
159,877 |
|
--------- |
--------- |
|
|
|
19.
Provisions
|
Warranties |
|
£ |
At 1 October 2023 |
879,000 |
Additions |
761,000 |
|
------------ |
At 30 September 2024 |
1,640,000 |
|
------------ |
|
|
20.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
163,720
(2023: £
201,675
).
21.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
22.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses
.
23.
Analysis of changes in net debt
|
At 1 Oct 2023 |
Cash flows |
At 30 Sep 2024 |
|
£ |
£ |
£ |
Cash at bank and in hand |
8,872,249 |
1,207,826 |
10,080,075 |
Debt due within one year |
(106,555) |
(10,752) |
(117,307) |
Debt due after one year |
(53,322) |
(65,391) |
(118,713) |
|
------------ |
------------ |
------------- |
|
8,712,372 |
1,131,683 |
9,844,055 |
|
------------ |
------------ |
------------- |
|
|
|
|
24.
Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
638,790 |
665,980 |
Later than 1 year and not later than 5 years |
177,400 |
87,253 |
|
--------- |
--------- |
|
816,190 |
753,233 |
|
--------- |
--------- |
|
|
|
25.
Charges on assets
The finance leases and hire purchase contracts are secured on the assets to which they relate.
26.
Directors' advances, credits and guarantees
The conditions on the loans are they are repayable on demand, if at any one time the loans are overdrawn the effective rate of interest from HMRC is applied
.
27.
Controlling party
The company is under the control of
Mr M F Gallagher
and Mr K T Masterson
. Dividends of £2,516,141 (2023 - £2,220,000) were paid to directors during the year.