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REGISTERED NUMBER: 02639050 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

WEST POINT CONSTRUCTION LIMITED

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


WEST POINT CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: M F P Regan
E Regan
C Lovell
A D Finch
A P Jordan
C Higgs





SECRETARY: E Regan





REGISTERED OFFICE: Caitom House
Fishing Line Road
Redditch
Worcestershire
B97 6EW





REGISTERED NUMBER: 02639050 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business.

The performance of the business was impacted by the economic uncertainty of the sector and the majority of the clients within the speculate housing market who adopted a cautious approach to ongoing production in line with significant reduction in sales.

We consider that in spite of the above, our key financial performance indicators are those that communicate the financial performance and strength of the business as a whole, these being turnover and operating margin. In the current financial period the turnover achieved was £89.6m (2023: £75.7m) and gross margin of 12.9% (2023: 11.9%). Net assets of the company have increased in the period by 1.5m.

Plant and vehicle additions in the period total £6.1m which was a requirement of the company to sustain current performance levels.

We are still focused on cost control, improved production levels and more sophisticated accountants software and modelling, are confident that this focus during our continued growth will be evident in improved performance.In line with the re-structure within our business and the movement into active affordable and presold sector of the housing market.

PRINCIPAL RISKS AND UNCERTAINTIES
We continue to monitor the principal risks and uncertainties to which the business and the wider industry are subject which are listed as follows:
- Unforeseen events or circumstances while carrying out work which may cause losses.
- Risk of bad debts.
- Slow down or recession in the local or national economy and general cut back in government funding which may lead to a significant reduction in the company's income.
- Any dramatic rise in interest rates.
- Chain supply issues affecting deliveries and significant product price increases occurring in the financial year.
- Monitor impact of fuel price increase by the government effective from April 2022, to remove the entitlement to discounted red diesel and rebated biofuels monitor on site based costs as well as general transportation costs increase, which are still impacting the industry as a whole.

We are confident however that developing existing relationships along with more client diversity in delivery of social and affordable housing will produce more of the growth opportunities the business requires and hence continued financial performance of the company. Our tendering opportunities remain at levels above previous years.


WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

SECTION 172(1) STATEMENT
The directors have acted in a way they consider, in good faith, promotes the success of the company for the benefit of it's members, and in doing so have given regard to:

Consequence of any decisions in the long term

The directors understand the business and the evolving market it operates in. The focus in making decisions is to strengthen the company's standing in the market, whilst maximising returns and providing positive outcomes.

As part of our long-term strategy the business is investing in individuals and new technology to improve quality and efficiency moving forward. Our investment in intelligent machine control and innovation is part of this work which will develop our core management team whilst meeting our commitment to reduce the company's carbon footprint.

Business relationships with suppliers, customers and others

The directors understand the need to build strong and mutually beneficial relationships with its suppliers, customers and others to ensure the future success of the business. The company's policy is to agree payment terms in advance in line with normal trade practices and apply fair and reasonable principles within those relationships. Part of those principles is a commitment to providing our customers with quality assured products, efficiently delivered and developing a relationship of trust and transparency on a one to one basis with customers and suppliers.

Our employees

The company recognises that employees are fundamental and core to our business and delivery of our wider long-term plans. To ensure the continued success of the business we ensure we remain a responsible employer in terms of pay, benefits, continued training, health & safety and the workplace environment. We align ourselves on the continued development of our employees and strive to promote from within the business, providing support via our career pathways to support individuals as they progress and develop their careers.

Acting fairly to all stakeholders

The long-term success of the business is dependant on having the right corporate culture and making decisions which achieve our goals but which are in the best interest of all stakeholders, including shareholders, customers, employees, suppliers and others. After weighing up all these factors, the directors consider the course of action which best enables delivery whilst taking in to consideration the impact on stakeholders.

ON BEHALF OF THE BOARD:





M F P Regan - Director


17 July 2025

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors present their report with the financial statements of the company for the year ended 30 November 2024.

DIVIDENDS
The total distribution of dividends for the period ended 30 November 2024 was £Nil (2023: £Nil).

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 December 2023 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

C Higgs - appointed 25/3/24

The directors shown below were in office at 30 November 2024 but did not hold any interest in the Ordinary shares of £1 each at 1 December 2023 (or date of appointment if later) or 30 November 2024.

M F P Regan
E Regan
C Lovell
A D Finch
A P Jordan
C Higgs

STREAMLINED ENERGY AND CARBON REPORTING
Information regarding SECR can be found in the group accounts of the ultimate holding company, West Point UK Holdings Limited, please see note 21.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable 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.

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M F P Regan - Director


17 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WEST POINT CONSTRUCTION LIMITED


Opinion
We have audited the financial statements of West Point Construction Limited (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WEST POINT CONSTRUCTION LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WEST POINT CONSTRUCTION LIMITED


To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Jeremy Kitson BA FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

17 July 2025

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

Period
1.10.22
Year ended to
30.11.24 30.11.23
Notes £    £   

TURNOVER 3 89,571,807 75,657,748

Cost of sales 78,046,729 66,669,301
GROSS PROFIT 11,525,078 8,988,447

Administrative expenses 7,951,808 7,529,901
OPERATING PROFIT 5 3,573,270 1,458,546

Interest receivable and similar income 1,108 -
3,574,378 1,458,546

Interest payable and similar expenses 6 450,416 262,936
PROFIT BEFORE TAXATION 3,123,962 1,195,610

Tax on profit 7 447,873 362,512
PROFIT FOR THE FINANCIAL YEAR 2,676,089 833,098

OTHER COMPREHENSIVE INCOME
Exercise of share options (367,966 ) -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(367,966

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,308,123

833,098

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 13,245,316 10,271,774

CURRENT ASSETS
Stocks 9 1,118,561 1,187,400
Debtors 10 17,745,563 14,286,629
Investments 11 15,000 15,000
Cash at bank and in hand 6,426,131 3,921,686
25,305,255 19,410,715
CREDITORS
Amounts falling due within one year 12 22,392,883 16,145,297
NET CURRENT ASSETS 2,912,372 3,265,418
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,157,688

13,537,192

CREDITORS
Amounts falling due after more than one
year

13

(2,386,400

)

(2,435,587

)

PROVISIONS FOR LIABILITIES 17 (1,470,290 ) (1,108,730 )
NET ASSETS 12,300,998 9,992,875

CAPITAL AND RESERVES
Called up share capital 18 250,000 250,000
Capital contribution reserve 19 - 367,966
Retained earnings 19 12,050,998 9,374,909
SHAREHOLDERS' FUNDS 12,300,998 9,992,875

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2025 and were signed on its behalf by:





M F P Regan - Director


WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up Capital
share Retained contribution Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 250,000 8,541,811 367,966 9,159,777

Changes in equity
Total comprehensive income - 833,098 - 833,098
Balance at 30 November 2023 250,000 9,374,909 367,966 9,992,875

Changes in equity
Total comprehensive income - 2,676,089 (367,966 ) 2,308,123
Balance at 30 November 2024 250,000 12,050,998 - 12,300,998

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

West Point Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland", issued by the Financial Reporting Council and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, where required by FRS 102.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

The results of the company are consolidated in the ultimate parent's financial statements and these can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
When preparing the financial statements, management is required to make estimates which affect income, expenses, assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The key assumptions concerning the future and other key sources of estimation uncertainty at the Statement of Financial Position date that have a significant risk of causing a material adjustment are as follows:

(a) Turnover and profit recognition
The estimation techniques used for revenue and profit recognition in respect of contracts require forecasts to be made of the outcome of long term contracts which require assessments and judgements to be made on the recovery of pre contract costs, changes in the scope of work, contract programmes, maintenance and defects liabilities and changes in costs.

(b) Recoverable value of recognised receivables
The recoverability of trade and other receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable.

(c) Provisions
Provisions against projects are liabilities of uncertain timing or amount and therefore in making a reliable estimate judgement is applied and re evaluated at each reporting date.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be measured reliably. Turnover represents invoiced work, excluding value added tax, on construction projects.

Long term contracts

Revenue is recognised throughout each construction project on the basis of valuations made by surveyors. Attributable profit is recognised as the difference between recorded turnover and related costs and therefore all foreseeable losses on existing contracts are provided in full.

Amounts recoverable on long term contracts, which are included in trade debtors, are stated at the net sales value of work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.


WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued
Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Share-based payments
The company's ultimate parent issues equity-settled share options to certain employees within the company. Equity-settled share-based payment transactions are measured at fair value.

Fair value is measured by use of a earnings valuation model which is considered by management to be the most appropriate method of valuation.

The fair value of options in issue but not exercised are contained within other reserves. Where options have been granted but not vested, the Directors have estimated how many they believe will ultimately vest and they have adopted this estimation in their value calculation. Share options issued in the group scheme as consideration for employment services provided are treated as an expense of the company in the period and credited to a capital contribution reserve at their fair value. On the exercise or lapse of the options, their value is transferred to profit and loss.

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


3. TURNOVER

All turnover relates to the principal activity of the company in the year, and was entirely derived in the UK.

4. EMPLOYEES AND DIRECTORS
Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Wages and salaries 3,093,742 3,201,479
Social security costs 354,227 385,258
Other pension costs 129,004 224,388
3,576,973 3,811,125

The average number of employees during the year was as follows:
Period
1.10.22
Year ended to
30.11.24 30.11.23

Managerial and Office 39 39
Site 12 11
51 50

Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Directors' remuneration 495,932 370,803
Directors' pension contributions to money purchase schemes 89,867 177,235

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Emoluments etc 205,181 193,945
Pension contributions to money purchase schemes 12,284 14,331

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Plant hire and repairs 8,619,704 8,644,210
Depreciation - owned assets 532,440 462,828
Depreciation - assets on hire purchase contracts 1,774,742 1,558,239
Loss/(profit) on disposal of fixed assets 18,826 (128,347 )
Auditors' remuneration 15,123 19,120

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Bank loan interest (2,801 ) 19,358
Other interest 70,692 -
Hire purchase 382,525 243,578
450,416 262,936

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Deferred tax:
Deferred tax on accelerated
capital allowances 361,560 362,512
Deferred tax on share options 86,313 -
Total deferred tax 447,873 362,512
Tax on profit 447,873 362,512

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Profit before tax 3,123,962 1,195,610
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

780,991

298,903

Effects of:
Expenses not deductible for tax purposes (124,712 ) 15,354
Capital allowances in excess of depreciation (807,929 ) (835,612 )
Utilisation of tax losses 151,650 521,355
Deferred tax 447,873 362,512
Total tax charge 447,873 362,512

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Exercise of share options (367,966 ) - (367,966 )

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2023 10,324,032 157,645 3,499,363 13,981,040
Additions 4,030,774 37,576 2,049,175 6,117,525
Disposals (863,355 ) - (472,018 ) (1,335,373 )
At 30 November 2024 13,491,451 195,221 5,076,520 18,763,192
DEPRECIATION
At 1 December 2023 2,295,080 83,756 1,330,430 3,709,266
Charge for year 1,507,222 15,544 784,416 2,307,182
Eliminated on disposal (232,568 ) - (266,004 ) (498,572 )
At 30 November 2024 3,569,734 99,300 1,848,842 5,517,876
NET BOOK VALUE
At 30 November 2024 9,921,717 95,921 3,227,678 13,245,316
At 30 November 2023 8,028,952 73,889 2,168,933 10,271,774

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023 8,915,847 1,556,999 10,472,846
Additions 3,748,625 1,186,596 4,935,221
Disposals (856,050 ) (51,661 ) (907,711 )
Transfer to ownership (1,681,427 ) (500,056 ) (2,181,483 )
At 30 November 2024 10,126,995 2,191,878 12,318,873
DEPRECIATION
At 1 December 2023 1,775,737 428,147 2,203,884
Charge for year 1,353,051 421,691 1,774,742
Eliminated on disposal (227,811 ) (22,481 ) (250,292 )
Transfer to ownership (693,074 ) (301,909 ) (994,983 )
At 30 November 2024 2,207,903 525,448 2,733,351
NET BOOK VALUE
At 30 November 2024 7,919,092 1,666,430 9,585,522
At 30 November 2023 7,140,110 1,128,852 8,268,962

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


9. STOCKS
2024 2023
£    £   
Raw materials 1,118,561 1,187,400

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,711,836 2,373,462
Amounts recoverable on contract 12,823,999 9,561,158
Other debtors 21,535 27,206
Amounts due from group
undertakings 885,603 396,175
Tax 443,761 710,952
VAT 709,342 710,727
Prepayments 149,487 506,949
17,745,563 14,286,629

11. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 15,000 15,000
Market value of listed investments at 30 November 2024 - £ 9,126 (2023 - £ 7,477 ).

Listed investments represent investments in non-puttable ordinary shares. The fair values have been determined with reference to the quoted share price at the reporting date, however no adjustment has been made in the financial statements on the grounds of materiality. The cost of shares on acquisition are stated above.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 4,465,995 -
Hire purchase contracts (see note 15) 3,367,173 3,233,603
Trade creditors 13,320,217 9,386,191
Amounts owed to group undertakings 491,135 2,932,198
Social security and other taxes 175,698 138,429
Other creditors 3,080 10,196
Accrued expenses 569,585 444,680
22,392,883 16,145,297

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 2,386,400 2,435,587

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 4,465,995 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 3,367,173 3,233,603
Between one and five years 2,386,400 2,435,587
5,753,573 5,669,190

Non-cancellable operating leases
2024 2023
£    £   
Within one year 8,796 11,888

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 5,753,573 5,669,190

Hire purchase contracts are secured by the assets to which the contracts relate.

Bank borrowings are secured by a fixed and floating charge over the assets of the company. An unlimited cross guarantee also exists between the bank and West Point Construction Limited and its fellow subsidiary West Point Plant Limited.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,470,290 1,108,730

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 December 2023 1,108,730
Charge to Statement of Comprehensive Income during year 361,560
Balance at 30 November 2024 1,470,290

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
250,000 Ordinary £1 250,000 250,000

Ordinary shares have a right to receive notice of, attend and vote at a general meeting of the company. The shares have a right to participate in a dividend. The shares are not redeemable.

19. RESERVES
Capital
Retained contribution
earnings reserve Totals
£    £    £   

At 1 December 2023 9,374,909 367,966 9,742,875
Profit for the year 2,676,089 - 2,676,089
Movement in fair value of
share options - (367,966 ) (367,966 )
At 30 November 2024 12,050,998 - 12,050,998

The company's reserves are as follows:

The retained earnings reserve which represents the cumulative profits or losses net of dividends paid.

The capital contribution reserve is in respect of share options in the group scheme issued by way of salary costs in the company, less deferred tax thereon.

The balance at the year end consists of:
20242023
££
Fair value of share options vested-454,280
Deferred tax-(86,314)
-367,966

WEST POINT CONSTRUCTION LIMITED (REGISTERED NUMBER: 02639050)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


20. RELATED PARTY DISCLOSURES

Point 2 Point Haulage Contractors Limited is a company registered in England and Wales in which M F P Regan, a director, has a substantial interest.

During the year the company recharged expenses of £64,796 (2023: £140,028) to Point 2 Point Haulage Contractors Limited and received supplies to the value of £3,101,719 (2023: £2,920,164) from Point 2 Point Haulage Contractors Limited. All transactions were conducted on an arms length basis, and entered into under normal business terms.

The amount owed to Point 2 Point Haulage Contractors Limited by the company at the year end was £508,946 (2023: £281,883).

21. ULTIMATE PARENT UNDERTAKING

West Point UK Holdings Limited is the ultimate parent undertaking.

The group financial statements are prepared under West Point UK Holdings Limited. Copies of the financial statements can be obtained from the Companies House website, or alternatively, by contacting the company at Charter House, 161 Newhall Street, Birmingham, West Midlands, England, B3 1SW