Company registration number 01904087 (England and Wales)
TOGEL CONTRACTORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
TOGEL CONTRACTORS LIMITED
COMPANY INFORMATION
Directors
Mr Paul Leggott
Robert Leggott
Mr Mr George Gargett
Mr M R Wallace
Mrs F J Fry
(Appointed 11 March 2024)
Company number
01904087
Registered office
1-3 Hexthorpe Road
Doncaster
DN4 0AD
Auditor
Warrens Accountants Limited
Chartered Certified Accountants & Registered Auditors
33 Thorne Road
Doncaster
South Yorkshire
DN1 2HD
Solicitors
HLW Keeble Hawson
14 Princes Street
Doncaster
DN1 3NJ
TOGEL CONTRACTORS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
TOGEL CONTRACTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of building contractors. The company's principal area of operations is within the food, entertainment and leisure sectors and is wholly UK based.
Fair review of the business
Company strategy
The company's strategy is to recruit and maintain dynamic individuals across the workforce and management team to maintain and improve the company's reputation for quality and excellence. The company strives to be the best in the market both internally and externally.
Performance in the period
At the end of the year, the net assets of the company totalled £280,643. The company has maintained its key client base throughout the year and the directors have continued to actively pursue additional work as it has become available. Following the implementation of the directors long term strategic plans, which were re-evaluated following the impact of the pandemic on the business, the company has looked to diversify its market and withdraw from less profitable areas of its existing market. This has resulted in turnover being lower than the company's pre covid historic norms, however overall profit margins have improved as a consequence. In the circumstances the directors are satisfied with the results for the year and are striding to improve turnover, going forward, with a view to returning the company to profit in 2025.
The company's key financial and other performance indicators during the year are as follows:
2024 2023 2022 2021
Turnover 10,704,755 11,699,141 10,978,029 7,739,565
Turnover growth -8.5% 6.6% 41.8% -8.3%
Gross profit margin 19.07% 18.40% 16.84% 15.29%
Principal risks and uncertainties
Principal risks and uncertainties faced by the business are directly related to operating in the building industry which has suffered significant downturns in the poor economic climate of recent years. The directors have focused their efforts in obtaining suitable profitable work ensuring that the business has remained strong, enabling it to compete effectively in the market place.
In addition to the general business risk within the market place the company is exposed to price risks and the usual credit risk and cash flow risk associated with the selling on credit and manages this through credit control procedures.
The risks to UK economic growth still remain significant and future prospects maybe influenced by the ongoing invasion of Ukraine by Russia. The directors actively look to control costs and are confident that its diversification into new sectors within the construction industry will enable the company to meet any challenges arising from the current economic uncertainty.
Employees
In order to meet its objectives, it is essential that the company recruits and retains the highest calibre of employees at every level of the organisation. The employment policies of the company embody the principles of equal opportunity. The company gives full and fair consideration to employment for disabled persons. If an employee became disabled, arrangements would be made wherever practical by identifying employment suited to that person's capabilities and provide necessary training.
TOGEL CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Mr Paul Leggott
Director
11 June 2025
TOGEL CONTRACTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Paul Leggott
Robert Leggott
Mr Mr George Gargett
Mr M R Wallace
Mrs F J Fry
(Appointed 11 March 2024)
Financial instruments
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.
Price risk, credit risk, liquidity risk and cash flow risk
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities and short term investment plans where funds are available.
Trade debtors, credit and cash flow risks, are managed by policies covering the credit offered to customers and the regular monitoring of amounts outstanding for both the time and credit limits. The amounts presented in the statement of financial position are net of allowances for doubtful debts.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The business is a lessee in respect of finance leased assets and utilises loan funding at fixed rates of interest. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.
Post reporting date events
There has been no events subsequent to the reporting period impacting on the current year financial statements.
Future developments
The impact on the UK 's economic growth from the ongoing conflict in the Ukraine and the general worldwide economic situation remains significant. The increase in living costs has impacted on spending, in particular in the food and entertainment sector, the directors are confident that the business's strategic policies will enable it to meet the challenges imposed by the economic downturn and improve its overall standing through diversification in the medium to long term.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
TOGEL CONTRACTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Paul Leggott
Robert Leggott
Director
Director
Mr Mr George Gargett
Director
11 June 2025
TOGEL CONTRACTORS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TOGEL CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TOGEL CONTRACTORS LIMITED
- 6 -
Opinion
We have audited the financial statements of Togel Contractors Limited (the 'company') for the year ended 31 October 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its loss 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.
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.
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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
TOGEL CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOGEL CONTRACTORS LIMITED
- 7 -
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.As part of our audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities including fraud
As part of designing our audit, we determined materiality and assessed the risk of material misstatement in the financial statements, including how fraud may occur by enquiring with management as to its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of the discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of material adjusting journals and key estimates and judgements made by management.
We gained an understanding of the legal and regularity framework applicable to the company and the construction industry in which it operates, drawing on our audit experience and knowledge of the company and its sector, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to:
UK Contract Law
The Companies Act 2006 and associated legislation
UK Tax Legislation
UK Health and Safety at Work legislation
UK Employment & Labour laws and regulations
We also made enquiries of management with regards to the compliance with the above laws and regulations and obtained any necessary evidence to corroborate the information provided, for example legal correspondence between the company and its solicitors and the minutes of directors and board meetings.
TOGEL CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOGEL CONTRACTORS LIMITED
- 8 -
We have identified revenue recognition, management override and completeness of related party transactions as key audit matters relating to irregularities, including fraud.
We have evaluated management's incentives for fraudulent manipulation of the financial statements, including the risk of management overriding controls, and identified that the principal risks relate to management bias in accounting estimates and judgmental areas of the financial statements such as revenue recognition.
The following audit work was undertaken in response to the risks identified:
- Central to revenue recognition within the business is the use of construction contract recognition principals. Audit work has been undertaken with a view to ensure the outcome of the underlying construction contracts can be estimated reliably, and that revenue and costs are recognised by reference to the stage of completion, using cost based principals, of the contract activity at the reporting end date. In addition total actual (or anticipated) contract costs have been reviewed to total (anticipated) contract turnover, with a view to identify expected losses and ensure any expected loss is recognised as an expense immediately.
- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing key sources of estimation uncertainty testing to supporting documentation, ensuring reasonableness of assumptions and consistently applied
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
- Identifying related parties and ensuring transactions are complete by testing to available supporting documentation.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters which we are required to address
The financial statements for the year ended 31 October 2023 were prepared by Warrens GBC Limited, the company's predecessors auditor. The predecessor auditors issued an unqualified audit report on the financial statements on the 9 May 2024.
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.
TOGEL CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOGEL CONTRACTORS LIMITED
- 9 -
John Thomas Smith
Senior Statutory Auditor
For and on behalf of Warrens Accountants Limited
11 June 2025
Chartered Certified Accountants
Statutory Auditor
33 Thorne Road
Doncaster
South Yorkshire
DN1 2HD
TOGEL CONTRACTORS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
10,704,755
11,699,141
Cost of sales
(8,663,521)
(9,546,670)
Gross profit
2,041,234
2,152,471
Administrative expenses
(2,158,546)
(1,935,943)
Other operating income
16,760
Operating (loss)/profit
4
(100,552)
216,528
Interest receivable and similar income
7
5,059
Interest payable and similar expenses
8
(36,726)
(39,381)
(Loss)/profit before taxation
(132,219)
177,147
Tax on (loss)/profit
9
(Loss)/profit for the financial year
(132,219)
177,147
The income statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 15 to 30 form part of these financial statements.
TOGEL CONTRACTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
2024
2023
£
£
(Loss)/profit for the year
(132,219)
177,147
Other comprehensive income
-
-
Total comprehensive income for the year
(132,219)
177,147
The notes on pages 15 to 30 form part of these financial statements.
TOGEL CONTRACTORS LIMITED
STATEMENT OF FINANACIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
242,475
258,494
Current assets
Stocks
11
31,651
30,846
Debtors
13
2,182,127
1,773,531
Cash at bank and in hand
916,284
1,421,814
3,130,062
3,226,191
Creditors: amounts falling due within one year
14
(2,878,326)
(2,705,875)
Net current assets
251,736
520,316
Total assets less current liabilities
494,211
778,810
Creditors: amounts falling due after more than one year
15
(213,568)
(365,948)
Net assets
280,643
412,862
Capital and reserves
Called up share capital
19
17,447
17,447
Share premium account
1,274
1,274
Capital redemption reserve
4,153
4,153
Profit and loss reserves
257,769
389,988
Total equity
280,643
412,862
The notes on pages 15 to 30 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
Mr Paul Leggott
Robert Leggott
Director
Director
Mr Mr George Gargett
Director
Company registration number 01904087 (England and Wales)
TOGEL CONTRACTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2022
17,447
1,274
4,153
212,841
235,715
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
177,147
177,147
Balance at 31 October 2023
17,447
1,274
4,153
389,988
412,862
Year ended 31 October 2024:
Loss and total comprehensive income
-
-
-
(132,219)
(132,219)
Balance at 31 October 2024
17,447
1,274
4,153
257,769
280,643
The notes on pages 15 to 30 form part of these financial statements.
TOGEL CONTRACTORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(237,499)
562,266
Interest paid
(36,726)
(39,381)
Income taxes paid
(3,250)
Net cash (outflow)/inflow from operating activities
(274,225)
519,635
Investing activities
Purchase of tangible fixed assets
(9,759)
Proceeds from disposal of tangible fixed assets
23,250
18,125
Proceeds from loans repaid
60,000
20,000
Loans advanced in the year
(30,000)
Interest received
5,059
Net cash generated from investing activities
78,550
8,125
Financing activities
Repayment of borrowings
(104,470)
(94,228)
Repayment of CIBLS loan
(120,067)
(113,188)
Payment of finance leases obligations
(85,318)
(99,461)
Net cash used in financing activities
(309,855)
(306,877)
Net (decrease)/increase in cash and cash equivalents
(505,530)
220,883
Cash and cash equivalents at beginning of year
1,421,814
1,200,931
Cash and cash equivalents at end of year
916,284
1,421,814
The notes on pages 15 to 30 form part of these financial statements.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
1
Accounting policies
Company information
Togel Contractors Limited is a private company limited by shares incorporated in England and Wales. The companys registration number is 01904087 and its registered office is 1-3 Hexthorpe Road, Doncaster, DN4 0AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The company recognises revenue from the following major sources:
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's sources of revenue are as follows:
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
Construction services
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
At the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed progressed billings, the balance is presented as amounts recoverable on contracts within debtors. When progressed billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as payments on account within creditors,
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% - 33 1/3% straight line basis
Fixtures and fittings
25% - 33 1/3% straight line basis
Motor vehicles
20% - 25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
At the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed progressed billings, the balance is presented as amounts recoverable on contracts within debtors. When progressed billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as payments on account within creditors,
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise.
Significant judgements
In the course of preparing the financial statements, no significant judgements have been made in the process of applying the company's accounting policies, other than those involving estimations that have had a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and by their nature, will rarely equal the related actual outcome. The company does not have any key assumptions concerning the future, or other key sources of estimation or uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Notwithstanding this, the following matters should be noted;
A significant proportion of the company's activities relate to projects which are accounted for using long term contract work in progress principles. The company is required to make estimates for revenue and margins. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.
In relation to the company's tangible fixed assets useful economic lives and residual value of assets have been established using historical experience and an assessment of the nature of the assets involved, again these estimates may need to be revised as circumstances and technology change.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Contracting income
10,704,755
11,699,141
2024
2023
£
£
Other revenue
Interest income
5,059
-
Sundry income
16,760
-
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
18,000
Depreciation of owned tangible fixed assets
16,787
32,604
Depreciation of tangible fixed assets held under finance leases
84,838
66,434
Profit on disposal of tangible fixed assets
(34,406)
(18,125)
Operating lease charges
130,445
106,393
Short term plant & machinery hire costs amounting to £210,603 (2023 - £218,629) were incurred during the year.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
51
54
Administration and Support
21
22
Directors
5
4
Total
77
80
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,756,920
2,768,742
Social security costs
298,777
284,450
Pension costs
109,633
107,386
3,165,330
3,160,578
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
134,668
89,062
Company pension contributions to defined contribution schemes
5,743
3,513
140,411
92,575
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 1).
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Directors' remuneration
(Continued)
- 23 -
The directors are the company's key management personnel, in addition to the above employers NIC costs of £16,520 (2023 - 11,090) were incurred in the year.
As detailed in related parties, funds were paid to TMC Doncaster Limited for overall management services, including directors services, amounting to £216,000 (2023 - £186,000).
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,059
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5,059
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on CIBLS loan
19,129
26,008
Other finance costs:
Interest on finance leases and hire purchase contracts
17,597
13,325
Other interest
48
36,726
39,381
9
Taxation
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 24 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(132,219)
177,147
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(33,055)
44,287
Tax effect of expenses that are not deductible in determining taxable profit
5,798
6,403
Tax effect of utilisation of tax losses not previously recognised
(21,852)
Unutilised tax losses carried forward
21,742
Enhanced capital allowances tax relief
(2,614)
Movement in unprovided deferred tax asset
5,515
(26,224)
Taxation charge for the year
-
-
The main rate of corporation tax payable within the UK increased from 19% to 25% on the 1st April 2023.
The company has carried forward unused tax losses amounting to £380,821 (2023 - £293,854) at the financial year end.
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
219,810
72,823
662,523
955,156
Additions
9,758
86,190
95,948
Disposals
(115,439)
(115,439)
At 31 October 2024
219,810
82,581
633,274
935,665
Depreciation and impairment
At 1 November 2023
212,510
67,595
416,557
696,662
Depreciation charged in the year
4,604
4,792
92,229
101,625
Eliminated in respect of disposals
(105,097)
(105,097)
At 31 October 2024
217,114
72,387
403,689
693,190
Carrying amount
At 31 October 2024
2,696
10,194
229,585
242,475
At 31 October 2023
7,300
5,228
245,966
258,494
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Tangible fixed assets
(Continued)
- 25 -
Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:
2024
2023
£
£
Motor vehicles
256,402
240,990
11
Stocks
2024
2023
£
£
Raw materials and consumables
31,273
30,066
Contract work in progress
378
780
31,651
30,846
12
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,691,831
1,382,031
Carrying amount of financial liabilities
Measured at amortised cost
2,152,024
2,234,950
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,678,831
1,309,031
Amounts recoverable on contracts
360,137
292,427
Corporation tax recoverable
3,250
3,250
Other debtors
13,000
73,000
Prepayments and accrued income
126,909
95,823
2,182,127
1,773,531
Included within the above are the following trade debtors due after 1 year £Nil (2023 - £Nil).
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
CIBLS Loan
16
127,581
120,169
Obligations under finance leases
17
61,923
57,649
Other borrowings
16
102,908
95,519
Trade creditors
1,464,402
1,053,975
Taxation and social security
939,870
836,873
Payments on account
35,429
409,526
Accruals and deferred income
146,213
132,164
2,878,326
2,705,875
The CIBLS loan of £127,581 (2023 - £120,169) is secured by a fixed and floating second charge over the company's assets dated the 23rd February 2021.
The obligations under finance leases of £61,923 (2023 - £57,649) are secured on the underling assets financed.
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
CIBLS Loan
16
123,952
251,431
Obligations under finance leases
17
89,616
114,517
213,568
365,948
The CIBLS loan of £123,952 (2023 - £251,431) is secured by a fixed and floating second charge over the company's assets dated the 23rd February 2021.
The obligations under finance leases of £89,616 (2023 - £114,517) are secured on the underling assets financed.
16
Loans and overdrafts
2024
2023
£
£
CIBLS Loan
251,533
371,600
Other loans
102,908
95,519
354,441
467,119
Payable within one year
230,489
215,688
Payable after one year
123,952
251,431
The CIBLS long-term loan is secured by fixed and floating second charge over the company's assets which was created on the 23rd February 2021.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
16
Loans and overdrafts
(Continued)
- 27 -
The CIBLS loan is a 6 year loan, repayable by instalments at a fixed rate of 5% which ends in September 2026 .
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
61,923
57,649
In two to five years
89,616
114,517
151,539
172,166
The obligations under finance leases of £151,539 (2023 - £172,166) are secured on the underling assets financed.
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3.2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,633
107,386
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
12,461
12,461
12,461
12,461
'A' Ordinary shares of £1 each of £1 each
1,662
1,662
1,662
1,662
'B' Ordinary shares of £1 each of £1 each
1,662
1,662
1,662
1,662
'C' Ordinary shares of £1 each of £1 each
1,662
1,662
1,662
1,662
17,447
17,447
17,447
17,447
All shares are £1 ordinary shares, the A, B and C ordinary shares have a right to a variable dividend but do not carry any voting rights and are not entitled to a share of assets on winding up over their nominal value.
20
Operating lease commitments
As lessee
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
20
Operating lease commitments
(Continued)
- 28 -
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
112,604
126,493
Years 2-5
349,384
418,188
After 5 years
229,950
273,750
691,938
818,431
No reduction in rent payments were recognised in the profit or loss account for the year arising from the COVID-19 pandemic (2023 - £11,615).
Of the seven operating leases in place at the 31 October 2024 three relate to properties occupied by the company and are payable, at current open market value, to the company's pension fund and the residue relate to vehicles, plant and machinery which are payable to unconnected third parties.
The property leases are negotiated over terms of 6-15 years and the vehicles etc over 2-5 years. The property leases iinclude a provision for regular upward rent reviews according to prevailing market conditions.
21
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
33,420
-
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
22
Related party transactions
During the year the company purchased management services from a company controlled by the directors amounting to £216,000 (2023 - £186,000). At the balance sheet date the company owed Togel Contractors Limited £13,000 (2023 - £53,000). The loan is interest free and repayable on demand.
In the year the company sold goods and services, on an arms length basis and favourable repayment terms, to companies under common control of the directors amounting to £137,685 (2023 - £113,667). At the 31st October 2024 debtors amounting to £127,156 (2023 - £107,826) were owed by the entities under common control. In addition to this unbilled debtors amounting to £22,500 (2023 - £25,335) had been accrued by the companies under common control at the 31st October 2024.
During the year the company purchased goods and services, on an arms length basis and on reciprocal terms to that given in sales as detailed above, from companies under common control of the directors amounting to £851,709 (2023 - £1,291,521). At the 31st October 2024 creditors and accrued costs amounting to £122,841 (2023 - £123,088) were owed to the entities under common control,
At the 31st October 2023 the company had advanced interest free loans repayable on demand to companies under common control amounting to £20,000. These loans were repaid in full during the year to 31st October 2024.
Rents were paid to the company's pension fund amounting to £98,600 (2023 - £81,545). Goods and services amounting to Nil (2023 - £600) were sold to the pension fund in the year. At the 31st October 2024 debtors amounting to £Nil (2023 - £20,249) were owed by the pension fund, interest free and on extended terms. The leases are under formal contract terms and have periodic, independently verified, rent reviews where appropriate.
The company has given a cross guarantee and debenture to the bank between themselves, Prima Mechanical Services Limited and Select Electrical (GB) Limited dated 4 June 2014.
23
Directors' transactions
During the year the company sold goods and services, on an arms length basis and favourable repayment terms, to the director's amounting to £20,965 (2023 - £49,904). At the 31st October 2024 the directors owed the company £14,804 (2023 - £66,240) following gross repayments of £76,594 in the year. In addition to this unbilled debtors amounting to £2,800 had been accrued by the directors at the 31st October 2024.
Short term loans of £Nil (2023 - £10,000) were advanced to the directors and repaid in full in the year. The loans were interest free and repayable on demand.
24
Controlling parties
The directors, Mr R Leggott, Mr P Leggott and Mr G Gargett control the company by virtue of holding 100% of the issued share capital.
TOGEL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
25
Cash (absorbed by)/generated from operations
2024
2023
£
£
(Loss)/profit after taxation
(132,219)
177,147
Adjustments for:
Finance costs
36,726
39,381
Investment income
(5,059)
Gain on disposal of tangible fixed assets
(34,406)
(18,125)
Depreciation and impairment of tangible fixed assets
101,625
99,038
Movements in working capital:
(Increase)/decrease in stocks
(805)
3,462
(Increase)/decrease in debtors
(468,596)
416,416
Increase/(decrease) in creditors
265,235
(155,053)
Cash (absorbed by)/generated from operations
(237,499)
562,266
During the year the following non cash transactions were undertaken:
Assets amounting to £86,189 (2023 - £188,210) were acquired using hire purchase and finance lease funds together with part exchange proceeds of £21,498 in the year.
Insurance liabilities amounting to £111,859 (2023 - £101,253) were met direct by lenders.
26
Analysis of changes in net funds
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
1,421,814
(505,530)
-
916,284
Borrowings excluding overdrafts
(467,119)
112,678
-
(354,441)
Obligations under finance leases
(172,166)
85,318
(64,691)
(151,539)
782,529
(307,534)
(64,691)
410,304
2024-10-312023-11-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr Paul LeggottRobert LeggottMr Mr George GargettMr M R WallaceMrs F J Fry019040872023-11-012024-10-3101904087bus:Director12023-11-012024-10-3101904087bus:Director22023-11-012024-10-3101904087bus:Director32023-11-012024-10-3101904087bus:Director42023-11-012024-10-3101904087bus:Director52023-11-012024-10-3101904087bus:RegisteredOffice2023-11-012024-10-3101904087bus:Agent12023-11-012024-10-31019040872024-10-31019040872022-11-012023-10-3101904087core:RetainedEarningsAccumulatedLosses2022-11-012023-10-3101904087core:RetainedEarningsAccumulatedLosses2023-11-012024-10-31019040872023-10-3101904087core:PlantMachinery2024-10-3101904087core:FurnitureFittings2024-10-3101904087core:MotorVehicles2024-10-3101904087core:PlantMachinery2023-10-3101904087core:FurnitureFittings2023-10-3101904087core:MotorVehicles2023-10-3101904087core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3101904087core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3101904087core:Non-currentFinancialInstrumentscore:AfterOneYear2024-10-3101904087core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3101904087core:CurrentFinancialInstruments2024-10-3101904087core:CurrentFinancialInstruments2023-10-3101904087core:Non-currentFinancialInstruments2024-10-3101904087core:Non-currentFinancialInstruments2023-10-3101904087core:ShareCapital2024-10-3101904087core:ShareCapital2023-10-3101904087core:SharePremium2024-10-3101904087core:SharePremium2023-10-3101904087core:CapitalRedemptionReserve2024-10-3101904087core:CapitalRedemptionReserve2023-10-3101904087core:RetainedEarningsAccumulatedLosses2024-10-3101904087core:RetainedEarningsAccumulatedLosses2023-10-3101904087core:ShareCapital2022-10-3101904087core:SharePremium2022-10-3101904087core:CapitalRedemptionReserve2022-10-3101904087core:RetainedEarningsAccumulatedLosses2022-10-3101904087core:ShareCapitalOrdinaryShareClass12024-10-3101904087core:ShareCapitalOrdinaryShareClass12023-10-3101904087core:ShareCapitalOrdinaryShareClass22024-10-3101904087core:ShareCapitalOrdinaryShareClass22023-10-3101904087core:ShareCapitalOrdinaryShareClass32024-10-3101904087core:ShareCapitalOrdinaryShareClass32023-10-3101904087core:ShareCapitalOrdinaryShares2024-10-3101904087core:ShareCapitalOrdinaryShares2023-10-310190408712023-11-012024-10-310190408712022-11-012023-10-31019040872023-10-31019040872022-10-3101904087core:PlantMachinery2023-11-012024-10-3101904087core:FurnitureFittings2023-11-012024-10-3101904087core:MotorVehicles2023-11-012024-10-3101904087core:UKTax2023-11-012024-10-3101904087core:UKTax2022-11-012023-10-310190408722023-11-012024-10-310190408722022-11-012023-10-3101904087core:PlantMachinery2023-10-3101904087core:FurnitureFittings2023-10-3101904087core:MotorVehicles2023-10-3101904087core:WithinOneYear2024-10-3101904087core:WithinOneYear2023-10-3101904087core:BetweenTwoFiveYears2024-10-3101904087core:BetweenTwoFiveYears2023-10-3101904087bus:OrdinaryShareClass12023-11-012024-10-3101904087bus:OrdinaryShareClass22023-11-012024-10-3101904087bus:OrdinaryShareClass32023-11-012024-10-3101904087bus:OrdinaryShareClass12024-10-3101904087bus:OrdinaryShareClass12023-10-3101904087bus:OrdinaryShareClass22024-10-3101904087bus:OrdinaryShareClass22023-10-3101904087bus:OrdinaryShareClass32024-10-3101904087bus:OrdinaryShareClass32023-10-3101904087bus:AllOrdinaryShares2024-10-3101904087bus:AllOrdinaryShares2023-10-3101904087core:MoreThanFiveYears2024-10-3101904087core:MoreThanFiveYears2023-10-3101904087bus:PrivateLimitedCompanyLtd2023-11-012024-10-3101904087bus:FRS1022023-11-012024-10-3101904087bus:Audited2023-11-012024-10-3101904087bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP