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Registered Number:
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Directors present their Annual Report and the financial statements for the year ended 31 October 2024.
In 2024 the business saw significant growth in terms of turnover, with turnover increasing from £19.76m in 2023 to £26.01m in 2024 . This increase in turnover enabled the business to invest in resource throughout the year, in order to underpin our ability to achieve the growth aspirations of the Directors.
2024 saw continued performance from the traditionally strong hold sectors of Education and Commercial, with around 60% of business activity being achieved in these markets. This represents a slightly lower percentage compared to 2023. This is due to the divergence into emerging markets identified by the Directors, ensuring the business is not as heavily reliant on a narrow pipeline. This being a deliberate strategy to ensure agility as the business moves into 2025 and beyond. The change in Government is seen as an opportunity by the Directors, as there is a political desire and will to promote and boost pipeline in new housing as well as Education and Healthcare. To ensure the business is well placed to exploit these expanding markets, the Directors reviewed and redefined their business goals to accord with Government aspirations. The investment in resource made during the first part of 2024 enabled concerted effort to be channelled into the residential and healthcare markets. This redirection of resource saw Housing/Residential pipeline increase to 16% and Healthcare increase to 8% of 2024 business operations. It is expected that Housing/Residential and Healthcare will continue to grow as emerging markets throughout 2025 and beyond. It is still the Directors ambition, however, that Education and Commercial projects will continue to be the dominating, core business sectors for the coming years. Evers solid track record in these markets continues to provide a wealth of opportunity, with 25% of 2024’s Education pipeline being via Frameworks, 17% being from the DfE RAAC rebuilding works programme and around 10% being negotiated works. Gross profit percentage was down on the same period in the previous year, due in the main to continuing levels of high inflation in the early part of the year along with the effect of the investments made to deliver future growth and expansion. All of which was tempered by the businesses ability to secure work in familiar markets on negotiated terms. Net profit percentage marginally increased compared to 2023, demonstrating the Directors ability to keep a firm financial hand on overhead and curtail increases to a minimum. Moving forward, it is expected that 2025 will prove to be a challenging period, although, it is expected that the business development investment in Residential and Healthcare markets, coupled with the desire held by repeat Education sector clients for negotiated projects, the year ahead will be a stable one. It is expected negotiated projects will amount to around 15-20% of the turnover in 2025. We do not envisage this will be the sentiment of many in the construction industry in 2025. Once again, we have been successful in ensuring staff retention remained high during the period, adding credibility to our ability to take advantage of perceived emerging markets. A long serving, skilled workforce provides the platform to embrace new ventures. 2024 saw continued growth in the PV division of the business, with Business Development effort bringing rewards, which saw the PV division move into the contracting market, securing significant work on behalf of other main contractors, subcontractors and developers. This is a market that is showing opportunity to increase further during 2025 as successes during 2024 have been made in securing positions on national and regional PV frameworks, for Clients such as Central Government, local Health Authorities and Local Authorities alike.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Worldwide events in Ukraine continue to present challenges in the domestic market, principally in terms of the cost of energy. However, it is widely anticipated the energy markets will stabilise as 2025 progresses and opportunity will exist to obtain energy tariffs at acceptable prices.
Further afield and into 2025, the USA election has potential to create uncertainty, depending on how the election falls. Whilst we have no way of influencing the outcome of either the Ukraine invasion or the US elections, we will continue to see challenges through via meticulous planning of our workflow and resource scheduling. These being tried and tested methods of protecting the business from worldwide uncertainties. More locally, we perceive risks and uncertainties will be initially encountered through the change in Government. There will undoubtably be a period of transition while the new administration organises their policies. However, we do not envisage this will be a long drawn out period and expect this to pass quickly. Overhead costs continue to be closely monitored by the Financial Director and kept in line with the budgets set by the Board of Directors at the beginning of the new financial year. Financial risks are monitored each month via accurately detailed monthly management accounts that are produced by the Finance Team and forensically investigated by the Financial Director. Cashflow forecasts are prepared on a bi-monthly basis by the Financial Director. Investment made during early 2024 in new Construction Programming software is now providing the much expected increased accuracy of cashflow forecasting, giving the crucial early insight into the financial performance of the business. Workflow in the Construction Industry is a continual risk, however, our investment in Business Development and the preparation and implementation of a targeted and driven Business Development Plan at board level will ensure attention is focused in the best direction to achieve results.
As a direct result of meticulous financial planning, T J Evers cash position is marginally up on the preceding year. This demonstrates the businesses ability to manage its cash effectively, particularly when a significant dividend was paid in the year to the outgoing Managing Director.
It is envisaged strict financial controls will be necessary during 2025 to ensure the businesses cash position isn’t too adversely affected in the first part of the new financial year as a consequence of the principle risks and uncertainties identified earlier in this report.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The Company's principal financial instruments comprise trade debtors and trade creditors arising directly from operations. The Company does not enter into derivative transactions. The Company's approach to managing the principal risks and uncertainties is shown below.
Price risk: Any fluctuations in th`e cost of supply are closely monitored by the Company with actions taken (where deemed appropriate) to protect the Company’s gross margin. Credit Risk The Company has minimal exposure to credit risk due to the nature of the trading activities. For customers who wish to trade on credit terms, they are subject to credit verification procedures. All credit levels and amounts outstanding are reviewed regularly. The Company has not suffered from significant bad debts and maintains a healthy debtor ageing profile for the sector in which it operates. Any new customers are subjected to credit reference checks and the Company has an active credit control function. Liquidity and cash flow risk: The Company manages its cash requirements in order to ensure sufficient liquid resources are maintained to meet the operating needs of the business.
This report was approved by the Board on 16 July 2025 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Directors present their report and the financial statements for the year ended 31 October 2024.
The Directors who served during the year were:
The profit for the year, after taxation, amounted to £268,991 (2023 - £204,094). Dividends paid in the year amount to £673,022 (2023: £nil).
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
it is expected that 2025 will prove to be a challenging period, although, it is expected that the business development investment in Residential and Healthcare markets, coupled with the desire held by repeat Education sector clients for negotiated projects, the year ahead will be a stable one.
The PV division market is showing opportunity to increase further during 2025 as successes during 2024 have been made in securing positions on national and regional PV frameworks, for Clients such as Central Government, local Health Authorities and Local Authorities alike.
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T.J.EVERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Information regarding the performance of the company and principal risks and uncertainties can be found in the Strategic Report.
There have been no significant events affecting the Company since the year end.
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board on
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T.J.EVERS LIMITED
We have audited the financial statements of T.J.Evers Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the 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.
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T.J.EVERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T.J.EVERS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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T.J.EVERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T.J.EVERS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors (as required by auditing standards), inspection of the Company’s regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, building regulations, human rights and employment law, environmental regulations and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, review of Board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK)
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 Auditor's Report.
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T.J.EVERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T.J.EVERS LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Suffolk
IP1 3LG
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STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 31 OCTOBER 2024
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BALANCE SHEET
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on
The notes on pages 15 to 27 form part of these financial statements.
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