IRIS Accounts Production v25.2.0.378 01092127 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true false true true false false true true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 01092127 (England and Wales)







Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Brandwells Construction Company Limited

Brandwells Construction Company Limited (Registered number: 01092127)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Statement of Comprehensive Income 12

Statement of Financial Position 13

Statement of Changes in Equity 14

Statement of Cash Flows 15

Notes to the Statement of Cash Flows 16

Notes to the Financial Statements 17


Brandwells Construction Company Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr J M Stafford
Mr A Dowden
Mr M Browne
Mr C P Dowden
Mr R Schofield
Mr A J Bateman
Mr C N Blackmore
Mr D Stamp
Mr G Stamp



REGISTERED OFFICE: Park House
Church Lane
St George
Bristol
BS5 7AG



REGISTERED NUMBER: 01092127 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Matthew S Dobbins FCA



AUDITORS: Dunkley's
Statutory Auditor
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY

Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

The Company operates within the construction industry which comprises contracting and civil engineering, particularly the construction of roads, mains drainage, house foundations and external groundworks all mainly associated with the new housing market. The majority of the work is provided to blue chip house builders within the South West of England and Wales.

REVIEW OF BUSINESS
The turnover is down by 4.0% this year, this reflects a decision by the Board of Directors, following an in-depth review of the Company's performance in 2022 and 2023, to rein in turnover. The pressures of the increased turnover in prior years had resulted in significant workload issues for the senior management team, as well as at site supervision level, the inevitable consequence of which was some loss of control reflected in unacceptable quality control issues. The Company's growth and success has been built on its ability to deliver quality work on programme, the effect of this decision was to ensure that we continue to operate at a sustainable level. Adverse weather towards the end of the year also had a negative impact.

The Company continues to enjoy good relationships with its customers and has been successful in winning numerous new tenders, whilst maintaining a strong order book.

Given the continuing struggle of homebuilders to obtain planning permission and because of their holding back of land sites resulting in housing demand outstripping supply, high level of demand for the company's services is likely to continue for the next few years.

The continued availability of mortgages and the Government's intent to significantly up the number of new homes being built each year should ensure that there is no shortage of work, the only problem is the lack of resources to satisfy the Government's ambitious new policy.

The gross profit margin has risen to 9.00% in the current year from 7.6% last year. The Company has considered it has traded successfully throughout the year ending 31 December 2024.

The directors are satisfied to report an increased net profit of just over £560K before tax this year. The Company will continue to monitor its overheads and margins to achieve and maintain its profitability in the future, with particular emphasis on the more difficult winter months, November through February.

The Company invested over £1m in new plant and equipment during the year.

Management consider turnover and profit after tax to be the key financial performance indicators. With regards to non-financial KPls the Company has maintained its customer base and has maintained the number of employees and made use of subcontractors to be more flexible for periods of trade. The Company is well placed for continued growth in the future.


Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Trading conditions have continued to improve following the National Lockdown imposed as a result of the Coronavirus pandemic there has been good growth and demand in the housing market remains strong, although affordability remains an issue. The Government's drive for a significant increase in the number of new homes built every year will present the industry with a major challenge, given the lack of resources.

Although there are encouraging signs in base rent lending reducing, there are still some financial concerns about the base lending rate and what effect it would have on the mortgages and housing market following increases there is also uncertainty regarding the medium term impact on the economy and job market.

During the year there have been impacts on the supply chain which have resulted in increases in costs of materials and consumables and also some shortages of supplies. Where possible the Company has sought and achieved increases in contract sums to mitigate this in line with the terms of the contracts.

With these risks and uncertainties we are constantly aware of the need to review our future development plans of the business and these can be subject to unforeseen future events outside of our control.

However, the directors are confident of maintaining the gross profit margins and optimistic about the long term future of the Company due to the following:-

1) Help to Buy Scheme introduced by the Government has resulted in higher demand for property.

2) Continued property buyers confidence levels and increasing availability of low interest rate mortgage financing continues to support strong demand on property.

3) Continual ongoing review of the Company business strategy regularly to suite the rapid changing market conditions and to continue in reaping of benefits from the implemented cost control strategy in prior years.

4) Strong and long established relationships with major house builders.


Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2024

SECTION 172(1) STATEMENT
The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Company has considered the long-term strategy of the business below and consider that this strategy will continue to deliver long term success to the business and its stakeholders.

We have secured new work with inflationary compensation. We have also invested heavily to ensure we have the newest and most fuel efficient fleet of machinery and vehicles possible.

The Company is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which co-contractors are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.

The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the Company are considered to be the employees, suppliers and customers. Their importance to the business is considered below.

In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Company.

Our highest key objective remains the preservation of our workforce both site and office based. The Health Safety and Wellbeing of our workforce is paramount.

Our supply chain remains robust and we continue to nurture and maintain strong relations. We are even more focused on material management and look to rationalise the use of materials as much as possible. Material shortages are becoming less of a problem but we remain focused on planning ahead to alleviate any impact extended lead times may present us.

We continue to focus on our impact to the environment and this is even more pertinent with the increase in cost for energy supply across all groups. All vehicles and vans have been updated and we have introduced more fully electric and hybrid vehicles into the fleet during the year.

Our business has a strong reputation in the market and we will look to protect this and build on this in tandem with our workforce who are key in achieving this objective.

Acting in a fair and reasonable way is also key when we need to protect our workforce and act fairly between all members of the Company. We must aspire to be the preferred groundwork business in the South West and our staff are key to us achieving and maintaining this.

AVAILABILITY OF RESOURCES
The industry is still suffering from a shortage of skilled labour. To address this we have an extensive training program to ensure all our staff are fully trained on the work they perform. We also have a number of apprentices each year which will help address matters in the longer term. There has also been some supply chain issues which the Company has mitigated through its good relationships and a pro active approach to procurement.

COMPETITION
Competition has been reasonably unchanged but always remains a threat to winning new work. The Company manages these risks by maintaining and developing very good working relationship with its clients and continuing to produce work in a timely manner and to a high standard at a competitive price.


Brandwells Construction Company Limited (Registered number: 01092127)

Strategic Report
for the Year Ended 31 December 2024

ENVIRONMENTAL MATTERS
Medium sized companies are mandated to disclose energy and carbon information. The information included is disclosed as set out under the Streamlined Energy and Carbon Reporting Framework, detailed within the 2018 Regulation amendments of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008.







Units

Financial reporting
year (1 January 2024 -
31 December 2024)
Financial reporting
year (1 January
2023 - 31
December 2023)

Emission from combustion of gas(Scope
1)

tCO2e

4.3

6.2
Emissions from combustion of fuel for
transport purposes(Scope 2)

tCO2e

3,022.30

3,294.90
Emissions from purchased
electricity(Scope 2)

tCO2e


11.30

7.00
Total Gross Emissions tCO2e 3,922.50 3,308.70

Energy consumption used to calculate
above emissions

KWh

15,682,054

13,767,212
Intensity Measurement £ Annual turnover
Intensity Ratio tCO2e/£100,000 Annual Turnover 3.99 6.17


Energy Efficiency commentary

The Company is aware that construction activities can have a seriously detrimental effect on the environment and has put in place a management system to minimise such effects.

The Company's systems are compliant. The Company has also introduced a number of initiatives to minimise building material, energy and office waste, including:

1) Car allowance policy which encourages staff to drive vehicles with lower CO2 emissions
2) The company has purchased a number of electric and hybrid vehicles during the year
3) Measures to minimise site waste, such as ensuring suitable storage space and facilities are available, rubbish is compacted in the skips, waste materials are recycled, and agreeing reduced material packaging with suppliers
4) Training of all site managers, project managers and selected staff on environmental awareness.

ON BEHALF OF THE BOARD:





Mr C P Dowden - Director


31 July 2025

Brandwells Construction Company Limited (Registered number: 01092127)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of builders and civil engineers. There have not been any changes in these activities in the year under review.

The directors are not aware, at the date of this report, of any likely changes in the company's activities in the next year.

DIVIDENDS
A dividend of £118,478 (2023 - £482,129) was paid in the year.

FUTURE DEVELOPMENTS
The Company intends to continue trading in its current form and there are no specific future developments. The directors have a positive outlook for the future.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr J M Stafford
Mr A Dowden
Mr M Browne
Mr C P Dowden
Mr R Schofield

Other changes in directors holding office are as follows:

Mr A J Bateman , Mr C N Blackmore , Mr D Stamp and Mr G Stamp were appointed as directors after 31 December 2024 but prior to the date of this report.

GOING CONCERN
As at the current time the Company remains in a strong financial position, with a strong cash balance and improving trading reserves. The directors continue to monitor the increasing inflationary cost pressure currently being experienced in the UK.

The business continues to have access to its pre-existing bank facilities and the directors take further comfort from their long standing relationships with key customers and the underlying strength and robustness of the business that has weathered other financial downturns and competitive pressures before.

Due to the business' strong net asset position it retains the flexibility to obtain additional financing from multiple sources or further delay repayment of certain liabilities in the event that the impact of the coronavirus or any other economic factors is more prolonged or the financial impact more severe than originally forecast.

In the medium term the directors believe that the demand for the groundworking services the business provides will remain strong due to the continued housing developments in the south west.

On the basis of the forecasts completed and analysis, the directors remain confident that the Company will continue to be a going concern for a period of at least 12 months from the date of approving these financial statements. The accounts have accordingly been prepared on a going concern basis.

DONATIONS
The amount of charitable donations made during the year amounted to £39,580 - (2023 - £35,966). The Company made no political donations in the current or preceding year.


Brandwells Construction Company Limited (Registered number: 01092127)

Report of the Directors
for the Year Ended 31 December 2024

DIVERSITY, INCLUSION & WELLBEING:
Through the application of the Company's Diversity and Inclusion Policy, the Company aims to ensure everyone is treated fairly and equitably. The Company uses regular communication and education to continuously build an inclusive culture amongst its workforce, minimising discrimination and promoting diversity including disability.

Applications for employment by disabled persons are considered fully, bearing in mind the aptitudes of the applicant concerned. In the event an employee becomes disabled, every effort is made to ensure that their employment with the Company continues and that appropriate adjustments are made. It is the policy of the Company that the training, career development and opportunity of disabled persons should, as far as possible, be identical with that of other employees.

ENGAGEMENT WITH EMPLOYEES
The Board of Directors regards employee engagement as a matter of great importance with many initiatives
taking place during the year aimed at improving the Board's understanding of the employees' views and interests as well as improving the employees' understanding of the Company's performance.

We invest in training, coaching and skills acquisition to ensure the required knowledge and behaviours are aligned the Company's strategy and values as it is important for our employees to feel connected to the Company's purpose.

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;
-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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





Mr C P Dowden - Director


31 July 2025

Report of the Independent Auditors to the Members of
Brandwells Construction Company Limited

Opinion
We have audited the financial statements of Brandwells Construction Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 December 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
Brandwells Construction Company 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 seven, 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.

Report of the Independent Auditors to the Members of
Brandwells Construction Company Limited


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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, bonus levels and performance targets;

- any matters we identified, having obtained and reviewed the company's documentation of their policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- enquiring of management, concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Report of the Independent Auditors to the Members of
Brandwells Construction Company Limited


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.




Mr Matthew S Dobbins FCA (Senior Statutory Auditor)
for and on behalf of Dunkley's
Statutory Auditor
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY

6 August 2025

Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

REVENUE 3 51,326,489 53,594,088

Cost of sales (46,639,821 ) (49,526,394 )
GROSS PROFIT 4,686,668 4,067,694

Administrative expenses (4,082,612 ) (3,917,315 )
604,056 150,379

Other operating income 48,000 53,000
OPERATING PROFIT 5 652,056 203,379

Interest receivable and similar income 24,299 37,112
676,355 240,491

Interest payable and similar expenses 6 (116,641 ) (85,577 )
PROFIT BEFORE TAXATION 559,714 154,914

Tax on profit 7 (129,188 ) (104,929 )
PROFIT FOR THE FINANCIAL YEAR 430,526 49,985

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 430,526 49,985

Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 5,131,533 4,946,144
Investments 10 10,581 10,581
5,142,114 4,956,725

CURRENT ASSETS
Inventories 11 - 202,313
Debtors 12 7,951,155 7,023,325
Cash at bank 2,730,905 2,427,220
10,682,060 9,652,858
CREDITORS
Amounts falling due within one year 13 8,377,774 7,134,219
NET CURRENT ASSETS 2,304,286 2,518,639
TOTAL ASSETS LESS CURRENT LIABILITIES 7,446,400 7,475,364

CREDITORS
Amounts falling due after more than one year 14 (735,913 ) (1,061,875 )

PROVISIONS FOR LIABILITIES 17 (1,733,246 ) (1,748,296 )
NET ASSETS 4,977,241 4,665,193

CAPITAL AND RESERVES
Called up share capital 18 830 830
Capital redemption reserve 19 170 170
Retained earnings 19 4,976,241 4,664,193
SHAREHOLDERS' FUNDS 4,977,241 4,665,193

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by:





Mr C P Dowden - Director


Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 830 5,096,337 170 5,097,337

Changes in equity
Dividends - (482,129 ) - (482,129 )
Total comprehensive income - 49,985 - 49,985
Balance at 31 December 2023 830 4,664,193 170 4,665,193

Changes in equity
Dividends - (118,478 ) - (118,478 )
Total comprehensive income - 430,526 - 430,526
Balance at 31 December 2024 830 4,976,241 170 4,977,241

Brandwells Construction Company Limited (Registered number: 01092127)

Statement of Cash Flows
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,993,585 839,421
Interest element of hire purchase payments paid (116,641 ) (85,577 )
Tax paid 150,088 (199,776 )
Net cash from operating activities 2,027,032 554,068

Cash flows from investing activities
Purchase of tangible fixed assets (1,374,243 ) (2,080,706 )
Sale of tangible fixed assets 256,774 230,817
Interest received 24,299 37,112
Net cash from investing activities (1,093,170 ) (1,812,777 )

Cash flows from financing activities
Amounts owed to/from group (1,003 ) -
Hire purchase movements (418,863 ) 505,955
Amounts to/from associate 113 -
Amount introduced by directors - 71,477
Amount withdrawn by directors (91,946 ) (11,102 )
Equity dividends paid (118,478 ) (482,129 )
Net cash from financing activities (630,177 ) 84,201

Increase/(decrease) in cash and cash equivalents 303,685 (1,174,508 )
Cash and cash equivalents at beginning of year 2 2,427,220 3,601,728

Cash and cash equivalents at end of year 2 2,730,905 2,427,220

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 559,714 154,914
Depreciation charges 925,769 894,153
Loss/(profit) on disposal of fixed assets 6,311 (16,941 )
Movement in provision for remedial work (55,000 ) (35,000 )
Finance costs 116,641 85,577
Finance income (24,299 ) (37,112 )
1,529,136 1,045,591
Decrease/(increase) in inventories 202,313 (202,313 )
(Increase)/decrease in trade and other debtors (1,079,461 ) 1,569,982
Increase/(decrease) in trade and other creditors 1,341,597 (1,573,839 )
Cash generated from operations 1,993,585 839,421

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 2,730,905 2,427,220
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,427,220 3,601,728


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 2,427,220 303,685 2,730,905
2,427,220 303,685 2,730,905
Debt
Finance leases (2,261,270 ) 418,862 (1,842,408 )
(2,261,270 ) 418,862 (1,842,408 )
Total 165,950 722,547 888,497

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Brandwells Construction Company 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 requirement of paragraph 3.17(d);
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 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Significant judgements and estimates
The preparation of financial statements requires the company to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historic experience and other factors including expectations of future events and believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities as outlined below:

1) Revenue and margin recognition:

The company's revenue recognition requires forecasts to be made on the outcome of long-term construction services contracts, which require assessment and judgements to be made on recovery of pre-contract costs, changes in the scope of work, contract programmes, defects and changes in costs.

2) Provisions:

Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event, and it is probable that the company will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material.

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Turnover and revenue recognition
Revenue is measured based on the consideration specified in a contract with a customer. When consideration is not specified within the contract and therefore subject to variability, the company estimates the amount of consideration to be received from its customer. The consideration recognised is the amount which is highly probably not to result in a significant reversal in future period.

Where a modification to an existing contract occurs, the company assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied by the company or whether it is a modification to the existing performance obligation.

The amount by which turnover is in excess of payments on account has been classified as amounts
recoverable on contracts and included in debtors.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.

The attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project.

Costs associated with long-term contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. Long-term contract balances included in work in progress are stated at cost, after provision has been made for any foreseeable losses and deduction of applicable payments on account.

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.
Improvements to property - 20% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like cash and bank balances, trade debtors and creditors, bank overdrafts, finance leases and hire purchase contracts and loans to or from related parties.

The company has chosen to apply the recognition and measurement principles in FRS102.

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss immediately.

Any reversals of impairment are recognised in the profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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.

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Work in progress
Profit on long term contracts is taken as the work is carried out, provided that the final outcome can
be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect
the proportion of the work carried out at the period end, by recording turnover and related costs as
contract activity progresses.

Full provision is made for losses on all contracts in the period in which they are first foreseen.

Investments
Investments are included at historical cost.

Provisions for remedial work
Provisions for remedial work are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into accounts risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 51,326,489 53,594,088
51,326,489 53,594,088

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 13,462,482 14,020,731
Social security costs 1,391,553 1,453,910
Other pension costs 554,976 556,247
15,409,011 16,030,888

The average number of employees during the year was as follows:
31.12.24 31.12.23

Number of production staff 233 273
Number of administrative staff 39 40
Number of management staff 9 9
281 322

The company pays into defined contribution schemes. The cost for the year is as shown above.

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

31.12.24 31.12.23
£    £   
Directors' remuneration 324,121 366,825
Directors' pension contributions to money purchase schemes 69,753 82,688

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:
31.12.24 31.12.23
£    £   
Emoluments etc 101,951 99,226
Pension contributions to money purchase schemes 20,290 19,747

5. OPERATING PROFIT

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

31.12.24 31.12.23
£    £   
Hire of plant and machinery 5,681,366 6,325,455
Depreciation - owned assets 391,227 321,771
Depreciation - assets on hire purchase contracts 534,520 572,382
Loss/(profit) on disposal of fixed assets 6,311 (16,941 )
Auditors' remuneration 24,179 13,000
Finance charges on hire purchase contracts 116,641 85,577
Operating leases 51,572 51,741
Director's benefits 25,524 29,980

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Hire purchase 116,641 85,577

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 89,238 (152,635 )

Deferred tax 39,950 257,564
Tax on profit 129,188 104,929

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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:

31.12.24 31.12.23
£    £   
Profit before tax 559,714 154,914
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

139,929

29,434

Effects of:
Expenses not deductible for tax purposes 11,910 17,655
Capital allowances in excess of depreciation (62,601 ) (199,724 )
and marginal relief
Deferred tax provision for the year 39,950 257,564
Total tax charge 129,188 104,929

8. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of £1 each
Interim 118,478 482,129

9. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 - 4,243,603 194,608 3,631,834 8,070,045
Additions 143,537 804,325 26,724 399,657 1,374,243
Disposals - (275,226 ) (119,075 ) (385,809 ) (780,110 )
Reclassification/transfer - (3,007 ) 33,522 53 30,568
At 31 December 2024 143,537 4,769,695 135,779 3,645,735 8,694,746
DEPRECIATION
At 1 January 2024 - 1,519,819 118,471 1,485,611 3,123,901
Charge for year 25,076 479,662 30,380 390,629 925,747
Eliminated on disposal - (166,437 ) (111,157 ) (239,431 ) (517,025 )
Reclassification/transfer - (242,806 ) 33,964 239,432 30,590
At 31 December 2024 25,076 1,590,238 71,658 1,876,241 3,563,213
NET BOOK VALUE
At 31 December 2024 118,461 3,179,457 64,121 1,769,494 5,131,533
At 31 December 2023 - 2,723,784 76,137 2,146,223 4,946,144

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. PROPERTY, PLANT AND EQUIPMENT - continued

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 January 2024 2,669,391 2,407,338 5,076,729
Additions 681,794 386,656 1,068,450
Disposals - (245,150 ) (245,150 )
Transfer to ownership (566,043 ) (1,001,266 ) (1,567,309 )
At 31 December 2024 2,785,142 1,547,578 4,332,720
DEPRECIATION
At 1 January 2024 490,795 644,112 1,134,907
Charge for year 305,080 229,440 534,520
Eliminated on disposal - (112,283 ) (112,283 )
Transfer to ownership (176,102 ) (371,376 ) (547,478 )
At 31 December 2024 619,773 389,893 1,009,666
NET BOOK VALUE
At 31 December 2024 2,165,369 1,157,685 3,323,054
At 31 December 2023 2,178,596 1,763,226 3,941,822

10. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.12.24 31.12.23
£    £   
Oil paintings 10,581 10,581

The investments are shown at cost.

11. INVENTORIES
31.12.24 31.12.23
£    £   
Work-in-progress - 202,313

12. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 1,680,665 1,088,847
Amounts owed by associates 5,620 4,617
Other debtors 207,500 8,405
Recoverable on contracts 2,567,115 3,711,877
Tax - 152,635
VAT 301,304 224,145
Prepayments and accrued income 199,611 198,133
4,961,815 5,388,659

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. DEBTORS - continued
31.12.24 31.12.23
£    £   
Amounts falling due after more than one year:
Recoverable on contracts 2,989,340 1,634,666

Aggregate amounts 7,951,155 7,023,325

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts (see note 15) 1,106,495 1,199,395
Trade creditors 5,774,057 4,538,892
Amounts owed to group undertakings 20,892 20,779
Tax 86,691 -
Social security and other taxes 593,797 553,655
Wages and salaries 287,567 148,969
Pension creditor 75,053 67,616
Directors' current accounts 128,242 220,188
Accrued expenses 304,980 384,725
8,377,774 7,134,219

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts (see note 15) 735,913 1,061,875

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 1,106,495 1,199,395
Between one and five years 735,913 1,061,875
1,842,408 2,261,270

Non-cancellable
operating leases
31.12.24 31.12.23
£    £   
Within one year 226,195 201,372
Between one and five years 274,042 161,534
500,237 362,906

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts 1,842,408 2,261,270

The security is by way of a charge on the assets themselves.

The bank have a debenture over the assets of the company.

17. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 1,113,246 1,073,296
Provision for remedial work 620,000 675,000
1,733,246 1,748,296

Provision
Deferred for
tax remedials
£    £   
Balance at 1 January 2024 1,073,296 675,000
Provided during year 39,950 (55,000 )
Balance at 31 December 2024 1,113,246 620,000

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
830 Ordinary £1 830 830

All shares carry voting rights and rank equally for dividends.


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

At 1 January 2024 4,664,193 170 4,664,363
Profit for the year 430,526 430,526
Dividends (118,478 ) (118,478 )
At 31 December 2024 4,976,241 170 4,976,411

Brandwells Construction Company Limited (Registered number: 01092127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

20. RELATED PARTY DISCLOSURES

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.

South West Decorating Services Limited

2024 2023

Management recharges to related party 42,000 47,000

At the year end, the amount due from the related party was £5,170 (2023 - £4,617).


South West Homes Retirement Benefit Scheme

2024 2023

Rent paid to related party 51,572 21,600


During the year the company carried out improvements to the property it leases from South West Homes Retirement Benefit Scheme of which J Stafford,C Dowden and M Browne are Trustees.
These improvements were incomplete at the year end. Following completion of the improvements the Scheme will obtain finance and pay the Company for the work performed.

At the year end, the amount included as work in progress in respect of this work was £nil (2023 - £202,313 )

At the end of the year, the amount due from the related party was £250,115 (2023 - £nil). Included in this figure is a loan of £200,000 paid to South West Homes Retirement Benefit Scheme.

Other related parties

2024 2023

Immediate family members on payroll 123,375 100,174


Parkside Holdings Limited is regarded by the directors as being the company's ultimate parent company.

21. ULTIMATE CONTROLLING PARTY

The Controlling Party is Parkside Holdings Limited.

The Ultimate Controlling Party is Andrew Dowden.

The parent of the smallest and largest group for which consolidated financial statements are drawn up of which this company is a member is Parkside Holdings Limited, a company registered in the England and Wales.

The registered office of the parent is Park House, Church Lane, St George, Bristol, BS5 7AG.