Company registration number 07247652 (England and Wales)
ROCK CIVIL ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
ROCK CIVIL ENGINEERING LIMITED
COMPANY INFORMATION
Directors
Mr C Kane
Mr M J Kane
Company number
07247652
Registered office
Cabourn House
Station Street
Bingham
Nottinghamshire
United Kingdom
NG13 8AQ
Auditor
Xeinadin Audit Limited
Cabourn House
Station Street
Bingham
Nottinghamshire
NG13 8AQ
Business address
Unit 1 Vale Business Park
Vale Business Park
Langar Road
Barnstone
NG13 9GH
ROCK CIVIL ENGINEERING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
ROCK CIVIL ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

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

Review of the business

 

Rock Civil Engineering Limited is engaged in the provision of groundworks and associated construction services. The Company operates primarily within the Yorkshire and Midlands counties, providing services including demolition, site clearance, foundations, drainage, infrastructure and other enabling works for both commercial and residential projects.

During the year, the Company achieved a turnover of £21,916,599 (2023: £21,365,407) representing stable revenues year-on-year, Gross profit increased significantly to £5,873,360 (2023: £1,412,429), reflecting improved project delivery and cost management with an overall profit before tax of £1,852,636.

The prior year’s result was adversely affected by a varying market conditions, driven by market and political uncertainty, in addition to rising industry costs on fixed contracts not in line with rising sales. While this led to an exceptional expense, the Directors responded decisively, implementing stronger project review and risk management procedures to ensure such circumstances do not adversely affect the business going forward.

The Company employed an average of 15 staff during the year (2023: 14).

 

Principal risks and uncertainties

 

The Company is subject to various risks and uncertainties typical of the construction and groundworks industry, including:

The Directors monitor these risks closely and take steps to mitigate them where possible.

ROCK CIVIL ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Key performance indicators

 

The Directors use a range of financial and non-financial KPIs to measure performance. These include:

 

Future Developments

The Directors anticipate continued demand for groundworks services in the covered regions driven by market requirements. The Company plans to:

On behalf of the board

Mr C Kane
Director
28 August 2025
ROCK CIVIL ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

Principal activities

The principal activity of the company continued to be that of site preparation.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £33,600. The directors do not recommend payment of a further 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 C Kane
Mr M J Kane
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.

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 C Kane
Director
28 August 2025
ROCK CIVIL ENGINEERING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -

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:

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.

ROCK CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ROCK CIVIL ENGINEERING LIMITED
- 5 -
Opinion

We have audited the financial statements of Rock Civil Engineering Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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:

ROCK CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ROCK CIVIL ENGINEERING LIMITED (CONTINUED)
- 6 -
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:

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.

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

- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.

- 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.

- Reviewing ledger and non-ledger transactions in order to identify any additional related party transactions or balances.

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

ROCK CIVIL ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ROCK CIVIL ENGINEERING LIMITED (CONTINUED)
- 7 -
Janet Charlton BA FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
Cabourn House
Station Street
Bingham
Nottinghamshire
NG13 8AQ
29 August 2025
ROCK CIVIL ENGINEERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
21,916,599
21,365,407
Cost of sales
(16,043,239)
(19,952,978)
Gross profit
5,873,360
1,412,429
Administrative expenses
(4,004,915)
(3,405,184)
Other operating income
96,034
-
0
Operating profit/(loss)
4
1,964,479
(1,992,755)
Interest payable and similar expenses
8
(111,843)
(119,373)
Profit/(loss) before taxation
1,852,636
(2,112,128)
Tax on profit/(loss)
9
(182,743)
321,048
Profit/(loss) for the financial year
1,669,893
(1,791,080)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ROCK CIVIL ENGINEERING LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,627,056
3,899,429
Current assets
Stocks
12
70,167
98,114
Debtors
13
8,828,176
5,091,477
Cash at bank and in hand
890,476
2,235,994
9,788,819
7,425,585
Creditors: amounts falling due within one year
14
(5,176,969)
(4,614,339)
Net current assets
4,611,850
2,811,246
Total assets less current liabilities
9,238,906
6,710,675
Creditors: amounts falling due after more than one year
15
(1,614,974)
(1,196,988)
Provisions for liabilities
Deferred tax liability
18
785,397
311,445
(785,397)
(311,445)
Net assets
6,838,535
5,202,242
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss reserves
6,837,535
5,201,242
Total equity
6,838,535
5,202,242

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 28 August 2025 and are signed on its behalf by:
Mr C Kane
Director
Company registration number 07247652 (England and Wales)
ROCK CIVIL ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 November 2023:
Balance at 1 December 2022
1,000
7,593,770
7,594,770
Prior year adjustment
-
(572,848)
(572,848)
As restated
1,000
7,020,922
7,021,922
Year ended 30 November 2023:
Loss and total comprehensive income
-
(1,791,080)
(1,791,080)
Dividends
10
-
(28,600)
(28,600)
Balance at 30 November 2023
1,000
5,201,242
5,202,242
Year ended 30 November 2024:
Profit and total comprehensive income
-
1,669,893
1,669,893
Dividends
10
-
(33,600)
(33,600)
Balance at 30 November 2024
1,000
6,837,535
6,838,535
ROCK CIVIL ENGINEERING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
966,907
933,048
Interest paid
(111,843)
(119,373)
Income taxes (paid)/refunded
(29,355)
59,645
Net cash inflow from operating activities
825,709
873,320
Investing activities
Purchase of tangible fixed assets
(178,903)
(93,025)
Proceeds from disposal of tangible fixed assets
647,119
145,024
Net cash generated from investing activities
468,216
51,999
Financing activities
Repayment of bank loans
(400,000)
(400,000)
Payment of finance leases obligations
(1,133,143)
(927,053)
Monies lent to related parties
(1,265,000)
-
Monies borrowed from related parties
192,300
-
Dividends paid
(33,600)
(28,600)
Net cash used in financing activities
(2,639,443)
(1,355,653)
Net decrease in cash and cash equivalents
(1,345,518)
(430,334)
Cash and cash equivalents at beginning of year
2,235,994
2,666,328
Cash and cash equivalents at end of year
890,476
2,235,994
ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
1
Accounting policies
Company information

Rock Civil Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cabourn House, Station Street, Bingham, Nottinghamshire, United Kingdom, NG13 8AQ.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

For long term contracts, income is recognised based on the level of practical completion attained, which is determined based on valuations performed. Contracts are broken down sufficiently to allow the directors, with reasonable certainty, to assess the level of profitability associated with them. Provision is made for losses on all long terms contracts as soon as such losses become apparent.

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 machinery
15% reducing balance
Office equipment
20% reducing balance
Motor vehicles
25% reducing balance

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.

ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.

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.

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 balance sheet 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.

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.

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.

ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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 profit and loss account 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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Leases
As lessee

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 balance sheet 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Contract work
21,916,599
21,365,407
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
312,906
426,332
Depreciation of tangible fixed assets held under finance leases
493,485
273,409
Loss on disposal of intangible assets
39,289
126,042
Operating lease charges
88,047
35,080
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,000
8,350
ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Employees
15
14

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
642,609
539,495
Social security costs
66,404
60,081
Pension costs
14,269
12,450
723,282
612,026
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
12,000
12,000
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
25,175
47,571
Other finance costs:
Interest on finance leases and hire purchase contracts
86,668
71,802
111,843
119,373
9
Taxation
2024
2023
£
£
Current tax
Benefit arising from a previously unrecognised tax loss or credit
(291,209)
(59,645)
Deferred tax
Origination and reversal of timing differences
473,952
(261,403)
Total tax charge/(credit)
182,743
(321,048)
ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Taxation
(Continued)
- 17 -

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,852,636
(2,112,128)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
463,159
(528,032)
Tax effect of expenses that are not deductible in determining taxable profit
10,793
17,492
Unutilised tax losses carried forward
-
0
306,110
Research and development tax credit
(291,209)
(59,645)
Deferred tax adjustments in respect of prior years
-
0
(56,973)
Taxation charge/(credit) for the year
182,743
(321,048)
10
Dividends
2024
2023
£
£
Final paid
33,600
28,600
11
Tangible fixed assets
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
6,713,802
122,083
734,825
7,570,710
Additions
2,099,419
5,332
115,675
2,220,426
Disposals
(1,466,241)
(50,610)
(87,442)
(1,604,293)
At 30 November 2024
7,346,980
76,805
763,058
8,186,843
Depreciation and impairment
At 1 December 2023
3,111,692
74,026
485,563
3,671,281
Depreciation charged in the year
720,291
10,204
75,896
806,391
Eliminated in respect of disposals
(809,979)
(37,939)
(69,967)
(917,885)
At 30 November 2024
3,022,004
46,291
491,492
3,559,787
Carrying amount
At 30 November 2024
4,324,976
30,514
271,566
4,627,056
At 30 November 2023
3,602,110
48,057
249,262
3,899,429
ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
11
Tangible fixed assets
(Continued)
- 18 -

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2024
2023
£
£
Plant and machinery
3,056,396
1,728,323
Motor vehicles
159,287
87,161
3,215,683
1,815,484
12
Stocks
2024
2023
£
£
Materials
70,167
98,114
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,444,156
426,041
Amounts recoverable on contracts
3,869,942
3,508,984
Corporation tax recoverable
320,564
-
0
Other debtors
2,323,710
1,101,452
Prepayments and accrued income
869,804
55,000
8,828,176
5,091,477
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
133,333
333,333
Obligations under finance leases
17
1,116,858
826,464
Trade creditors
3,471,621
2,495,787
Taxation and social security
35,140
30,008
Other creditors
235,521
20,407
Accruals and deferred income
184,496
908,340
5,176,969
4,614,339
ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
-
0
200,000
Obligations under finance leases
17
1,614,974
996,988
1,614,974
1,196,988
16
Loans and overdrafts
2024
2023
£
£
Bank loans
133,333
533,333
Payable within one year
133,333
333,333
Payable after one year
-
0
200,000

The bank loan is a facility received under the Coronavirus Business Interruption Loan Scheme (CBILS). As such, the UK government has provided the bank with a partial guarantee.

 

A debenture is held as security by Lloyds Bank PLC by way of a fixed and floating charge over current and future assets of the company.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,116,858
826,464
In two to five years
1,614,974
996,988
2,731,832
1,823,452

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. The obligations under the finance leases are secured on the assets to which they relate.

18
Deferred taxation

The following balances make up the deferred tax provision recognised by the company:

2024
2023
Balances:
£
£
Accelerated capital allowances
1,152,869
826,911
Tax losses
(225,584)
(373,578)
927,285
453,333
ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
18
Deferred taxation
(Continued)
- 20 -
Statutory database figures differ from the trial balance:
Deferred tax balances
785,397
311,445
Difference
141,888
141,888
2024
Movements in the year:
£
Liability at 1 December 2023
311,445
Charge to profit or loss
473,952
Liability at 30 November 2024
785,397

The deferred tax liability set out above is not expected to fully reverse in the next 12 months. It is anticipated that the asset on losses will reverse in full, but the liability on accelerated capital allowances is difficult to estimate. .

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
14,269
12,450

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.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
4,950,438
131,891
6,336,340
6,639,858

Other related parties are companies under common control and ownership that are transacted with.

 

 

 

 

ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
21
Related party transactions
(Continued)
- 21 -
2024
2023
Amounts due to related parties
£
£
Other related parties
1,256,937
886,636

Balances are interest free and repayable under normal invoice terms.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
1,438,159
120,774

Balances are interest free and repayable under normal invoice terms.

22
Directors' transactions

During the year, a director operated a loan account with the company. The balance payable to the company was interest free and repayable on demand.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
2024 Movements
-
105,800
(105,800)
-
2023 Movements
-
339,498
(233,698)
105,800
445,298
(339,498)
105,800
23
Ultimate controlling party

The ultimate controlling party is Ms K Kane.

ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
24
Cash generated from operations
2024
2023
£
£
Profit/(loss) after taxation
1,669,893
(1,791,080)
Adjustments for:
Taxation charged/(credited)
182,743
(321,048)
Finance costs
111,843
119,373
Loss on disposal of intangible assets
39,289
126,042
Depreciation and impairment of tangible fixed assets
806,391
699,741
Movements in working capital:
Decrease/(increase) in stocks
27,947
(98,114)
(Increase)/decrease in debtors
(2,151,135)
1,123,702
Increase in creditors
279,936
1,074,432
Cash generated from operations
966,907
933,048
25
Analysis of changes in net debt
1 December 2023
Cash flows
New leases
30 November 2024
£
£
£
£
Cash at bank and in hand
2,235,994
(1,345,518)
-
890,476
Borrowings excluding overdrafts
(533,333)
400,000
-
(133,333)
Lease liabilities
(1,823,452)
1,133,143
(2,041,523)
(2,731,832)
(120,791)
187,625
(2,041,523)
(1,974,689)
26
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Nov 2023
£
£
£
Current assets
Stocks
5,553,189
(5,455,075)
98,114
Debtors due within one year
1,455,302
3,636,175
5,091,477
Creditors due within one year
Taxation
(59,363)
29,355
(30,008)
Other creditors
(2,533,042)
(891,492)
(3,424,534)
Provisions for liabilities
Deferred tax
(515,875)
204,430
(311,445)
Net assets
7,678,849
(2,476,607)
5,202,242
Capital and reserves
Profit and loss reserves
7,677,849
(2,476,607)
5,201,242
ROCK CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
26
Prior period adjustment
(Continued)
- 23 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 November 2023
£
£
£
Turnover
22,668,432
(1,303,025)
21,365,407
Cost of sales
(19,061,486)
(891,492)
(19,952,978)
Taxation
30,290
290,758
321,048
Profit/(loss) for the financial period
112,679
(1,903,759)
(1,791,080)

Prior period adjustments have been raised for the following reasons:

 

(1) To correct the balance of the deferred tax, for which previously the movements had been incorrectly recognised within debtors. The adjustment is to transfer to the profit and loss, impacting on retained earnings.

 

(2) To adjust the corporation tax provision following these prior period adjustments, including adjustments to the net deferred tax provision following an accurate calculation.

 

(3) Balances recoverable on contract work were previously recognised within 'work in progress' as an element of stock. These have been transferred to the appropriate headings within debtors, such as amounts recoverable on contracts.

 

(4) After further scrutiny on the balances mentioned in (3) above, corrections have been made on the cut-off of these contracts, resulting in adjustments to the relevant debtor balances as well as the profit and loss.

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