Registration number:
Black & Veatch International Ltd
for the Year Ended 31 December 2024
Black & Veatch International Ltd
Contents
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Company Information |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
Black & Veatch International Ltd
Company Information
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Director |
Y Merjaneh |
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Company secretary |
G J Wilson |
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Registered office |
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Independent auditor |
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Black & Veatch International Ltd
Director's Report for the Year Ended 31 December 2024
The Director presents his report and the financial statements financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company is providing overseas engineering services.
Directors of the company
The directors who held office during the year and up to the date of approval of this report were as follows:
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements
Events after the financial period
There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.
Directors indemnities
All directors benefited from qualifying third party indemnity provisions in place during the financial year and at the date of approval of this report.
Disclosure of information to the auditors
The director has taken steps that ought to have taken as a director in order to make aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that of and of which the auditors are unaware.
Reappointment of auditors
The auditors, Shaw Gibbs (Audit) Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Small companies provision statement
The director has taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the director's report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved and authorised by the
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Black & Veatch International Ltd
Statement of Director's Responsibilities
The Director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless 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 director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 to ensure that the financial statements comply with the Companies Act 2006. 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.
Black & Veatch International Ltd
Independent Auditor's Report to the Member of
Black & Veatch International Ltd
Opinion
We have audited the financial statements of Black & Veatch International Ltd (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 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 auditor 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 director's 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 original financial statements were 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Black & Veatch International Ltd
Independent Auditor's Report to the Member of
Black & Veatch International Ltd (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Director's Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
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; or |
• | the directors were not entitled to take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 3], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
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Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements; |
Black & Veatch International Ltd
Independent Auditor's Report to the Member of
Black & Veatch International Ltd (continued)
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we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the laws and regulations applicable to the company through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the company and the industry; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material amounts and disclosures the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislations. We also considered and identified laws and regulations that do not have a direct affect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty, including the Bribery Act, Data Protection Act 2018, Employment Law and Health & Safety Legislations. |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
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agreeing financial statement to disclosures underlying supporting documentation; |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations. |
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Black & Veatch International Ltd
Independent Auditor's Report to the Member of
Black & Veatch International Ltd (continued)
Use of our report
This report is made solely to the company’s member, 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 member those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Salatin House
19 Cedar Road
Surrey
SM2 5DA
Black & Veatch International Ltd
Statement of Income and Retained Earnings
for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Revenue |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income/(expenses) |
( |
( |
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Operating loss |
( |
( |
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Interest payable and similar charges |
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Profit before tax |
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Taxation |
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Profit for the financial year |
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Retained earnings brought forward |
2,779,538 |
2,649,407 |
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Retained earnings carried forward |
2,968,796 |
2,779,538 |
Black & Veatch International Ltd
(Registration number: 02153633)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Non-current assets |
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Investments |
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Current assets |
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Receivables |
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Payables: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholder funds |
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The financial statements of Black & Veatch International Ltd were approved and authorised for issue by the
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Director
Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024
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General information |
Black & Veatch International Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
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Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Black & Veatch UK Limited, a company registered in the United Kingdom. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.
Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Critical judgements and key sources of estimation uncertainties
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements are set out below:
Contract outcome estimation
Contract outcomes are based on actual costs incurred to date and forecast costs to complete. These costs are based on the directors’ best estimate of the results of these contracts.
There remains a range of possible outcomes of the eventual contract outcome. The final contract outcome may be materially different and are dependent on future events which include but are not limited to the ability of the company to mitigate known and potential future risk, learning efficiencies achieved and the outcome of any future commercial negotiation in relation to the scope of work provided to the customers concerned as part of a contract variation.
However, based on current plans and available information (after considering valuations by internally qualified engineers and surveyors) the directors of the company believe that the contract outcomes booked in these financial statements represent an appropriate best estimate of the likely outcome (including any losses).
Determining whether intangible assets are impaired requires an estimation of their value in use to the company. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate present value.
Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:
Rendering of services
Revenue from services rendered is recognised by reference to the stage of completion of the transaction. Revenue from services provided on a short-term or one-off basis is recognised when the service is complete. The provision of services over a long-term period are treated as construction contracts, and the revenue recognised as set out below.
Construction contracts
Revenue and profit attributable from construction contracts, including long-term service provision contracts, is recognised by reference to the stage of completion of the contract. An expected loss on a contract is recognised immediately in the income statement.
Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Forecast Contract Revenues
Forecast contract revenue is recognised on additional work undertaken which is requested by the customer to represent a variation to the original base contract. No revenue is included within the forecast unless it is contractually due or virtually certain of being received.
Cost to complete
The forecast costs to complete on long term contracts are subject to a range of possible outcomes dependent on factors such as:
- The cost, quantity required and usage of raw materials;
- The number and cost of man-hours;
- The likelihood of contractual risks being incurred and if incurred, being successfully mitigated.
Overall contract review process
The directors participate and challenge management on their cost assessments as part of monthly contract reviews. The estimated costs to complete at a point in time represent the directors’ best estimate of the likely contract outcome given the facts and circumstances that are known at the time the estimate is undertaken.
Foreign currency transactions and balances
Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference. Deferred tax assets and liabilities are offset only if: a) the company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.
Employee benefits
The company operates a defined contribution pension scheme which is registered under the name of the parent entity, Black & Veatch (UK) Limited. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.
Long term contracts
Long-term contracts are included in the profit and loss account by recording revenue and related costs as contract activity progresses. Profit attributable to revenue to date is included where the outcome of the contract can be foreseen with reasonable certainty. Full provision is made for losses on unprofitable contracts.
The amount by which revenue is in excess of payments on account is separately disclosed within receivables as amounts recoverable on contracts. Payments on account received in excess of costs less foreseeable losses are disclosed in payables.
Investments
Subsidiaries
Investment in subsidiaries are recorded at historical cost and an annual impairment review is carried out by the Directors to ensure the carrying value is appropriate.
Joint ventures
The company accounts for joint ventures using the equity method. Under the equity method of accounting, an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor’s share of the profit or loss, other comprehensive income and equity of the associate.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank.
Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
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Revenue |
The analysis of the company's Revenue for the year from continuing operations is as follows:
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2024 |
2023 |
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Rendering of services |
- |
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Rendering of services |
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- |
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Staff costs |
The aggregate payroll costs were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of employees during the year, was as follows:
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2024 |
2023 |
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Total |
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Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Director's remuneration |
The directors did not receive any remuneration for services to the company during the year or preceding year. They are remunerated by other group companies.
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Auditors' remuneration |
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2024 |
2023 |
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Audit of the financial statements |
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Other fees to auditors |
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All other non-audit services |
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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UK corporation tax |
( |
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2024 |
2023 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax decrease from effect of unrelieved tax losses carried forward |
( |
( |
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Total tax credit |
( |
( |
The company has unrelieved tax losses of approximately £495,922 (2023: £552,311) carried forward at 31 December 2024. These unrelieved tax losses are available for utilisation against future trading profits.
Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Fixed asset investments |
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Shares in group undertakings |
Interest in joint venture |
Totals |
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Cost |
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At 1 January 2024 |
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Share of profit/(loss) |
- |
( |
(114,010) |
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At 31 December 2024 |
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- |
241,366 |
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Carrying amount |
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At 31 December 2024 |
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- |
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At 31 December 2023 |
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114,010 |
355,376 |
The company's investments in the share capital of companies as at the balance sheet date include the following:
Subsidiaries - shares in group undertakings
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Black & Veatch Mongolia LLC |
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Registered office: Mongolia |
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Nature of business: Management Consultancy |
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% |
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Class of shares: |
Holding |
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Ordinary |
100 |
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2024 |
2023 |
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£ |
£ |
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Aggregate capital and reserves |
10,993 |
23,001 |
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Loss for the year |
(8,548) |
(12,075) |
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Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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8 |
Fixed asset investments (continued) |
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Black & Veatch Partner Consulting Engineers |
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Registered office: Kingdom of Saudi Arabia |
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Nature of business: Consulting Engineers |
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% |
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Class of shares: |
Holding |
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Ordinary |
75 |
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2024 |
2023 |
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£ |
£ |
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Aggregate capital and reserves |
26,278 |
9,664 |
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Gain/(loss) for the year |
280,255 |
(289) |
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Receivables |
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2024 |
2023 |
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Amounts recoverable on contracts |
- |
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Amounts owed by group undertakings |
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Other receivables |
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Corporation tax asset |
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The amount receivable from group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.
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Payables |
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Note |
2024 |
2023 |
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Due within one year |
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Payments on account |
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Trade payables |
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- |
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Amounts due to group undertakings |
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Income tax liability |
- |
158,199 |
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Other payables |
- |
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Accruals |
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The amount owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.
Black & Veatch International Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Share capital and reserves |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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5,000,002 |
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5,000,002 |
The company has one class of share which carries no right to fixed income.
Reserves
Retained earnings represents cumulative profit or losses net of dividends paid and other adjustments.
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Pension scheme |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is Black & Veatch (UK) Limited.
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Events after the financial period |
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