Company registration number 00129834 (England and Wales)
WILLIAM BIRCH & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WILLIAM BIRCH & SONS LIMITED
COMPANY INFORMATION
Directors
Mr P A Goyea
Mr S T Potter
Mrs G V Shahjahan
Mr C W Birch
Mr B Thomson
Company number
00129834
Registered office
Link Road Court
Osbaldwick
York
North Yorkshire
YO10 3JQ
Auditor
Henton & Co LLP
124 Acomb Road
York
YO24 4EY
Bankers
Barclays Bank Plc
Parliament Street
York
YO1 8XD
WILLIAM BIRCH & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

Strategy and Objectives

The directors’ objectives for the company have been and remain to:

- Devise and implement strategies which enhance the protection of, and organically grow, shareholders assets

- Maintain focus on embedding the profitability of the construction operations

- Identify potential changes in market conditions and respond with strategies which capitalise on opportunities balanced by the necessary control of financial risk

- Continue developing the skills and competencies of its employees to boost the scope and quality of the services provided by the company and to satisfy client requirements

- Align the business to support and meet the UK’s targets and ambitions concerning net-zero and our sustainability obligations for current and future generations

Operational structure

The business, headquartered in York, has historically combined several operations within one entity: construction, equipment, property development and property & farm estate management.

Within the construction operations there are sub-divisions of construction type: traditional one-off, framework, design & build, small building improvement and alteration works. The size range of construction projects within the Company’s scope is £12 million down to £100,000 and the geographical range is centred on Yorkshire, extending into neighbouring counties. Institutional customers have predominantly been in the educational, health and local authority residential sectors; with heritage, leisure and a limited exposure on commercial projects featuring among the private and charitable sectors’ workloads. The diversity in size, type and location of contracts undertaken allows the Company to maximise its usage of capacity and resources to smooth out fluctuations within differing pipelines of contract types.

A small equipment and vehicle hire operation functions as a cost neutral service for the benefit of the business’s own construction sites. Investment in the equipment and vehicle fleet is undertaken where this will improve efficiency, commercial and environmental performance.

Whilst not a significant proportion of the business’s activity, property development operations can boost turnover and have added a strong asset base, offering clients enhanced services on design and construction projects. This additional workload within our programming control also allows the directors to more effectively balance our resource availability to meet all customers’ needs. A cash balance has always been maintained by the Company to allow speedy response where clients have an immediate need for premises to enhance their operations.

Market trends

The year commenced with consistent commentary on UK construction challenges; where key sectors which had been driving growth – housebuilding and infrastructure – were struggling and that the result across the Industry was a ‘mild’ downturn in activity. This sentiment continued in Q2 and was only lifted when the UK political picture, following the election, became clearer and responded to the initial announcements for infrastructure expenditure and planning reform. By Q3 forecasts were more buoyant with growth for 2024 pegged at around 3% and succeeding years 2025-26 a very respectable 7% & 6% respectively.

The growth forecasts toward the year-end seemed to rely on housebuilding and infrastructure taking-off; but not account for the potential for constraining factors such as workforce skills and resources. The need for significant numbers of new workers (alongside an ageing workforce); coupled with continued policies to reduce immigration and visas for migrant workers; raised credible concerns of a serious ‘bottle-neck’, in the Industry, to sustained growth.

WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Market trends continued

By the year-end; commercial development had also enjoyed a pick-up in activity and alongside the 2 other driving sectors forecast a 2025 which had positive expectations for UK construction growth.

Our opportunities to successfully bid for work had an equally fluctuating ride through the year. Excellent performances of securing work were achieved in Q1 which was then followed by a lengthy fallow period before returning to more normal activity. It was also the case that short term opportunities were regularly and extensively pushed-back in the year by our customers; again disrupting our resource management but conversely lengthening our pipeline of potential work.

Principal risks and uncertainties

The company enjoyed a picture of rising cash surplus throughout the year. From our previous experience and learning; this was largely attributable to improved risk identification and management. We were able to deliver projects consistently on programme and in line with customers’ expectations. Employing a diverse range of our supply chain and in-house trades to deliver our construction service across the region. Our early agreement with customers on how to apportion contract risk between the various parties has also enabled us to focus fully on the successful delivery of a project and not divert resources to mitigate potential adverse outcomes.

The inconsistency, in our customers’ scheduling of bringing their schemes to the market, certainly disrupted our ability to forward plan resources for the year. Our strict application, of using metrics to assess potential bids, clearly challenged some of our business functions, in the middle of the year, to consistently secure attractive work; this being work which firmly represented the risk profile we had set within our strategy.

The progression of the year, from Q1 – 4, produced a cycle of improved, deteriorating and then improved bidding success; with construction market uncertainties mirroring that same cycle but leading it by 1-2 quarters.

The fluctuating and uncertain market, as would be expected, impacted on already underperforming businesses; with the Industry suffering an increase in failures. For the first time in a few years this impacted, marginally, on a single project; though the consequence was fully-contained.

Overall; and throughout the year, our management accounts reported a consistent message of solid delivery of projects to our customers. Customers whom in return promptly paid the business and likewise allowed our reliable supply chain to continue to provide a quality service secure in the knowledge that applications have been validated by all parties.

Development and performance

A further increase in turnover in 2024 was good news but more importantly, a significant strengthening of construction margins has demonstrated a strong management performance.

While the enquiry pipeline has been boosted, tendering has faced greatly increased competition, reducing contract awards and consequent future turnover.

Employee numbers have remained constant, helping to strengthen the consistency in business performance. There remains stiff competition for staff of all grades against a weak supply of quality candidates. The business is working hard through various initiatives to both attract and retain good employees.

The Company’s industrial property remained well occupied through the last year; however, the commercial premises remained in low demand.

WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Key performance indicators

- Turnover increased by 12% on the previous year with a similar increase in profitability; consolidating on 2023’s excellent performance.

- The pre-construction team successfully strengthened the opportunity pipeline, increasing its value from an average of £50 million at the beginning of the financial year to £70 million by year-end.

- Production teams have continued to improve project delivery via detailed programming, proactive resource planning/allocation, quality control & H&S management.

- The commercial team continue to effectively and proactively manage risk, preventing disadvantageous commercial situations to arise and ongoing avoidance of loss-making contracts.

- Our evolving risk management, now well in-bedded in the business, has borne fruit from the initial diligent selection of opportunities all the way to agreeable commercial settlements and satisfactory inspection of a customer’s building once it has passed it’s early settling-in period

- Industrial property vacancies have been kept low with new and reviewed leases seeing uplift in rental levels.

- The business’s assets have increased by 9.1% as a result of the excellent commercial performance of the construction operations.

- The Company has now implemented a Carbon Reduction Plan; the 2023-2024 year has seen a 16% reduction in CO2 emissions in relation to the previous baseline year.

Financial performance Indicators for the Company are:

| 2024 | 2023
Turnover | £24.1m | £21.5m
Profit before tax | £1.2m | £1.2m
Net assets at year end | £10m | £9.2m

Other information and explanations

We continue to maintain our PR, social media and communications profile to engage proactively with customers and our local community alike. The company’s projects are regularly gaining industry awards; further enhancing the business’s reputation.

The Employment Engagement process has helped with employee relationships; constant focus on supporting employees continues through the distribution of the monthly Business Updates and a further strengthening of the mental first-aider cohort.

This excellent year of performance of the business was capped off by the achievement of its 150 th year of operation, demonstrating a resilience and sustainability not frequently evident in the construction industry. This was celebrated by 200 past and present employees and family in glorious sunshine at the Yorkshire Air Museum.

William Birch & Sons Ltd continues to be accredited for its Environmental Management Systems under BS EN ISO 14,001:2015 and for its Quality Assurance under BS EN ISO 9001:2015.

William Birch & Sons Ltd’s safety procedures continue to be accredited annually under the industry recognised CHAS safety assessment scheme.

WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

On behalf of the board

Mr C W Birch
Director
25 July 2025
WILLIAM BIRCH & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the Company continued to be that of construction.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £350,000 in respect of 2023. The directors do not recommend payment of a dividend in respect of 2024.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P A Goyea
Mr S T Potter
Mrs G V Shahjahan
Mr C W Birch
Mr B Thomson

In accordance with the company's Articles of Association the Directors are not required to retire by rotation.

Auditor

In accordance with the company's articles, a resolution proposing that Henton & Co LLP be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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 W Birch
Director
25 July 2025
WILLIAM BIRCH & SONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WILLIAM BIRCH & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIAM BIRCH & SONS LIMITED
- 7 -
Opinion

We have audited the financial statements of William Birch & Sons Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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'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:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WILLIAM BIRCH & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIAM BIRCH & SONS LIMITED (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff to identify any instances of non-compliance with 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.

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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Brett Davis (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
124 Acomb Road
York
YO24 4EY
25 July 2025
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
£
£
Revenue
3
24,138,333
21,531,911
Raw materials and consumables
(621,695)
(965,727)
Other external charges
(18,913,299)
(16,465,906)
(19,534,994)
(17,431,633)
4,603,339
4,100,278
Staff costs
(2,757,434)
(2,492,291)
Depreciation and amortisation
(104,419)
(91,934)
Other operating charges
(570,853)
(579,050)
Other operating income
-
-
(3,432,706)
(3,083,627)
Operating profit
4
1,170,633
1,016,651
Investment income
8
226,503
89,402
Other gains and losses
9
99,000
100,000
Profit before taxation
1,496,136
1,206,053
Taxation
10
(307,512)
(108,933)
Profit for the financial year
20
1,188,624
1,097,120
Total comprehensive income for the year
1,188,624
1,097,120

The income statement has been prepared on the basis that all operations are continuing operations.

WILLIAM BIRCH & SONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
1,483,727
1,532,180
Investment property
13
5,010,000
4,918,000
6,493,727
6,450,180
Current assets
Inventories
14
489,615
1,928,110
Trade and other receivables
15
1,913,750
1,821,312
Cash and cash equivalents
6,324,052
3,726,464
8,727,417
7,475,886
Current liabilities
16
(4,904,598)
(4,589,835)
Net current assets
3,822,819
2,886,051
Total assets less current liabilities
10,316,546
9,336,231
Provisions for liabilities
Deferred tax liability
17
250,624
108,933
(250,624)
(108,933)
Net assets
10,065,922
9,227,298
Equity
Called up share capital
19
50,000
50,000
Retained earnings
20
10,015,922
9,177,298
Total equity
10,065,922
9,227,298

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 25 July 2025 and are signed on its behalf by:
Mr C W Birch
Director
Company registration number 00129834 (England and Wales)
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
50,000
8,080,178
8,130,178
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,097,120
1,097,120
Balance at 31 December 2023
50,000
9,177,298
9,227,298
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,188,624
1,188,624
Dividends
11
-
(350,000)
(350,000)
Balance at 31 December 2024
50,000
10,015,922
10,065,922
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,753,743
990,666
Investing activities
Purchase of property, plant and equipment
(53,853)
(158,551)
Proceeds from disposal of property, plant and equipment
14,195
15,950
Proceeds from disposal of investment property
7,000
1,604,648
Interest received
226,503
89,402
Net cash generated from investing activities
193,845
1,551,449
Financing activities
Dividends paid
(350,000)
-
0
Net cash used in financing activities
(350,000)
-
Net increase in cash and cash equivalents
2,597,588
2,542,115
Cash and cash equivalents at beginning of year
3,726,464
1,184,349
Cash and cash equivalents at end of year
6,324,052
3,726,464
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

William Birch & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Link Road Court, Osbaldwick, York, North Yorkshire, YO10 3JQ.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

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.

Revenue from construction contracts is recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt considered probable.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

Income from investment properties is recognised in the period in which the rents are due.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Freehold land and buildings
by equal annual installments (typically over 50 years). No depreciation is provided on freehold land except where the land is included with other depreciable property and the cost of land is not identifiable
Leasehold land and buildings
by equal annual installments over the life of the lease or typically 50 years if less.
Plant and machinery
principally 3-10 years.
Fixtures, fittings & equipment
principally 3-10 years.
Motor vehicles
principally 5-10 years.

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.

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of non-current 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Inventories

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.9
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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 trade and other payables, 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 paymen ts 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit..

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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
Revenue

An analysis of the company's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Construction
23,787,848
21,082,820
2024
2023
£
£
Other revenue
Interest income
226,503
89,402
Rental income arising from investment properties
262,135
333,091
Management charges
88,350
116,000
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned property, plant and equipment
104,419
91,934
Profit on disposal of property, plant and equipment
(16,308)
(12,950)
Profit on disposal of investment property
-
0
(79,648)
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
12,600
12,000
6
Employees

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

2024
2023
Number
Number
Site based staff
24
24
Managerial, technical and administration staff
28
26
Total
52
50

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,277,222
2,059,041
Social security costs
337,306
300,835
Pension costs
127,306
118,202
2,741,834
2,478,078
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
564,374
522,404
Company pension contributions to defined contribution schemes
26,669
25,187
591,043
547,591
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 19 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
140,994
130,775
Company pension contributions to defined contribution schemes
7,780
7,111
8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
226,503
89,402
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
226,503
89,402
9
Other gains and losses
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
99,000
100,000
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
114,956
-
0
Adjustments in respect of prior periods
50,866
-
0
Total current tax
165,822
-
0
Deferred tax
Origination and reversal of timing differences
141,690
108,933
Total tax charge
307,512
108,933

The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023.

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 20 -

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

2024
2023
£
£
Profit before taxation
1,496,136
1,206,053
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
374,034
229,150
Tax effect of expenses that are not deductible in determining taxable profit
-
0
67
Gains not taxable
(4,077)
(17,593)
Tax effect of utilisation of tax losses not previously recognised
(202,551)
(192,054)
Adjustments in respect of prior years
50,866
-
0
Group relief
(39,212)
-
0
Capital allowances
(14,593)
(18,037)
Depreciation
26,105
17,467
Adjustment in respect of investment property fair value decrease
(24,750)
(19,000)
Deferred tax
141,690
108,933
Taxation charge for the year
307,512
108,933
11
Dividends
2024
2023
£
£
Final paid
350,000
-
0

Ordinary dividends were paid amounting to £350,000 in respect of 2023. The directors do not recommend payment of a dividend in respect of 2024.

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
12
Property, plant and equipment
Freehold land and buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,865,489
223,117
128,073
639,185
635,859
3,491,723
Additions
-
0
-
0
3,090
12,123
38,640
53,853
Disposals
-
0
-
0
-
0
-
0
(34,379)
(34,379)
At 31 December 2024
1,865,489
223,117
131,163
651,308
640,120
3,511,197
Depreciation and impairment
At 1 January 2024
700,085
118,995
115,310
504,477
520,676
1,959,543
Depreciation charged in the year
31,560
6,262
4,338
23,008
39,251
104,419
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(36,492)
(36,492)
At 31 December 2024
731,645
125,257
119,648
527,485
523,435
2,027,470
Carrying amount
At 31 December 2024
1,133,844
97,860
11,515
123,823
116,685
1,483,727
At 31 December 2023
1,165,404
104,122
12,763
134,708
115,183
1,532,180
13
Investment property
2024
£
Fair value
At 1 January 2024
4,918,000
Disposals
(7,000)
Net gains or losses through fair value adjustments
99,000
At 31 December 2024
5,010,000

Investment properties comprises a varied portfolio of land and properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 December 2024 by the Directors of the Company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Investment property
(Continued)
- 22 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
4,213,324
4,213,324
Accumulated depreciation
(724,914)
(668,543)
Carrying amount
3,488,410
3,544,781
14
Inventories
2024
2023
£
£
Raw materials and consumables
5,900
7,660
Work in progress
15,358,669
20,144,655
Payments received on account
(14,874,954)
(18,224,205)
489,615
1,928,110
15
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
342,063
396,978
Gross amounts owed by contract customers
1,323,420
955,794
Corporation tax recoverable
-
0
50,866
Amounts owed by group undertakings
155,686
329,288
Other receivables
6,738
5,000
Prepayments and accrued income
85,843
83,386
1,913,750
1,821,312
16
Current liabilities
2024
2023
£
£
Trade payables
3,781,954
3,728,857
Corporation tax
114,956
-
0
Other taxation and social security
741,870
631,026
Other payables
4,879
1,088
Accruals and deferred income
260,939
228,864
4,904,598
4,589,835
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
49,705
47,684
Tax losses
-
(114,920)
Investment property
200,919
176,169
250,624
108,933
2024
Movements in the year:
£
Liability at 1 January 2024
108,933
Charge to profit or loss
141,691
Liability at 31 December 2024
250,624

The reversal of deferred tax in the year commencing 1 January 2025 is not expected to be material.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
127,306
118,202

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50,000
50,000
50,000
50,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
20
Retained earnings
2024
2023
£
£
At the beginning of the year
9,177,298
8,080,178
Profit for the year
1,188,624
1,097,120
Dividends declared and paid in the year
(350,000)
-
At the end of the year
10,015,922
9,177,298

This reserve records retained earnings and accumulated losses.

Included within retained earnings are non-distributable profits, as set out below:

2024
2023
£
£
Non-distributable profits included above
At the beginning of the year
528,507
698,676
Non distributable profits in the year
74,250
(170,169)
At the end of the year
602,757
528,507
Distributable profits
9,413,165
8,648,791
21
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
38,716
39,962
Between two and five years
62,640
101,357
101,356
141,319
Lessor

The operating leases represent property leases to third parties. The leases are negotiated over terms of 3 to 10 years. The lessee does not have an option to purchase the property at the expiry of the lease period.

WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Operating lease commitments
(Continued)
- 25 -

At the reporting end date the company had contracted with tenants for the following minimum annual lease payments:

2024
2023
£
£
Within one year
285,684
270,466
Between two and five years
751,894
707,070
In over five years
37,211
134,808
1,074,789
1,112,344
22
Ultimate controlling party

The parent company of this undertaking is William Birch Holdings Limited, a company registered in England and Wales. William Birch Holdings Limited is both the largest and smallest group for which group accounts are drawn up and of which the company is a member. The registered office of William Birch Holdings Limited is 1 Link Road Court, Osbaldwick, York, YO10 3JQ.

23
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,188,624
1,097,120
Adjustments for:
Taxation charged
307,512
108,933
Investment income
(226,503)
(89,402)
Gain on disposal of property, plant and equipment
(16,308)
(12,950)
Gain on disposal of investment property
-
0
(79,648)
Depreciation and impairment of property, plant and equipment
104,419
91,934
Other gains and losses
(99,000)
(100,000)
Movements in working capital:
Decrease/(increase) in inventories
1,438,496
(504,530)
(Increase)/decrease in trade and other receivables
(143,304)
470,820
Increase in trade and other payables
199,807
8,389
Cash generated from operations
2,753,743
990,666
24
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,726,464
2,597,588
6,324,052
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