The directors present the strategic report for the period ended 30 September 2025.
The group provides specialised surfacing, maintenance and civil engineering services to support the UK transport and infrastructure sectors.
The group chose to extend its accounting period to 18 months for this reporting period, with two key reasons. Firstly, as we now require an audit, to switch from our traditional firm of accountants to an audit partner, recognising that the selection process and preparation process would take time and care. Secondly, to switch our end of year ‘Christmas’ bonus scheme to a modern employee incentivisation scheme, appropriately adjacent to an accounting period that provides relevant and up to date company performance measures.
The results for the 18 month period ended 30 September 2025 show turnover of £33.5 million (year end March 2024: £16.3 million) and a profit before tax of £1.787 million (year end March 2024: £0.65 million).
Revenue and profits are in line with expectations and our growth plan, and the business remains in a very healthy position. Significant in year investment has been made on plant and equipment, and the acquisition of the entire share capital of Roadpave Recycling Limited sets the business up for continued growth. The continued profitability reflects the benefits yielded by the group's sustained investment in research, development and innovation, which places the company in a highly dynamic and flexible position to respond to the changing needs of our client base.
The focus of our services continues to be the maintenance of the transport and infrastructure network, predominantly but exclusively in the North West of the UK. We provide a full range of specialist surfacing services, and ancillary civil engineering solutions, with an early contractor involvement culture spanning expert advice and planning through to programme and project management, implementation and installation.
Our customers continue to show a high degree of confidence in our project delivery and the company continues to sustain a relatively high level of demand for our integrated surfacing, civils, planning and implementation services. We work in partnership with our clients, suppliers and employees striving to achieve mutually beneficial goals and targets and through open and constructive communication we are able to overcome the challenges faced.
Our continuing strong market position and our ongoing investment in innovation, people and systems means that we are well placed to continue supporting the requirements of our client base
The company's key performance indicators include:
Revenue of £33.5 million, (18 months to 30 September 2025); year ended 31 March 2024 £16.3 million
Profit before tax £1.787 million, (18 months to 30 September 2025), year ended 31 March 2024 £0.65 million
Health & Safety- an exemplary Accident Frequency Rate (AFR) of 0.00 (2024: 0.00) has been sustained, along with retaining our RoSPA Gold Award for Occupational Health and Safety.
The key risks affecting the business are:
Securing revenues and competition:
The retention of current customers and the ability to secure new work is a cornerstone of the success of the business. Existing and new customers have dedicated account management teams and by maintaining focus on innovation, cost control and efficiency of delivery, we offer solutions tailored to our customers' needs and enable the group to stay ahead of the competition.
Government spending:
Significant changes in the level of government spending would be likely to have an impact on the group's business. In order to mitigate this risk the group is continually looking to develop new services, new methods of delivery and maintaining its client breadth across the highways, regulated industry, and private sector construction markets.
Contract performance:
The ability to manage contract performance to ensure delivery is on time, to budget and to the required level of quality is fundamental to the success of the business. The group is selective in ensuring that it only enters into contracts where the risks involved are fully understood and can be properly managed. Actual performance is managed through a set of policies and procedures for monitoring and managing contracts.
Major safety incident:
A major safety incident is likely to have a significant impact in terms of reputation and the ability to win new business. The group has rigorous health and safety policies and procedures which are supported by regular site visits and training programmes; the robustness of policies and procedures is refreshed as part of the annual SHEQ objectives, signed off by the board, which seeks to pursue new levels of excellence. Incidents are investigated thoroughly and corrective action where necessary is implemented promptly.
Financial instruments:
The group's financial instruments primarily comprise trade debtors and trade creditors, balances with other group companies and loan instruments. The group does not trade any of these instruments and does not use enhanced financial management techniques.
Financial risk management
The group's operations expose it to a number of financial risks that include price risk, credit risk, liquidity risk and interest rate and cash flow risk. The group has in place a risk management programme that seeks to monitor and mitigate these risks. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department as required.
Price risk
The group has some exposure to commodity price risk as a result of its operations. The international price of oil impacts both our fuel and materials costs. However, given the size of the group's operations, and the absence of significant mitigation options, the costs of actively managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature: The group has no exposure to equity securities price risk as it holds no listed or other equity investments.
Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made. Systematic chasing and follow up procedures are applied to ensure overdue debt is minimised. The government backed nature of much of our client base is such that credit risk is relatively low.
Liquidity risk
The group actively manages its working capital requirements to ensure it has sufficient funds for its operations. The requirement for working capital and overdraft facilities is reviewed by the board of directors based on the group's forecast requirements.
Interest rate and cash flow risk
The group has interest bearing assets and interest bearing liabilities. Interest bearing assets consist of short term deposits and cash balances, all of which earn interest at variable rates. Interest bearing liabilities consist of bank overdraft facilities, and asset purchase credit agreements. The group has a policy of maintaining short term deposits, cash balances and overdraft facilities at a level sufficient to fund its operations. The directors will revisit the appropriateness of this policy should the group's operations or cash balances materially change in size or nature.
Employees
As a responsible employer we embrace best practices and assist our employees in their health and welfare. We are both a real living wage employer, and we insist that our employees adhere to sensible and safe working hours to maintain a healthy work life balance.
It is the policy of the group that there shall be no discrimination or less favourable treatment of employees or job applicants in respect of any ‘protected characteristic’, or in respect of socio-economic background. The group does not engage in zero hours contracts, nor in unpaid placements and internships.
Environmental
Our environmental management system (EMS) is externally certificated against the requirements of ISO14001 by our external accreditation body, and we have secured in 2025 our PAS2080 verification by demonstrating our commitment to decarbonise our operations.
Corporate social responsibility
The group takes its role, responsibilities and obligations to the community seriously and endeavours to make a meaningful contribution where possible. Over the year, the group has continued to make meaningful contributions to our communities by undertaking ‘pro bono’ work, providing opportunities for marginalized sections of the community, social value events in collaboration with our clients and supply chain partners, and making significant donations to local charities.
The group supports a ‘community fund’ supported by direct donation, additional contributions based on client spend, and the directors of the company have made a “1% Club” commitment that allocates 1% of salary to our community fund.
On behalf of the board
The directors present their annual report and financial statements for the period ended 30 September 2025.
The results for the period are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
The directors consider that the information required in respect of the company’s financial instruments, including risk management objectives and policies, is adequately disclosed within the Strategic Report.
Cooper Parry Group Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
At the time of approving the financial statements, the directors have a strong expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
During the period, the Company issued 25 A Ordinary shares of £1 each, with an aggregate nominal value of £25.
These shares were subsequently repurchased by the Company and cancelled in accordance with the Companies Act 2006. The shares were held by a director who resigned during the period. The repurchase and cancellation were undertaken in connection with their departure from the Company.
We have audited the financial statements of Multipave (NW) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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).
Basis for 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 group's and parent 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
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' report for the financial period 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.
Extent to which the audit was considered capable of detecting irregularities including fraud
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.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:
the nature of the industry and sector, control environment and business performance;
any matters we identified having obtained and reviewed the group’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, and industry specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: Sales and income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
Audit procedures performed included:
review of the financial statement disclosures to underlying supporting documentation.
review of correspondence, enquiries of management and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
challenging assumptions and judgements made by management in their significant accounting estimates
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.
discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or manipulate expenditure and management bias in accounting estimates.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
Other matters which we are required to address
In the previous accounting period the directors of the company took advantage of the audit exemption under s477 of the Companies Act, therefore the prior period financial statements, and therefore the comparative amounts, were not subject to audit.
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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,290,872 (2024 - £477,357 profit).
Multipave (NW) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 12 Centurion Court, Farington, Leyland, PR25 3UQ.
The group consists of Multipave (NW) Limited and all of its subsidiaries.
The group has extended its current reporting period to 18 months, covering the period from 1 April 2024 to 30 September 2025. The extension has been made to allow sufficient time to align the group’s reporting timetable with its strategic objectives. As a result, the comparative figures relate to the 12‑month period ended 31 March 2024 and are therefore not entirely comparable with the current period.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Multipave (NW) Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from construction contracts is recognised according to the stage reached in the contract by reference to the value of work done, and is recognised when the value can be assessed with reasonable certainty.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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 fixed 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The recognition of accrued income involves judgement in determining the value of revenue earned but not yet invoiced at the reporting date. The estimate is based on a review of invoices raised in the three‑month period after year end, with amounts relating to pre year end work identified and included as accrued income. This approach reflects the typical duration of engagements and provides the best available evidence of work completed prior to year end. However, the estimate is subject to uncertainty due to the reliance on management’s assessment of when work was performed and the timing of billing.
The valuation and recoverability of retentions arising on contracts with customers require the use of management judgement. Retentions vary across contracts, however, they are typically receivable in two stages, with 50% due after six months and the remaining 50% after twelve months from practical completion. The assessment of recoverability involves estimating the timing of certification, the customer’s ability to settle amounts due, and the likelihood of disputes arising. In line with the company’s trade debtors policy, a full bad‑debt provision is recognised against any retention balances more than three months past due.
All of the company’s revenue is generated from customers located within the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 3).
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 30 September 2025 are as follows:
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. Lease terms are 3 and 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The finance lease obligations are secured on the assets to which they relate.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability set out above is not expected to fully reverse within 12 months.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
On 31 May 2024 125 Ordinary shares of £1 each and 75 A Ordinary shares of £1 each were allotted at par value for cash consideration.
On 26 March 2025 the company bought back 25 A Ordinary shares of £1 each at par value. These shares were subsequently cancelled.
The Ordinary shares have full rights with respect to voting, dividends and distributions. There are no redemption rights associated.
The A Ordinary shares have full rights with respect to dividends and capital distributions. No voting rights other than on changes to share capital. No redemption rights.
The capital redemption reserve consists of the nominal value of shares redeemed by the company.
The profit and loss reserves represent cumulative profits or losses, net of dividends and other adjustments.
On 19 December 2024 the group acquired 100 percent of the issued capital of Roadpave Recycling Limited.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The key management personnel of the group are the directors. Directors’ remuneration is disclosed in note 6.
Group
During the period the group made sales of £724,442 (2024 - £331,626) and purchases of £6,095,391 (2024 - £3,485,755) to entities in which directors of the company are materially interested. At the year end £565,781 was due from these entities (2024 - £170,292) and £17,476 (2024 - £84,772) was due to these entities.
During the period the group wrote off £17,754 that was due from directors (2024 - £nil).
Included in debtors are directors loan accounts amounting to £3,470 (2024 - £28,653).
Included in creditors are directors loan accounts amounting to £nil (2024 - £7,673).
Company
During the period the company made sales of £829,672 (2024 - £331,626) and purchases of £6,362,563 (2024 - £3,485,755) to entities in which directors of the company are materially interested. At the year end £649,230 was due from these entities (2024 - £170,292) and £13,382 (2024 - £84,772) was due to these entities.
During the period the company wrote off £17,754 that was due from directors (2024 - £nil).
Included in debtors are directors loan accounts amounting to £3,470 (2024 - £28,653).
Included in creditors are directors loan accounts amounting to £nil (2024 - £7,673).
During the year it was identified that retentions on contracts with customers had previously been recognised on a cash basis rather than on an accruals basis. Under the correct accounting treatment, retentions should be recognised as revenue and a corresponding receivable when the performance obligations are satisfied. As a result, revenue and trade debtors for the prior period have been increased by £312,965. In accordance with the company’s trade debtor provisioning policy, a bad debt provision of £201,071 has been recognised against these retention balances. The net impact of the correction is an increase in prior‑year profit of £111,894. Comparative figures have been restated accordingly.