Year Ended
Registration number:
Walton Civil Engineering and Surfacing Contractors Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Walton Civil Engineering and Surfacing Contractors Limited
Company Information
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Directors |
T M Payne A J Britten C R Lovell |
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Company secretary |
M Johnson |
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Registered office |
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Auditors |
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Walton Civil Engineering and Surfacing Contractors Limited
Strategic Report for the Year Ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026.
Principal activity
The principal activity of the company is that of utility backfill, reinstatement and surfacing works associated with utility infrastructure projects.
Review of the business
The financial year ended 2025/2026 has been another strong year for the Company, with continued growth supported by a stable customer base and long-term contracts.
Turnover increased by approximately 9% compared with the previous year. However, after allowing for inflation, underlying growth is estimated to have been approximately 6%. Profit margins remained broadly consistent throughout the year, reflecting effective operational management despite continued cost pressures.
The majority of revenue continued to be generated from long-term, high-volume reinstatement contracts, complemented by a balanced mix of repair and maintenance fault work, principally within the gas and electricity sectors. During the second half of the financial year, the Company successfully secured additional reinstatement works for a major water utility following a successful tender, providing further growth opportunities and strengthening the order book.
The Company's customer portfolio remains well diversified, with approximately 25% of turnover generated from a wide range of clients. This diversity has enhanced operational efficiency across the Company's geographical working area while reducing reliance on any single customer.
The Company had zero bad debts indicating that our credit management, client vetting, and collection processes are working well. The Company continued to invest in the business through the purchase of new vehicles, improvements to depot facilities and organisational restructuring to support future operational requirements and sustainable growth.
Regular quarterly repayments of the deferred consideration payable to the former shareholders continued in accordance with the agreed schedule, with the outstanding balance expected to be fully settled by April 2028.
There were no changes to the Company's Board of Directors or Board of Trustees during the financial year.
Although the Company experienced temporary increases in the cost of key materials, particularly bitumen and fuel, arising from global oil price volatility and geopolitical tensions in the Middle East, these pressures were effectively managed through operational efficiencies and commercial controls. As a result, the overall financial performance of the business remained strong.
Overall, the Company has delivered another successful year, characterised by sustainable growth, consistent profitability, continued investment in its assets and workforce, and a resilient, well-balanced business model that provides a solid platform for future performance.
Walton Civil Engineering and Surfacing Contractors Limited
Strategic Report for the Year Ended 31 March 2026
The company's key financial performance indicators during the year were as follows:
|
Unit |
2026 |
2025 |
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|
Turnover |
£'000 |
17,233 |
15,546 |
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Gross profit |
£'000 |
5,631 |
4,986 |
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Gross profit margin |
% |
33 |
32 |
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Operating profit |
£'000 |
1,160 |
1,693 |
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Net assets |
£'000 |
1,992 |
1,735 |
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Cash generated from operations |
£'000 |
1,301 |
1,894 |
As described below, the future development of the company is subject to a number of principal business risks. Notwithstanding those risks, the directors are satisfied that the financial year to March 2027 will continue to be a successful period for the company.
Principal risks and uncertainties
At present we see no significant risk to the business due to our client mix, profitability, renewed staffing structure, overhead control and long term contract sustainability. We only see the potential of major political and economic instability at a global level to be our major risk into the year ended 2026.
Approved and authorised by the
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Walton Civil Engineering and Surfacing Contractors Limited
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company’s principal financial instruments comprise bank balances (including cash and bank loans), trade debtors and creditors, and hire purchase / finance lease obligations. The company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The company’s approach to dealing with these risks is shown below.
Credit risk, liquidity risk and cash flow risk
Credit risk
The company’s credit risk is primarily attributable to its trade debtors. Trade debtors are recognised and carried at the lower of their original invoiced value and their recoverable amount. To manage this risk, the company performs credit checks on new customers, puts credit limits in place and actively manages its customer ledger and has credit insurance in place.
Liquidity risk
In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the company has an invoice financing facility for certain customers, as well as external bank borrowings and finance lease obligations. The company actively manages its total net debt from such obligations against its current assets and future projections.
Cash flow risk
In the current financial year the net cash position has increased from £1.37m at 1 April 2025 to £1.68m as at 31 March 2026.
Future developments
The company has an ongoing commitment to development of staff through the continued reviewing of the staffing structure with internal promotions and ongoing training. Profitability has continued to remain at the same level into the 2026 year end as the directors continue to maintain a mix of clients as well as control overheads.
Walton Civil Engineering and Surfacing Contractors Limited
Directors' Report for the Year Ended 31 March 2026
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Walton Civil Engineering and Surfacing Contractors Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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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 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.
Walton Civil Engineering and Surfacing Contractors Limited
Independent Auditor's Report to the Members of Walton Civil Engineering and Surfacing Contractors Limited
Opinion
We have audited the financial statements of Walton Civil Engineering and Surfacing Contractors Limited (the 'company') for the year ended 31 March 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 March 2026 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 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 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 directors are responsible for the 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.
Walton Civil Engineering and Surfacing Contractors Limited
Independent Auditor's Report to the Members of Walton Civil Engineering and Surfacing Contractors Limited
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have 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 Strategic Report and the Directors' 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 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:
Walton Civil Engineering and Surfacing Contractors Limited
Independent Auditor's Report to the Members of Walton Civil Engineering and Surfacing Contractors Limited
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and regulations applicable to the company, reviewed certification identified on the company website and other communications and considered findings from previous audits.
The key laws and regulations we identified were The New Roads and Street Works Act, General Data Protection Regulations (GDPR), Health and Safety Regulations and Employment Law.
We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies House Act 2006 and Corporation Taxes Acts 2009 and 2010.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place.
We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations are deal with reporting any issues if they arise.
As part of our planning procedures, we assessed the risk of any non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements;
• Reviewed legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance;
• Enquiries of management regarding their knowledge of any breaches of health and safety regulations, and review of Board meeting minutes for relevant matters identified; and
• Review of ICO website for any notifications.
As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions or fraud, of which management confirmed there had been none during or after the period.
We also evaluated the risk of fraud through management override including that arising from management's incentives. The key risks we identified were incentives relating to management bonuses and inflation of results reported to the principle supplier, and we determined that the principal risks were related to the overstatement of profit, either through overstating revenue or management bias in accounting estimates.
In response to the identified risk, as part of our audit work we:
• Used data analytics to test journal entries throughout the year, for appropriateness;
• Reviewed estimates and judgements made in the financial statements for any indication of bias and challenged assumptions used by management in making the estimates; and
• Undertook specific cut-off procedures in respect of revenue recognition.
Walton Civil Engineering and Surfacing Contractors Limited
Independent Auditor's Report to the Members of Walton Civil Engineering and Surfacing Contractors Limited
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
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.
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.
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Third Floor
90 Victoria Street
BS1 6DP
Walton Civil Engineering and Surfacing Contractors Limited
Profit and Loss Account
Year Ended 31 March 2026
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Note |
2026 |
2025 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Administrative expenses |
( |
( |
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Other operating income |
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|
|
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Operating profit |
1,160,086 |
1,693,161 |
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Other interest receivable and similar income |
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|
|
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Interest payable and similar expenses |
( |
( |
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|
(31,475) |
(36,334) |
||
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Profit before tax |
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|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Walton Civil Engineering and Surfacing Contractors Limited
Balance Sheet
31 March 2026
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Note |
2026 |
2025 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
100,029 |
100,029 |
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Share premium reserve |
9,914 |
9,914 |
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Capital redemption reserve |
356 |
356 |
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Profit and loss account |
1,881,746 |
1,624,891 |
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Shareholders' funds |
1,992,045 |
1,735,190 |
Approved and authorised by the
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Company Registration Number: 03457890
Walton Civil Engineering and Surfacing Contractors Limited
Statement of Changes in Equity
Year Ended 31 March 2026
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Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 April 2025 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
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At 31 March 2026 |
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Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 April 2024 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
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At 31 March 2025 |
100,029 |
9,914 |
356 |
1,624,891 |
1,735,190 |
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principal place of activity is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The functional currency of the company is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates, and the financial statements are presented to the nearest round pound.
Summary of disclosure exemptions
The company has taken advantage of disclosure exemptions available in FRS 102 in respect of key management personnel compensation, financial instruments and the presentation of a cashflow statement.
Going concern
The company has made a profit for the year of £1,279,895 and reported net current assets of £1,967,326 at the balance sheet date which includes a cash balance of £1,680,612. The company is highly profitable, but the nature of the business and sector makes reliable forecasting difficult. The company benefits from long-standing relationships with its key suppliers and customers.
On the basis of their assessment of the company’s financial position and resources, including the performance of the company since 31 March 2026, and having considered the impact of the wider economy and conditions in the sector the business operates, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors are satisfied that it remains appropriate for the company to adopt the going concern basis of accounting in preparing these financial statements.
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
Changes in accounting policy
Changes to FRS 102 in future periods
The Financial Reporting Council has published changes to FRS 102 which will take effect in next year's financial statements. The main rule changes are to revenue and leases.
There is no requirement to restate figures from previous years, so we do not expect any changes to the figures we report here for the year to March 2026 or any earlier periods.
The main impact on figures for the year to March 2027 is that our main lease, in particular for the head office we rent, will be brought onto the balance sheet - increasing both Tangible Fixed assets and Lease Liabilities for 1 April 2026 onward. Payments on these leases after 1 April 2026 will be classified as depreciation or interest payable.
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgement that has a significant impact on the financial statements is in respect of going concern, as described above.
The key estimates that have a significant effect on the amounts recognised in the financial statements are in respect of accrued income and the carrying value of tangible fixed assets, trade debtor valuation and fiscal liabilities.
Accrued income is recognised with reference to the stage of completion of the job, which requires estimation as to the value of the work performed which has not yet been invoiced. The carrying amount is £361,803 (2025 - £195,742).
Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred. The carrying amount is £1,000,524 (2025 - £1,308,512).
Trade debtors are recognised and carried at the lower of their original invoiced value and their recoverable amount. The company actively manages its customer ledger and has credit insurance in place for the majority of their customers. The carrying amount is £3,167,252 (2025 - £2,686,079).
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Revenue in respect of civil engineering services supplied is recognised with reference to the stage of completion of the contract. Stage of completion is measured with reference to the value of the work performed.
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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and assets under constructions, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
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Plant and machinery |
25% reducing balance |
|
Fixtures and fittings |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
Stocks
Stock is measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
Leases
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. The treatment of finance leases is as set out in the accounting policy for financial instruments detailed below.
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for eligible staff. Contributions are charged to the profit and loss account when they become payable in accordance with the rules of the scheme.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Hire purchase and finance lease obligations; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for hire purchase and finance lease obligations, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Assets held under hire purchases and finance lease are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. The asset is subsequently measured as discussed in the tangible fixed asset accounting policy above. Finance lease obligations are subsequently measured at amortised cost using the effective interest method.
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
|
Turnover |
The company's turnover arises solely in the UK and related to the company's principal activity.
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2026 |
2025 |
|
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Rental income |
|
|
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Operating profit |
Arrived at after charging/(crediting)
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2026 |
2025 |
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Depreciation - owned assets |
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Depreciation of plant and machinery (finance leases) |
|
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(Profit)/loss on disposal of property, plant and equipment |
( |
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2026 |
2025 |
|
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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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|
|
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Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2026 |
2025 |
|
|
Operations |
|
|
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Administration and support |
|
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|
|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
1,773,521 |
1,064,567 |
During the year the number of directors who were receiving benefits was as follows:
|
2026 |
2025 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditor's remuneration |
|
2026 |
2025 |
|
|
Audit of the financial statements |
|
|
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Other interest receivable and similar income |
|
2026 |
2025 |
|
|
Bank interest |
|
|
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest on finance leases and hire purchase contracts |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
334,993 |
359,305 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
|
Effect of revenues exempt from taxation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
- |
|
Total tax charge |
|
|
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
Deferred tax
Deferred tax assets and liabilities
|
2026 |
Liability |
|
Difference between accumulated depreciation and capital allowances |
|
|
|
|
2025 |
Liability |
|
Difference between accumulated depreciation and capital allowances |
|
|
|
|
Tangible assets |
|
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2025 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
Disposals |
( |
( |
- |
( |
|
At 31 March 2026 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
( |
( |
- |
( |
|
At 31 March 2026 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2026 |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2026 |
2025 |
|
|
Property, plant and equipment |
806,014 |
1,206,379 |
|
Motor vehicles |
- |
7,854 |
|
806,014 |
1,214,233 |
|
Stocks |
|
2026 |
2025 |
|
|
Raw materials and consumables |
|
|
|
Debtors |
|
2026 |
2025 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
|
Less non-current portion |
- |
( |
|
|
|
Details of trade and other debtors
£Nil (2025 -£18,833) of trade debtors relates to customer retentions is classified as non current.
|
Cash and cash equivalents |
|
2026 |
2025 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
|
Creditors |
|
Note |
2026 |
2025 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
- |
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax |
353,121 |
368,605 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
2026 |
2025 |
|
|
Finance lease liabilities |
|
|
Current loans and borrowings
|
2026 |
2025 |
|
|
Finance lease liabilities |
|
|
Hire purchase contracts
Hire purchase contracts are denominated in sterling with a nominal interest rate of 10.7%, and the final instalment is due on 31 July 2029. The carrying amount at year end is £724,661 (2025 - £1,038,313).
Hire purchase liabilities are secured on the assets to which they relate.
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Deferred tax and other provisions |
|
Deferred tax |
Total |
|
|
At 1 April 2025 |
|
|
|
Decrease in existing provisions |
( |
( |
|
At 31 March 2026 |
|
|
|
|
||
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
|
Pension schemes |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £10,270 (2025 - £27,327) were payable to the scheme at the end of the year and are included in creditors.
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
50,000 |
|
50,000 |
|
|
|
50,000 |
|
50,000 |
|
|
|
25 |
|
25 |
|
|
|
2 |
|
2 |
|
|
|
2 |
|
2 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Dividends |
Interim dividends paid
|
2026 |
2025 |
|||
|
Interim dividend of £5.93 (2025 - £12.62) per each ordinary shares |
592,763 |
1,262,543 |
||
Walton Civil Engineering and Surfacing Contractors Limited
Notes to the Financial Statements
Year Ended 31 March 2026
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Related party transactions |
Group companies
The company has taken advantage of the exemption available under Section 33.1A of Financial Reporting Standard 102, not to disclose transactions with other wholly owned members of the Miken Holdings Limited group.
Summary of transactions with other related parties
|
Parent and ultimate parent undertaking |
The company's immediate parent is Miken Holdings Limited, a company incorporated in England and Wales. The parent of the smallest and largest group in which these financial statements are consolidated is Miken Holdings Limited.
The address of Miken Holdings Limited is:
Millbrook Depot, Yelling Mill Lane, Shepton Mallet,
United Kingdom, BA4 4JT
The ultimate controlling party is the Board of Trustees of Walton Employee Ownership Trust.