Glossbrook Builders Limited - Limited company accounts 22.3

REGISTERED NUMBER: 01889961 (England and Wales)

GLOSSBROOK BUILDERS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mr N D Dunkerton

Mr M Allner

Mr R T Fooks

Mr M A McGowan

Mr I A Seymour

SECRETARY:

Mr N D Dunkerton

REGISTERED OFFICE:

Glossbrook House

2A Oswald Road

Bournemouth

Dorset

BH9 2TQ

REGISTERED NUMBER:

01889961 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

The directors present their strategic report for the year ended 28 February 2022.

REVIEW OF BUSINESS

The Company is a builder of mainly houses and flats but also of commercial buildings, operating mainly in Dorset. The size of the projects undertaken are usually in the range from £1m to £6m. House building can vary from small bungalows to groups of houses and through to single large houses and from a small single block of flats through to multiple, multi-story blocks of flats.

Commercial buildings worked on can vary from small factory extensions to large workshops and through to large office blocks with finished buildings having a variety of uses.

Although the initial disruption caused by the Coronavirus causing sites and head office to close was over, the subsequent impact on construction materials availability and cost affected progress on projects throughout 2021 and profitability, as all contracts are fixed price. These issues were mirrored by a lack of sub-contract labour availability and resultant cost increases across the year because of high demand.

Although sub-contract labour availability has improved across 2022, construction materials prices are still increasing although not at the same rate as in 2021.

Turnover for the year ended 28 February 2022 reached £25.5m part of which was delayed from the previous year and should exceed this amount in the current year.

The gross margin declined in the previous year because of the initial disruption caused by the Coronavirus and fell from 9.4% to 7.2%. The gross margin for the year ended 28 February 2022 stayed at a similar level of 7.0% due to construction materials and sub-contract labour cost increases which could not be passed on to clients.

Overheads fell in the year ended 28 February 2022 largely as a result of a fall in the bad debt provision.

The reputation of the Company for quality work and good working relationships continues to attract new clients largely because of recommendation as well as repeat business from existing clients. Housing demand continues and results in a flow of enquiries and prospective new work and the Company is in discussion with new and existing clients negotiating prices on a number of projects.

There are potential short and medium term risks to housing demand resulting from the current economic circumstances but long term housing market fundamentals should continue to be strong while there is a continuing housing shortage and demand is greater than supply.

The construction industry in the UK and locally continues to be competitive and margins continue to be tight. The Company is aware that any plans for the future development of the business may be subject to unforeseen future events outside its control.

PRINCIPAL RISKS AND UNCERTAINTIES

Payments on account are a key part of funding work in progress on the Company's contracts and are managed by ensuring that contract valuations are prepared monthly and that invoices are raised accordingly.

The Company's principal financial instruments comprise bank balances, trade creditors, trade debtors, payments on account and hire purchase agreements. The main purpose of these instruments is to raise funds and finance the Company's operations.

Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is summarised below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts if necessary at floating rates of interest.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

The Company is a lessee in respect of hire purchased and leased assets. The liquidity risk in respect of these is managed in the same way as loans above.

ON BEHALF OF THE BOARD:

Mr R T Fooks - Director

25 November 2022

The directors present their report with the financial statements of the company for the year ended 28 February 2022.

DIVIDENDS

An interim dividend of £62.50 per share was paid on 31 March 2021. An interim dividend of £177.50 per share was paid on 30 June 2021. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 28 February 2022 will be £300,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2021 to the date of this report.

Mr N D Dunkerton

Mr M Allner

Mr R T Fooks

Mr M A McGowan

Mr I A Seymour

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R T Fooks - Director

25 November 2022

Opinion

We have audited the financial statements of Glossbrook Builders Limited (the 'company') for the year ended 28 February 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 28 February 2022 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 four, 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 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.

Auditors' 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 a Report of the Auditors 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:

We obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act and Health & Safety regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue, the correct application of contract accounting and provisions for any potential losses on contracts. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

o

enquiring of management as to actual and potential litigation and claims;

o

reviewing any correspondence with regulators and the company's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

o

performed analytical procedures to identify any unusual or unexpected relationships;

o

tested journal entries to identify unusual transactions; and

o

assessed whether judgements and assumptions contained any indication of potential bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Kevin Richards (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

29 November 2022

TURNOVER

3

25,505,681

15,440,682

Cost of sales

23,727,581

14,332,593

GROSS PROFIT

1,778,100

1,108,089

Administrative expenses

1,461,003

1,643,158

317,097

(535,069

)

Other operating income

8,739

259,561

OPERATING PROFIT/(LOSS)

5

325,836

(275,508

)

Interest receivable and similar income

2,805

2,062

328,641

(273,446

)

Interest payable and similar expenses

6

5,868

2,797

PROFIT/(LOSS) BEFORE TAXATION

322,773

(276,243

)

Tax on profit/(loss)

7

27,850

(266,320

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

294,923

(9,923

)

PROFIT/(LOSS) FOR THE YEAR

294,923

(9,923

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

294,923

(9,923

)

FIXED ASSETS

Tangible assets

9

548,804

439,916

CURRENT ASSETS

Stocks

10

235,017

124,423

Debtors: amounts falling due within one year

11

3,578,899

3,158,578

Debtors: amounts falling due after more than one year

11

602,946

424,073

Cash at bank

600,254

1,461,607

5,017,116

5,168,681

CREDITORS

Amounts falling due within one year

12

3,399,595

3,627,012

NET CURRENT ASSETS

1,617,521

1,541,669

TOTAL ASSETS LESS CURRENT LIABILITIES

2,166,325

1,981,585

CREDITORS

Amounts falling due after more than one year

13

(72,519

)

(43,451

)

PROVISIONS FOR LIABILITIES

16

(227,502

)

(66,753

)

NET ASSETS

1,866,304

1,871,381

CAPITAL AND RESERVES

Called up share capital

17

1,250

1,250

Revaluation reserve

18

73,172

73,172

Retained earnings

18

1,791,882

1,796,959

SHAREHOLDERS' FUNDS

1,866,304

1,871,381

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2022 and were signed on its behalf by:

Mr R T Fooks - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 March 2020

1,250

1,806,882

73,172

1,881,304

Changes in equity

Total comprehensive income

-

(9,923

)

-

(9,923

)

Balance at 28 February 2021

1,250

1,796,959

73,172

1,871,381

Changes in equity

Dividends

-

(300,000

)

-

(300,000

)

Total comprehensive income

-

294,923

-

294,923

Balance at 28 February 2022

1,250

1,791,882

73,172

1,866,304

Cash flows from operating activities

Cash generated from operations

1

(688,450

)

507,654

Interest paid

(2,870

)

(1,071

)

Interest element of hire purchase payments paid

(2,998

)

(1,732

)

Tax paid

-

(82,532

)

Tax refund

261,866

-

Net cash from operating activities

(432,452

)

422,319

Cash flows from investing activities

Purchase of tangible fixed assets

(89,129

)

(14,000

)

Sale of tangible fixed assets

2,070

-

Interest received

2,805

2,062

Net cash from investing activities

(84,254

)

(11,938

)

Cash flows from financing activities

Capital element of finance leases

(44,647

)

(17,288

)

Equity dividends paid

(300,000

)

-

Net cash from financing activities

(344,647

)

(17,288

)

(Decrease)/increase in cash and cash equivalents

(861,353

)

393,093

Cash and cash equivalents at beginning of year

2

1,461,607

1,068,514

Cash and cash equivalents at end of year

2

600,254

1,461,607

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2022

2021

£

£

Profit/(loss) before taxation

322,773

(276,243

)

Depreciation charges

67,281

42,905

Profit on disposal of fixed assets

(970

)

-

(Decrease)/increase in provisions

150,263

(141

)

Finance costs

5,868

2,797

Finance income

(2,805

)

(2,062

)

542,410

(232,744

)

Increase in stocks

(110,594

)

(56,504

)

(Increase)/decrease in trade and other debtors

(869,591

)

268,567

(Decrease)/increase in trade and other creditors

(250,675

)

528,335

Cash generated from operations

(688,450

)

507,654

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2022

28/2/22

1/3/21

£

£

Cash and cash equivalents

600,254

1,461,607

Year ended 28 February 2021

28/2/21

1/3/20

£

£

Cash and cash equivalents

1,461,607

1,068,514

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1/3/21

Cash flow

changes

At 28/2/22

£

£

£

£

Net cash

Cash at bank

1,461,607

(861,353

)

600,254

1,461,607

(861,353

)

600,254

Debt

Finance leases

(59,942

)

44,647

(88,140

)

(103,435

)

(59,942

)

44,647

(88,140

)

(103,435

)

Total

1,401,665

(816,706

)

(88,140

)

496,819

1.	COMPANY INFORMATION

Glossbrook Builders Limited was incorporated on 26th February 1985 under the Companies Act 1948 to 1981, as a private limited company and is registered in England and Wales. The principal activity of Glossbrook Builders Limited is that of building and construction of houses, flats and commercial buildings. The address of its head office and registered office is Glossbrook House, 2a Oswald Road, Bournemouth, Dorset, BH9 2TQ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Going Concern

The financial statements are prepared on the going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover and profits

Turnover is the total amount receivable by the company for goods and services supplied, excluding value added tax and trade discounts.

Long-term contracts are assessed on a contract by contract basis and are reflected in the income statement by recording turnover and related costs as contract activity progresses based on the percentage completed. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the income statement as the difference between the reported turnover and related costs for that contract. When losses are expected on contracts, these are recognised in full and included in the Future Loss Provision.

The completion stage of a contract is determined by reference to costs incurred compared to total estimated costs of the contract.

Tangible fixed assets

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.

Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows:

Plant and machinery

- 25% reducing balance

Fixtures and equipment

- 25% reducing balance

Motor vehicles

- 25% reducing balance

The company has adopted a policy of revaluation for its freehold property which will be revalued periodically. Consequently, depreciation is not provided in respect of this property. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systemic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

It is the company's policy to maintain the property continually in a state of sound repair and to make improvements from time to time, and accordingly, the directors consider that the life of the property is so long and the residual value so high that depreciation is not significant.

Stocks and work in progress

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is the estimated sales price less costs to completion.

Financial instruments

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pensions

The pension costs charged in the financial statements represent the contributions payable by the company during the year.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Dividends

Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid and final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Grants

Grants of a revenue nature are credited to the Income Statement in the period to which they relate in accordance with the terms of the grant. Any accrued or deferred element of the grant is included in debtors or creditors as applicable.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

1)

Revenue recognition

Revenue is recognised in relation to the value of work carried out which is based on the project as a whole. Judgements are made on the timing of revenue recognition based on the stage of completion percentage of the work and the expected outcome of the contract.

2)

Leases

A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position.

Other key sources of estimation uncertainty:

1)

Revenue recognition

The degree of completion of contracts is estimated by reviewing the costs incurred to date against the total expected costs of the project.

3.

TURNOVER

The turnover and profit (2021 - loss) before taxation are attributable to the one principal activity of the company.

All of the company's turnover is derived from work on contracts carried out in the UK.

4.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

2,379,503

2,143,123

Social security costs

259,238

243,741

Other pension costs

168,403

110,348

2,807,144

2,497,212

The average number of employees during the year was as follows:

2022

2021

Site Staff

48

43

Administration

13

13

61

56

2022

2021

£

£

Directors' remuneration

303,538

279,524

Directors' pension contributions to money purchase schemes

112,334

62,607

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

5

Information regarding the highest paid director is as follows:

2022

2021

£

£

Emoluments etc

97,234

80,992

Pension contributions to money purchase schemes

10,211

25,121

5.	OPERATING PROFIT/(LOSS)

The operating profit (2021 - operating loss) is stated after charging/(crediting):

2022

2021

£

£

Depreciation - owned assets

36,718

23,908

Depreciation - assets on hire purchase contracts

30,563

18,997

Profit on disposal of fixed assets

(970

)

-

Auditors' remuneration - audit services

9,300

8,700

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Loans and other interest payable

2,870

1,065

Hire purchase and finance lease charges

2,998

1,732

5,868

2,797