ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Company Registration Number
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MELDRUM CONSTRUCTION SERVICES LIMITED
COMPANY INFORMATION
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MELDRUM CONSTRUCTION SERVICES LIMITED
CONTENTS
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MELDRUM CONSTRUCTION SERVICES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2020
The Directors present their strategic report and financial results for the period ended 31 December 2020.
Extremely detailed business plans were produced in 2019 for all Meldrum Delivery Companies and indeed the Group itself. These plans were soon to be tested and stressed to their limit with the onset of the pandemic and all the consequences of the ensuing lockdowns and subsequent economic slowdown. As a result, our plans had to be continually revisited and adjusted to take into account ever-evolving safe working conditions and supply chain issues which could have impacted dramatically on our overall performance. However, I am delighted to report that the recently re-modelled Group structure proved it’s ability to be flexible and adapt, combined with employing our well thought through business continuity plans, we have recorded some fantastic results. Although turnover was down on target, it increased from £15.5m to £20.6m whilst keeping our Gross Margin Profitability at 14.5%, holding overall net profitability at 2.9% and increasing our Current Liquidity Ratio from 1.07 to 1.16.
Our continuity plans were further tested with a series of high level cyber attacks upon the business, specifically during the first lockdown period. However, again I am able to report that due to the significant investments we have made over previous years on security of our IT capability, all businesses were able to remain operational throughout and our systems’ defences have been proven to be incredibly robust. Through 2020 a complete overhaul of the pre-contract department was undertaken and completed; the fruits of which are becoming very clear as we move through 2021. Further, we implemented a recruitment drive for several high level staff appointments along with a refreshed mentoring programme aimed at retention and promotion of the first class young talent we have produced within the business. Both programmes have been incredibly successful with evermore stronger personnel occupying key positions throughout the Delivery Companies and the Group. The successful appointment of John Davies as new Group Board Managing Director being a perfect high level example. This has allowed for delegation of responsibilities from myself to a number of staff positions; providing far greater stability and security for the business as a whole. We therefore feel justifiably proud of the detailed planning and governance that the recently formed Group board has put in place and the results that are being generated through thoroughly testing times. That said we look into 2021 with several challenges lying ahead. Whilst we have been incredibly successful in ‘securing’ a number of significant contracts; getting these projects moved onto site is becoming increasingly difficult. As clients and their funders have become more risk adverse through the uncertain times caused by the pandemic; we note that the desire is to move more risk on to the contractor, resulting in extended and detailed legal negotiations. The ensuing delays combined with spiralling commodity price rises through the first half of 2021 has resulted (in some instances) in impasse and delay for contract discussions. However, the very strong pipeline we have created for the business which will have contracts stretching into 2023/4 appear to be starting to move onto site through the back half of 2021 allowing us to take a further look into the future with far greater confidence as our sector and the world slowly returns to what can be considered to be more normalised type activity and behaviour.
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MELDRUM CONSTRUCTION SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
The board has undertaken an assessment of the principal risks facing the company that are described below with an explanation of how they are mitigated. The board continues to keep the company’s system of risk management and internal control under review to ensure the principal risks remain identified and are appropriately managed.
Health and Safety A serious accident in the workplace could cause significant harm to employees, suppliers, customers, members of the public or indeed the company’s reputation and ability to win work. There are weekly and monthly health and safety performance reporting at both operational and board levels. Health and Safety audits are carried out by both company officers and external independent consultants to ensure adherence to both company policies and procedures & HSE legislation. We have refreshed and invented new company wide programmes in order to drive behavioural safety across all staff and departments. This has obviously been extended to include for all latest advice and protocols with regards to safe operating procedures regarding social distancing. Liquidity risk The company managed this by monitoring cash flow to ensure that it is able to meet its foreseeable debts as they fall due and to invest in any surplus cash assets efficiently and securely. Medium and short-term debt facilities, currently unutilised, are in place to ensure the company has sufficient funds available for both day to day operations and any opportunities. Credit risk The company’s principal assets are debtors and work in progress for clients. The credit risk from trade debtors is continuously monitored on a project by project basis during the tender process and consistent with the total trade debt portfolio. Work in progress is converted to billable debtors on a monthly basis and due debts are rigorously collected to contractual terms. General economic conditions Market limitation on availability of new opportunities could put pressure on the business to secure contracts with inadequate margin/risk profiles or within difficult client/contractual arrangement that could adversely impact the company’s performance. The company’s multi-disciplinary experience and early engagement initiatives result in enhanced pre-tender certainty. Tender review meetings and project progress meetings from both technical and cost perspectives provide additional analysis to guide the process of generating attractive new business. Coronavirus risk Further to the outbreak of Coronavirus disease (COVID-19) in early 2020, the directors continue to assess the potential risk to the operation of the business on a daily basis. At the time of signing these financial statements, there has been no unmanageable impact on either the main contracts, customers or employees within the company. Whilst there have been certain short term restrictions on construction site activities, the sector has responded with adjustments to working practices to ensure adherence to social distancing and other governmental requirements can be met. Furthermore, the supply chain has also now adjusted to these requirements and the company anticipates minimal disruption. The company has several ongoing government and other ‘blue chip’ contracts, and excellent ‘quality’ pipeline of opportunities, a strong cash balance, no external debt (other than asset finance). The directors have considered several scenarios and sensitivities in relation to working capital, gross margin reduction and a reduction in the pipeline of opportunities which indicate sufficient headroom within the currently available cash and agreed available funding facilities. The directors do not believe they will need to access the current government support which is available through several schemes. Taking into account the anticipated future activity of the company and its banking facilities, the directors have a reasonable expectation that the company has adequate resources t continue in operational existence for the foreseeable future. This, they continue to adopt the going concern basis of accounting in preparing their annual financial statements.
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MELDRUM CONSTRUCTION SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
Supply chain risk
The company’s continued success is reliant on maintaining strong working relationships with all of its suppliers. Significant effort is placed on working with suppliers to ensure minimal disruption to the supply chain with this being a real area of focus due to COVID-19. As COVID-19 has evolved and continues to evolve, the company will continue to work proactively with suppliers to maintain ongoing product supply.
The management team monitor and report to the board a broad range of financial and non-financial performance indicators. The key metrics to assess the business’ performance are as follows:
This report was approved by the board and signed on its behalf.
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MELDRUM CONSTRUCTION SERVICES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the period ended 31 December 2020.
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the period, after taxation, amounted to £587,680 (2019 - £534,764).
Particulars of dividends paid during the year can be found in note 19. The directors do not propose the payment of a final dividend.
The directors who served during the period were:
There have been no significant events affecting the company since year end.
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MELDRUM CONSTRUCTION SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MELDRUM CONSTRUCTION SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELDRUM CONSTRUCTION SERVICES LIMITED
We have audited the financial statements of Meldrum Construction Services Limited (the 'Company') for the period ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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MELDRUM CONSTRUCTION SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELDRUM CONSTRUCTION SERVICES LIMITED (CONTINUED)
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 Auditors' 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.
In our opinion, based on the work undertaken in the course of the 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.
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 Directors' Report.
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MELDRUM CONSTRUCTION SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELDRUM CONSTRUCTION SERVICES LIMITED (CONTINUED)
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 Auditors' 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.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Newcastle upon Tyne
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MELDRUM CONSTRUCTION SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2020
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MELDRUM CONSTRUCTION SERVICES LIMITED
REGISTERED NUMBER: 04250084
BALANCE SHEET
AS AT 31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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MELDRUM CONSTRUCTION SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2020
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2019
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Meldrum Construction Services Limited ("the company") is a private company limited by shares, incorporated and domiciled in England. The address of the registered office is given in the company information page of these financial statements. The nature of the company's operations and principal activities are set out within the strategic report. The current period is for 13 months from 1 December 2019 to 31 December 2020. The comparative period is for the 12 months to 30 November 2019.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Meldrum Construction Services Group as at 31 December 2020 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. .
The company is part of a UK group headed by Meldrum Construction Services Group Limited ("the parent") and has support of the parent to meet its liabilities as they fall due. Consequently, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future and, accordingly they continue to prepare the company's financial statements on a going concern basis.
In light of global events which persist at the date of approval of these financial statements, the directors have taken measures over the financial period which will continue into the future to counter the potential impact of Covid-19 on the company's operations and the potential resultant impact on financial headroom. There are also contingency plans in place to mitigate any employee absence and supply chain failure through working practices designed to protect employees' welfare and through advance purchase of the company's key supply requirements for the coming months. Whilst the UK government have announced a series of funding measures to assist, the directors have adequate resource within the company and have not needed such assistance. Whilst the risks in this regard cannot be completely mitigated and therefore some level of future uncertainty remains, the directors have adopted measures and assessed the financial implications of associated factors outside their control and do not consider the residual uncertainties to be material to the company's ability to continue meeting its liabilities as they fall due in the foreseeable future.
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services are recognised by reference to stage of completion. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recovered. When it is probable that the contract cost will exceed the total contract turnover, the expected loss is recognised as an expense immediately.
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Goodwill is the difference between amounts paid on acquisition of a business and the fair value of identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.
Amortisation is provided at the following rates: Goodwill - 5 years straight line Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Significant judgements In preparing these financial statements, significant judgements were required in the process of applying the company’s accounting policies, with regards to going concern in light of Covid-19. The board’s judgement and analysis are governed by key assumptions which based upon the company’s position and outlook are considered to be reasonable; a) Governments desire to keep the construction sector open and through the sector helping the UK economy, b) The company’s ability to maintain social distancing is a priority and procedures have been implemented to ensure these are adhered to, c) Maintenance of a good quality and reliable supply chain. Key sources of estimation uncertainty Revenue recognition – construction contract accounting The judgements and estimates which have the most significant effect on the amounts recognised in the financial statements relate to the application of construction contract accounting. The amount of revenue and profit recognised in relation to contract which are part complete at the balance sheet date is dependent on estimates of further costs that will be required to complete the contract and hence the overall profitability of the contract. Estimates of further costs (and potential revenue variations) are continually evaluated and updated, based on management’s detailed knowledge of project status and contractual requirements. Judgemental is then required to assess the reliability of the estimates which is affected by the various factors, including the specific requirements of the contract (i.e. whether ‘routine’ or more specialised in nature) and the stage of completion of the project. The amount of revenue and profit recognised reflects the management’s judgement of these factors. Useful lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual value of the assets which are re-assessed annually and amended when necessary to reflect current estimates. There have been no changes in the estimation bases during the current reporting period. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
9.Taxation (continued)
There were no factors that may affect future tax charges.
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
16.Deferred taxation (continued)
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MELDRUM CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The directors regard
United Kingdom and registered in England and Wales, as being the company's immediate and ultimate parent. The registered office is the same as the company's. Copies of Meldrum Construction Services Group Limited consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ, where this company is included.
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