Centura Group Limited - Period Ending 2023-06-30
Centura Group Limited - Period Ending 2023-06-30
Registration number:
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Centura Group Limited
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Brebners
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Centura Group 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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Consolidated Income Statement |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Centura Group Limited
Company Information
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Directors |
A P Rimoldi S S Patel A C Came C J Martin J F Drewett |
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Registered office |
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Auditor |
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Centura Group Limited
Strategic Report for the Year Ended 30 June 2023
The directors present their strategic report for the year ended 30 June 2023.
Principal activity and fair review of the business
Centura Group is the holding company of several businesses which operate in the construction sector. The bulk of those activities trade and are based in the United Kingdom with one branch office in Australia.
The principal activity of Centura Group is to provide support services to group companies. Support services provided include SHEQ and other quality management systems, all finance functions, human resources, training and group marketing.
The period recorded strong trading and cash generation in a volatile market. Growth and profitability have been maintained throughout the period.
The group provides structural asset maintenance and repair services, predominately for UK infrastructure. These services are delivered to all the major UK public utilities and statutory bodies including power, water, marine, renewable energy and especially highways. Much of this work is procured through framework agreements where the group acts as either a Tier 1 or a Tier 2 supplier. The group continues to focus on
these long-term relationships. Frameworks contribute more than 60% of sales.
In addition to formal trading agreements there has been a continuous flow of opportunities across both the private and public sectors in all the group's UK regional offices and the branch office in Melbourne Australia.
Worldwide market volatility has affected trading. Rising energy prices and inflation have resulted in higher staff and material costs which have had to be balanced by increased tender bids. Despite these external pressures both the short and long term order books remain buoyant.
With the increase in sales, recruitment and training of new staff in a highly competitive market remains a priority and a cost across the business.
Providing a safe and inclusive workplace for all employees is of paramount importance. The group recognises the individuality and dignity of all its staff and will not tolerate unfairness or discrimination. Supporting the career aspirations of all employees remains a core value. Formal and informal training and self-improvement is available to all.
The group continues to focus on its corporate social responsibility. Many charities are actively supported through the personal fund-raising efforts of staff. Local community projects are regularly undertaken free of any cost. The impact of the group's activity on the environment is closely monitored. The sustainability of company projects in its market sector is high and positively emphasised to its stakeholders. CO2 generation and saving is continuously measured. These factors greatly assist clients in achieving their own sustainability targets.
The 22/23 period strong growth, stability and a growing order book. The Board and the senior management team are confident of strong future trading. The group continues to adapt positively to the changing national and international marketplace.
Centura Group Limited
Strategic Report for the Year Ended 30 June 2023
Financial KPI's
The group's key financial and other performance indicators during the year were as follows:
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Unit |
2023 |
2022 |
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Turnover |
£ |
50,478,355 |
35,951,936 |
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Increase/(decrease) in turnover |
% |
40 |
(6) |
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Gross profit percentage |
% |
19 |
21 |
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Operating profit percentage |
% |
1 |
2 |
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Cash at bank and in hand |
£ |
4,418,301 |
2,549,061 |
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Net current (liabilities)/assets |
£ |
857,803 |
294,537 |
Non-financial KPI's
The company seeks to ensure that responsible business practice is fully integrated into the management of all of its operations and into the culture of all parts of its business. It believes that the consistent adoption of responsible business practice is essential for operational excellence, which in turn, ensures the delivery of its core objectives of sustained real growth in profitability.
In a company this size the directors consider there are collectively numerous non-financial performance indicators but none individually are key.
Centura Group Limited
Strategic Report for the Year Ended 30 June 2023
Principal risks and uncertainties
All group companies provide contracting or professional services to the building and civil engineering sectors. The management teams of all the individual businesses recognise and identify risks and opportunities that affects them. Those businesses are becoming increasingly focused on their sustainability, their impact on the environment and the provision of a safe and inclusive workplace.
Significant risks identified within the businesses include;
• Poor cash flow, delayed payments and bad debts
• Availability of adequate resources both direct and indirect
• Retention of key staff
• Availability of sufficient opportunities to maintain strategic plans
• Poor cost control
• Global issues including high inflation and rising prices.
The Directors and senior management teams treat the management and reduction of these risks as a priority. The individual company objectives and strategic plans are regularly updated to suit expected market conditions. The Board is expecting further strong performance in future trading and remains ready to quickly adapt to prevailing market conditions.
Maintaining adequate cash flow especially where extended credit or delayed payments by customers and the risks of potential bad debts. The group has arranged bank facilities to enable it to cover any cash shortfalls during trading and/or seasonal cycles.
Availability of adequate direct and indirect resources to perform contracts, both from maintaining adequate cash flow facilities and from retaining key suppliers of materials and services. The directors continue to maintain ongoing relationships with both suppliers and subcontractors.
Retention of key staff and subcontractors to enable significant contracts to be performed and completed in agreed timetables and budgets.
The effect of Brexit did not impact significantly on the business, with most of its sales generated either within the United Kingdom or outside the EU. There was some alignment of material costs imported from Europe.
The impact of inflationary pressures on energy and material costs and increase in interest rates continued to be far more of a challenge with the risks on profitability and increased borrowing costs, plus increased risk for our customers in financing major construction projects. In the expectation of reduced sales, business plans are flexed, costs across the group are reviewed and cash management becomes the highest priority. This unexpected risk has been quickly understood and well managed. The outcome of these changes will positively effect future trading.
Reviews are carried out regularly to evaluate existing controls and develop future strategy for the management of risk.
Financial control is maintained through monthly monitoring of performance against forecast and other KPIs with particular attention to cash management.
At the end of the period the group has received record orders for future work. The Board and the senior management team remain confident of future success.
Centura Group Limited
Strategic Report for the Year Ended 30 June 2023
Financial instruments
Objectives and policies
The group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds and finance the group's operations.
Price risk, credit risk, liquidity risk and cash flow risk
The group's approach to price, credit, liquidity and cash flow risks applicable to the financial instruments concerned is shown below.
The group has agreed credit facilities with its bankers to manage its credit risk. Any liquidity and cash flow risks are met through the company maintaining positive cash balances and monitoring their requirements regularly.
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.
Sales are determined via a contract tendering process and are recognised on a stage of completion basis, with provisions made for foreseeable losses.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Future developments
The year under consideration reflects continued strong trading for the business in light of the cost of living crisis and inflationary pressures experienced in the UK. Whilst there are many and varied opportunities it remains important that clients' needs are understood and best value solutions can be offered. The group's core speciality of structural repair and strengthening continues to account for the majority of sales in all regions. Much of this work is through publicly funded bodies. Of note is the company's continued presence in both the Highways and Water sectors. Repeat work continues to be derived through framework agreements across the UK.
The group has continued to invest in both the external façade and restoration sectors. These two activities are now contributing positively and it is expected that further growth will be seen in future trading as the experience builds. The group's presence in alternative energy continues with an improving workload in the wind generation sector.
The generation of cash remains a priority allowing future market expansion to be considered. The group continues to be risk averse not only to safeguard its financial position but to maintain the very highest standards of safety and health in the workplace. Significant training opportunities are available to staff at all levels not only to help individual careers but to maintain professionalism and integrity across the business. The group recognises its Corporate Social Responsibility and strives to enhance its position in the community.
The Board and its senior management team are confident of continuing successful trading.
Approved by the Board on
.........................................
A P Rimoldi
Director
Centura Group Limited
Directors' Report for the Year Ended 30 June 2023
The directors present their report and the for the year ended 30 June 2023.
Directors of the group
The directors who held office during the year were as follows:
Dividends
Particulars of recommended dividends are detailed in note 22 to the financial statements.
Engagement with employees
The group's policy is to consult and discuss with employees, through meetings, on matters likely to affect employees' interests, or matters of concern to them. Information on matters of concern to employees is communicated internally to achieve a common awareness of the financial and economic factors affecting the performance of the Group.The employees are encouraged to take an active role in these discussions and consultations by the directors of the group.
Additionally all employees are communicated through the Groups internal intranet webpage with announcements shown automatically on accessing the internet. Policy changes are notified to employees via e-mail directing them to the updates on our document library held on our intranet. The Group also produces a biannual newsletter and further information is available through the Group’s own website.
Employment of disabled persons
The group's policy is to offer equal opportunities to all persons, including disabled persons, applying for vacancies having regard to their aptitudes and abilities in relation to the jobs for which they apply. The opportunity also exists for continuing employment and appropriate training for such employees including those who become disabled during their employment with the group.
Branches outside the United Kingdom
The Group has a branch in Australia.
Disclosure of information in the Strategic Report
The Group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.
Centura Group Limited
Directors' Report for the Year Ended 30 June 2023
Disclosure of information to the auditor
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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
.........................................
Director
Centura Group 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 group and the company and of the profit or loss of the group 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 UK 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.
Centura Group Limited
Independent Auditor's Report to the Members of
Centura Group Limited
Opinion
We have audited the financial statements of Centura Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the company's affairs as at 30 June 2023 and of the group's 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 group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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.
Centura Group Limited
Independent Auditor's Report to the Members of
Centura Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 8], 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.
Centura Group Limited
Independent Auditor's Report to the Members of
Centura Group Limited
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:
Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws and health and safety legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the Group is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
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.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
Centura Group Limited
Independent Auditor's Report to the Members of
Centura Group Limited
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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For and on behalf of
130 Shaftesbury Avenue
London
W1D 5AR
Centura Group Limited
Consolidated Income Statement for the Year Ended 30 June 2023
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Note |
2023 |
2022 |
|
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Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Gain on disposal of subsidiary |
|
- |
|
|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
|
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Profit before tax |
|
|
|
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Taxation |
|
( |
|
|
Profit for the financial year |
|
|
|
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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|
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Minority interests |
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|
|
|
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Centura Group Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2023
|
Note |
2023 |
2022 |
|
|
Profit for the year |
|
|
|
|
Foreign currency translation gains/losses |
|
( |
|
|
Capitalisation of own reserves |
(233,200) |
- |
|
|
Total comprehensive income for the year |
|
|
|
|
Total comprehensive income attributable to: |
|||
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Owners of the company |
|
|
|
|
Minority interests |
|
|
|
|
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Centura Group Limited
Consolidated Statement of Financial Position as at 30 June 2023
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Note |
2023 |
2022 |
|
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Fixed assets |
|||
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Intangible assets |
|
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Tangible assets |
|
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|
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||
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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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||
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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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|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
- |
|
|
Capital redemption reserve |
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|
|
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Profit and loss account |
|
|
|
|
Equity attributable to owners of the company |
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|
|
|
Minority interests |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
Director
Company registration number: 05676721
Centura Group Limited
Statement of Financial Position as at 30 June 2023
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Note |
2023 |
2022 |
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Fixed assets |
|||
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Investments |
|
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Current assets |
|||
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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 |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
303,600 |
303,600 |
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Share premium reserve |
121,800 |
- |
|
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Capital redemption reserve |
535,600 |
302,400 |
|
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Retained earnings |
1,857 |
28,762 |
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Shareholders' funds |
962,857 |
634,762 |
The company made a profit after tax for the financial year of £816,845 (2022 - profit of £359,499).
Approved and authorised by the
.........................................
Director
Company registration number: 05676721
Centura Group Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 June 2023
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
|
At 1 July 2021 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
|
|
Other comprehensive income |
- |
- |
( |
( |
- |
( |
|
Total comprehensive income |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
( |
( |
( |
( |
|
Transfers |
- |
- |
(544) |
(544) |
544 |
- |
|
At 30 June 2022 |
|
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
|
At 1 July 2022 |
|
- |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
|
|
Other comprehensive income |
- |
- |
- |
( |
( |
- |
( |
|
Total comprehensive income |
- |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
- |
( |
( |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
- |
|
|
Purchase of own share capital |
(13,200) |
- |
233,200 |
(121,800) |
98,200 |
- |
98,200 |
|
At 30 June 2023 |
|
|
|
|
|
|
|
Centura Group Limited
Statement of Changes in Equity for the Year Ended 30 June 2023
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 July 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 June 2022 |
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 July 2022 |
|
- |
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
|
Purchase of own share capital |
(13,200) |
- |
233,200 |
(121,800) |
98,200 |
|
At 30 June 2023 |
|
|
|
|
|
Centura Group Limited
Consolidated Statement of Cash Flows for the Year Ended 30 June 2023
|
Note |
2023 |
2022 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
749,514 |
628,188 |
|
|
Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Profit from disposals of investments |
( |
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
|
|
|
Foreign exchange gains/losses |
|
( |
|
|
|
|
||
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Working capital adjustments |
|||
|
Decrease in stocks |
|
|
|
|
Increase in trade debtors |
( |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Increase in deferred income, including government grants |
|
- |
|
|
Cash generated from operations |
|
( |
|
|
Income taxes received/(paid) |
|
( |
|
|
Net cash flow from operating activities |
|
( |
|
Centura Group Limited
Consolidated Statement of Cash Flows for the Year Ended 30 June 2023
|
Note |
2023 |
2022 |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of subsidiaries |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
|
- |
|
|
Payments for purchase of own shares |
( |
- |
|
|
Proceeds from bank borrowing draw downs |
|
- |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Redemption of shares classified as liabilities |
( |
- |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Interest on preference shares |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 July |
|
|
|
|
Cash and cash equivalents at 30 June |
4,418,301 |
2,549,061 |
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Cathite House
23A Willow Lane
Mitcham
Surrey
CR4 4TU
The principal activity of the company is to provide management services to all group companies. The principal activity of the group is specialised construction services.
|
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
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.
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2023.
No Income Statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £816,845 (2022 - profit of £359,499).
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The group had made a profit after tax for the year ended 30 June 2023 of £749,514 and had net assets at that date of £1,933,792.
The directors have considered the effect of the ongoing economic uncertainty in the UK and, although there is no certainty as to when this will end, the directors' view is that the impact is manageable. The group has been able to continue trading during the pandemic restrictions and despite revenues being affected, the group has been able to generate profits. The group has restructured its operations to ensure more efficiencies within the business, which has resulted in reduced costs.
Current management accounts indicate continued group profitability and the directors have produced stressed cashflow forecasts for the next 12 months, which demonstrates that the group has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for construction contracts or provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company’s activities.
Revenue from construction contractors and the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Provision is made for foreseeable losses.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
The current income 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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
straight line over 10 years |
|
Software |
straight line over 3 years |
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold property |
straight line over 10 years |
|
Plant and machinery |
straight line over 6 years |
|
Fixtures, fittings and equipment |
straight line over 3 years |
|
Motor vehicles |
straight line over 3 years |
|
Land and buildings |
straight line over 25 years |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Financial instruments
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2023 |
2022 |
|
|
Rendering of services |
|
|
|
Construction contracts |
|
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2023 |
2022 |
|
|
UK |
|
|
|
Rest of world |
|
|
|
|
|
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Operating profit |
Arrived at after charging/(crediting)
|
2023 |
2022 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Interest payable and similar expenses |
|
2023 |
2022 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on preference shares |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2023 |
2022 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
391,514 |
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2023 |
2022 |
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2023 |
2022 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
949,524 |
985,421 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2023 |
2022 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2023 |
2022 |
|
|
Remuneration |
|
|
|
Auditor's remuneration |
|
2023 |
2022 |
|
|
Audit of these financial statements |
6,750 |
6,275 |
|
Audit of the financial statements of subsidiaries |
43,500 |
42,925 |
|
|
|
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Taxation |
Tax charged/(credited) in the income statement
|
2023 |
2022 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Over/under provision in the prior period |
( |
|
|
(151,016) |
198,013 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2023 |
2022 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
6,086 |
48,024 |
|
Tax increase (decrease) from effect of capital allowances and depreciation |
27,292 |
(1,917) |
|
Tax increase (decrease) from other short-term timing differences |
- |
(2,251) |
|
Effect of foreign tax rates |
- |
(6,869) |
|
Deferred tax expense (credit) relating to changes in tax rates or laws |
- |
(5,461) |
|
Deferred tax expense (credit) arising from timing differences |
13,697 |
- |
|
Effect of revenues exempt from taxation |
68 |
4,040 |
|
Increase (decrease) in UK and foreign current tax from adjustment for prior periods |
(309,962) |
1,045 |
|
Total tax (credit)/charge |
( |
|
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Deferred tax
Group
Deferred tax assets and liabilities
|
2023 |
Liability |
|
Accelerated capital allowances |
30,657 |
|
Tax losses |
(14) |
|
Revaluation of property from acquisition |
131,196 |
|
Provisions |
(13,109) |
|
|
|
2022 |
Liability |
|
Accelerated capital allowances |
7,168 |
|
Tax losses |
- |
|
Revaluation of property from acquisition |
130,946 |
|
Provisions |
(3,081) |
|
|
Company
Deferred tax assets and liabilities
|
2023 |
Asset |
Liability |
|
Provisions |
|
- |
|
|
- |
|
2022 |
Asset |
Liability |
|
Provisions |
|
- |
|
|
- |
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Intangible assets |
Group only
|
Goodwill |
Software |
Total |
|
|
Cost or valuation |
|||
|
At 1 July 2022 |
|
|
|
|
Eliminated on disposal of subsidiary |
( |
- |
( |
|
At 30 June 2023 |
|
|
|
|
Amortisation |
|||
|
At 1 July 2022 |
|
|
|
|
Amortisation charge |
|
|
|
|
Amortisation eliminated on disposals |
( |
- |
( |
|
At 30 June 2023 |
|
|
|
|
Carrying amount |
|||
|
At 30 June 2023 |
|
- |
|
|
At 30 June 2022 |
|
|
|
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Tangible assets |
Group
|
Land and buildings |
Fixtures, fittings and equipment
|
Motor vehicles |
Plant and machinery
|
Total |
|
|
Cost or valuation |
|||||
|
At 1 July 2022 |
|
|
|
|
|
|
Additions |
- |
|
|
- |
|
|
Disposals |
- |
( |
( |
( |
( |
|
Foreign exchange movements |
- |
( |
( |
( |
( |
|
At 30 June 2023 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 July 2022 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
|
Foreign exchange movements |
- |
( |
( |
( |
( |
|
At 30 June 2023 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 June 2023 |
|
|
|
|
|
|
At 30 June 2022 |
|
|
|
|
|
Land and buildings of £2,100,000 was brought into the group on 31 March 2021 when the group acquired Standmark Limited. At the date of acquisition the properties held in Standmark Limited were classified as investment properties. Following the acquisition of Standmark Limited, they were reclassified as land and buildings and the directors considered that the fair value at the date of acquisition was their deemed costs, as stated above, in accordance with FRS102. The historical cost of land and buildings is £1,472,954.
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Company
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 July 2022 |
|
|
|
Disposals |
( |
( |
|
At 30 June 2023 |
- |
- |
|
Depreciation |
||
|
At 1 July 2022 |
|
|
|
Eliminated on disposal |
( |
( |
|
At 30 June 2023 |
- |
- |
|
Carrying amount |
||
|
At 30 June 2023 |
- |
- |
|
Investments |
Company
|
2023 |
2022 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 July 2022 and 30 June 2022 |
|
|
Disposals |
( |
|
At 30 June 2023 |
|
|
Provision |
|
|
At 1 July 2022 and 30 June 2022 |
|
|
Eliminated on disposals |
( |
|
At 30 June 2023 |
- |
|
Carrying amount |
|
|
At 30 June 2023 |
|
|
At 30 June 2022 |
|
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Details of subsidiary undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office location |
Share class |
Proportion of voting rights and shares held |
|
|
2023 |
2022 |
|||
|
|
England |
Ordinary |
|
|
|
|
United Arab Emirates |
Ordinary ** |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
|
|
England |
Ordinary |
|
|
* Indicates those that are indirect holdings
** Effective control held by Centura Group Limited, thus included within the consolidated accounts results
During the year 2 subsidiaries, CRL Facades Limited and CRL Emirates Concrete Services LLC were wound up and dissolved. Also on 31st March 2023, the subsidiary undertaking TL Fire Limited was sold. Further details on disposal of investments are included in note 26.
|
Stocks |
|
Group |
Company |
|||
|
2023 |
2022 |
2023 |
2022 |
|
|
Other inventories |
|
|
- |
- |
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Debtors |
|
Group |
Company |
||||
|
Note |
2023 |
2022 |
2023 |
2022 |
|
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
Gross amount due from customers for contract work |
|
|
- |
- |
|
|
Deferred tax assets |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2023 |
2022 |
2023 |
2022 |
|
|
Cash on hand |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2023 |
2022 |
2023 |
2022 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
105,410 |
200,999 |
127 |
2,463 |
|
|
Deferred income |
|
- |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Other non-current financial liabilities |
- |
|
- |
- |
|
|
|
|
- |
- |
||
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 July 2022 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 June 2023 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £521,917 (2022 - £
|
Share capital |
Allotted, called up and fully paid shares
|
2023 |
2022 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
303,600 |
|
303,600 |
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Ordinary shares
|
As regards return of capital, proceeds shall be applied firstly in paying the Redeemable Cumulative Preference Shareholders the nominal value of shares held and any unpaid dividend, secondly the balance of the proceeds being distributed amongst the holders of the Ordinary shares according to the amounts paid up.
|
Redeemable preference shares
|
The |
The Redeemable Cumulative Preference Shares are entitled to a cumulative dividend of 4% above the 3 month LIBOR for individual shareholdings up to 100,000 Preference Shares and 6% above the 3 month LIBOR for individual shareholdings in excess of 100,000 Preference Shares. The Redeemable Cumulative Preference Shares have been classified as financial liabilities.
The Redeemable Cumulative Preference Shares of £1 each were redeemed at par on 1 July 2022.
|
Reserves |
Group
The capital redemption reserve records the nominal value of shares repurchased by the company.
The profit and loss account records retained earnings and accumulated losses.
|
Loans and borrowings |
|
Group |
Company |
|||
|
2023 |
2022 |
2023 |
2022 |
|
|
Non-current loans and borrowings |
||||
|
Bank borrowings |
|
- |
- |
- |
|
Hire purchase contracts |
- |
|
- |
- |
|
|
|
- |
- |
|
Hire purchase secured on the assets concerned.
Bank borrowings are secured on the group's land and buildings.
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Group |
Company |
|||
|
2023 |
2022 |
2023 |
2022 |
|
|
Current loans and borrowings |
||||
|
Bank borrowings |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
Redeemable preference shares |
- |
|
- |
|
|
|
|
- |
|
|
Hire purchase secured on the assets concerned.
Bank borrowings are secured on the group's land and buildings.
|
Obligations under leases and hire purchase contracts |
Group
Hire purchase and Finance leases
The total of future minimum lease payments is as follows:
|
2023 |
2022 |
|
|
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:
|
2023 |
2022 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Dividends |
|
2023 |
2022 |
|||
|
£ |
£ |
|||
|
Interim dividends declared |
498,750 |
388,750 |
||
|
498,750 |
388,750 |
|||
|
Contingent liabilities |
Group
There are contingent liabilities in respect of actual and potential claims by third parties under contracting and other arrangements entered into during the normal course of business. Whilst the outcome of these matters is uncertain, the Directors believe that appropriate provision has been made within the accounts.
|
Analysis of changes in net debt |
Group
|
At 1 July 2022 |
Financing cash flows |
At 30 June 2023 |
|
|
Cash and cash equivalents |
|||
|
Cash |
2,549,061 |
1,869,840 |
4,418,901 |
|
Borrowings |
|||
|
Long term borrowings |
- |
(1,236,287) |
(1,236,287) |
|
Short term borrowings |
(278,897) |
217,484 |
(61,413) |
|
Lease liabilities |
(22,276) |
20,859 |
(1,417) |
|
(301,173) |
(997,944) |
(1,299,117) |
|
|
|
|||
|
|
|
|
|
Centura Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
|
Related party transactions |
Group
Key management compensation
|
2023 |
2022 |
|
|
Salaries and other short term employee benefits |
|
|
|
Dividends paid to directors |
|
2023 |
2022 |
|||
|
|
||||
|
Aggregate dividends paid to directors |
425,000 |
373,750 |
||
Summary of transactions with subsidiaries
In accordance with FRS 102 paragraph 33.1A exemption is taken not to disclose transactions in the year between wholly owned group undertakings.
|
Disposal of subsidiaries |
During the year the group decided to simplify some of its operations by disposing of one loss making subsidiary and winding up 2 other subsidiary undertakings. On 31 March 2023, TL Fire Limited was sold to local management for £50,000 and CRL Facades Limited and CRL Emirates Concrete Services LLC were wound up.
During the year these subsidiaries contributed post tax profits of £41,975 (2022: £3,693 losses). The group received cash consideration of £35,000 during the year and a further £15,000 cash subsequent to the year end. The net liabilities at the date of disposal were £433,825 and a profit on disposal of £50,488 was recognised in the statement of income. Cash flows generated by these subsidiaries for the reporting period until their disposal are as follows:
|
2023 |
2022 |
||
|
TL Fire Limited |
£ |
£ |
|
|
Operating activities |
(4,385) |
(20,535) |
|
|
Cash flows from discontinued operations |
(4,385) |
(20,353) |
|
|
CRL Emirates Concrete Services LLC |
|||
|
Operating activities |
(1,546) |
(284) |
|
|
Cash flows from discontinued operations |
(1,546) |
(284) |