Company Registration No. 00129834 (England and Wales)
WILLIAM BIRCH & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
WILLIAM BIRCH & SONS LIMITED
COMPANY INFORMATION
Directors
Mr P A Goyea
Mr S T Potter
Mrs G V Shahjahan
Mr C W Birch
Mr B Thomson
Company number
00129834
Registered office
Link Road Court
Osbaldwick
York
North Yorkshire
YO10 3JQ
Auditor
Henton & Co LLP
124 Acomb Road
York
YO24 4EY
Bankers
Barclays Bank Plc
Parliament Street
York
YO1 8XD
WILLIAM BIRCH & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' responsibilities statement
6
Directors' report
7
Independent auditor's report
8 - 10
Income statement
11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 28
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
Strategy and Objectives
The directors’ objectives for the Group have been and remain to:
-
Devise and implement strategies which enhance the protection of, and organically grow, shareholders assets
-
Maintain focus on returning the construction operations to profitability
-
Identify potential changes in market conditions and respond with strategies which capitalise on opportunities balanced by the necessary control of financial risk
-
Continue developing the skills and competencies of its employees to boost the scope and quality of the services provided by the company and to satisfy client requirements
-
Utilise the asset base and develop it in a sustainable and profitable manner
-
Align the business to support and meet the UK’s targets and ambitions concerning net-zero and our sustainability obligations for current and future generations
Operational structure
The Company, headquartered in York, has historically combined several operations within one entity: construction, equipment, property development and property & farm estate management.
Within the construction operations there are sub-divisions of construction type: traditional one-off, framework, design & build, small building improvement and alteration works. The size range of construction projects within the Company’s scope is £12 million down to £100,000 and the geographical range is centred on Yorkshire, extending into neighbouring counties. Institutional customers have predominantly been in the educational, health and local authority residential sectors; with heritage, leisure and a limited exposure on commercial projects featuring among the private and charitable sectors’ workloads. The diversity in size, type and location of contracts undertaken allows the Company to maximise its usage of capacity and resources to smooth out fluctuations within differing pipelines of contract types.
The equipment hire operation functions as a cost neutral service for the benefit of our own construction sites. We continue to invest in the equipment and vehicle fleet where this will improve our efficiency, business and environmental performance.
The property development operations boost turnover and have added a strong asset base, offering clients enhanced services on design and construction projects. This additional workload within our programming control also allows the directors to more effectively balance our resource availability to meet all customers’ needs. A cash balance has always been maintained by the Company to allow speedy action where clients have an immediate need for premises to enhance their operations.
A portfolio of larger leased properties valued at around £3 million was previously transferred to William Birch Holdings from William Birch & Sons to provide a degree of security to this asset. In the last year over 2 acres of land was also transferred from William Birch & Sons to new Group subsidiary company, Brinkworth Rush Developments, for that entity to develop a new factory unit at Elvington. The business will continue to consider the best interests of the Group and where appropriate will re-allocate further future and existing assets; improving the protection of all assets and at the same time maintaining the attractiveness of subsidiaries within the Group.
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Market trends
After the Covid induced shut-down of 2020, it was hoped that there would be an element of release in the pent up demand for construction in 2021. Early in the year there were signs of this happening. However, with continuing waves of new strains of Covid and a sharp upturn in consumer demand and housebuilding, the construction material supply sector was put under severe pressure; though with advance procurement strategies this had limited impact on our timely delivery of projects to customers. Material shortages led to rapid price increases leading to over-budget tenders; the resulting impact being clients postponing both tender awards and the issuing of tender enquiries. This resulted in turnover for the year being below target.
The Company is currently receiving a very good flow of tender enquiries where we continue to decline those considered unfavourable (including some negotiated opportunities) with no signs of this trend slowing. However, there are still protracted delays between the submission of tenders and the receipt of orders and we continue to bear additional costs through lack of timely and comprehensive contract information from clients and their teams. Rapid changes in the prices of construction materials also continue to create doubt and hesitation among clients intending to commission construction works; in response we are working hard to protect the business, garner the opportunities and balance this with meeting our customers' requirements.
Although the implementation of Brexit should have impacted on the construction sector during 2021, compared to Covid related factors any effects have been minimal.
While retail and commercial property has seen a marked reduction in interest, demand for industrial premises in Northallerton and especially in the York area has remained. This has encouraged the Company to continue its property development activities.
Principal risks and uncertainties
The Ukraine conflict has added some further uncertainty into the Market; just as UK construction has established a firm footing recovering from both Brexit and pandemic challenges. The industry is seen as a key component in the UK recovery and its aims toward net-zero carbon goals. The conflict has sent fuel prices soaring from an already inflationary position; which has meant a correction in Industry forecast for 2022; with infrastructure tender price inflation having risen since autumn 2021 from 4.0%-4.5% to 6.0%. This is considered short term with 2023 onwards prices expected to drift downward.
Industry forecasts continue to show construction operating from a relative position of strength; with output having expanded by 2.4% in the 3 months to Feb 2022. With forecast inflation peaking at 10% before the year end such increases will likely hit consumer spending and, along with increased borrowing rates, rein-back investment pipelines; and therefore hamper continued growth. A prolonged contraction is not forecast by the industry but stagnant GDP for most of the year is; with both the conflict and inflation seen as near term impacts.
In the year to Nov 2021 supply chain insolvencies increased by 65% (partly due to opening-up of courts following the pandemic).The depressed forecasts for GDP will not help the recovery of already stressed businesses; emphasising the case that to date we have suffered minimal, if any, impact in procurement within our selected supply chain and we continue to support such businesses wherever we are able. Supply side constraints are expected to continue medium-long term; with labour shortages and wage inflation remaining of real concern to the industry; on the upside we have witnessed the stabilising of material price increases; however, some future volatility is to be expected. The way the business counters what maybe (apart from labour shortage/wage inflation) relatively short term challenges, is by getting the basics right. We would categorise this as flexible and sensible procurement strategies alongside collaborating even more so with our supply chain; by understanding that they encounter, the same challenges and opportunities, as ourselves. Focusing any enlightened clients’ attention that a fair apportionment of risk is more likely to deliver better value for all participants and will meet their objectives and expectations. Our retained position on various regional construction frameworks will enable the business to be flexible in our response to the potential of reducing opportunities.
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Covid-19
Although less unpredictable, the Covid pandemic continued to distort the company’s performance over the last year. The impacts in 2021 on the Company have comprised:
-
Intermittent tightening and easing of restrictions engendering wild swings in manufacturing operations, retail spending and house building operations. This in turn led directly to significant shortages and price increases in supplies of construction materials and nervousness among clients to commit to spend.
-
This reduction in client spend created a diminution of turnover and consequent depression of the overall margin from construction operations
-
The continuing Covid safe operating protocols led to additional costs and programme periods on contracts awarded pre-Covid, which some clients were not willing to fully compensate for.
-
Although there were concerns that rental receipts would be considerably diminished as a result of Government rental deferral provisions, in the event, following some charitable rent reductions and a business failure, there was actually a small increase in rental receipts for the year.
While one or two businesses have failed as a result of Covid impacts, this effect has not been pronounced probably as a result of the considerable support given to business by the government. With the current unwinding of that support there could now be an upturn in businesses in distress.
The Company’s cash balance proved a great asset in ensuring that we were able to trade through the Covid disruption and it also meant that we could continue to invest in activities, which will benefit the business in the longer term.
While the majority of the effects of the Covid pandemic have now been absorbed by the Company, contracts are still being affected by sickness absences, in many cases claimed to be from Covid. Over the last two years the lasting impacts would appear to have been:
-
£7m of lost turnover in relation to 2019’s performance and consequent margin reduction
-
An appreciable contribution in the reduction of 18 employees representing 23% of the workforce pre-Covid
-
A reduction in assets of £0.5 to 1.0m as a result of lost margin and uncompensated unproductive working.
-
On the positive side there has been a recognition of the benefits to staff and the business in adopting a degree of remote working of non-site staff facilitated by improving technology.
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
Development and performance
While an improvement, once again the year’s results were affected both by below capacity trading and the tail end of an unprofitable contract.
The turnover was significantly reduced by client hesitancy in putting contracts out to tender and also in protracted value engineering and negotiations prior to awards.
Margins were also reduced by Covid induced unproductive working and the balance of the loss on the last of the problematic contracts coupled with reduced turnover highlighted earlier.
The workforce, having been reduced in 2020, is now more stable and is being strengthened in order to capitalise on a strong market in smaller contract sizes. However, this is being hampered by escalating pay rates and a lack of suitable candidates within the tight labour market.
The Company’s property has remained well occupied through the last year and has even seen a reduction in vacancies.
It is anticipated that a £2m+ contract will be negotiated with other Group companies to build a new 36,000 sq ft industrial unit that they are developing at Elvington. Once the required licences are obtained, construction should commence in autumn for occupation in late summer 2023.
In the light of the nature of continued interest in the Victor Court units at Elvington, application is being made to the planners to increase the numbers and reduce the sizes of the units in the phases yet to be developed.
Key performance indicators
-
While a reduction in client orders depressed the turnover in 2021, through various mitigation measures and increased efficiency the operating margin was improved.
-
A strong pipeline of tenders was maintained albeit with a reduction in the number of larger (>£5m projects), although this was then tempered by client hesitancy in the awarding of contracts. Currently 70% of the targeted turnover for 2022 has been secured; with a further 20% in negotiation alongside the recent and welcome upturn in opportunities of £5+m
-
Construction profitability has improved through a combination of mitigation measures, ranging from new appointments to procedural priorities.
-
Property vacancies have been kept low and new and reviewed leases have seen a significant uplift in rental levels.
Financial performance Indicators for the Company are:
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
Other information and explanations
We continue to improve and expand our PR, social media and communications profile to engage more proactively with clients and our local community alike.
William Birch & Sons continues to be accredited for its Environmental Management Systems under BS EN ISO 14,001:2015 and for its Quality Assurance under BS EN ISO 9001:2015. The Company is now also committed to Net Zero Carbon by 2050 and is implementing a Carbon Reduction Plan.
William Birch & Sons’ safety procedures continue to be accredited annually under the industry recognised CHAS safety assessment scheme.
Across the business the health of our employees has been a priority with again mental health awareness being a major focus this year. Performance reviews have continued and a regular stream of internal employee newsletters have been maintained going out in hard copy and by email to all employees.
Mr C W Birch
Director
27 May 2022
WILLIAM BIRCH & SONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WILLIAM BIRCH & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The company has concentrated on its core construction operations during the past year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P A Goyea
Mr S T Potter
Mrs G V Shahjahan
Mr C W Birch
Mr B Thomson
In accordance with the company's Articles of Association the Directors are not required to retire by rotation.
Results and dividends
The results for the year are set out on page 11.
The directors recommend the payment of an Ordinary Dividend amounting to £
nil
(20
20
£
nil
)
.
Auditor
Henton & Co LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of
principal risks and uncertainties.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Mr C W Birch
Director
27 May 2022
WILLIAM BIRCH & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIAM BIRCH & SONS LIMITED
- 8 -
Opinion
We have audited the financial statements of William Birch & Sons Limited (the 'company') for the year ended 31 December 2021 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss 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.
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's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
WILLIAM BIRCH & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAM BIRCH & SONS LIMITED
- 9 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
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 directors'
r
esponsibilities
s
tatement, 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's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
WILLIAM BIRCH & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAM BIRCH & SONS LIMITED
- 10 -
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.
Brett Davis (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP
Chartered Accountants
Statutory Auditor
124 Acomb Road
York
YO24 4EY
27 May 2022
WILLIAM BIRCH & SONS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
Notes
£
£
£
£
Revenue
3
20,794,535
22,614,829
Raw materials and consumables
(859,781)
(1,125,067)
Other external charges
(17,356,733)
(19,159,009)
(18,216,514)
(20,284,076)
2,578,021
2,330,753
Staff costs
(2,613,862)
(3,363,849)
Depreciation and amortisation
(79,970)
(108,010)
Other operating charges
(543,645)
(537,681)
Other operating income
48,476
287,635
(3,189,001)
(3,721,905)
Operating loss
4
(610,980)
(1,391,152)
Investment income
7
1,562
4,433
Fair value gains/(losses) on investment properties
9
110,000
10,858
Loss before taxation
(499,418)
(1,375,861)
Taxation
10
121,719
Loss for the financial year
19
(377,699)
(1,375,861)
Total comprehensive income for the year
(377,699)
(1,375,861)
The income statement has been prepared on the basis that all operations are continuing operations.
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
2021
2020
£
£
Loss for the year
(377,699)
(1,375,861)
Other comprehensive income
-
-
Total comprehensive income for the year
(377,699)
(1,375,861)
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 13 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
1,464,838
1,530,743
Investment properties
11
6,164,900
5,969,000
7,629,738
7,499,743
Current assets
Inventories
13
664,731
376,649
Trade and other receivables
14
1,625,429
2,514,005
Cash and cash equivalents
2,746,646
3,335,426
5,036,806
6,226,080
Current liabilities
15
(5,126,805)
(5,808,385)
Net current (liabilities)/assets
(89,999)
417,695
Net assets
7,539,739
7,917,438
Equity
Called up share capital
17
50,000
50,000
Retained earnings
19
7,489,739
7,867,438
Total equity
7,539,739
7,917,438
The financial statements were approved by the board of directors and authorised for issue on 27 May 2022 and are signed on its behalf by:
Mr C W Birch
Director
Company Registration No. 00129834
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2020
50,000
9,243,299
9,293,299
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(1,375,861)
(1,375,861)
Balance at 31 December 2020
50,000
7,867,438
7,917,438
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(377,699)
(377,699)
Balance at 31 December 2021
50,000
7,489,739
7,539,739
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
22
(696,620)
700,315
Income taxes refunded/(paid)
70,893
Net cash (outflow)/inflow from operating activities
(625,727)
700,315
Investing activities
Purchase of property, plant and equipment
(21,215)
(34,188)
Proceeds on disposal of property, plant and equipment
32,500
16,817
Proceeds on disposal of investment property
24,100
Interest received
1,562
4,433
Net cash generated from/(used in) investing activities
36,947
(12,938)
Net (decrease)/increase in cash and cash equivalents
(588,780)
687,377
Cash and cash equivalents at beginning of year
3,335,426
2,648,049
Cash and cash equivalents at end of year
2,746,646
3,335,426
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
1
Accounting policies
Company information
William Birch & Sons Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Link Road Court, Osbaldwick, York, North Yorkshire, YO10 3JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
by equal annual installments (typically over 50 years). No depreciation is provided on freehold land except where the land is included with other depreciable property and the cost of land is not identifiable
Leasehold land and buildings
by equal annual installments over the life of the lease or typically 50 years if less.
Plant and machinery
principally 5-10 years.
Fixtures, fittings & equipment
principally 3-10 years.
Motor vehicles
principally 5-10 years.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
1.6
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Inventories
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
1.8
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
trade and other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 20 -
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
non-current assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 21 -
1.15
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Revenue
An analysis of the company's revenue is as follows:
2021
2020
£
£
Revenue analysed by class of business
Construction
20,405,322
22,248,266
Other operating income
389,213
366,563
20,794,535
22,614,829
2021
2020
£
£
Other significant revenue
Interest income
1,562
4,433
Grants received
48,476
287,635
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
4
Operating loss
2021
2020
Operating loss for the year is stated after charging/(crediting):
£
£
Government grants
(48,476)
(287,635)
Depreciation of owned property, plant and equipment
79,970
108,010
Profit on disposal of property, plant and equipment
(25,350)
(4,082)
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,500
10,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Site based staff
28
40
Managerial, technical and administration staff
27
31
Total
55
71
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
2,221,959
2,974,682
Social security costs
275,576
289,740
Pension costs
102,322
96,552
2,599,857
3,360,974
7
Investment income
2021
2020
£
£
Interest income
Interest on bank deposits
1,562
4,433
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
Investment income
(Continued)
- 23 -
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
1,562
4,433
8
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
352,859
282,976
Company pension contributions to defined contribution schemes
23,004
18,263
375,863
301,239
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
92,908
92,734
Company pension contributions to defined contribution schemes
6,283
6,283
9
Other gains and losses
2021
2020
£
£
Fair value gains/(losses) on financial instruments
Amounts written back to/(written off) fair value through profit or loss
(142)
Change in value of financial assets held at fair value through profit or loss
110,000
11,000
110,000
10,858
10
Taxation
2021
2020
£
£
Current tax
Adjustments in respect of prior periods
(121,719)
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Taxation
(Continued)
- 24 -
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Loss before taxation
(499,418)
(1,375,861)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(94,889)
(261,414)
Unutilised tax losses carried forward
63,500
202,538
Group relief
42,916
42,058
Research and development tax credit
(121,719)
Capital allowances
(1,005)
(5,767)
Depreciation
10,378
20,522
Adjustment in respect of investment proprety fair value decrease
(20,900)
2,063
Taxation credit for the year
(121,719)
-
The company has tax losses of £2,033,048 to offset against future profits. A deferred tax asset has not been recognised in relation to these losses.
11
Investment property
2021
£
Fair value
At 1 January 2021
5,969,000
Transfers from inventories
110,000
Disposals
(24,100)
Net gains or losses through fair value adjustments
110,000
At 31 December 2021
6,164,900
Investment properties comprises a varied portfolio of land and properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 December 2021 by the Directors of the Company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
12
Property, plant and equipment
Freehold land and buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
1,865,489
223,117
123,165
488,342
668,418
3,368,531
Additions
1,383
2,291
17,541
21,215
Disposals
(82,767)
(82,767)
At 31 December 2021
1,865,489
223,117
124,548
490,633
603,192
3,306,979
Depreciation and impairment
At 1 January 2021
605,413
100,209
101,646
474,388
556,132
1,837,788
Depreciation charged in the year
31,556
6,262
5,143
8,657
28,352
79,970
Eliminated in respect of disposals
(75,617)
(75,617)
At 31 December 2021
636,969
106,471
106,789
483,045
508,867
1,842,141
Carrying amount
At 31 December 2021
1,228,520
116,646
17,759
7,588
94,325
1,464,838
At 31 December 2020
1,260,076
122,908
21,519
13,954
112,286
1,530,743
13
Inventories
2021
2020
£
£
Raw materials and consumables
6,667
5,492
Work in progress
23,425,414
19,501,566
Payments received on account
(22,767,350)
(19,130,409)
664,731
376,649
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
14
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
77,083
385,210
Gross amounts owed by contract customers
1,274,518
1,842,467
Corporation tax recoverable
50,826
Amounts owed by group undertakings
140,816
172,583
Other receivables
5,000
19,944
Prepayments and accrued income
77,186
93,801
1,625,429
2,514,005
15
Current liabilities
2021
2020
£
£
Trade payables
4,075,790
5,240,961
Taxation and social security
719,608
249,413
Other payables
175,882
148,727
Accruals and deferred income
155,525
169,284
5,126,805
5,808,385
16
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
102,322
96,552
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50,000
50,000
50,000
50,000
18
Non-distributable profits reserve
Included within retained earnings are non-distributable reserves of £1,095,376 (2020: £985,376).
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
19
Retained earnings
2021
2020
£
£
At the beginning of the year
7,867,438
9,243,299
Loss for the year
(377,699)
(1,375,861)
At the end of the year
7,489,739
7,867,438
20
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
9,939
9,939
Between two and five years
2,916
12,855
12,855
22,794
Lessor
The operating leases represent
property
leases
to third parties. The leases are negotiated over terms of
5 to 10
years.
The lessee does not have an option to purchase the property at the expiry of the lease period.
At the reporting end date the company had contracted with tenants for the following minimum annual lease payments:
2021
2020
£
£
Within one year
75,000
75,000
Between two and five years
275,000
275,000
In over five years
12,500
87,500
362,500
437,500
21
Ultimate controlling party
The
parent company of this undertaking
is
William Birch Holdings Limited, a
company
registered in England and Wales
. William Birch Holdings Limited is both the largest and smallest group for which group accounts are drawn up and of which the company is a member. Consolidated accounts for William Birch Holdings Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
22
Cash (absorbed by)/generated from operations
2021
2020
£
£
Loss for the year after tax
(377,699)
(1,375,861)
Adjustments for:
Taxation credited
(121,719)
Investment income
(1,562)
(4,433)
Gain on disposal of property, plant and equipment
(25,350)
(4,082)
Depreciation and impairment of property, plant and equipment
79,970
108,010
Other gains and losses
(110,000)
(10,858)
Movements in working capital:
(Increase)/decrease in inventories
(398,082)
2,621,800
Decrease in trade and other receivables
939,402
76,841
Decrease in trade and other payables
(681,580)
(711,102)
Cash (absorbed by)/generated from operations
(696,620)
700,315
23
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
3,335,426
(588,780)
2,746,646
2021-12-31
2021-01-01
false
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2021-12-31
00129834
bus:Audited
2021-01-01
2021-12-31
00129834
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP