Company Registration No. 00129834 (England and Wales)
WILLIAM BIRCH & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
WILLIAM BIRCH & SONS LIMITED
COMPANY INFORMATION
Directors
Mr P A Goyea
Mr S T Potter
Mr G V Shahjahan
Mr C W Birch
B Thomson
(Appointed 1 October 2020)
Company number
00129834
Registered office
Link Road Court
Osbaldwick
York
North Yorkshire
YO10 3JQ
Auditor
Henton & Co LLP
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
Bankers
Barclays Bank Plc
Parliament Street
York
YO1 8XD
WILLIAM BIRCH & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 26
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present the strategic report for the year ended 31 December 2020.
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
.
-
To support the construction operations’ return 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
.
-
Consider how the asset base can be retained and developed in a more sustainable and profitable manner
.
-
Align the business to support and meet the UK’s targets and ambitions concerning net-zero and our sustainable obligations for current and future generations
.
Operational structure
-
The Group, 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 £10 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 fleet where this will improve the offering over that of external hirers.
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 significant cash balance is 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 now valued at just over £3 million was previously transferred to the Group Company from William Birch & Sons to provide a degree of security to this asset. The Group will continue to review this allocation in the best interests of shareholders and will where appropriate 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.
Market trends
-
In contrast to the Covid-19 pandemic, Brexit had only a minimal impact on the construction sector during 2020. Even after the transition to operating outside the EU early in 2021 the effect seemed to be limited to supply delays due to customs bureaucracy.
There is still some hope that the government will stick by its intention to rebalance the regional economies of the country, which should help maintain or even boost workloads in the Company’s area of operations.
We are currently receiving a good flow of tender enquiries. However, we are still experiencing 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.
An increasing impact on our traditional contracting sector of the construction industry is the stop-start modus operandi of the housing sector (exacerbated by the suspension of stamp duty on house sales under £500k in value). This is now affecting the supply and costs of material and labour resources within the whole of the construction industry. Alternatively once
G
ov
ernment
strategy has, it is hoped, been re-thought on how it addresses the country’s housing stock mis-alignment with its 2050 sustainable targets; there will be opportunities within the retro-fit sector.
There remains the medium-term impact, on all projects, of increased running costs alongside reduced productivity to ensure compliance with government guided safe working measures. Covid shutdowns of factories globally over the last year have had the added effect of depleting the buffer stockpiles of construction materials between manufacture and site adding to the above resource issues. Continuing interest in industrial premises in the York area, encouraged the Company to continue its property development activities.
While the level of interest has not been so robust at Northallerton, it has been sufficient to keep the levels of vacancy of the business units there relatively low.
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Principal risks and uncertainties
China leads the way in global recovery with a 1.9% growth in 2020 and forecast 8.2% in 2021; which contrasts with the UK and other developed economies delivering shrinkage 5.8% and growth 5.2% in the same respective years. In the latter part of 2020 and continuing through 2021 there is stark evidence of significant pressures on the supply of some globally traded goods – timber, steel, cement & aggregates. The underlying reason for shortages and price increases are likely to be two-fold; firstly the protectionist strategies of major global players, such as China, and secondly the emerging impact of trading post Brexit. Both scenarios will have the most immediate and medium term impact on the business throughout 2021 and into 2022; and we have already adjusted our business practices to try to mitigate the most significant impact of these shortages.
A more long term impact of the hopefully receding pandemic; is a Government re-think on the significant investment in infrastructure – and in particular £27bn on roads – as a result of the potential for changing patterns of part-working from home. Nevertheless, in the medium term, it is expected that such funding for construction will remain buoyant; and across the piece will lift general construction activity; though at the same time having to navigate the materials and skills shortages.
A side effect of the deterioration of liquidity through virus impacts and the above supply constraints is the increased likelihood of business failures both among clients and in the supply chain. This is one of the many risks the Company is working to keep abreast of in striving to improve its risk management procedures.
Although our efforts continue and are upgraded each year to avoid and mitigate the risk inherent within the construction process, we must push harder as we are still experiencing occasional contracts that affect the whole operation negatively.
Covid-19
The duration and depth of the effects of the virus shutdowns and constraints on the economy and industry are still to be fully realised. The impacts in 2020 on the Company have been:
-
A complete shutdown of site operations for a period averaging 6 weeks, which taking into account demobilising and remobilising represented 8 weeks of lost turnover and revenue
-
The furloughing of up to 60 employees for a total amount of 680 employee weeks
-
The deferral of property rental income amounting to £27.6k (a significant element being rent free period for new occupant at the Osbaldwick development)
-
Loss of productivity (industry studies have suggested 15%) and more expensive working on the resumed contracts through extra manning, additional amenity and cleansing facilities, restricted numbers of workers on site and resulting extended periods of site overheads.
A large amount of capital has been used up by both businesses and the government in countering the effects of the virus. While this caused a temporary hiatus in orders and had a negative effect on some work streams, the public sector generally maintained the flow of projects going out to tender.
The Company’s healthy cash balance proved a great asset in ensuring that we were able to trade through the immediate economic problems and also meant that we could continue to invest in activities, which will benefit the business in the longer term.
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
Development and performance
The past year’s performance was greatly affected by the Covid pandemic and by a couple of underperforming contracts. Both turnover and profitability deteriorated.
Despite the government’s financial help with the retention of our employees during the virus shutdown periods, the significant additional costs for operating to virus procedures will not be reimbursable. Because of reduced workloads we still had to part with some employees; operational, management and administrative. We continue our efforts to minimise poorly performing contracts and to reset our overheads on a more sustainable footing.
We hope that we can develop the now more stable core of employees to bring us out of this uncertain period of trading into a stronger position.
Our other main resource, our property assets, have performed well over the last year. All the units in the second Victor Court building at Elvington were sold. And all three refurbished Birch Court units at Osbaldwick were occupied. Interest from potential occupiers at both sites is encouraging us to bring forward plans for further development.
The legal processes for the leasing of a 36,000 sq ft design and construct project to an existing Elvington tenant became very protracted last year. There is now a heightened level of interest in getting the deal done and the hope is that we could conclude the legal agreements to build this unit for occupation in 2022.
We continue to review the Company’s property to see how it can be best used to enhance the value of the business assets.
The directors will also maintain their ongoing review of the efficiency of the Company’s operations and potential markets to ensure that the most profitable use is made of the resources, within acceptable risk profiles and more diverse opportunities identified.
Key performance indicators
-
The reduction in turnover reflects the reduction in activity and imposed inefficiencies due to the pandemic.
-
The % success in securing work improved despite the pandemic constraint on market opportunities. While the Stocks figure reported is historically low this is primarily due to the timing of contract completions and currently over 80% of the targeted turnover for 2021 has been secured.
-
Construction profitability, through operational performance, was not acceptable on two contracts in particular.
-
The Group’s cash balance remains largely positive in particular for the size and market exposure of the business. While the balance is still strong some of it is earmarked for further development works at Elvington and also will be needed in part to absorb the still ongoing significant costs of dealing with the impact of the Covid virus on the Company’s operations.
Financial performance Indicators for the Company are:
WILLIAM BIRCH & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
Other information and explanations
Assuming the 36,000 sq.ft development proceeds at Elvington this will be carried out by Brinkworth Rush Developments Ltd, a new subsidiary of the Company.
To strengthen the commercial skills expertise of the William Birch & Sons board, managing surveyor, Ben Thompson, was promoted and appointed a director in October last year.
We continue to improve and expand our 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.
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. Again there has been no annual staff meeting this year but, performance reviews have continued and a regular stream of internal employee newsletters has been maintained going out in hard copy and by email to all employees.
Mr C W Birch
Director
14 July 2021
WILLIAM BIRCH & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
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
Mr G V Shahjahan
Mr C W Birch
B Thomson
(Appointed 1 October 2020)
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 10.
The directors recommend the payment of an Ordinary Dividend amounting to £
nil
(201
9
£
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
14 July 2021
WILLIAM BIRCH & SONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIAM BIRCH & SONS LIMITED
- 7 -
Opinion
We have audited the financial statements of William Birch & Sons Limited (the 'company') for the year ended 31 December 2020 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 2020 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
- 8 -
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 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 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
- 9 -
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.
Peter Hart (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP
Chartered Accountants
Statutory Auditor
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
31 August 2021
WILLIAM BIRCH & SONS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 10 -
2020
2019
Notes
£
£
£
£
Revenue
3
22,614,829
25,628,379
Raw materials and consumables
(1,125,067)
(1,481,769)
Other external charges
(19,159,009)
(20,074,662)
(20,284,076)
(21,556,431)
2,330,753
4,071,948
Staff costs
(3,363,849)
(3,649,351)
Depreciation and amortisation
(108,010)
(143,785)
Other operating charges
(537,681)
(452,867)
Other operating income
287,635
-
(3,721,905)
(4,246,003)
Operating loss
4
(1,391,152)
(174,055)
Investment income
8
4,433
10,115
Fair value gains/(losses) on investment properties
9
10,858
(52,558)
Loss before taxation
(1,375,861)
(216,498)
Taxation
10
Loss for the financial year
19
(1,375,861)
(216,498)
Total comprehensive income for the year
(1,375,861)
(216,498)
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 2020
- 11 -
2020
2019
£
£
Loss for the year
(1,375,861)
(216,498)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,375,861)
(216,498)
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
31 December 2020
- 12 -
2020
2019
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
1,530,743
1,793,817
Investment properties
12
5,969,000
5,366,001
7,499,743
7,159,818
Current assets
Inventories
13
376,649
3,414,073
Trade and other receivables
14
2,514,005
2,590,846
Cash and cash equivalents
3,335,426
2,648,049
6,226,080
8,652,968
Current liabilities
15
(5,808,385)
(6,519,487)
Net current assets
417,695
2,133,481
Net assets
7,917,438
9,293,299
Equity
Called up share capital
17
50,000
50,000
Retained earnings
19
7,867,438
9,243,299
Total equity
7,917,438
9,293,299
The financial statements were approved by the board of directors and authorised for issue on 14 July 2021 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 2020
- 13 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2019
50,000
9,459,797
9,509,797
Year ended 31 December 2019:
Loss and total comprehensive income for the year
-
(216,498)
(216,498)
Balance at 31 December 2019
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
WILLIAM BIRCH & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 14 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
700,315
(299,174)
Investing activities
Purchase of property, plant and equipment
(34,188)
(50,448)
Proceeds on disposal of property, plant and equipment
16,817
34,097
Interest received
4,433
10,115
Net cash used in investing activities
(12,938)
(6,236)
Net increase/(decrease) in cash and cash equivalents
687,377
(305,410)
Cash and cash equivalents at beginning of year
2,648,049
2,953,459
Cash and cash equivalents at end of year
3,335,426
2,648,049
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 15 -
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 2020
1
Accounting policies
(Continued)
- 16 -
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 2020
1
Accounting policies
(Continued)
- 17 -
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 2020
1
Accounting policies
(Continued)
- 18 -
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 2020
1
Accounting policies
(Continued)
- 19 -
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
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
1.15
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 20 -
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:
2020
2019
£
£
Revenue analysed by class of business
Construction
22,248,266
25,338,385
Other operating income
366,563
289,994
22,614,829
25,628,379
2020
2019
£
£
Other significant revenue
Interest income
4,433
10,115
Grants received
287,635
4
Operating loss
2020
2019
Operating loss for the year is stated after charging/(crediting):
£
£
Government grants
(287,635)
Depreciation of owned property, plant and equipment
108,010
143,785
Profit on disposal of property, plant and equipment
(4,082)
(16,717)
5
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,500
10,500
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Site based staff
40
43
Managerial, technical and administration staff
31
35
Total
71
78
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
2,974,682
3,221,821
Social security costs
289,740
301,198
Pension costs
96,552
91,944
3,360,974
3,614,963
7
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
282,976
247,073
Company pension contributions to defined contribution schemes
18,263
16,371
301,239
263,444
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
92,734
84,939
Company pension contributions to defined contribution schemes
6,283
5,394
8
Investment income
2020
2019
£
£
Interest income
Interest on bank deposits
4,433
10,115
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
8
Investment income
(Continued)
- 22 -
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
4,433
10,115
9
Other gains and losses
2020
2019
£
£
Fair value gains/(losses) on financial instruments
Amounts written off fair value through profit or loss
(142)
(22,558)
Change in value of financial assets held at fair value through profit or loss
11,000
(30,000)
10,858
(52,558)
10
Taxation
The actual 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:
2020
2019
£
£
Loss before taxation
(1,375,861)
(216,498)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
(261,414)
(41,135)
Unutilised tax losses carried forward
202,538
Group relief
42,058
10,512
Capital allowances
(5,767)
(3,506)
Depreciation
20,522
24,143
Adjustment in respect of investment proprety fair value decrease
2,063
9,986
Taxation charge for the year
-
-
The company has tax losses of £1,985,283 to offset against future profits. A deferred tax asset has not been recognised in relation to these losses.
WILLIAM BIRCH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 23 -
11
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 2020
2,141,754
223,117
121,804
480,237
707,204
3,674,116
Additions
1,361
8,105
24,722
34,188
Disposals
(63,509)
(63,509)
Transfer to investment property
(276,265)
(276,265)
At 31 December 2020
1,865,489
223,117
123,165
488,342
668,417
3,368,530
Depreciation and impairment
At 1 January 2020
673,604
93,947
94,716
463,567
554,464
1,880,298
Depreciation charged in the year
31,556
6,262
6,930
10,821
52,441
108,010
Eliminated in respect of disposals
(50,774)
(50,774)
Transfer to investment property
(99,747)
(99,747)
At 31 December 2020
605,413
100,209
101,646
474,388
556,131
1,837,787
Carrying amount
At 31 December 2020
1,260,076
122,908
21,519
13,954
112,286
1,530,743
At 31 December 2019
1,468,149
129,170
27,088
16,670
152,740
1,793,817
12
Investment property
2020
£
Fair value
At 1 January 2020
5,366,000
Transfers from inventories
415,624
Transfers from owner-occupied property
176,518
Net gains or losses through fair value adjustments
10,858
At 31 December 2020
5,969,000
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 2020 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 2020
- 24 -
13
Inventories
2020
2019
£
£
Raw materials and consumables
5,492
4,145
Work in progress
19,501,566
19,664,937
Payments received on account
(19,130,409)
(16,255,009)
376,649
3,414,073
14
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Trade receivables
385,210
482,094
Gross amounts owed by contract customers
1,842,467
1,885,331
Amounts owed by group undertakings
172,583
120,878
Other receivables
19,944
5,000
Prepayments and accrued income
93,801
97,543
2,514,005
2,590,846
15
Current liabilities
2020
2019
£
£
Trade payables
5,240,961
5,787,597
Taxation and social security
249,413
491,399
Other payables
148,727
104,011
Accruals and deferred income
169,284
136,480
5,808,385
6,519,487
16
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,552
91,944
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.
- 25 -
17
Share capital
2020
2019
2020
2019
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 £985,376 (2019: £974,518).
19
Retained earnings
2020
2019
£
£
At the beginning of the year
9,243,299
9,459,797
Loss for the year
(1,375,861)
(216,498)
At the end of the year
7,867,438
9,243,299
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:
2020
2019
£
£
Within one year
9,939
10,868
Between two and five years
12,855
22,794
22,794
33,662
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 lease payments:
2020
2019
£
£
Within one year
75,000
Between two and five years
275,000
In over five years
87,500
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.
- 26 -
22
Cash generated from/(absorbed by) operations
2020
2019
£
£
Loss for the year after tax
(1,375,861)
(216,498)
Adjustments for:
Investment income
(4,433)
(10,115)
Gain on disposal of property, plant and equipment
(4,082)
(16,717)
Depreciation and impairment of property, plant and equipment
108,010
143,785
Other gains and losses
(10,858)
52,558
Movements in working capital:
Decrease/(increase) in inventories
2,621,800
(841,126)
Decrease/(increase) in trade and other receivables
76,841
(858,458)
(Decrease)/increase in trade and other payables
(711,102)
1,447,397
Cash generated from/(absorbed by) operations
700,315
(299,174)
23
Analysis of changes in net funds
1 January 2020
Cash flows
31 December 2020
£
£
£
Cash at bank and in hand
2,648,049
687,377
3,335,426
2020-12-31
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