Company Registration No. 00708997 (England and Wales)
CONLON CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
CONLON CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Mrs M Boland
Mr M G Conlon
Mr G E Parker
Mr A Makinson
Mr D S Lee
Ms N L A Ng
Mr L J Parry
(Appointed 4 June 2019)
Secretary
Ms N L A Ng
Company number
00708997
Registered office
Charnley Fold Lane
Bamber Bridge
Preston
PR5 6BE
Auditor
MHA Moore and Smalley
Richard House
9 Winckley Square
Preston
PR1 3HP
CONLON CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
CONLON CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2020
- 1 -
The directors present the strategic report for the year ended 30 April 2020.
Review of the business
The directors are pleased to report that the Company had another good year with profit before tax at £1.052m (2019: £1.326m).
Turnover was as expected at £38.0m (2019: £40.9m) due to slippage on a number of projects into 20/21 due to Brexit and Covid-19. The order book for the two years ahead however looks promising with the prospect of turnover in the region of £45.0m.
The directors also report that the Company’s net assets have grown to £6.2m (2019: £5.79m) including distributable profits of £5.8m (2019: £5.4m). Fixed assets are £4.95m and current assets exceed current liabilities by £1.7m (2019: £1.1m).
Forward plans
The directors are focused on continuing the policy to procure work where possible via framework activity. This strategy has served the company well so far and further framework opportunities will continue to be actively pursued as the preferred procurement method. The trend towards design and build continues in the frameworks in which we operate. The directors are ensuring that the management of this type of work is appropriately resourced. Any increases in turnover will always be managed to the standards expected both by clients and ourselves.
The directors’ preferred platform for growth remains, where possible, to pursue an incremental increase in the average size of the projects we undertake. Whilst this has been achieved continuously over many years and continues to underpin our growth strategy both the market and the work pipeline of regular clients can affect this. The average project size this year was £4.70m (2019: £4.12m). The value of the largest project undertaken by the company was £7.13m (2019: £14.98m).
It is the directors’ intention to extend the financial accounting period next year to an eighteen-month period ending 31st October 2021 in order to align internal year-end processes with existing resources.
Strategies
‘Responsible Construction Strategy’ – guides our approach to responsible construction, procurement and carbon management. This policy is also used to engage our key supply chain members.
Our ‘Social Responsibility’ and ‘Health and Safety’ strategies have been developed during the last three years. These focus on the occupational health and well-being of our employees, supply chain members and the communities in which we work. We continue to develop our vision and values with supply chain partners through joint business improvement events. This collective work with our supply chain includes several charities and community programmes that are benefiting from our long-term links.
Re-accreditations
We are delighted to have received a seventh successive RoSPA Gold Award and thus a third Gold Medal for our management of Health & Safety.
Our annual re–accreditation for CHAS (Construction Health & Safety Scheme) took place and is current until September 2020.
We were successful in maintaining our ISO 9001:2015 standard for Quality Management and OHSAS 18001:2007 for our Management Systems and we are currently working towards ISO 45001 in 20/21. We were also accredited last year the Investors in People Standard until 2022.
Following our success in achieving Cyber Essentials in 2019, we were also successful in achieving Cyber Essentials Plus in June 2020.
CONLON CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
Awards
One of our projects has been short listed for the LABC Awards due to be announced in April. However, due to Covid-19 the event has been postponed.
We we
re
also nominated
for
2 Considerate Constructors’ Awards, which were due to be held at the 2020 National Site Awards in April. Again, this event has been delayed. Our average Considerate Constructor Scheme Score for the year was 40.33 compared to an industry
Social average of 36.12.
In addition, we were also winners of The Construction Business of The Year and the Corporate
Responsibility Award on our first entry to the Red Rose Awards
Modern slavery
The company is aware of its obligations under the Modern Slavery Act and has reviewed and updated the Modern Slavery and Whistleblowing policies. These are publicised on our website - www.conlon-construction.co.uk - in offices and on sites to raise awareness amongst employees, supply chain members, clients and visitors. Posters have been designed and strategically placed to highlight the Modern Slavery telephone helpline numbers.
Key performance indicators
Financial Key Performance Indicators are outlined in the ‘Review of the Business’ section above. They include Net Profit Before Tax and Net Assets.
Business Key Performance Indicators are measured on an annual basis via a “Customer Satisfaction - Analysis of Performance Questionnaire”. This process forms part of our BS EN ISO 9001:2015 accredited management system. Clients and/or End Users are asked to score the Conlon Construction business on 18 indicators, including Customer Satisfaction with the Product, Service, the Time it has taken to complete the works, Communication, Environment, Health & Safety, Project Team staff and After Care service. In the 2018/19 year, the business achieved an average score of 9.6 out of 10 compared to an industry average score of 8 out of 10. Any scores or client feedback that require improvement feature as agenda items at our regular Business Improvement days. As a result, we are continuously improving our performance and service.
Principal risks and uncertainties
We are increasingly mindful of the global challenge presented by COVID-19 and the expected long-term issues that this event may bring to our business and our stakeholders. We are committed to protecting all affected by our business operations and abiding by all Government guidelines.
The company embodies a ‘risk aware’ strategy to its activities. This strategy continues to help the company avoid those projects with the potential to place serious financial strain on the balance sheet. In particular, risks to the following two aspects of our main business activity are managed as follows:
Bidding
The company bids selectively for a large number of contracts between £500k and £16m. Each potential project is carefully appraised by senior commercial staff in accordance with our Quality Management Systems. Projects are assessed for risk, particularly in terms of design, buildability and programme; as well as checks on both client and supply chain credit ratings, as appropriate. Projects which are taken through to full estimate are placed before our tender review panel prior to final submission.
Delivery
Project delivery is managed though the infrastructure of Construction Operations. Each project is managed using approved procedures including regular and frequent reviews of build progress, cost control, supply chain management and client satisfaction, against a background of rigorous health and safety compliance. Any issues affecting project delivery are continuously monitored so that any operational or commercial matters can be addressed in a timely and efficient manner.
CONLON CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
Directors' statement of compliance with the duty to promote the sucess of the company
This statement by the Board of Directors describes how they have approached the responsibilities under s172(1)(a) to (f) of the Company's Act 2006 in the financial year ending 30th April 2020. The Board considers that they have acted in good faith to promote the success of the company on behalf of its stakeholders who consist of; shareholders, employees, clients and the supply chain.
The Board monitors and reviews the strategic objectives against forward plans. Regular reviews are held across key business areas, including; health, safety & the environment, operational and financial performance, risks and opportunities. The company's performance is reviewed on a monthly basis.
The overriding principle in the governance of Conlon Construction is that of ensuring transparent conduct which reflects fairness in all dealings with employees, clients and the supply chain. A testament to this, is reflected in the length of service of our employees and senior management team.
The company has an Equal Opportunities and Diversity Policy relating to all aspects of employment. Employees are kept informed of matters of concern to them in a variety of ways, including business improvement days, newsletters, meetings and regular communications to staff. The aim of these communications is to ensure a high level of awareness among employees regarding the performance of the business.
The Board’s aim is to forge lasting business relationships with its stakeholders by conducting the business with honesty, integrity and professionalism.
The Board takes environmental matters into consideration as part of its decision-making process, in order to minimise the company's impact on the environment wherever possible. By communicating our aims to employees and our supply chain, we ensure that all parties are aware of their environmental responsibilities.
The Board’s intentions are to behave responsibly towards all stakeholders and to treat them fairly and equally, to ensure they all benefit from the long-term success of the company.
The directors have overall responsibility for determining the company's purpose, values and strategy and for ensuring high standards of governance. The primary aim of the directors is to promote the long-term sustainable success of the company, generating value for stakeholders. Throughout the next financial year, the directors will continue to review and challenge how the company can improve engagement with all stakeholders.
Summary
Customer commitment remains at the heart of everything we do. Our staff and valued supply chain continue to nurture these business relationships enhancing our core values and reputation within the industry.
Mr M G Conlon
Director
6 August 2020
CONLON CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
The directors present their annual report and financial statements for the year ended 30 April 2020.
Principal activities
The principal activities of the Company in the year under review were those of construction and property development.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs M Boland
Mr M G Conlon
Mr G E Parker
Mr A Makinson
Mr D S Lee
Ms N L A Ng
Mr L J Parry
(Appointed 4 June 2019)
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £600,000. The directors do not recommend payment of a final dividend.
Financial instruments
The company finances its operations through a mixture of retained profits and where necessary to fund capital expansion or capital expenditure programmes, through bank borrowings.
The directors' objectives are to:
-
Retain sufficient liquid funds to enable the company to meet its day to day obligations as they fall due whilst maximising returns on surplus funds;
-
Minimise the company's exposure to fluctuating interest rates when seeing new borrowings; and
-
Match the repayment schedule of any external borrowings or overdrafts with the expected future cash flows expected to arise from the company's trading activities.
Hedge accounting is not used by the company.
Where appropriate funds are invested in short term variable rate deposit bank accounts, as well as instant access call accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise. All deposits are with UK institutions.
Auditor
The auditor, MHA Moore and Smalley, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Information referred to in the 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
future developments
.
CONLON CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
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 M G Conlon
Director
6 August 2020
CONLON CONSTRUCTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 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;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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.
CONLON CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONLON CONSTRUCTION LIMITED
- 7 -
Opinion
We have audited the financial statements of Conlon Construction Limited (the 'company') for the year ended 30 April 2020 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 30 April 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
CONLON CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONLON CONSTRUCTION LIMITED
- 8 -
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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
CONLON CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONLON CONSTRUCTION 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.
Joe Sullivan (Senior Statutory Auditor)
for and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
Richard House
9 Winckley Square
Preston
PR1 3HP
6 August 2020
CONLON CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2020
- 10 -
2020
2019
Notes
£'000
£'000
Turnover
3
38,034
40,907
Cost of sales
(32,804)
(35,375)
Gross profit
5,230
5,532
Administrative expenses
(4,448)
(4,448)
Other operating income
48
21
Operating profit
4
830
1,105
Interest receivable and similar income
8
223
221
Interest payable and similar expenses
9
(1)
-
Profit before taxation
1,052
1,326
Tax on profit
10
(41)
(259)
Profit for the financial year
1,011
1,067
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
CONLON CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 11 -
2020
2019
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
12
750
793
Investments
13
4,196
4,196
4,946
4,989
Current assets
Stocks
14
912
1,051
Debtors falling due after more than one year
15
2,204
2,307
Debtors falling due within one year
15
7,924
8,007
Cash at bank and in hand
4,672
3,548
15,712
14,913
Creditors: amounts falling due within one year
16
(13,997)
(13,808)
Net current assets
1,715
1,105
Total assets less current liabilities
6,661
6,094
Creditors: amounts falling due after more than one year
17
(444)
(280)
Provisions for liabilities
18
(17)
(25)
Net assets
6,200
5,789
Capital and reserves
Called up share capital
21
10
10
Revaluation reserve
360
370
Profit and loss reserves
5,830
5,409
Total equity
6,200
5,789
The financial statements were approved by the board of directors and authorised for issue on 6 August 2020 and are signed on its behalf by:
Mr G E Parker
Ms N L A Ng
Director
Director
Company Registration No. 00708997
CONLON CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2020
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 May 2018
10
380
4,982
5,372
Year ended 30 April 2019:
Profit and total comprehensive income for the year
-
-
1,067
1,067
Dividends
11
-
-
(650)
(650)
Transfers
-
(10)
10
-
Balance at 30 April 2019
10
370
5,409
5,789
Year ended 30 April 2020:
Profit and total comprehensive income for the year
-
-
1,011
1,011
Dividends
11
-
-
(600)
(600)
Transfers
-
(10)
10
-
Balance at 30 April 2020
10
360
5,830
6,200
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 13 -
1
Accounting policies
Company information
Conlon Construction Limited is a
company
limited by shares
incorporated in England and Wales.
The registered office is
Charnley Fold Lane, Bamber Bridge, Preston, PR5 6BE.
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
and group
.
Monetary a
mounts
in these financial statements are
rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
The requirement of Section 33 Related Party Disclosures paragraph 33.7.
The financial statements of the company are consolidated in the financial statements of Conlon Holdings Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
1.2
Going concern
The company's activities were only briefly impacted by the Covid-19 pandemic and the subsequent 'lockdown' introduced by the government, with no projects closing for any period of time.
true
T
he company is confident that its operations have fully adapted to the new circumstances caused by the pandemic and specifically the facilitation of appropriate social distancing and hygiene procedures on site. A significant number of the company’s current jobs pertain to construction projects assessed as ‘critical’ by the government, providing greater confidence that these will continue to progress, unless conditions within society deteriorate severely.
The directors have every expectation that the company will continue in operational existence for the foreseeable future and have confirmed orders for the majority of the 2020/21 financial budget.
The directors have produced and referred to prudent future cash flow forecasts, which indicate sufficient funds are in place to meet all liabilities as they are projected to fall due for payment over the next twelve months, leading them to the conclusion that there are no material uncertainties over adopting the going concern basis at the time of signing the financial statements.
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover
Turnover comprises the value of work performed, goods sold and services provided excluding Value Added Tax.
Amounts in respect of contracts included in turnover, net of payments received on account, are shown in debtors as gross amounts due from contract customers. Cash received in excess of the value of work done is shown in creditors as payments on account.
An appropriate proportion of the anticipated contract profit is recognised in the profit and loss account based on the stage of completion of the work and the expected end of life outcome. Provision is made for anticipated contract losses as soon as they are foreseen.
All other operating income is recognised only when the company becomes eligible to recognise it, being when due service has been delivered or upon cash receipt.
1.4
Tangible fixed assets
Tangible fixed assets
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
Over 37 years
Fixtures, fittings and equipment
10% to 15% per annum on cost
Computer equipment
33% per annum on cost
Motor vehicles
20% per annum on cost
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
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Company equity investments are initially stated at cost less any impairment in value. This is due to the equity instruments in question not being publically traded and as a consequence whose fair value cannot be reliably measured.
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 15 -
1.6
Impairment of fixed assets
At each reporting 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.
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
Stocks
Development land is valued at the lower of cost and net realisable value after making due allowance for impairment.
Work in progress is valued at the lower of cost and net realisable value, after making due allowance for impairment. Cost includes all direct expenditure incurred along with an appropriate proportion of overheads.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.
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.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.9
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 16 -
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
balance sheet
when
it
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 debtors 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.
Impairment of financial assets
Financial assets
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.
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
fellow group companies 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 creditors
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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
All of the company's financial liabilities are basic financial instruments.
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 profit and loss account 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.
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 fixed 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.
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 18 -
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Valuation of freehold land and buildings
The narrative within notes 1.4 and 1.6 to the financial statements provide further information in this area. The company engage the services of a suitably qualified external Surveyor to offer a considered opinion as to the valuation of this asset. The directors consider that this reduces the estimation uncertainty to an acceptable level.
Recognition of contract revenue and profit
This is a natural area of estimation uncertainty given the industry in which the company operates. The narrative within notes 1.3 and 1.8 to the financial statements provides further information.
The company uses suitably qualified Quantity Surveyors to assess the level of work done, associated revenue and thus profit recognition. These assessments are then reviewed by the company's finance team, providing an additional level of internal assurance that reduces the estimation uncertainty to an appropriate level.
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Provision for irrecoverable trade debtors
At each balance sheet date, management undertake a review of the outstanding trade debtor balances and estimate the balance that should either be impaired or provided against.
This calculation is based on the financial position of the customers, the historical speed of payment and any ongoing discussions.
Recoverable value of fixed asset investments
At each balance sheet date management review the recoverable value of the company’s equity investments and of the loan notes it has granted. This review includes enquiries as to the latest trading and financial positions of the entities involved, alongside the evaluation of other information they are privy to.
The directors consider that this reduces the estimation uncertainty to an acceptable level and do not consider that an impairment of either balance is necessary.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£'000
£'000
Turnover analysed by class of business
Attributable to the construction contract revenue
38,034
40,907
2020
2019
£'000
£'000
Other significant revenue
Interest income
223
221
4
Operating profit
2020
2019
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Depreciation of owned tangible fixed assets
83
94
Profit on disposal of tangible fixed assets
(1)
(5)
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 20 -
5
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
15
16
For other services
Taxation compliance services
1
2
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Site employees
29
35
Administration employees
54
56
83
91
Their aggregate remuneration comprised:
2020
2019
£'000
£'000
Wages and salaries
3,694
4,000
Social security costs
399
454
Pension costs
463
484
4,556
4,938
7
Directors' remuneration
2020
2019
£'000
£'000
Remuneration for qualifying services
670
622
Company pension contributions to defined contribution schemes
142
247
812
869
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2019 - 6).
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£'000
£'000
Remuneration for qualifying services
118
104
Company pension contributions to defined contribution schemes
21
63
8
Interest receivable and similar income
2020
2019
£'000
£'000
Interest income
Interest on bank deposits
9
6
Other interest income
214
215
Total income
223
221
9
Interest payable and similar expenses
2020
2019
£'000
£'000
Other interest
1
-
10
Taxation
2020
2019
£'000
£'000
Current tax
UK corporation tax on profits for the current period
213
270
Adjustments in respect of prior periods
(165)
-
Total current tax
48
270
Deferred tax
Origination and reversal of timing differences
(7)
(11)
Total tax charge
41
259
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
10
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£'000
£'000
Profit before taxation
1,052
1,326
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
200
252
Tax effect of expenses that are not deductible in determining taxable profit
3
3
Adjustments in respect of prior years
(165)
-
Effect of change in corporation tax rate
3
-
Depreciation on assets not qualifying for tax allowances
-
4
Taxation charge for the year
41
259
The Chancellor stated his intention to maintain the main rate of corporation tax at 19%. This change to previously announced policy was substantively enacted on 17 March 2020.
11
Dividends
2020
2019
£'000
£'000
Interim paid
600
650
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 23 -
12
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost or valuation
At 1 May 2019
676
142
623
56
1,497
Additions
-
-
40
-
40
Disposals
-
-
(199)
(13)
(212)
At 30 April 2020
676
142
464
43
1,325
Depreciation and impairment
At 1 May 2019
49
127
493
35
704
Depreciation charged in the year
16
4
58
5
83
Eliminated in respect of disposals
-
-
(199)
(13)
(212)
At 30 April 2020
65
131
352
27
575
Carrying amount
At 30 April 2020
611
11
112
16
750
At 30 April 2019
627
15
130
21
793
Land and buildings with a carrying amount of
£611,000 (2019: £627,000)
were revalued at
30 April 2019
by
Parker and Company Chartered Surveyors
, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
If revalued assets were stated on an historical cost basis rather than at valuation, the total amounts included would have been as follows:
2020
2019
£'000
£'000
Cost
379
379
Accumulated depreciation
(111)
(104)
Carrying value
268
275
13
Fixed asset investments
2020
2019
£'000
£'000
Unlisted investments
1,896
1,896
Loans
2,300
2,300
4,196
4,196
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
13
Fixed asset investments
(Continued)
- 24 -
The cost of investments includes a 3.1% (2019: 3.1%) equity stake in One Ashford Health Care Limited and a loan note totalling £700,000 (2019: £700,000) provided to the same company. The loan note returns interest of 8% per annum, compounded if relevant.
The cost of investments also includes a 8% (2019: 8%) equity stake in One Hatfield Hospital Limited and a loan note totalling £1,600,000 (2019: £1,600,000) provided to the same company. The loan note returns interest of 8% per annum.
Movements in fixed asset investments
Investments other than loans
Loan notes
Total
£'000
£'000
£'000
Cost or valuation
At 1 May 2019 & 30 April 2020
1,896
2,300
4,196
Carrying amount
At 30 April 2020
1,896
2,300
4,196
At 30 April 2019
1,896
2,300
4,196
14
Stocks
2020
2019
£'000
£'000
Material and property
654
654
Development work in progress
235
255
Contract work in progress
23
142
912
1,051
15
Debtors
2020
2019
Amounts falling due within one year:
£'000
£'000
Trade debtors
895
992
Gross amounts owed by contract customers
5,149
5,222
Corporation tax recoverable
10
-
Amounts owed by group undertakings
1,135
1,044
Other debtors
447
348
Prepayments and accrued income
288
401
7,924
8,007
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
15
Debtors
(Continued)
- 25 -
2020
2019
Amounts falling due after more than one year:
£'000
£'000
Gross amounts owed by contract customers
364
467
Amounts owed by group undertakings
1,840
1,840
2,204
2,307
Total debtors
10,128
10,314
16
Creditors: amounts falling due within one year
2020
2019
£'000
£'000
Trade creditors
6,628
7,173
Amounts owed to group undertakings
206
340
Corporation tax
-
175
Other taxation and social security
154
193
Other creditors
69
61
Accruals and deferred income
6,940
5,866
13,997
13,808
17
Creditors: amounts falling due after more than one year
2020
2019
£'000
£'000
Trade creditors
401
255
Amounts owed to group undertakings
43
25
444
280
18
Provisions for liabilities
2020
2019
Notes
£'000
£'000
Deferred tax liabilities
19
17
25
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 26 -
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£'000
£'000
ACAs
27
32
Other short term timing differences
(10)
(7)
17
25
2020
Movements in the year:
£'000
Liability at 1 May 2019
25
Credit to profit or loss
(8)
Liability at 30 April 2020
17
The deferred tax liability set out above is not expected to materially reverse over the upcoming 12 months and relates to accelerated capital allowances and the opposite effect of short term timing differences that are not expected to reverse within the same period.
20
Retirement benefit schemes
2020
2019
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
463
484
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.
At the balance sheet date the company owed £51,000 (2019: £40,000) in respect of defined contribution payments, which are stated within creditors.
21
Share capital
2020
2019
£'000
£'000
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10
10
CONLON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 27 -
22
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
£'000
£'000
Within one year
102
139
Between two and five years
69
150
171
289
23
Related party transactions
Transactions with related parties
Other related parties
2020
2019
£'000
£'000
Investment in related parties
1,896
1,896
Amount due from related parties
2,471
2,608
Interest receivable from related parties
184
186
No guarantees have been given or received.
The company has taken advantage of FRS102, section 33, in not disclosing transactions with other group companies as it is a wholly owned subsidiary of its parent company, who prepares consolidated financial statements.
24
Directors' transactions
At the balance sheet date directors of the company had received advances as follows: Director £90 (2019: £nil) and Director £3,989 (2019: £8,944).
25
Ultimate controlling party
The directors consider the ultimate parent company to be Conlon Holdings Limited, a company incorporated in England and Wales, which is the only undertaking that prepares group financial statements including those of this company.
Copies of the group financial statements of Conlon Holdings can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
2020-04-30
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