Company Registration No. 02343739 (England and Wales)
JOHN TURNER CONSTRUCTION GROUP LTD
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
31 March 2022
JOHN TURNER CONSTRUCTION GROUP LTD
COMPANY INFORMATION
Directors
John J Clarke - Chairman / Managing Director
Nigel A Sharp - Operations Director
Pauline M Clarke - Non-Executive Director
Michael T Davies, FCCA - Financial Director
Secretary
Michael T Davies, FCCA
Company number
02343739
Registered/Head office
2 Preston Road
Grimsargh
Preston
Lancashire
United Kingdom
PR2 5SD
Liverpool office
15 Hurricane Court
Hurricane Drive
Speke
Liverpool
L24 8RL
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
Email address
administration@johnturner.co.uk
Website
www.johnturner.co.uk
JOHN TURNER CONSTRUCTION GROUP LTD
CONTENTS
Page
Chairman's statement
1
Strategic report
2
Directors' report
3 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
JOHN TURNER CONSTRUCTION GROUP LTD
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The year ending 31 March 2022 was a positive year for the Group with increases in both turnover & profit. Turnover reached £80.9m with pre-tax profit at £2.3m
.
Our balance sheet remained strong with key performance measures all improving. Cash now stands at £12.6m and we continue to have no bank or other financial borrowings. Our careful and cautious financial controls and cash reserves, have been major factors in overcoming the unusual challenges faced by our industry over the past few years. These results are something we can all be proud of, bearing in mind the testing circumstances that prevailed previously.
Our ability to win work in most sectors of the industry and on projects within a wide range of values, stood us in good stead throughout the year.
Health & Education continue to form a major part of our activities, with projects awarded for the Northern Care Alliance, Blackpool Victoria Hospital and Wirral University Teaching Hospital NHS Foundation Trust. New education clients included Burnley College, Kendal College & Hugh Baird College, whom we successfully worked for throughout the year.
We were also awarded some high profile projects for private sector clients namely at Europa Boulevard in Warrington for Harlex Property and also the Vita Group in Middleton.
Our maintenance company, Wright Build, had a record year for both turnover and profit. They are well respected for the quality of their work and the excellent relationships they have built up over many years in this sector.
All our ISO accreditations were successfully audited and renewed in the year. We achieved a 17
th
Gold Medal in a row from RoSPA and received
the prestigious Order of Distinction
.
This was again
a
tremendous result by everyone.
We are actively engaged in maximising our social value in the areas in which we work. This involves providing work experience, employing apprentices and generally promoting interaction and communication with the local residents, where possible. The work of our employee lead charity group (TLC) raised much needed funds for worthy causes such as over £3,000 for C-R-Y, MND Association and Thriving Spaces.
We continued to invest in our business throughout the year in the ongoing promotion of our successful Career Development Programme and the offer of Apprenticeships.
In the year to 31 March 2023 we have over £85m of Group turnover currently secured and over £39m secured for the year to 31 March 2024. The level of opportunities we have received to tender or negotiate for clients has always been high and this situation continues to date. We attribute our good reputation and the overall stability of the Group to this welcome trend.
We must always be cautious with the current economic turmoil in the country at present, but I look forward to the future of the business with confidence.
John J Clarke
Chairman
12 December 2022
JOHN TURNER CONSTRUCTION GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
The directors present the strategic report for the year ended 31 March 2022.
Review of the Business
The principal activity of the Group throughout the year continued to be as a building contractor.
The Group has returned a good performance in the challenging and competitive market. Turnover of £80.9m was achieved (2021: £66.8m) with gross margins of 9.1%. Retained earnings remained healthy with the Group's net asset total now £8.0m.
The Group Balance Sheet remains strong with key performance measures all improving. Cash has increased by 2.6% to £12.56m and net current assets at £9.4m. The Group continues to have no bank or other financial borrowings.
The Cottam development, which the Group is associated with, had planning delays due to the Covid-19 pandemic but negotiations are progressing with both a potential key anchor tenant and further house builders.
Developments and future outlook
The directors of the Group continue to look ahead and, despite the potential of further economic disruption, view the future with confidence. For the year to 31st March 2023, over £85m of Group turnover is currently secured, with also over £39m already secured for the year to 31st March 2024.
Principal risks and uncertainties
In addition to general risks and uncertainties, the world continues to face unprecedented disruption. Our continued commitment to health and safety coupled with an ability to adapt has allowed us to quickly adopt new construction site protocols and working practices within our offices to create safe working environments. Despite the relaxation of the national social distancing rule, we have maintained our Covid-19 secure protocols. This vigilant and agile approach has resulted in a high percentage of continued operations and successful delivery of projects for our clients.
Our continuing financial strength enables the Group to successfully manage the enhanced key risks and uncertainties facing the sector, in particular the supply chain. By ensuring that both sub-contractors and suppliers are paid on a timely basis, itkeeps us as the main contractor of choice.
Going Concern
The directors have prepared detailed profit and cash flow projections for a period of 12 months from the date of signing these accounts, which demonstrate that the Group will remain profitable.
The Group monitors its cash flow as part of its daily control procedures. The Directors consider the cash position and future requirements on a regular basis and ensure that appropriate facilities are available.
The directors have assumed that all current available support will continue and, accordingly, consider it appropriate that the accounts are prepared on the going concern basis. These accounts do not include any adjustments that may be required should the going concern basis of preparation not be appropriate.
Judgements and Key Areas of Estimation Uncertainty
The directors have considered the impact of the current economic conditions on the business which has occurred since the balance sheet date. They believe that the Group will have sufficient cash and facilities available for it to trade through any uncertainty and until the industry returns to business as usual. The Directors believe that commercial facilities will be readily available if and when required to enable the Group to continue to trade as a going concern for at least 12 months from signing these accounts.
Michael T Davies, FCCA - Finance Director
Director
12 December 2022
JOHN TURNER CONSTRUCTION GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
John J Clarke - Chairman / Managing Director
Nigel A Sharp - Operations Director
Julian D Haigh, BSc, MRICS - Commercial Director (Resigned 21 September 2021)
Pauline M Clarke - Non-Executive Director
Michael T Davies, FCCA - Financial Director
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £2,384,548 (2021: £1,264,000
)
. The directors do not recommend payment of a further dividend.
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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 Group and Company, and of the profit or loss of the Group 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
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
Group and C
ompany will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
JOHN TURNER CONSTRUCTION GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
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 auditor
of the
company 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 auditor
of the
company
is
aware of that information.
Mission statement
The aim of the Group is to provide a professional building service which best meets the needs of our clients.
Through working closely with our clients and their agents, we will aim to find solutions to meet and exceed their requirements.
We shall address resourcefully all types of projects and apply the highest standards of workmanship and integrity in their performance.
In all our activities we shall respect and if possible enhance the environment. The service shall be delivered by:
-
employing a competent committed workforce who understand clearly and contribute to the aims of the Group;
-
emphasising the highest quality of management, financial strength, and stringent control throughout our operations to provide security for the benefit of clients, shareholders and employees;
-
treating respectively all our business relationships to obtain the benefits of the business;
-
rewarding merit by recognition within the Group.
Financial risk management objectives and policies
The
Group
holds or issues financial instruments in order to achieve three main objectives, being:
(a) to finance its operations;
(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and
(c) for trading purposes.
In addition, various financial instruments (e.g. trade debtors and trade creditors) arise directly from the
Group
's operations.
Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.
Credit risk
The investment of cash surpluses is made through banks which must fulfil credit rating criteria approved by the Board. The
Group
has no borrowings.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
Liquidity risk
The
Group
manages its cash in order to maximise interest income, whilst ensuring the
Group
has sufficient liquid resources to meet the operating needs of the business.
JOHN TURNER CONSTRUCTION GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
Employee involvement
During the year, the policy of providing employees with information about the company has been continued through the company's newsletter in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between management and employees to allow a free flow of information and ideas.
Disabled employees
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of
the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that
their employment within the group continues and that the appropriate training is arranged. It is the policy of the
group that the training, career development and promotion of disabled persons should, as far as possible, be
identical to that of other employees.
Energy and carbon report
JTCG has committed to reducing its impact on the environment, including on climate change. This commitment has been shown by the company’s ongoing accreditation to the ISO 14001 (environmental) and ISO 50001 (energy) international standards.
Over recent years the company has implemented a number of energy efficiency measures as part of our ISO 50001 commitment to continual improvement. This commitment has seen the installation of smart meters to our head offices and an energy efficiency campaign throughout our offices and construction sites. The replacement of our LEV system with an energy efficient “soft start” system with variable flow rates was a significant capital expenditure in the name of increasing the energy efficiency of the company. Our energy management system is externally audited each year to ensure that the company is making all reasonable efforts towards continual improvement.
As part of the ISO 50001 accreditation the company measures energy usage, sets energy performance indicators (EnPIs), sets annual targets against significant usage areas and identifies opportunities for improvement.
The energy efficiency measures which have been implemented in the reporting period include:
-
Phasing out of “traditional” lighting technologies, such as sodium, fluorescent and incandescent lamps by replacing these lamps with high efficiency LED lighting
-
Ongoing removal of aging plant with more energy efficient replacements
-
Replacing company owned vehicles with more energy efficient models
JOHN TURNER CONSTRUCTION GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
The table below shows the company’s total energy use in kWh and the emissions arising as a result of that energy usage in kg of CO2e.
|
|
|
2021/22 Emissions (kgCO2e)
|
|
2020/21 Emissions (kgCO2e)
|
Emissions from burning natural gas, namely for heating
|
Combustion of natural gas
|
|
|
|
|
Emissions from burning fuel, DERV & gas oil through company owned and rented fleet, “grey fleet” and plant including generating of electricity
|
|
|
|
|
|
Indirect emissions of purchased electricity
|
|
|
|
|
|
|
|
|
|
|
|
Intensity Ratio
|
|
|
Kgs CO2e per £100,000 turnover
|
|
|
To allow the company to provide comparative figures each year and improve target setting the intensity ratio is calculated to provide a year-to-year “normalising factor”. The intensity ratio we have decided upon is Kilograms of CO2 equivalent per £100,000 turnover. This normalising factor considers the company’s turnover, allowing for variations in the company’s growth and productivity.
On behalf of the board
Michael T Davies, FCCA - Finance Director
Director
12 December 2022
JOHN TURNER CONSTRUCTION GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHN TURNER CONSTRUCTION GROUP LTD
- 7 -
Opinion
We have audited the
financial statements of
John Turner Construction Group Ltd
(the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2022 and of the group's profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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
group and
parent 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
group's and
parent
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.
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.
JOHN TURNER CONSTRUCTION GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN TURNER CONSTRUCTION GROUP LTD
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
group and the parent
company and
their
environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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
parent
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 parent 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 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.
JOHN TURNER CONSTRUCTION GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN TURNER CONSTRUCTION GROUP LTD
- 9 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Reviewing minutes of meetings of those charged with governance;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the
entity
through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company’s
shareholder
, 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
shareholder
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
shareolders
, for our audit work, for this report, or for the opinions we have formed.
Lee Van Houplines (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
12 December 2022
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
JOHN TURNER CONSTRUCTION GROUP LTD
GROUP STATEMENT OF TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
2022
2021
Notes
£
£
Turnover
3
80,899,749
66,808,596
Cost of sales
(73,479,160)
(62,003,067)
Gross profit
7,420,589
4,805,529
Distribution costs
(434,103)
(298,824)
Administrative expenses
(4,761,948)
(4,309,946)
Other operating income
28,060
1,015,839
Operating profit
5
2,252,598
1,212,598
Interest receivable and similar income
8
19,597
24,664
Profit before taxation
2,272,195
1,237,262
Taxation
9
(640,542)
(217,353)
Profit for the financial year
1,631,653
1,019,909
Other comprehensive income
Actuarial gain/(loss) on defined benefit pension scheme
206,000
(172,000)
Movement in pension surplus reserve
(277,000)
101,000
Movement on deferred tax relating to pension surplus
17,750
17,750
Total comprehensive income for the year
1,578,403
966,659
Total comprehensive income for the year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
JOHN TURNER CONSTRUCTION GROUP LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 11 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,127,187
951,038
Investment properties
13
200,000
200,000
1,327,187
1,151,038
Current assets
Stocks
16
150,632
159,343
Debtors
17
18,415,790
14,638,908
Cash at bank and in hand
12,559,934
12,242,038
31,126,356
27,040,289
Creditors: amounts falling due within one year
18
(21,736,993)
(17,673,856)
Net current assets
9,389,363
9,366,433
Total assets less current liabilities
10,716,550
10,517,471
Creditors: amounts falling due after more than one year
19
(1,260,385)
(1,305,377)
Provisions for liabilities
20
(1,448,038)
(397,822)
Net assets
8,008,127
8,814,272
Capital and reserves
Called up share capital
22
50,000
50,000
Revaluation reserve
130,762
130,762
Profit and loss reserves
7,827,365
8,633,510
Total equity
8,008,127
8,814,272
The financial statements were approved by the board of directors and authorised for issue on 12 December 2022 and are signed on its behalf by:
John J Clarke
Chairman
JOHN TURNER CONSTRUCTION GROUP LTD
COMPANY BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 12 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
12
899,527
748,550
Investment properties
13
200,000
200,000
Investments
14
784,617
784,617
1,884,144
1,733,167
Current assets
Stocks
16
24,010
22,253
Debtors
17
16,978,103
13,774,570
Cash at bank and in hand
11,293,576
11,054,097
28,295,689
24,850,920
Creditors: amounts falling due within one year
18
(21,136,635)
(17,436,273)
Net current assets
7,159,054
7,414,647
Total assets less current liabilities
9,043,198
9,147,814
Creditors: amounts falling due after more than one year
19
(1,260,385)
(1,305,377)
Provisions for liabilities
Provisions
20
1,146,067
260,319
Deferred tax liability
21
250,875
94,725
(1,396,942)
(355,044)
Net assets
6,385,871
7,487,393
Capital and reserves
Called up share capital
22
50,000
50,000
Other reserves
130,762
130,762
Profit and loss reserves
6,205,109
7,306,631
Total equity
6,385,871
7,487,393
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s profit for the year was
£1,382,963 (2021:
£
778,161).
The financial statements were approved by the board of directors and authorised for issue on 12 December 2022 and are signed on its behalf by:
John J Clarke - Chairman / Managing Director
Director
Company Registration No. 02343739
JOHN TURNER CONSTRUCTION GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2020
50,000
130,762
8,930,851
9,111,613
Year ended 31 March 2021:
Profit for the year
-
-
1,019,909
1,019,909
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
(172,000)
(172,000)
Movement on pension surplus reserve
-
-
101,000
101,000
Deferred tax on defined benefit pension scheme
-
-
17,750
17,750
Total comprehensive income for the year
-
-
966,659
966,659
Dividends
10
-
-
(1,264,000)
(1,264,000)
Balance at 31 March 2021
50,000
130,762
8,633,510
8,814,272
Year ended 31 March 2022:
Profit for the year
-
-
1,631,653
1,631,653
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
206,000
206,000
Movement on pension surplus reserve
-
-
(277,000)
(277,000)
Deferred tax on defined benefit pension scheme
-
-
17,750
17,750
Total comprehensive income for the year
-
-
1,578,403
1,578,403
Dividends
10
-
-
(2,384,548)
(2,384,548)
Balance at 31 March 2022
50,000
130,762
7,827,365
8,008,127
JOHN TURNER CONSTRUCTION GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2020
50,000
130,762
7,845,720
8,026,482
Year ended 31 March 2021:
Profit for the year
-
-
778,161
778,161
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
(172,000)
(172,000)
Movement on pension surplus reserve
-
-
101,000
101,000
Deferred tax on defined benefit pension scheme
-
-
17,750
17,750
Total comprehensive income for the year
-
-
724,911
724,911
Dividends
10
-
-
(1,264,000)
(1,264,000)
Balance at 31 March 2021
50,000
130,762
7,306,631
7,487,393
Year ended 31 March 2022:
Profit for the year
-
-
1,336,276
1,336,276
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
206,000
206,000
Movement on pension surplus reserve
-
-
(277,000)
(277,000)
Deferred tax on defined benefit pension scheme
-
-
17,750
17,750
Total comprehensive income for the year
-
-
1,283,026
1,283,026
Dividends
10
-
-
(2,384,548)
(2,384,548)
Balance at 31 March 2022
50,000
130,762
6,205,109
6,385,871
JOHN TURNER CONSTRUCTION GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
- 15 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,262,262
2,700,945
Income taxes paid
(265,086)
(78,052)
Net cash inflow from operating activities
2,997,176
2,622,893
Investing activities
Purchase of tangible fixed assets
(394,554)
(128,059)
Proceeds on disposal of tangible fixed assets
80,225
16,154
Interest received
19,597
24,664
Net cash used in investing activities
(294,732)
(87,241)
Financing activities
Dividends paid to equity shareholders
(2,384,548)
(1,264,000)
Net cash used in financing activities
(2,384,548)
(1,264,000)
Net increase in cash and cash equivalents
317,896
1,271,652
Cash and cash equivalents at beginning of year
12,242,038
10,970,386
Cash and cash equivalents at end of year
12,559,934
12,242,038
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 16 -
1
Accounting policies
Company information
John Turner Construction Group Ltd
(“the Company”)
is a limited company domiciled and incorporated in
England and Wales
.
The registered office is
2 Preston Road, Grimsargh, Preston, Lancashire, United Kingdom, PR2 5SD.
The Group consists of John Turner Construction Group Ltd and all of its subsidiaries.
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
C
ompany.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
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
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
1.2
Basis of consolidation
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between
G
roup companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the
group
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 17 -
1.4
Turnover
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 and other sales related taxes. The fair
value of consideration takes into account trade discounts.
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 it is probable will be
recovered.
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with
reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the
work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total
expected costs for that contract. Subcontractor costs are accounted for on the basis of certified invoices
received. Turnover derived from variations on contracts is recognised only when they have been accepted
by the customer. Full provision is made for losses on all contracts during the year in which they are first
foreseen.
Costs incurred in the early stages of contracts or where progress contract values are individually
insignificant are held on the balance sheet as work in progress; related sales invoices are treated as
deferred income
.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.6
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.
Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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 property
40-50 years
Leasehold improvements
15% reducing balance
Plant and machinery
2-10 years and 25 years
Motor vehicles
4-8 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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 recognised in
the Statement of Comprehensive Income.
The group took advantage of the arrangements under FRS102 which allows the retention of the carrying value of the revalued freehold land and buildings before the transition date of 1 April 2014 to be deemed cost. All additions since this date are stated at cost.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 18 -
1.7
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.
Changes in fair value are recognised in profit or loss.
1.8
Fixed asset investments
I
n the parent company
financial statements,
investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
Investments in subsidiaries are valued at the cost less provision for impairment.
1.9
Impairment of fixed assets
At each reporting
period
end date, the
group
reviews the carrying amounts of its tangible
and intangible
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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.10
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
Long term work in progress is valued at direct cost. Gross margins on long term contracts are taken when the outcome of a contract can be reasonably foreseen, as a proportion of the estimated profit on the contract which is appropriate to the work carried out in the period. A prudent view is taken of credit for claims made by the Group until agreed. Provision is made for anticipated losses on contracts and claims against the Group as soon as these are identified.
1.11
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
1.12
Financial instruments
The
G
roup 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
G
roup's statement of financial position when the
G
roup becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Financial assets classified as receivable within one year are not amortised.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
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 group 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 are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
fellow group companies are
initially recognised at transaction price
.
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
.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group 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 group.
1.14
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
Group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 20 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset
if, and only if, there is
a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Provisions
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement Of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
1.16
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.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 21 -
1.17
Retirement benefits
The Group operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 5 April 20
20
. From 31 July 2004 the accrual of benefits for this defined benefit pension scheme ceased.
A defined contribution scheme has been put in place by John Turner Construction Group Ltd as an alternative to the defined benefit scheme
and a further defined contribution scheme for the benefit of a director
. Wright Build Limited operate
s
two defined contribution schemes. Both companies operate auto enrolment schemes. Defined contribution scheme contributions are charged to the Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme.
In relation to the defined benefit scheme, the service cost of the pension provision relating to the period, together with the cost of any benefits relating to past service, is charged to the Statement of Comprehensive Income. A charge equal to the increase in the present value of the scheme liabilities and a credit equivalent to the company's long-term expected return on assets (based on the market value of the scheme assets at the start of the period), are included in the Statement of Comprehensive Income.
The difference between the market value of the assets of the scheme and the present value of the accrued pension liabilities is shown as an asset or liability in the balance sheet. Deferred tax assets on the pension liability are recognised to the extent that they are considered recoverable. Any difference between the expected return on assets and that actually achieved is recognised in the Statement of Comprehensive Income along with differences which are from experience, gains and losses and changes of assumptions.
1.18
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
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.
1.19
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.
1.20
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.
1.21
Equity dividends are recognised when they become legally payable.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 22 -
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.
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 loss making contracts
Where losses on contracts are expected, an appropriate provision is recognised immediately within the Statement of Comprehensive Income.
3
Turnover and other revenue
Turnover
The whole of the turnover is attributable to the group's principal activities.
All turnover arose within the United Kingdom.
4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
32,500
28,862
Audit of the financial statements of the company's subsidiaries
7,500
8,543
40,000
37,405
5
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(13,060)
(1,015,839)
Depreciation of owned tangible fixed assets
204,474
192,753
Profit on disposal of tangible fixed assets
(66,294)
(8,641)
Operating lease charges
106,782
58,558
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 23 -
6
Employees
The average monthly number of persons (including directors) employed by the Group during the year was:
Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Construction and service
135
146
76
84
Administration and supervision
38
38
32
33
Management
75
68
73
68
Total
248
252
181
185
Their aggregate remuneration comprised:
Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
9,903,451
9,317,952
7,376,172
7,264,573
Social security costs
798,005
686,445
586,709
507,209
Pension costs
456,567
367,228
388,915
310,280
11,158,023
10,371,625
8,351,796
8,082,062
7
Directors' and Key Management Personnel remuneration
2022
2021
£
£
Remuneration for qualifying services
456,743
440,377
Company pension contributions to defined contribution schemes
33,648
51,814
490,391
492,191
The number of directors and key management personnel for whom retirement benefits are accruing under defined contribution schemes amounted to 3
(20
21 - 3
).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
178,023
127,874
Company pension contributions to defined contribution schemes
11,747
15,326
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 24 -
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
14,668
24,664
Other interest income
4,929
-
Total income
19,597
24,664
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
450,501
235,484
Adjustments in respect of prior periods
(593)
(5,880)
Total current tax
449,908
229,604
Deferred tax
Origination and reversal of timing differences
190,634
20,617
Other adjustments
(32,868)
Total deferred tax
190,634
(12,251)
Total tax charge
640,542
217,353
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:
2022
2021
£
£
Profit before taxation
2,272,195
1,237,262
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
431,717
235,080
Tax effect of expenses that are not deductible in determining taxable profit
96,472
1,036
Adjustments in respect of prior years
(590)
(5,880)
Effect of change in corporation tax rate
72,473
-
Other non-reversing timing differences
39,140
(31,191)
Other permanent differences
558
Deferred tax relating to defined benefit pension scheme
17,750
17,750
Super deduction allowance
(16,420)
Taxation charge
640,542
217,353
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
9
Taxation
(Continued)
- 25 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2022
2021
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(17,750)
(17,750)
10
Dividends
2022
2021
£
£
Equity dividends paid
2,384,548
1,264,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
455,170
Amortisation and impairment
At 1 April 2021 and 31 March 2022
455,170
Carrying amount
At 31 March 2022
At 31 March 2021
Company
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
167,452
Amortisation and impairment
At 1 April 2021 and 31 March 2022
167,452
Carrying amount
At 31 March 2022
At 31 March 2021
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 26 -
12
Tangible fixed assets
Group
Freehold property
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2021
550,000
129,599
1,597,628
989,931
3,267,158
Additions
118,809
275,745
394,554
Disposals
(211,904)
(211,904)
At 31 March 2022
550,000
129,599
1,716,437
1,053,772
3,449,808
Depreciation and impairment
At 1 April 2021
89,709
115,455
1,378,015
732,941
2,316,120
Depreciation charged in the year
12,816
2,121
74,773
114,764
204,474
Eliminated in respect of disposals
(197,973)
(197,973)
At 31 March 2022
102,525
117,576
1,452,788
649,732
2,322,621
Carrying amount
At 31 March 2022
447,475
12,023
263,649
404,040
1,127,187
At 31 March 2021
460,291
14,144
219,613
256,990
951,038
Company
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2021
550,000
1,404,374
691,646
2,646,020
Additions
111,437
189,080
300,517
Disposals
(180,078)
(180,078)
At 31 March 2022
550,000
1,515,811
700,648
2,766,459
Depreciation and impairment
At 1 April 2021
89,709
1,227,121
580,640
1,897,470
Depreciation charged in the year
12,816
67,993
62,974
143,783
Eliminated in respect of disposals
(174,321)
(174,321)
At 31 March 2022
102,525
1,295,114
469,293
1,866,932
Carrying amount
At 31 March 2022
447,475
220,697
231,355
899,527
At 31 March 2021
460,291
177,253
111,006
748,550
FRS 102 prescribes that the Group may take the open market value of the freehold land and property at the transition date as the 'deemed cost' of the freehold land and property with the uplift being a non distributable reserve to be held up until eventual disposal, as per FRS 102 Section 35.10d.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 27 -
13
Investment property
Group
Company
2022
2022
£
£
Fair value
At 1 April 2021 and 31 March 2022
200,000
200,000
Investment property comprises of a freehold property which has been transferred from work in progress during the year. The fair value of the investment property has been arrived at on the basis of a valuation carried out using external market data. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The valuation held at year end is the same as the historical cost of £200,000.
14
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
15
784,617
784,617
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2021 and 31 March 2022
784,617
Carrying amount
At 31 March 2022
784,617
At 31 March 2021
784,617
15
Subsidiaries
The company owned 100% of the ordinary share capital of the following subsidiaries at 31 March 2022:
Name of undertaking
Country of
Nature of business
incorporation
TL Electrical Services (2002) Limited
United Kingdom
Dormant
Wright Build Holdings Limited
United Kingdom
Non-trading holding company
Wright Build Limited *
United Kingdom
Maintenance and building contractors
* Held indirectly via Wright Build Holdings Limited.
The registered office of all subsidiaries is 2 Preston Road, Grimsargh, Preston, Lancashire, PR2 5SD.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 28 -
16
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
24,010
22,253
24,010
22,253
Work in progress
21,819
53,258
-
-
Finished goods and goods for resale
104,803
83,832
150,632
159,343
24,010
22,253
17
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,274,910
686,265
Gross amounts owed by contract customers
11,447,573
8,737,805
11,447,573
8,737,805
Amounts owed by group undertakings
3,087,854
3,078,254
3,087,854
3,078,254
Other debtors
471,884
495,654
476,110
485,482
Prepayments and accrued income
1,731,050
1,267,572
1,564,047
1,099,671
18,013,271
14,265,550
16,575,584
13,401,212
Amounts falling due after more than one year:
Gross amounts owed by contract customers
402,519
373,358
402,519
373,358
Total debtors
18,415,790
14,638,908
16,978,103
13,774,570
18
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Payments received on account
1,336,669
2,986,556
1,336,669
2,986,556
Trade creditors
10,603,961
7,671,206
10,034,248
7,310,927
Amounts owed to group undertakings
952,833
1,109,385
Corporation tax payable
307,501
114,263
239,936
59,594
Other taxation and social security
3,002,068
2,889,430
2,590,659
2,390,101
Other creditors
373,295
337,796
331,195
300,530
Accruals and deferred income
6,113,499
3,674,605
5,651,095
3,279,180
21,736,993
17,673,856
21,136,635
17,436,273
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 29 -
19
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade creditors
1,160,385
1,205,377
1,160,385
1,205,377
Amounts owed to group undertakings
100,000
100,000
100,000
100,000
1,260,385
1,305,377
1,260,385
1,305,377
20
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£
£
£
£
Provisions for liabilities
1,146,067
260,319
1,146,067
260,319
Movements on provisions:
Group and Company
£
At 1 April 2021
260,319
Additional provisions in the year
1,034,335
Release of provisions in the year
(148,587)
At 31 March 2022
1,146,067
The provisions relate to events arising while work is in progress or post project completion.
21
Deferred taxation
Deferred tax assets and liabilities are offset where the Group or 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
2022
2021
Group
£
£
Accelerated capital allowances
145,416
68,513
Revaluations
38,459
29,229
Short term and other timing differences
118,096
39,761
301,971
137,503
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
21
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
2022
2021
Company
£
£
Accelerated capital allowances
94,320
25,735
Revaluations
38,459
29,229
Short term and other timing differences
118,096
39,761
250,875
94,725
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 April 2021
137,503
94,725
Charge to profit or loss
164,468
156,150
Liability at 31 March 2022
301,971
250,875
22
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
23
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
456,567
367,228
The Group operates a defined contribution pension scheme for all qualifying employees and a further defined contribution scheme for the benefit of a Director. The assets of the schemes are held separately from those of the group in independently administered funds.
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
23
Retirement benefit schemes
(Continued)
- 31 -
Defined benefit schemes
The company operates a defined benefit pension scheme for the benefit of a director and certain employees, the assets of which are held in separately administered funds managed by Friends Provident Life and Pensions Limited and the defined benefit scheme trustees. Contributions to the scheme are determined with the advice of independent qualified actuaries on the basis of triennial valuations using the projected unit method. In the course of 2004/05 the accrual of the benefits under the scheme ceased.
The last full actuarial valuation was carried out as at 5 April
2020
and concluded that, subject to the company continuing to make contributions in accordance with the actuary's recommendations set out below, the resources of the scheme are likely in the normal course of events to meet in full liabilities of the scheme as they fall due.
The actuary recommend
ed
contributions of
£74,000 per annum from 6 April 2020 to 4 April 2023
in order to clear the scheme's funding deficit by 5 April 20
23
as anticipated in the scheme Recovery Plan arising from this actuarial valuation.
2022
2021
Key assumptions
%
%
Discount rate
2.73
2.03
Rate of increase in pension payments
3.55
3.30
Rate of increase in deferred pensions
3.15
2.70
Inflation assumptions
3.85
3.50
2022
2021
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
(169,000)
(253,000)
Less: calculated interest element
48,000
49,000
Return on scheme assets excluding interest income
(121,000)
(204,000)
Actuarial changes related to obligations
(85,000)
376,000
Effect of changes in the amount of surplus that is not recoverable
277,000
(101,000)
Total costs
71,000
71,000
The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:
2022
2021
Group and Company
£
£
Present value of defined benefit obligations
2,284,000
2,452,000
Fair value of plan assets
(2,868,000)
(2,759,000)
Deficit in scheme
(584,000)
(307,000)
Restriction on scheme assets
584,000
307,000
Total liability recognised
-
-
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
23
Retirement benefit schemes
(Continued)
- 32 -
The company had no post employment benefits at 31 March 2022 or 1 April 2021.
Group and Company
2022
Movements in the present value of defined benefit obligations
£
Liabilities at 1 April 2021
2,452,000
Benefits paid
(131,000)
Actuarial gains and losses
(85,000)
Interest cost
48,000
At 31 March 2022
2,284,000
The defined benefit obligations arise from plans which are wholly or partly funded.
Group and Company
2022
Movements in the fair value of plan assets
£
Fair value of assets at 1 April 2021
2,759,000
Interest income
48,000
Return on plan assets (excluding amounts included in net interest)
121,000
Benefits paid
(131,000)
Contributions by the employer
71,000
At 31 March 2022
2,868,000
The actual return on plan assets was £169,000 (2021 - £253,000).
Fair value of plan assets at the reporting period end
Group and Company
2022
2021
£
£
Equity instruments
1,205,000
928,000
Debt instruments
75,000
47,000
Cash
338,000
246,000
Other
92,000
-
With-Profits policy
1,158,000
1,538,000
2,868,000
2,759,000
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 33 -
24
Operating lease commitments
Lessee
At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
92,003
85,935
84,000
77,833
Between two and five years
309,470
279,957
294,000
260,000
In over five years
99,167
159,293
99,167
157,083
500,640
525,185
477,167
494,916
25
Related party transactions
During the year, the group carried out development work on behalf of BXB Cottam Properties Limited, a company in which John J Clarke has a controlling interest. At the balance sheet date, accrued income and amounts due from
BXB Cottam Properties Limited
were £nil (2021: £nil) and £471,393 (2021: £471,393
) respectively.
During the year, an amount of £69,996 (2021: £67,500
) in relation to rent payable, was paid to
Clarke JJ Redswan SIPP
, a pension scheme in which John J Clarke is the main beneficiary.
During the year, the group made sales of £785 (2021: £1,692
) to
John J Clarke
, a director of the company, in relation to the construction and refurbishment of property. An amount of £nil was outstanding from John J Clarke at the balance sheet date (2021: £nil).
The
true
company
has taken advantage of the exemption conferred by Section 33 Related Party Disclosures paragraph 33.7. not to disclose details of transactions with other members of the group.
The following amounts were outstanding with group companies that do not form part of these consolidated accounts at the reporting end date:
2022
2021
£
£
John Turner Holdings Limited
9,600
-
John Turner Holdings 2020 Limited
3,078,254
3,078,254
John Turner Group Limited
(100,000)
(100,000)
JOHN TURNER CONSTRUCTION GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 34 -
26
Controlling party
The immediate holding company is John Turner Group Limited. The ultimate controlling company is
John Turner Holdings Limited
. There is no single controlling party by virtue of
John Turner Holdings Limited
's
shareholding.
Copies of John Turner Holdings Limited consolidated financial statements, which include the company, are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ
.
27
Cash generated from group operations
2022
2021
£
£
Profit for the year after tax
1,631,653
1,019,909
Adjustments for:
Taxation charged
640,542
217,353
Investment income
(19,597)
(24,664)
Gain on disposal of tangible fixed assets
(66,294)
(8,641)
Depreciation and impairment of tangible fixed assets
204,474
192,753
Pension scheme non-cash movement
(71,000)
(71,000)
Increase/(decrease) in provisions
885,748
(30,200)
Movements in working capital:
Decrease in stocks
8,711
28,251
(Increase)/decrease in debtors
(3,776,882)
208,194
Increase in creditors
3,824,907
1,168,990
Cash generated from operations
3,262,262
2,700,945
28
Analysis of changes in net funds - group
1 April 2021
Cash flows
31 March 2022
£
£
£
Cash at bank and in hand
12,242,038
317,896
12,559,934
2022-03-31
2021-04-01
false
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
John J Clarke - Chairman / Managing Director
Nigel A Sharp - Operations Director
Julian D Haigh, BSc, MRICS - Commercial Director
Pauline M Clarke - Non-Executive Director
Michael T Davies, FCCA - Finance Director
Michael T Davies, FCCA
02343739
2021-04-01
2022-03-31
02343739
2022-03-31
02343739
bus:Director1
bus:Consolidated
2021-04-01
2022-03-31
02343739
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bus:Consolidated
2021-04-01
2022-03-31
02343739
bus:Director4
bus:Consolidated
2021-04-01
2022-03-31
02343739
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bus:Consolidated
2021-04-01
2022-03-31
02343739
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bus:Consolidated
2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2021-04-01
2022-03-31
02343739
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bus:Consolidated
2022-03-31
02343739
bus:Consolidated
2020-04-01
2021-03-31
02343739
2020-04-01
2021-03-31
02343739
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2022-03-31
02343739
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2020-04-01
2021-03-31
02343739
core:RetainedEarningsAccumulatedLosses
2020-04-01
2021-03-31
02343739
core:RetainedEarningsAccumulatedLosses
2021-04-01
2022-03-31
02343739
core:RevenueReservesInvestmentFundsOnly
bus:Consolidated
2020-04-01
2021-03-31
02343739
core:RetainedEarningsAccumulatedLosses
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2021-04-01
2022-03-31
02343739
bus:Consolidated
2021-03-31
02343739
2021-03-31
02343739
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2022-03-31
02343739
core:LeaseholdImprovements
bus:Consolidated
2022-03-31
02343739
core:PlantMachinery
bus:Consolidated
2022-03-31
02343739
core:MotorVehicles
bus:Consolidated
2022-03-31
02343739
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-03-31
02343739
core:LeaseholdImprovements
bus:Consolidated
2021-03-31
02343739
core:PlantMachinery
bus:Consolidated
2021-03-31
02343739
core:MotorVehicles
bus:Consolidated
2021-03-31
02343739
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
02343739
core:PlantMachinery
2022-03-31
02343739
core:MotorVehicles
2022-03-31
02343739
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-03-31
02343739
core:PlantMachinery
2021-03-31
02343739
core:MotorVehicles
2021-03-31
02343739
core:CurrentFinancialInstruments
bus:Consolidated
2022-03-31
02343739
core:CurrentFinancialInstruments
bus:Consolidated
2021-03-31
02343739
core:CurrentFinancialInstruments
2022-03-31
02343739
core:CurrentFinancialInstruments
2021-03-31
02343739
core:WithinOneYear
bus:Consolidated
2022-03-31
02343739
core:WithinOneYear
bus:Consolidated
2021-03-31
02343739
core:WithinOneYear
2022-03-31
02343739
core:WithinOneYear
2021-03-31
02343739
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2022-03-31
02343739
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2021-03-31
02343739
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2022-03-31
02343739
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2021-03-31
02343739
core:CurrentFinancialInstruments
core:WithinOneYear
2022-03-31
02343739
core:CurrentFinancialInstruments
core:WithinOneYear
2021-03-31
02343739
core:Non-currentFinancialInstruments
core:AfterOneYear
2022-03-31
02343739
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-03-31
02343739
core:AfterOneYear
bus:Consolidated
2022-03-31
02343739
core:AfterOneYear
bus:Consolidated
2021-03-31
02343739
core:AfterOneYear
2022-03-31
02343739
core:AfterOneYear
2021-03-31
02343739
core:ShareCapital
bus:Consolidated
2022-03-31
02343739
core:ShareCapital
bus:Consolidated
2021-03-31
02343739
core:OtherMiscellaneousReserve
bus:Consolidated
2022-03-31
02343739
core:OtherMiscellaneousReserve
bus:Consolidated
2021-03-31
02343739
core:RetainedEarningsAccumulatedLosses
bus:Consolidated
2022-03-31
02343739
core:RetainedEarningsAccumulatedLosses
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2021-03-31
02343739
core:ShareCapital
2022-03-31
02343739
core:ShareCapital
2021-03-31
02343739
core:OtherMiscellaneousReserve
2022-03-31
02343739
core:OtherMiscellaneousReserve
2021-03-31
02343739
core:RetainedEarningsAccumulatedLosses
2022-03-31
02343739
core:RetainedEarningsAccumulatedLosses
2021-03-31
02343739
core:ShareCapital
bus:Consolidated
2020-03-31
02343739
core:OtherMiscellaneousReserve
bus:Consolidated
2020-03-31
02343739
core:RetainedEarningsAccumulatedLosses
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2020-03-31
02343739
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2020-03-31
02343739
core:ShareCapital
2020-03-31
02343739
core:OtherMiscellaneousReserve
2020-03-31
02343739
core:RetainedEarningsAccumulatedLosses
2020-03-31
02343739
2020-03-31
02343739
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2021-03-31
02343739
core:Goodwill
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:LeaseholdImprovements
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:PlantMachinery
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:MotorVehicles
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:UKTax
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:UKTax
bus:Consolidated
2020-04-01
2021-03-31
02343739
core:UKTax
bus:Consolidated
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2021-04-01
2022-03-31
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2021-04-01
2022-03-31
02343739
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2020-04-01
2021-03-31
02343739
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2021-04-01
2022-03-31
02343739
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2020-04-01
2021-03-31
02343739
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4
2021-04-01
2022-03-31
02343739
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4
2020-04-01
2021-03-31
02343739
core:Goodwill
bus:Consolidated
2021-03-31
02343739
core:Goodwill
2021-03-31
02343739
core:Goodwill
bus:Consolidated
2022-03-31
02343739
core:Goodwill
bus:Consolidated
2021-03-31
02343739
core:Goodwill
2022-03-31
02343739
core:Goodwill
2021-03-31
02343739
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-03-31
02343739
core:LeaseholdImprovements
bus:Consolidated
2021-03-31
02343739
core:PlantMachinery
bus:Consolidated
2021-03-31
02343739
core:MotorVehicles
bus:Consolidated
2021-03-31
02343739
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-03-31
02343739
core:PlantMachinery
2021-03-31
02343739
core:MotorVehicles
2021-03-31
02343739
2021-03-31
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core:LandBuildings
core:OwnedOrFreeholdAssets
2021-04-01
2022-03-31
02343739
core:PlantMachinery
2021-04-01
2022-03-31
02343739
core:MotorVehicles
2021-04-01
2022-03-31
02343739
core:Subsidiary1
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:Subsidiary2
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:Subsidiary3
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:Subsidiary4
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:Subsidiary5
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:Subsidiary6
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:BetweenTwoFiveYears
bus:Consolidated
2022-03-31
02343739
core:BetweenTwoFiveYears
bus:Consolidated
2021-03-31
02343739
core:BetweenTwoFiveYears
2022-03-31
02343739
core:BetweenTwoFiveYears
2021-03-31
02343739
core:MoreThanFiveYears
bus:Consolidated
2022-03-31
02343739
core:MoreThanFiveYears
bus:Consolidated
2021-03-31
02343739
core:MoreThanFiveYears
2022-03-31
02343739
core:MoreThanFiveYears
2021-03-31
02343739
core:EntityControlledByKeyManagementPersonnel1
bus:Consolidated
2021-03-31
02343739
core:EntityControlledByKeyManagementPersonnel1
2022-03-31
02343739
core:Subsidiary4
bus:Consolidated
2022-03-31
02343739
core:Subsidiary5
bus:Consolidated
2022-03-31
02343739
core:Subsidiary5
bus:Consolidated
2021-03-31
02343739
core:EntityControlledByKeyManagementPersonnel1
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:OtherRelatedParties
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:KeyManagementIndividualGroup1
bus:Consolidated
2021-04-01
2022-03-31
02343739
core:OtherRelatedParties
bus:Consolidated
2020-04-01
2021-03-31
02343739
core:KeyManagementIndividualGroup1
bus:Consolidated
2020-04-01
2021-03-31
02343739
core:Subsidiary6
bus:Consolidated
2022-03-31
02343739
core:Subsidiary6
bus:Consolidated
2021-03-31
02343739
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
02343739
bus:FRS102
2021-04-01
2022-03-31
02343739
bus:Audited
2021-04-01
2022-03-31
02343739
bus:ConsolidatedGroupCompanyAccounts
2021-04-01
2022-03-31
02343739
bus:FullAccounts
2021-04-01
2022-03-31
xbrli:pure
xbrli:shares
iso4217:GBP