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Financial Statements
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Contents
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Page
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Strategic report
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1
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Directors' report
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4
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Independent auditor's report to the members
|
8
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Consolidated statement of income and retained earnings
|
12
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Company statement of income and retained earnings
|
13
|
Consolidated statement of financial position
|
14
|
Company statement of financial position
|
15
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Consolidated statement of cash flows
|
16
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Notes to the financial statements
|
17
|
|
Strategic Report
|
|
Director
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Registered office:
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|
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Directors' Report
|
|
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|
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|
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Unit
|
2021
|
2020
|
|
Emissions from combustion of gas and fuel for transport purposes (Scope 1 - tonnes of C02e)
|
tCO2e
|
398
|
411
|
Emissions from electricity purchased for own use including for the purpose of transport (Scope 2 - tonnes of C02e)
|
tCO2e
|
44
|
47
|
Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing the fuel (Scope 3 - tonnes of C02e)
|
tCO2e
|
176
|
83
|
----
|
----
|
||
Total emissions
|
tCO2e
|
618
|
541
|
Total energy consumption
|
kWh
|
522,639
|
423,310
|
Intensity metric - tCO2e per £100,000 revenue
|
0.51
|
0.83
|
|
Intensity metric - Scope 1&2 tCO2e per employee
|
0.38
|
0.44
|
|
---------
|
---------
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||
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Director
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Registered office:
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor)
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For and on behalf of
|
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Chartered Certified Accountants & Statutory Auditor
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Printing House
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66 Lower Road
|
Harrow
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HA2 0DH
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Consolidated Statement of Income and Retained Earnings
|
2021
|
2020
|
||
Note
|
£
|
£
|
|
Turnover
|
4
|
|
|
Cost of sales
|
|
|
Government grant income
|
(
|
(
|
-------------
|
-------------
|
|
Gross profit
|
|
|
Administrative expenses
|
|
|
|
Other operating income
|
5
|
|
|
------------
|
------------
|
||
Operating profit/(loss)
|
6
|
|
(
|
Share of profit of associates
|
16
|
|
|
Other interest receivable and similar income
|
10
|
|
|
Interest payable and similar expenses
|
11
|
|
|
------------
|
------------
|
||
Profit/(loss) before taxation
|
|
(
|
|
Tax on profit/(loss)
|
12
|
|
(
|
---------
|
---------
|
||
Profit/(loss) for the financial year and total comprehensive income
|
|
(
|
|
---------
|
---------
|
||
Dividends paid and payable
|
13
|
(
|
(
|
Retained earnings at the start of the year (as previously reported)
|
|
|
Prior period adjustments
|
–
|
658,142
|
-------------
|
-------------
|
|
Retained earnings at the start of the year (restated)
|
|
|
-------------
|
-------------
|
|
Retained earnings at the end of the year
|
|
|
-------------
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-------------
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|
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Company Statement of Income and Retained Earnings
|
2021
|
2020
|
||
Note
|
£
|
£
|
|
Profit/(loss) for the financial year and total comprehensive income
|
|
|
|
Dividends paid and payable
|
13
|
(
|
(
|
Retained earnings at the start of the year
|
|
|
------------
|
------------
|
|
Retained earnings at the end of the year
|
|
|
------------
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------------
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Consolidated Statement of Financial Position
|
2021
|
2020
|
|||
Note
|
£
|
£
|
||
Intangibles
|
14
|
|
|
||
Tangible assets
|
15
|
|
|
||
Investments:
|
16
|
||||
Investments in associates
|
2,596,082
|
2,452,058
|
|||
------------
|
------------
|
||||
|
|
||||
Debtors
|
17
|
|
|
||
Cash at bank and in hand
|
|
|
|||
-------------
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-------------
|
||||
|
|
||||
Creditors: amounts falling due within one year
|
18
|
|
|
||
-------------
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-------------
|
||||
Net current assets
|
|
|
|||
-------------
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-------------
|
||||
Total assets less current liabilities
|
|
|
|||
Creditors: amounts falling due after more than one year
|
19
|
|
|
||
Taxation including deferred tax
|
21
|
|
|
||
-------------
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-------------
|
||||
Net assets
|
|
|
|||
-------------
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-------------
|
||||
Called up share capital
|
25
|
|
|
||
Profit and loss account
|
26
|
|
|
||
-------------
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-------------
|
||||
Shareholders funds
|
|
|
|||
-------------
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-------------
|
||||
|
Director
|
|
Company Statement of Financial Position
|
2021
|
2020
|
|||
Note
|
£
|
£
|
||
Investments
|
16
|
|
|
||
Cash at bank and in hand
|
|
|
||
Creditors: amounts falling due within one year
|
18
|
|
|
||
------------
|
------------
|
||||
Net current assets
|
|
|
|||
------------
|
------------
|
||||
Total assets less current liabilities
|
|
|
|||
------------
|
------------
|
||||
Called up share capital
|
25
|
|
|
||
Profit and loss account
|
26
|
|
|
||
------------
|
------------
|
||||
Shareholders funds
|
|
|
|||
------------
|
------------
|
||||
|
Director
|
|
Consolidated Statement of Cash Flows
|
2021
|
2020
|
|
£
|
£
|
|
Profit/(loss) for the financial year
|
|
(
|
Adjustments for:
|
||
Depreciation of tangible assets
|
|
|
Amortisation of intangibles
|
|
|
Government grant income
|
(
|
(
|
Share of profit of associates
|
(
|
(
|
Other interest receivable and similar income
|
(
|
(
|
Interest payable and similar expenses
|
|
|
Gains on disposal of tangible assets
|
(
|
(
|
Tax on profit
|
|
(
|
Accrued expenses
|
|
|
Changes in:
|
||
Trade and other debtors
|
(
|
|
Trade and other creditors
|
|
|
------------
|
------------
|
|
Cash generated from operations
|
(
|
|
Interest paid
|
(
|
(
|
Interest received
|
|
|
Tax (paid)/received
|
(
|
|
------------
|
------------
|
|
Net cash (used in)/from operating activities
|
(
|
|
------------
|
------------
|
|
Purchase of tangible assets
|
(
|
(
|
Proceeds from sale of tangible assets
|
|
|
Purchase of intangible assets
|
(
|
(
|
Proceeds from sale of intangible assets
|
–
|
|
------------
|
------------
|
|
Net cash used in investing activities
|
(
|
(
|
------------
|
------------
|
|
Proceeds from borrowings
|
(
|
–
|
Government grant income
|
|
|
Payments of finance lease liabilities
|
(
|
|
Dividends paid
|
(
|
(
|
------------
|
------------
|
|
Net cash (used in)/from financing activities
|
(
|
|
------------
|
------------
|
|
Net (decrease)/increase in cash and cash equivalents
|
(
|
|
Cash and cash equivalents at beginning of year
|
10,532,374
|
5,977,561
|
-------------
|
-------------
|
|
Cash and cash equivalents at end of year
|
|
|
-------------
|
-------------
|
|
|
Notes to the Financial Statements
|
Goodwill
|
-
|
|
|
Intangibles
|
-
|
Straight line over 4 years
|
|
Freehold property
|
-
|
|
|
Leasehold property improvements
|
-
|
|
|
Plant and machinery
|
-
|
|
|
Fixtures and fittings
|
-
|
|
|
Motor vehicles
|
-
|
|
|
Computer and office equipment
|
-
|
|
|
2021
|
2020
|
||
£
|
£
|
||
Rendering of services
|
|
|
|
Construction contracts
|
|
|
|
Hire and maintenance of motor vehicles and plant
|
|
|
|
Supply of labour
|
|
|
|
Management and delivery of projects in the rail industry
|
4,382,031
|
4,824,565
|
|
-------------
|
-------------
|
||
|
|
||
-------------
|
-------------
|
||
2021
|
2020
|
||
£
|
£
|
||
Government grant income
|
|
|
|
Other operating income
|
|
|
|
--------
|
---------
|
||
|
|
||
--------
|
---------
|
||
2021
|
2020
|
||
£
|
£
|
||
Amortisation of intangibles
|
|
|
|
Depreciation of tangible assets
|
|
|
|
Gains on disposal of tangible assets
|
(
|
(
|
|
Impairment of trade debtors
|
1,091
|
62
|
|
Foreign exchange differences
|
|
(
|
|
---------
|
---------
|
||
2021
|
2020
|
||
£
|
£
|
||
Fees payable for the audit of the financial statements
|
|
|
|
-------
|
-------
|
||
Audit-related assurance services
|
|
|
|
Taxation advisory services
|
|
|
|
Other non-audit services
|
|
|
|
---------
|
---------
|
||
189,878
|
139,281
|
||
---------
|
---------
|
||
2021
|
2020
|
||
No.
|
No.
|
||
Administrative staff
|
|
|
|
Management staff
|
10
|
10
|
|
Direct staff
|
|
|
|
-------
|
----
|
||
|
|
||
-------
|
----
|
||
2021
|
2020
|
||
£
|
£
|
||
Wages and salaries
|
|
|
|
Social security costs
|
|
|
|
Other pension costs
|
|
|
|
-------------
|
-------------
|
||
|
|
||
-------------
|
-------------
|
||
2021
|
2020
|
||
£
|
£
|
||
Remuneration
|
|
|
|
Company contributions to defined contribution pension plans
|
|
|
|
------------
|
------------
|
||
|
|
||
------------
|
------------
|
||
2021
|
2020
|
|
No.
|
No.
|
|
Defined contribution plans
|
|
|
----
|
----
|
|
2021
|
2020
|
||
£
|
£
|
||
Aggregate remuneration
|
|
|
|
---------
|
---------
|
||
2021
|
2020
|
||
£
|
£
|
||
Interest on loans and receivables
|
18
|
39
|
|
Interest on cash and cash equivalents
|
|
|
|
Other interest receivable and similar income
|
|
|
|
--------
|
----
|
||
|
|
||
--------
|
----
|
||
2021
|
2020
|
||
£
|
£
|
||
Interest on obligations under finance leases and hire purchase contracts
|
|
|
|
Other interest payable and similar charges
|
|
|
|
-------
|
-------
|
||
|
|
||
-------
|
-------
|
||
2021
|
2020
|
||
£
|
£
|
||
UK current tax income
|
|
(
|
|
Adjustments in respect of prior periods
|
(
|
–
|
|
---------
|
--------
|
||
Total current tax
|
|
(
|
|
---------
|
--------
|
||
Origination and reversal of timing differences
|
(
|
|
|
---------
|
--------
|
||
Tax on profit
|
|
(
|
|
---------
|
--------
|
||
2021
|
2020
|
||
£
|
£
|
||
Profit/(loss) on ordinary activities before taxation
|
|
(
|
|
---------
|
---------
|
||
Profit/(loss) on ordinary activities by rate of tax
|
|
(
|
|
Adjustment to tax charge in respect of prior periods
|
(
|
–
|
|
Effect of expenses not deductible for tax purposes
|
|
|
|
Effect of capital allowances and depreciation
|
|
(
|
|
Unused tax losses
|
|
–
|
|
Deferred tax
|
(
|
|
|
Other tax adjustment to increase/(decrease) tax liability
|
(27,365)
|
3,674
|
|
---------
|
---------
|
||
Tax on profit
|
|
(
|
|
---------
|
---------
|
||
2021
|
2020
|
|
£
|
£
|
|
Equity dividends on ordinary shares
|
|
|
---------
|
---------
|
|
Group
|
Goodwill
|
Intangibles
|
Total
|
£
|
£
|
£
|
|
Cost
|
|||
At 1 January 2021
|
|
455,403
|
|
Additions
|
–
|
79,075
|
|
--------
|
---------
|
---------
|
|
At 31 December 2021
|
|
534,478
|
|
--------
|
---------
|
---------
|
|
Amortisation
|
|||
At 1 January 2021
|
|
224,758
|
|
Charge for the year
|
–
|
117,028
|
|
--------
|
---------
|
---------
|
|
At 31 December 2021
|
|
341,786
|
|
--------
|
---------
|
---------
|
|
Carrying amount
|
|||
At 31 December 2021
|
–
|
192,692
|
|
--------
|
---------
|
---------
|
|
At 31 December 2020
|
–
|
230,645
|
230,645
|
--------
|
---------
|
---------
|
|
Group
|
Land and buildings
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
|||||
At 1 January 2021
|
|
|
|
|
|
Additions
|
–
|
|
|
|
|
Disposals
|
–
|
(
|
–
|
(
|
(
|
------------
|
---------
|
---------
|
------------
|
------------
|
|
At 31 December 2021
|
|
|
|
|
|
------------
|
---------
|
---------
|
------------
|
------------
|
|
Depreciation
|
|||||
At 1 January 2021
|
|
|
|
|
|
Charge for the year
|
|
|
|
|
|
Disposals
|
–
|
(
|
–
|
(
|
(
|
------------
|
---------
|
---------
|
------------
|
------------
|
|
At 31 December 2021
|
|
|
|
|
|
------------
|
---------
|
---------
|
------------
|
------------
|
|
Carrying amount
|
|||||
At 31 December 2021
|
|
|
|
|
|
------------
|
---------
|
---------
|
------------
|
------------
|
|
At 31 December 2020
|
|
|
|
|
|
------------
|
---------
|
---------
|
------------
|
------------
|
|
Group
|
Motor vehicles
|
£
|
|
At 31 December 2021
|
|
---------
|
|
At 31 December 2020
|
|
---------
|
|
Group
|
Interests in associates
|
£
|
|
Share of net assets/cost
|
|
At 1 January 2021
|
|
Share of profit or loss
|
|
------------
|
|
At 31 December 2021
|
|
------------
|
|
Impairment
|
|
At 1 January 2021 and 31 December 2021
|
–
|
------------
|
|
Carrying amount
|
|
At 31 December 2021
|
|
------------
|
|
At 31 December 2020
|
|
------------
|
|
Company
|
Shares in group undertakings
|
Shares in participating interests
|
Total
|
£
|
£
|
£
|
|
Cost
|
|||
At 1 January 2021 and 31 December 2021
|
|
|
|
--------
|
----
|
--------
|
|
Impairment
|
|||
At 1 January 2021 and 31 December 2021
|
–
|
–
|
–
|
--------
|
----
|
--------
|
|
Carrying amount
|
|||
At 1 January 2021 and 31 December 2021
|
|
|
|
--------
|
----
|
--------
|
|
At 31 December 2020
|
|
|
|
--------
|
----
|
--------
|
|
Registered office
|
Class of share
|
Percentage of shares held
|
|
Subsidiary undertakings
|
|||
|
Cardinal House, Bury Street, Ruislip, HA4 7GD
|
Ordinary
|
100
|
|
Cardinal House, Bury Street, Ruislip, HA4 7GD
|
Ordinary
|
100
|
|
Cardinal House, Bury Street, Ruislip, HA4 7GD
|
Ordinary
|
100
|
|
Cardinal House, Bury Street, Ruislip, HA4 7GD
|
Ordinary
|
100
|
|
Cardinal House, Bury Street, Ruislip, HA4 7GD
|
Ordinary
|
100
|
|
Cardinal House, Bury Street, Ruislip, HA4 7GD
|
Ordinary
|
100
|
Other significant holdings
|
|||
Ashley Industrial Properties Limited
|
27A Maxwell Road, Northwood, HA6 2XY
|
Ordinary
|
50
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Trade debtors
|
|
|
–
|
–
|
Prepayments and accrued income
|
|
|
–
|
–
|
Corporation tax repayable
|
|
|
–
|
–
|
Other debtors
|
|
|
–
|
–
|
-------------
|
-------------
|
----
|
----
|
|
|
|
–
|
–
|
|
-------------
|
-------------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Trade creditors
|
|
|
–
|
–
|
Amounts owed to group undertakings
|
–
|
–
|
|
|
Accruals and deferred income
|
|
|
–
|
–
|
Social security and other taxes
|
|
|
–
|
–
|
Obligations under finance leases and hire purchase contracts
|
|
|
–
|
–
|
Director loan accounts
|
|
|
–
|
–
|
Other creditors
|
|
|
|
|
-------------
|
------------
|
------------
|
------------
|
|
|
|
|
|
|
-------------
|
------------
|
------------
|
------------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Obligations under finance leases and hire purchase contracts
|
|
|
–
|
–
|
-------
|
--------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
–
|
–
|
Later than 1 year and not later than 5 years
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
|
|
–
|
–
|
|
--------
|
--------
|
----
|
----
|
|
Group
|
Deferred tax (note 22)
|
£
|
|
At 1 January 2021
|
|
Additions
|
|
Charge against provision
|
(
|
Unused amounts reversed
|
(
|
--------
|
|
At 31 December 2021
|
|
--------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Included in provisions (note 21)
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Government grants recognised directly in income
|
|
|
–
|
–
|
--------
|
---------
|
----
|
----
|
|
2021 | 2020 | 2021 | 2020 | ||
£ | £ | £ | £ | ||
Recognised within gross profit: | |||||
Government grant income | 159,755 | 4,567,928 | – | – | |
--------- | ------------ | ---- | ---- | ||
2021
|
2020
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
5,880
|
|
5,880
|
-------
|
-------
|
-------
|
-------
|
|
At 1 Jan 2021
|
Cash flows
|
At 31 Dec 2021
|
|
£
|
£
|
£
|
|
Cash at bank and in hand
|
|
(1,791,970)
|
|
Debt due within one year
|
(304,040)
|
11,721
|
(292,319)
|
Debt due after one year
|
(20,007)
|
15,262
|
(4,745)
|
-------------
|
------------
|
------------
|
|
|
(
|
|
|
-------------
|
------------
|
------------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
–
|
–
|
Later than 1 year and not later than 5 years
|
|
–
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
|
|
–
|
–
|
|
--------
|
--------
|
----
|
----
|
|
|
Notes to the Financial Statements (continued)
|
2021
|
||||
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
||
£
|
£
|
£
|
||
|
(
|
|
(
|
|
---------
|
-------
|
---------
|
||
2020
|
||||
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
||
£
|
£
|
£
|
||
|
(
|
–
|
(
|
|
---------
|
----
|
---------
|
||
Transaction value
|
Balance owed by/(owed to)
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
|
80,824
|
|
|
|
|
12,000
|
|
26,488
|
24,322
|
--------
|
--------
|
---------
|
---------
|
|