Squibb Group Limited - Limited company accounts 22.3

Squibb Group Limited - Limited company accounts 22.3

SQUIBB GROUP LIMITED - Company Information

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REGISTERED NUMBER: 01058215 (England and Wales)



















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2022

FOR

SQUIBB GROUP LIMITED
ESW Limited
Chartered Accountants
& Registered Auditors
162-164 High Street
Rayleigh
Essex
SS6 7BS








SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


SQUIBB GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2022







DIRECTORS: Mr L.J.H Squibb
Mr W J Squibb
Mr J. E Symons
Mr P.W.F Hamilton
Mr N S Pinder



SECRETARY: Mr L.J.H Squibb



REGISTERED OFFICE: Squibb House
Stanhope Industrial Park
Wharf Road
Stanford le Hope
Essex
SS17 0EH



REGISTERED NUMBER: 01058215 (England and Wales)



AUDITORS: ESW Limited
Chartered Accountants
& Registered Auditors
162-164 High Street
Rayleigh
Essex
SS6 7BS



BANKERS: HSBC Bank plc
85-89 New London Road
Chelmsford
Essex
CM2 0PP
Page 1
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2022

The directors present their strategic report for the year ended 31st January 2022.

REVIEW OF BUSINESS
Commentary
The results for the year ended 31 January 2022 were achieved against a backdrop of economic uncertainty resulting from macro and industry specific challenges. We started the financial period with a healthy pipeline of work but several delayed starts together with raw material and fuel price increases led to margin pressure and lower levels of profitability than we previously forecast. Whilst the headline turnover of approximately £33 million represented a 5% increase on the previous year, the margin was below where we were targeting and after accounting for increases in our fixed overhead costs the operating profit was lower than the previous financial year.

Covid continued to impact the business albeit the single biggest issue that we faced was relating to raw material and fuel price increases. The pressure from this has continued in the current financial year and we expect this to impact the results for year ended 31 January 2023.

The Group was able to deliver turnover of approximately £33 million in the year ended 31 January 2022 and a gross margin of circa 17.9% (gross profit of £5.9 million) which was broadly in line with the previous year's performance at the gross profit level. The administrative costs returned to pre covid levels as the Government support from furlough and other schemes ended and this led to a decline in year-on-year operating profits.

Scrap prices were broadly consistent throughout 2021/22. In the early part of the current financial year the scrap prices were very volatile as a direct result of the Ukraine invasion by Russia. This has impacted our gross margin in the current financial year due to certain project being priced in late 2021 for 2022 delivery, and with a limited ability to pass on these increases to customers. Projects priced since the beginning of Summer 2022 that are due to start in the current quarter and early next year have taken into account the current prices for fuel and raw materials, which will assist in driving the gross margin up over the next 12-18 months. We will seek to pass on as much of the input cost price inflation to our customers, but the market remains extremely competitive and in certain situations this may not be possible.

We continue to target projects with scrap tonnage credits and we remain confident that these types of projects will continue to represent a significant percentage of our overall trading revenue for 2022/23 and 2023/24.

Cost control remains a key focus of the business especially in the current environment where price inflation is a major factor. We will continue to target cost savings throughout the Group to further improve our gross margin and net profitability.

The board decided during 2019/20 to revise its accounting policy regarding the recognition of revenue from ferrous and non-ferrous projects. The adjustment through reserves in the 2021/22 financial year was £1m.


Investment
The investment in plant and machinery was broadly £1m in 2021/22 which was largely to maintain the operating age of our current fleet of machinery and vehicles. We expect this investment to return to pre covid levels in 2022/23.

The value of the Group's fixed asset base at 31 January 2022 was circa £17 million.

HSBC, the Group's bankers, continue to support the Group's working capital needs and its investment programmes.


Page 2
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2022


Customers and Pipeline
We started the 2022/23 financial year with a healthy pipeline of projects but the results for the first half of the year will be negatively impacted by the economic pressures facing the construction sector, most notably around the key input costs for fuel. The abolition of red diesel subsidies in conjunction with significant volatility in wholesale fuel prices has led to margin pressure in the current year. Although we will seek to pass this on to customers for future projects, this will take time to flow through into the Group's financial results.

We are confident that the second half of the current financial year will show significant improvement on the first half and we expect to deliver year-on-year growth in turnover, albeit that the margin is expected to remain at lower levels than previous years. The order book for the remainder of 2022/23 and the first quarter of 2023/24 is encouraging.

Our customer base continues to be diverse and includes a number of large blue-chip companies. We are actively targeting new projects in the nuclear and renewable sectors building on the success that we have seen in these sectors, but most importantly we are working hard to maintain our existing customer base and we would like to thank them for their ongoing support.

The backbone of the Group is its workforce. We are extremely grateful for their contribution to the Group and the family would like to thank all its staff and the management team for their commitment to the business.

ON BEHALF OF THE BOARD:





Mr L.J.H Squibb - Director


28th October 2022

Page 3
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JANUARY 2022

The directors present their report with the financial statements of the company and the group for the year ended 31st January 2022.

PRINCIPAL ACTIVITY
The principal activity of the group continued to be that of construction and demolition contractors, structural engineers, asbestos management and the provision of related services.

DIVIDENDS
Interim dividends of £3.63 per ordinary share, £1.86 per ordinary B share and £3.63 per ordinary C share were paid on 30th January 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st January 2022 will be £240,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st February 2021 to the date of this report.

Mr L.J.H Squibb
Mr W J Squibb
Mr J. E Symons
Mr N S Pinder

Other changes in directors holding office are as follows:

Mr P.W.F Hamilton - appointed 1st August 2021

FINANCIAL INSTRUMENTS
Financial risk management
The group's operations expose it to a variety of financial risks that include the effect of changes in liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department.

Liquidity risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned extensions.

Interest rate cash flow risk
The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances held on deposit.

Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

Price risk
The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.


Page 4
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JANUARY 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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 accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr L.J.H Squibb - Director


28th October 2022

Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SQUIBB GROUP LIMITED

Opinion
We have audited the financial statements of Squibb Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 of the parent company affairs as at 31st January 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SQUIBB GROUP LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page five, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

- Enquiry of management and staff regarding compliance with relevant laws and regulations, and any
litigation or claims
- Performance of analytical review to identify unexpected account movements and investigation of variances
- Assessment of potential management override by review of journals and unusual accounting entries
- Inspection of third-party supporting documentation
- Identification and review of transactions with related parties
- Review of year end cut-off and after date transactions
- Reconciliation of intercompany balances

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud, rather than error, is higher as fraud may involve deliberate concealment, forgery, collusion or intentional misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SQUIBB GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Cracknell FCA (Senior Statutory Auditor)
for and on behalf of ESW Limited
Chartered Accountants
& Registered Auditors
162-164 High Street
Rayleigh
Essex
SS6 7BS

28th October 2022

Page 8
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2022

2022 2021
as restated
Notes £    £   

TURNOVER 3 32,906,489 31,350,035

Cost of sales (27,022,666 ) (25,531,986 )
GROSS PROFIT 5,883,823 5,818,049

Administrative expenses (4,506,612 ) (3,350,510 )
1,377,211 2,467,539

Other operating income 112,928 695,640
OPERATING PROFIT 5 1,490,139 3,163,179

Exceptional items 6 (600,000 ) (858,333 )
890,139 2,304,846

Interest receivable and similar income 18 11
890,157 2,304,857

Interest payable and similar expenses 7 (615,748 ) (680,840 )
PROFIT BEFORE TAXATION 274,409 1,624,017

Tax on profit 8 340,261 (5,761 )
PROFIT FOR THE FINANCIAL YEAR 614,670 1,618,256
Profit attributable to:
Owners of the parent 599,040 1,619,163
Non-controlling interests 15,630 (907 )
614,670 1,618,256

The notes form part of these financial statements

Page 9
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST JANUARY 2022

2022 2021
as restated
Notes £    £   

PROFIT FOR THE YEAR 614,670 1,618,256


OTHER COMPREHENSIVE INCOME
Freehold property revaluations 74,044 -
Income tax relating to other comprehensive
income
-
-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX
74,044
-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
688,714
1,618,256
Note
Prior year adjustment 11 (1,000,000 ) (5,000,000 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT
(311,286
)
(3,381,744
)

Total comprehensive income attributable to:
Owners of the parent (326,916 ) (3,380,837 )
Non-controlling interests 15,630 (907 )
(311,286 ) (3,381,744 )

The notes form part of these financial statements

Page 10
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

CONSOLIDATED BALANCE SHEET
31ST JANUARY 2022

2022 2021
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 12 117,705 134,520
Tangible assets 13 16,935,326 17,509,086
Investments 14 - -
17,053,031 17,643,606

CURRENT ASSETS
Stocks 15 1,015,113 1,026,625
Debtors 16 18,723,212 15,257,433
Cash at bank and in hand 35,423 1,058,738
19,773,748 17,342,796
CREDITORS
Amounts falling due within one year 17 (13,173,382 ) (10,972,414 )
NET CURRENT ASSETS 6,600,366 6,370,382
TOTAL ASSETS LESS CURRENT
LIABILITIES
23,653,397
24,013,988

CREDITORS
Amounts falling due after more than one
year
18
(12,980,364
)
(13,250,578
)

PROVISIONS FOR LIABILITIES 22 (516,113 ) (1,055,204 )
NET ASSETS 10,156,920 9,708,206

CAPITAL AND RESERVES
Called up share capital 23 60,700 60,700
Revaluation reserve 24 1,203,906 1,129,862
Retained earnings 24 8,761,991 8,402,951
SHAREHOLDERS' FUNDS 10,026,597 9,593,513

NON-CONTROLLING INTERESTS 25 130,323 114,693
TOTAL EQUITY 10,156,920 9,708,206

The financial statements were approved by the Board of Directors and authorised for issue on 28th October 2022 and were signed on its behalf by:





Mr L.J.H Squibb - Director


The notes form part of these financial statements

Page 11
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

COMPANY BALANCE SHEET
31ST JANUARY 2022

2022 2021
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 16,526,600 17,045,363
Investments 14 2,504,250 2,504,250
19,030,850 19,549,613

CURRENT ASSETS
Stocks 15 1,015,113 1,026,625
Debtors 16 18,483,164 14,818,862
Cash at bank 7,899 973,135
19,506,176 16,818,622
CREDITORS
Amounts falling due within one year 17 (17,183,878 ) (14,787,700 )
NET CURRENT ASSETS 2,322,298 2,030,922
TOTAL ASSETS LESS CURRENT
LIABILITIES
21,353,148
21,580,535

CREDITORS
Amounts falling due after more than one
year
18
(12,921,369
)
(13,130,010
)

PROVISIONS FOR LIABILITIES 22 (500,000 ) (1,036,092 )
NET ASSETS 7,931,779 7,414,433

CAPITAL AND RESERVES
Called up share capital 23 60,500 60,500
Share premium 24 2,495,000 2,495,000
Revaluation reserve 24 1,203,906 1,129,862
Retained earnings 24 4,172,373 3,729,071
SHAREHOLDERS' FUNDS 7,931,779 7,414,433

Company's profit for the financial year 683,302 1,569,813

The financial statements were approved by the Board of Directors and authorised for issue on 28th October 2022 and were signed on its behalf by:





Mr L.J.H Squibb - Director


The notes form part of these financial statements

Page 12
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST JANUARY 2022

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1st February 2020 60,700 12,023,788 1,129,862
Prior year adjustment - (5,000,000 ) -
As restated 60,700 7,023,788 1,129,862

Changes in equity
Dividends - (240,000 ) -
Total comprehensive income - 2,619,163 -
Balance at 31st January 2021 60,700 9,402,951 1,129,862
Prior year adjustment - (1,000,000 ) -
As restated 60,700 8,402,951 1,129,862

Changes in equity
Dividends - (240,000 ) -
Total comprehensive income - 599,040 74,044
Balance at 31st January 2022 60,700 8,761,991 1,203,906
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1st February 2020 13,214,350 115,600 13,329,950
Prior year adjustment (5,000,000 ) - (5,000,000 )
As restated 8,214,350 115,600 8,329,950

Changes in equity
Dividends (240,000 ) - (240,000 )
Total comprehensive income 2,619,163 (907 ) 2,618,256
Balance at 31st January 2021 10,593,513 114,693 10,708,206
Prior year adjustment (1,000,000 ) - (1,000,000 )
As restated 9,593,513 114,693 9,708,206

Changes in equity
Dividends (240,000 ) - (240,000 )
Total comprehensive income 673,084 15,630 688,714
Balance at 31st January 2022 10,026,597 130,323 10,156,920

The notes form part of these financial statements

Page 13
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST JANUARY 2022

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1st February 2020 60,500 7,399,258 2,495,000 1,129,862 11,084,620
Prior year adjustment - (5,000,000 ) - - (5,000,000 )
As restated 60,500 2,399,258 2,495,000 1,129,862 6,084,620

Changes in equity
Dividends - (240,000 ) - - (240,000 )
Total comprehensive income - 2,569,813 - - 2,569,813
Balance at 31st January 2021 60,500 4,729,071 2,495,000 1,129,862 8,414,433
Prior year adjustment - (1,000,000 ) - - (1,000,000 )
As restated 60,500 3,729,071 2,495,000 1,129,862 7,414,433

Changes in equity
Dividends - (240,000 ) - - (240,000 )
Total comprehensive income - 683,302 - 74,044 757,346
Balance at 31st January 2022 60,500 4,172,373 2,495,000 1,203,906 7,931,779

The notes form part of these financial statements

Page 14
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2022

2022 2021
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 375,906 3,908,110
Interest paid (457,955 ) (544,555 )
Interest element of hire purchase payments
paid
(157,793
)
(136,285
)
Tax paid (1,807 ) (3,440 )
Net cash from operating activities (241,649 ) 3,223,830

Cash flows from investing activities
Purchase of tangible fixed assets (164,718 ) (285,859 )
Sale of tangible fixed assets 648,461 118,529
Interest received 18 11
Net cash from investing activities 483,761 (167,319 )

Cash flows from financing activities
New loans in year 1,255,431 1,500,000
Loan repayments in year (1,222,017 ) (439,419 )
Capital repayments in year (1,810,214 ) (1,609,468 )
Amount introduced by directors 206,304 -
Amount withdrawn by directors - (850,711 )
Equity dividends paid (240,000 ) (240,000 )
Net cash from financing activities (1,810,496 ) (1,639,598 )

(Decrease)/increase in cash and cash equivalents (1,568,384 ) 1,416,913
Cash and cash equivalents at beginning of
year
2
1,058,738
(358,175
)

Cash and cash equivalents at end of year 2 (509,646 ) 1,058,738

The notes form part of these financial statements

Page 15
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
as restated
£    £   
Profit before taxation 274,409 1,624,017
Depreciation charges 1,090,020 1,150,039
Loss on disposal of fixed assets 104,576 46,019
Finance costs 615,748 680,840
Finance income (18 ) (11 )
2,084,735 3,500,904
Decrease/(increase) in stocks 11,512 (69,488 )
(Increase)/decrease in trade and other debtors (3,465,779 ) 424,306
Increase in trade and other creditors 1,745,438 52,388
Cash generated from operations 375,906 3,908,110

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 35,423 1,058,738
Bank overdrafts (545,069 ) -
(509,646 ) 1,058,738
Year ended 31st January 2021
31.1.21 1.2.20
as restated
£    £   
Cash and cash equivalents 1,058,738 59,728
Bank overdrafts - (417,903 )
1,058,738 (358,175 )


The notes form part of these financial statements

Page 16
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2022

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.21 Cash flow At 31.1.22
£    £    £   
Net cash
Cash at bank and in hand 1,058,738 (1,023,315 ) 35,423
Bank overdrafts - (545,069 ) (545,069 )
1,058,738 (1,568,384 ) (509,646 )
Debt
Finance leases (2,590,094 ) 796,540 (1,793,554 )
Debts falling due within 1 year (1,054,605 ) (302,062 ) (1,356,667 )
Debts falling due after 1 year (11,024,945 ) 268,648 (10,756,297 )
(14,669,644 ) 763,126 (13,906,518 )
Total (13,610,906 ) (805,258 ) (14,416,164 )

The notes form part of these financial statements

Page 17
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2022

1. STATUTORY INFORMATION

Squibb Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;

- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Basis of consolidation
The consolidated financial statements present the results of Squibb Group Limited and its subsidiaries ("the group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the group obtains the right to consideration.

The net sales value of work performed, less payments invoiced on account, is included within accrued income.

Goodwill
Positive goodwill, being the amounts paid by the group in connection with the acquisition of businesses is being amortised evenly over the estimated useful economic lives of twenty years.

Negative goodwill in connection with the acquisition of businesses is written off directly to reserves on consolidation.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Page 18 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost, 25% on reducing balance, 15% on reducing balance and 10% on reducing balance
Fixtures and fittings - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance
Computer equipment - 33% on reducing balance, 33% on cost and 20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Page 19 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The group 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 when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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 party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

Equity instruments
Equity instruments issued by the group are recorded at the fair value of 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.


Page 20 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2022 2021
as restated
£    £   
Demolition 30,962,929 29,015,174
Engineering consultancy 213,057 300,771
Asbestos management 1,730,503 2,034,090
32,906,489 31,350,035

Page 21 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2022 2021
as restated
£    £   
United Kingdom 32,906,489 31,350,035
32,906,489 31,350,035

The above analysis excludes intra-group sales.

4. EMPLOYEES AND DIRECTORS
2022 2021
as restated
£    £   
Wages and salaries 7,917,039 7,890,666
Social security costs 716,480 683,612
Other pension costs 195,265 197,187
8,828,784 8,771,465

The average number of employees during the year was as follows:
2022 2021
as restated

Management 13 13
Production and sales 178 185
Administration 13 13
204 211

The average number of employees by undertakings that were proportionately consolidated during the year was 204 (2021 - 211 ) .

2022 2021
as restated
£ £
Directors' remuneration 281,887 154,941
Directors' pension contributions to money purchase schemes 11,000 15,744

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Page 22 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
as restated
£    £   
Hire of plant and machinery 2,801,222 1,554,712
Depreciation - owned assets 255,056 276,615
Depreciation - assets on hire purchase contracts 818,102 856,609
Loss on disposal of fixed assets 104,576 46,019
Goodwill amortisation 16,815 16,815
Auditors' remuneration 30,000 25,000
Auditors' remuneration for non audit work 67,224 44,392
Government grants (112,928 ) (695,640 )

6. EXCEPTIONAL ITEMS

2022 2021
£ £
Sales contract settlements and adjudications 500,000 708,333
Exceptional costs associated with Covid-19 100,000 150,000
600,000 858,333

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
as restated
£    £   
Bank loan interest 336,649 426,954
Other interest 121,306 117,601
Hire purchase 157,793 136,285
615,748 680,840

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2022 2021
as restated
£    £   
Current tax:
Under/(Over) provision prior year 198,830 500,000

Deferred tax (539,091 ) (494,239 )
Tax on profit (340,261 ) 5,761

Page 23 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

8. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
as restated
£    £   
Profit before tax 274,409 1,624,017
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)
52,138
308,563

Effects of:
Capital allowances in excess of depreciation (68,786 ) (32,687 )
Expenses not deductible for taxation 11,298 18,927
Loss/(Profit) on disposal of fixed assets 19,870 8,744


Under/(Over) provision from previous years 198,830 500,000

Deferred tax (539,091 ) (494,239 )
Utilisation of losses (14,520 ) 646,453
Prior year adjustment - (950,000 )
Total tax (credit)/charge (340,261 ) 5,761

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Freehold property revaluations 74,044 - 74,044

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS

2022 2021
£ £
Ordinary shares of £1 and £0.10 each 240,000 240,000

Page 24 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

11. PRIOR YEAR ADJUSTMENT

During the year to 31st January 2020, the group changed its accounting policy regarding revenue recognition of metals in situ at demolition sites.

The previous policy was to recognise income and an asset based upon the estimated value of metals contained in a site, less estimated costs of extraction, once a contract was awarded. Under the new policy, scrap income from metals will only be recognised once extraction has taken place.

Metals in situ at 31 January 2019 are being written off, based upon the directors' estimate of the period of realisation of those metals from sites.

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st February 2021
and 31st January 2022 361,550
AMORTISATION
At 1st February 2021 227,030
Amortisation for year 16,815
At 31st January 2022 243,845
NET BOOK VALUE
At 31st January 2022 117,705
At 31st January 2021 134,520

Page 25 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1st February 2021 8,425,956 16,940,109 291,858
Additions - 788,786 -
Disposals - (1,439,280 ) -
Revaluations 74,044 - -
At 31st January 2022 8,500,000 16,289,615 291,858
DEPRECIATION
At 1st February 2021 - 8,836,388 178,290
Charge for year - 805,911 19,815
Eliminated on disposal - (704,219 ) -
At 31st January 2022 - 8,938,080 198,105
NET BOOK VALUE
At 31st January 2022 8,500,000 7,351,535 93,753
At 31st January 2021 8,425,956 8,103,721 113,568

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st February 2021 2,285,047 - 27,942,970
Additions 389,605 - 1,178,391
Disposals (25,590 ) - (1,464,870 )
Revaluations - - 74,044
At 31st January 2022 2,649,062 - 27,730,535
DEPRECIATION
At 1st February 2021 1,419,206 - 10,433,884
Charge for year 244,842 2,590 1,073,158
Eliminated on disposal (7,614 ) - (711,833 )
At 31st January 2022 1,656,434 2,590 10,795,209
NET BOOK VALUE
At 31st January 2022 992,628 (2,590 ) 16,935,326
At 31st January 2021 865,841 - 17,509,086

Included in cost or valuation of land and buildings is freehold land of £3,500,000 (2021 - £3,500,000) which is not depreciated.

Page 26 continued...
SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

13. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31st January 2022 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2010 279,862 - - - 279,862
Valuation in 2015 850,000 - - - 850,000
Valuation in 2021 74,044 - - - 74,044
Cost 7,296,094 16,289,615 291,858 2,649,062 26,526,629
8,500,000 16,289,615 291,858 2,649,062 27,730,535

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2022 2021
as restated
£    £   
Cost 7,296,094 7,296,094

Freehold land and buildings were valued on an open market basis in February 2021 by Colliers International, Chartered Surveyors, at approximately £8.5 million. The Directors consider that the open market valuation basis reflects the fair value of the freehold land and buildings on an existing use basis.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1st February 2021 8,810,467 192,088 1,095,278 10,097,833
Additions 735,450 - 277,421 1,012,871
Disposals (1,115,780 ) - (25,590 ) (1,141,370 )
At 31st January 2022 8,430,137 192,088 1,347,109 9,969,334
DEPRECIATION
At 1st February 2021 3,094,377 96,172 484,374 3,674,923
Charge for year 618,454 19,183 180,465 818,102
Eliminated on disposal (536,557 ) - - (536,557 )
At 31st January 2022 3,176,274 115,355 664,839 3,956,468
NET BOOK VALUE
At 31st January 2022 5,253,863 76,733 682,270 6,012,866
At 31st January 2021 5,716,090 95,916 610,904 6,422,910

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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

13. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1st February 2021 8,425,956 14,806,046 213,125 1,186,964 24,632,091
Additions - 788,788 - 389,604 1,178,392
Disposals - (1,439,280 ) - (25,590 ) (1,464,870 )
Revaluations 74,044 - - - 74,044
At 31st January 2022 8,500,000 14,155,554 213,125 1,550,978 24,419,657
DEPRECIATION
At 1st February 2021 - 6,952,290 114,046 520,392 7,586,728
Charge for year - 790,706 19,816 207,640 1,018,162
Eliminated on disposal - (704,219 ) - (7,614 ) (711,833 )
At 31st January 2022 - 7,038,777 133,862 720,418 7,893,057
NET BOOK VALUE
At 31st January 2022 8,500,000 7,116,777 79,263 830,560 16,526,600
At 31st January 2021 8,425,956 7,853,756 99,079 666,572 17,045,363

Included in cost or valuation of land and buildings is freehold land of £ 3,500,000 (2021 - £ 3,500,000 ) which is not depreciated.

Cost or valuation at 31st January 2022 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2010 279,862 - - - 279,862
Valuation in 2015 850,000 - - - 850,000
Valuation in 2021 74,044 - - - 74,044
Cost 7,296,094 14,155,554 213,125 1,550,978 23,215,751
8,500,000 14,155,554 213,125 1,550,978 24,419,657

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2022 2021
as restated
£    £   
Cost 7,296,094 7,296,094

Freehold land and buildings were valued on an open market basis in February 2021 by Colliers International, Chartered Surveyors, at approximately £8.5 million. The Directors consider that the open market valuation basis reflects the fair value of the freehold land and buildings on an existing use basis.

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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

13. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1st February 2021 8,280,748 192,088 850,504 9,323,340
Additions 735,450 - 277,421 1,012,871
Disposals (1,115,780 ) - (25,590 ) (1,141,370 )
At 31st January 2022 7,900,418 192,088 1,102,335 9,194,841
DEPRECIATION
At 1st February 2021 2,959,099 96,172 367,493 3,422,764
Charge for year 607,149 19,183 148,491 774,823
Eliminated on disposal (536,557 ) - - (536,557 )
At 31st January 2022 3,029,691 115,355 515,984 3,661,030
NET BOOK VALUE
At 31st January 2022 4,870,727 76,733 586,351 5,533,811
At 31st January 2021 5,321,649 95,916 483,011 5,900,576

14. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1st February 2021
and 31st January 2022 2,504,250
NET BOOK VALUE
At 31st January 2022 2,504,250
At 31st January 2021 2,504,250

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

River 64 Limited
Registered office: Squibb House, Stanhope Industrial Park, Wharf Road, Stanford le Hope, Essex, SS17 0AL
Nature of business: Property holding
%
Class of shares: holding
Ordinary 100.00

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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

14. FIXED ASSET INVESTMENTS - continued

Squibb Limited
Registered office: 162-164 High Street, Rayleigh, Essex, SS6 7BS
Nature of business: Dormant
%
Class of shares: holding
Ordinary - see below

The results of the company have been included in the consolidated financial statements by virtue of the dominant influence and control exercised by the parent company.

PGCS Partnership Limited (In Liquidation)
Registered office: 162-164 High Street, Rayleigh, Essex, SS6 7BS
Nature of business: Structural engineers
%
Class of shares: holding
Ordinary £1 85.00

Apple Corporate Associates Limited
Registered office: 162-164 High Street, Rayleigh, Essex, SS6 7BS
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

River 62 Limited
Registered office: 162-164 High Street, Rayleigh, Essex, SS6 7BS
Nature of business: Dormant
%
Class of shares: holding
Ordinary - see below

The results of the company have been included in the consolidated financial statements by virtue of the dominant influence and control exercised by the parent company.

Squibb Environmental Limited
Registered office: Squibb House, Stanhope Industrial Park, Wharf Road, Stanford le Hope, Essex, SS17 0AL
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


15. STOCKS

Group Company
2022 2021 2022 2021
as restated as restated
£    £    £    £   
Materials 1,015,113 1,026,625 1,015,113 1,026,625

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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
as restated as restated
£    £    £    £   
Trade debtors 4,125,307 1,981,019 3,916,752 1,620,019
Other debtors 31,493 75,977 - -
Prepayments and accrued income 14,566,412 13,200,437 14,566,412 13,198,843
18,723,212 15,257,433 18,483,164 14,818,862

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 19) 1,901,736 1,054,605 1,901,736 1,054,605
Hire purchase contracts (see note 20) 1,082,508 1,671,178 1,029,871 1,585,986
Trade creditors 6,799,337 5,297,525 6,742,658 5,248,079
Amounts owed to group undertakings - - 4,321,768 4,300,772
Tax 196,777 (246 ) 198,830 -
Social security and other taxes 2,677,836 2,617,312 2,540,057 2,332,302
Directors' current accounts 240,000 240,000 240,000 240,000
Accruals and deferred income 275,188 92,040 208,958 25,956
13,173,382 10,972,414 17,183,878 14,787,700

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2022 2021 2022 2021
as restated as restated
£    £    £    £   
Bank loans (see note 19) 10,756,297 11,024,945 10,756,297 11,024,945
Hire purchase contracts (see note 20) 711,046 918,916 702,051 848,348
Other creditors 1,513,021 1,306,717 1,463,021 1,256,717
12,980,364 13,250,578 12,921,369 13,130,010

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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2022 2021 2022 2021
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 545,069 - 545,069 -
Bank loans 1,356,667 1,054,605 1,356,667 1,054,605
1,901,736 1,054,605 1,901,736 1,054,605
Amounts falling due between two and five years:
Bank loans - 2-5 years 10,756,297 11,024,945 10,756,297 11,024,945

The group's outstanding borrowing are repayable as follows:

Term Loans: interest payable at 2.75% over the Bank of England Base Rate:

- £5,950,000 repayable by 47 monthly instalments of £33,056 and a final repayment of £4,396,388
- £5,366,000 repayable by 47 monthly instalments of £55,000 and a final repayment of £2,781,000

Coronavirus Business Interruption Loans: interest payable at 3.99% over the Bank of England Base Rate:

- £1,000,000 repayable by 60 monthly instalments of £16,667
- £500,000 repayable by 60 monthly instalments of £8,333

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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
as restated
£    £   
Gross obligations repayable:
Within one year 1,223,462 1,840,421
Between one and five years 805,676 1,060,400
2,029,138 2,900,821

Finance charges repayable:
Within one year 140,954 169,243
Between one and five years 94,630 141,484
235,584 310,727

Net obligations repayable:
Within one year 1,082,508 1,671,178
Between one and five years 711,046 918,916
1,793,554 2,590,094

Company
Hire purchase contracts
2022 2021
as restated
£    £   
Gross obligations repayable:
Within one year 1,170,825 1,755,229
Between one and five years 796,681 989,832
1,967,506 2,745,061

Finance charges repayable:
Within one year 140,954 169,243
Between one and five years 94,630 141,484
235,584 310,727

Net obligations repayable:
Within one year 1,029,871 1,585,986
Between one and five years 702,051 848,348
1,731,922 2,434,334


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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2022 2021 2022 2021
as restated as restated
£    £    £    £   
Bank loans 12,112,964 12,079,550 12,112,964 12,079,550
Hire purchase contracts 1,793,554 2,590,094 1,731,922 2,434,334
13,906,518 14,669,644 13,844,886 14,513,884

The group's banking facilities with HSBC Bank plc are secured by first legal charges over the group's freehold properties, debentures over all of the group's assets and cross company guarantees given by all of the group members.

Hire purchase agreements are secured on the assets to which they relate.

22. PROVISIONS FOR LIABILITIES

Group Company
2022 2021 2022 2021
as restated as restated
£    £    £    £   
Deferred tax 16,113 555,204 - 536,092
Other provisions
Corporation tax 500,000 500,000 500,000 500,000

Aggregate amounts 516,113 1,055,204 500,000 1,036,092

Group
Deferred
tax
£   
Balance at 1st February 2021 555,204
Accelerated capital allowances (539,091 )
Balance at 31st January 2022 16,113

Company
Deferred
tax
£   
Balance at 1st February 2021 536,092
Accelerated capital allowances (536,092 )
Balance at 31st January 2022 -

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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

23. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: as restated
£    £   
55,000 Ordinary £1.00 55,200 55,200
55,000 Ordinary A to E £0.10 5,500 5,500
60,700 60,700

The group called up share capital of £60,700 comprises the company share capital and the allotted, issued and fully paid share capital of subsidiaries included in the group accounts by virtue of dominant influence and control.

24. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st February 2021 9,402,951 1,129,862 10,532,813
Prior year adjustment (1,000,000 ) (1,000,000 )
8,402,951 9,532,813
Profit for the year 599,040 599,040
Dividends (240,000 ) (240,000 )
Revaluation movement - 74,044 74,044
At 31st January 2022 8,761,991 1,203,906 9,965,897

Company
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1st February 2021 4,729,071 2,495,000 1,129,862 8,353,933
Prior year adjustment (1,000,000 ) (1,000,000 )
3,729,071 7,353,933
Profit for the year 683,302 683,302
Dividends (240,000 ) (240,000 )
Revaluation movement - - 74,044 74,044
At 31st January 2022 4,172,373 2,495,000 1,203,906 7,871,279


25. NON-CONTROLLING INTERESTS

The minority interest share of net assets and liabilities of subsidiary undertakings at the balance sheet date amounted to £130,323 (2021 £114,693).

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SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2022

26. PENSION COMMITMENTS

The group contributes to defined contribution pension schemes for its directors and certain employees. The pension schemes are independently administered funds and their assets are held separately from those of the Group. Contributions paid during the year amounted to £195,266 (2021 - £162,191) and are reported in the profit and loss account. There were no outstanding contributions at the year end.

27. CONTINGENT LIABILITIES

The group is currently subject to an ongoing regulatory investigation. At this time, the outcome is considered to be indeterminable and the directors have therefore made no provision in these financial statements for any costs which may arise from this matter, other than ongoing professional fees.

28. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period, the shareholders/directors advanced loans to the group. As at the balance sheet date the company owed the estate of Mr L.J Squibb, Mr L.J.H Squibb, and Mr W.J Squibb £1,703,021 (2021 - £1,496,717) included in creditors due within and after more than one year.

29. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr L.J.H Squibb, a director of the company.

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